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Tertiary Minerals #TYM – Arrangements for 2022 AGM

TYMTertiary Minerals plc announces an up-date in relation to its AGM being held at  10.00 am on Friday 28 January 2022 at Arundel House, 6 Temple Place, London,  WC2R 2PG. 

Since the Notice of AGM was issued, the Board has been monitoring the Government COVID-19 guidelines with a view to protecting the health and safety of its shareholders, employees and other potential attendees of our AGM.

The AGM will still be held in accordance with the Notice of AGM and shareholders have the right to attend, speak and vote at the meeting if they so wish. However, in view of the current Government COVID-19 restrictions, and in the interests of shareholders’ own safety and the safety of others, the Company strongly encourages shareholders to consider appointing the Chair as their proxy instead of attending the AGM in person. Instructions for submitting proxy votes are contained in the Notice of AGM on page 54 of the 2021 Annual Report which can be found at:https://www.tertiaryminerals.com/filemanager/Tertiary_Minerals_plc_Annual_Report_2021.pdf  

All persons attending the AGM in person are requested to note the following health and safety measures:

· Prior to admission to the AGM, all attendees will be asked to declare that a negative lateral flow test has been taken within 24 hours of arrival, and that they are not displaying symptoms of COVID-19.

· Access to the AGM will be permitted from no earlier than 9.45 am. The venue will be well ventilated and meeting room  doors will remain open during the meeting to ensure maximum ventilation.

· Unless exempt, all attendees will be required to wear a face mask covering the nose and mouth at all times during the meeting save where presenting or asking questions.

Following the meeting, there will be an opportunity to ask questions of Directors from the floor, but we regret that we will not provide refreshments on this occasion. 

Given that arrangements need to be notified well in advance of the AGM, the Company considers it prudent to implement these arrangements regardless of any relaxing of Government regulations or guidelines prior to the AGM and reserves the right to take further steps in respect of AGM attendance should circumstances or Government guidance change, including the introduction of regulations to prohibit or further restrict public gatherings.

 

 For more information please contact:

 

Tertiary Minerals plc:

Patrick Cullen, Managing Director

+44 (0) 1625 838 679 

SP Angel Corporate Finance LLP

Nominated Adviser and Broker

Richard Morrison

+44 (0) 203 470 0470

Caroline Rowe

Peterhouse Capital Limited

Joint Broker

Lucy Williams

+ 44 (0) 207 469 0930

Duncan Vasey

 

Tertiary Minerals #TYM – Placing to raise £500k and £100k Broker Option

TYMTertiary Minerals plc (AIM: TYM), the London listed explorer focussed on energy transition and precious metals in Nevada and Zambia, is pleased to announce it has raised £500,000 before expenses through a placing of 294,117,647 new ordinary shares of 0.01 pence each (the “Placing Shares”) in the Company at a price of 0.17 pence per share (the “Placing Price”) as detailed below (the “Placing”). The Placing was arranged through the Company’s joint broker, Peterhouse Capital Limited (“Peterhouse”). The Placing Shares are expected to be admitted to trading on AIM on or about 24 January 2022 (“Admission”).

Additionally, the Company is making a further 58,823,529 new ordinary shares (“Broker Option Shares”) available in order to provide qualified Tertiary shareholders and other qualified investors with an opportunity to participate in this fundraising (the “Broker Option”). The Placing Shares and Broker Option Shares will rank pari-passu with all existing ordinary shares in the Company. Investors will receive one warrant for every two Placing Shares or Broker Option Shares (the “Warrant”). The Warrants will be exercisable at 0.34 pence and have a term of 18 months.

Highlights 

–  Placing to raise £500,000 through the issue of 294,117,647 Placing Shares

–  Proceeds to fund drilling and direct exploration activities in Nevada and Zambia

–  Admission of the Placing Shares to trading on AIM expected on or around 24 January 2022

–  Directors participating an aggregate of £40,000 for 23,529,411 Placing Shares in support of the fundraising

–  Further 58,823,529 Broker Option Shares available to qualified shareholders or other qualified investors via Peterhouse to raise up to £100,000 in further funding

Commenting today, Managing Director Patrick Cullen said: “The Company is entering a very active phase. We have drilling programs targeting silver and gold at Pyramid in Nevada and copper at Jacks in Zambia due to progress in the coming months. This funding strengthens our balance sheet, allowing us to expand our exploration budgets.

I am pleased to have this opportunity to take a direct interest in the Company alongside support from other Directors and with the continued support of existing significant shareholders. I am also pleased to welcome existing shareholders and other qualifying investors who may wish to participate in the Broker Option outlined.

Nevada and Zambia are mining-friendly jurisdictions and are geologically highly prospective. In addition to the planned drilling, we are increasing our activities across the Company’s portfolio of copper projects at Brunton Pass in Nevada and on our newly signed options in Zambia.”

Placing Details

The Company has placed 294,117,647 new ordinary shares at 0.17 pence raising gross proceeds of £500,000 before expenses (approximately £475,000 net proceeds to the Company). The Placing Shares will have Warrants attached, details of which are set out below.

The Placing Price represents a discount of approximately 5.5% to the closing bid-price on 18 January 2022. The Placing Shares will represent approximately 19.9% of the Company’s issued ordinary share capital as enlarged by the Placing (excluding any shares issued via the Broker Option).

The Placing Shares are being issued under the Company’s existing share authorities.

Use of Proceeds

The net funds raised will be applied to drilling and direct exploration activities at the Company’s projects in Nevada and Zambia scheduled throughout 2022, including diamond and reverse circulation drilling, trenching, soil sampling survey and geophysics. 

Warrants

The Company will issue to investors one Warrant for every two Placing Shares or every two Broker Option Shares to subscribe for a further new ordinary share at a price of 0.34 pence within a term of 18 months from the relevant date that Placing Share or Broker Option Share is admitted. The Warrants are not transferable and will not be traded on an exchange. The Warrant holders may exercise at any time within the relevant term. A total of 147,058,823 Warrants will be issued in the Placing. Up to 29,411,764 Warrants may be issued in the Broker Option.  The Warrants in the Placing and the Broker Option will be issued under the Company’s existing share authorities.

Broker Warrants

As part of its fee, Peterhouse will be issued with 14,705,882 warrants (“Broker Warrants”) to subscribe for further new ordinary shares at the Placing Price of 0.17 pence. The Broker Warrants have a term of one year from the date of Admission and are being issued under the Company’s existing share authorities.

Broker Option

In order to provide qualified Tertiary shareholders (“Existing Shareholders”) and other qualified investors with an opportunity to participate on the same basis as the Placing (with the same Placing Price and identical Warrant entitlement), the Company has granted Peterhouse a Broker Option over 58,823,529 Broker Option Shares. Full take up of the Broker Option Shares would raise a further £100,000 for the Company, before expenses. The Broker Option Shares will be issued under the Company’s existing share authorities.

Existing Shareholders who hold shares in the Company and are on the register of members as at the close of business on 18 January 2022, will be prioritised for participation in the Broker Option (other than at the discretion of Peterhouse) and all orders from such Existing Shareholders will be accepted and processed by Peterhouse on a strictly “First Come, First Served” basis. The Broker Option has not been underwritten. Peterhouse is entitled to participate in the Broker Option as principal.

The Broker Option may be exercisable by Peterhouse on more than one occasion, at any time from the date of this announcement to 5.00 p.m. UK time on 20 January 2022, at its absolute discretion, following consultation with the Company. There is no obligation on Peterhouse to exercise the Broker Option or to seek to procure subscribers for the Broker Option Shares. Peterhouse may also, subject to prior consent of the Company, allocate new ordinary shares after the time of any initial allocation to any person submitting a bid after that time.

Peterhouse may choose not to accept bids and/or to accept bids, either in whole or in part, on the basis of allocations determined at their discretion (after consultation with the Company) and may scale down any bids for this purpose on such basis as Peterhouse may determine.  Peterhouse may also, subject to prior consent of the Company, allocate new Ordinary Shares after the time of any initial allocation to any person submitting a bid after that time.

The Broker Option Shares are not being made available to the public and none of the Broker Option Shares are being offered or sold in any jurisdiction where it would be unlawful to do so. No Prospectus will be issued in connection with the Broker Option.

Subscription to Broker Option

To subscribe for Broker Option Shares, Existing Shareholders and other qualified investors should communicate their bid to Peterhouse via their stockbroker as Peterhouse cannot take direct orders from individual private investors. Existing Shareholders or other interested parties who wish to register their interest in participating in the Broker Option Shares should instruct their stockbroker to call Peterhouse on STX: 76086 or 020 7469 0938 or 020 7469 0936 or 020 7220 9797.  Each bid should state the number of Broker Option Shares the Existing Shareholder or other qualified investor wishes to subscribe for at the Placing  Price. 

Directors’ Participation

Certain Directors of the Company are participating in the Placing at the Placing price for an aggregate amount of £40,000, further details of which are shown below: 

Holding prior to the announcement of Placing

Number of Placing Shares acquired pursuant to the Placing

Holding immediately following Admission of the Placing Shares

Number of Ordinary Shares

% of issued share capital

Number of Ordinary Shares

Number of Ordinary Shares

% of issued share capital

Patrick Cheetham, Executive Chairman

12,641,471*

1.07

8,823,529

21,465,000

1.45

Patrick Cullen, Managing Director

5,882,353

5,882,353

0.40

Mike Armitage, Non-Executive Director

8,823,529

8,823,529

0.60

Donald McAlister, Non-Executive Director

2,937,609

0.25

2,937,609

0.20

*includes 2,843,625 held by K E Cheetham 

Patrick Cheetham, Patrick Cullen and Mike Armitage will also receive one Warrant for every two Placing Shares acquired.

As Directors of the Company, Patrick Cheetham, Patrick Cullen and Mike Armitage are “related parties” of the Company under the AIM Rules for Companies (the “AIM Rules”).  As a result, their participation in the Placing constitutes a related party transaction pursuant to Rule 13 of the AIM Rules.   

Accordingly, Donald McAlister, being the sole independent Director of the Placing, considers, having consulted with the Company’s Nominated Adviser, SP Angel Corporate Finance LLP, that the terms of the Directors’ participation in the Placing are fair and reasonable in so far as the Company’s shareholders are concerned.

Admission

The Placing and Broker Option Shares will rank pari passu with the Company’s existing ordinary shares.  An application has been made to the London Stock Exchange for admission of the Placing Shares to trading on AIM. Admission is expected to occur at 8.00 a.m. on or around 24 January 2022.  A further application will be made to the London Stock Exchange on or around 20 January 2022 for Broker Option Shares to be admitted to trading on AIM.

Total Voting Rights

Following Admission of the Placing Shares (and excluding any new ordinary shares issued via the Broker Option) the Company’s enlarged issued share capital will be 1,477,440,092 ordinary shares.

The Company holds no ordinary shares in treasury. The total number of voting rights in the Company is therefore 1,477,440,092 and this figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA’s Disclosure Guidance and Transparency Rules.

 

For more information please contact:

Tertiary Minerals plc:

Patrick Cullen, Managing Director

+44 (0) 1625 838 679

SP Angel Corporate Finance LLP – Nominated Adviser and Broker

Richard Morrison

+44 (0) 203 470 0470

Caroline Rowe

Peterhouse Capital Limited – Joint Broker

Lucy Williams

+ 44 (0) 207 469 0930

Duncan Vasey

Note to Editors

Tertiary Minerals plc (LON: TYM) is an AIM-listed mineral exploration and development company whose strategic focus is on energy transition and precious metals. The Company’s portfolio of projects are located in stable and democratic, geologically prospective, mining-friendly jurisdictions. Tertiary’s principal activities are the discovery and development of copper, gold and silver resources in Nevada and in Zambia.

UK Investor Magazine – Top Stock Picks for 2022 with Alan Green

investor

 

Alan Green joins the UK Investor Magazine Podcast to deliver his top stock picks for 2022.

We touch briefly on the economic outlook for 2022 before delving into the companies Alan will be keeping a particularly close eye on next year.

Top picks for 2022:

Technology Minerals #TM1

Power Metal Resources #POW

Blue Star Capital #BLU

IQE #IQE

Poolbeg Pharma #POLB

Tertiary Minerals #TYM

Special Mentions:

Coinsilium #COIN

Cadence Minerals #KDNC

A number of these companies have been discussed in greater detail on the Podcast this year so do check back through for great insight on companies mentioned.

Top Stock Picks for 2022 with Alan Green

Tertiary Minerals #TYM update from Nevada – Patrick Cullen talks to Alan Green

Tertiary Minerals #TYM update from Nevada. Patrick Cullen talks to Alan Green about the further silver and gold grades discovered at North Ruth at the Pyramid gold / silver project, Nevada, which are “…scaling up into quite a find…” Patrick looks at the drilling programme scheduled for Q1 2022 at Pyramid to further examine the depth and breadth of the silver and gold findings at North Ruth, and then discusses a site overview and copper bearing rock samples taken along with Chairman Patrick Cheetham at the Brunton Pass copper project. The interview finishes with a look forward to early 2022 and value inflection points for investors and shareholders.

Tertiary Minerals #TYM – Further High-Grade Silver and Gold Results at Pyramid

Tertiary Minerals plc (AIM: TYM) is pleased to provide an update from its Pyramid Silver-Gold Project in Nevada, USA, where analytical results from a recently completed surface sampling and mapping programme continue to return high-grade silver and gold grades. The majority of these new samples were collected over a wide area along the recently established zone of silver mineralisation at the North Ruth target. North Ruth has a target strike length of at least 530 metres (announced 14 October 2021).

Highlights:

  • Rock chip and grab samples collected during further detailed mapping programme
  • Analytical results reporting significant1 silver mineralisation in 34 of 37 samples
  • 4 high-grade2 samples reporting silver grades of 1,286 g/t, 889 g/t, 522 g/t and 513 g/t
  • Includes 4 samples reporting gold grades of 2.72 g/t, 1.67 g/t, 1.30 g/t and 1.20 g/t
  • Mapping and sampling providing key input to modelling and design of drill programme

Commenting today, Managing Director Patrick Cullen said: “These are very encouraging results and include the highest silver grades we have sampled at North Ruth to date. While silver is the primary target, it is also excellent to see the presence of reportable gold grades.

“We have steadily built our dataset and our understanding of the North Ruth target over a series of work programmes. This has allowed us to identify mineralised structures with increasing confidence, as reflected in these results.

“I have been on site with our geologist in Nevada over recent days, examining previous work and planning for an upcoming drill program and I look forward to providing updates.”

Results:

Sample Area Type Width (m) Ag (g/t) Ag (oz/ton) Au (g/t)
PR-305 North Ruth Rock Chip 1.20 253 7.38 0.27
PR-309 North Ruth Rock Chip 1.00 513 14.96 0.81
PR-311 North Ruth Rock Chip 1.50 231 6.74 0.15
PR-315 North Ruth Rock Chip 3.00 522 15.23 0.36
PR-318 North Ruth Rock Chip 1.50 1,286 37.51 0.64
PR-319 North Ruth Grab 889 25.93 0.46
PR-321 North Ruth Rock Chip 1.00 238 6.94 1.67
PR-322 North Ruth Rock Chip 0.60 210 6.13 0.65
PR-332 North Ruth Rock Chip 1.00 231 6.74 2.72
PR-339 North Ruth Grab 270 7.88 0.66
PR-334 Rock Chip 1.20 204 5.95 1.46

A summary of high-grade2 silver results is shown in the table above. The location plan of the samples and updated mapping may be accessed here [RNS to insert PDF link] or on the Company website. Further detailed information may be found below.

 

For more information please contact:

Tertiary Minerals plc:
Patrick Cullen, Managing Director +44 (0) 1625 838 679
SP Angel Corporate Finance LLP

Nominated Adviser and Broker

Richard Morrison +44 (0) 203 470 0470
Caroline Rowe
Peterhouse Capital Limited

Joint Broker

Lucy Williams + 44 (0) 207 469 0930
Duncan Vasey

 

Market Abuse Regulation (MAR) Disclosure:

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 which forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”). Upon the publication of this announcement via Regulatory Information Service (“RIS”), this inside information is now considered to be in the public domain.

Detailed Information:

Background

The Pyramid Gold-Silver Project is located in north-central Nevada, USA and is targeting epithermal gold-silver mineralisation at the northwest end of the prolific past producing Walker Lane Mineral Belt.

On 11 January 2021, the Company announced results from a soil sampling programme carried out to confirm, and determine the extent of, an open-ended gold and multi-element soil anomaly originally defined in the 1980s by Battle Mountain Gold Company. A number of significant new gold and silver-in-soil anomalies were identified and named the North Ruth, Western Line and Western Splay anomalies.

In late January 2021, follow up rock chip sampling highlighted the potential for in situ mineralisation and in particular at the 800m long North Ruth soil anomaly where grab sampling identified areas of silicified and brecciated Tertiary-age volcanics within the anomaly with one sample of spoil from an old shaft containing 314 g/t silver (9.16 ounces/ton) amongst eight samples averaging 91 g/t silver (2.67 ounces/ton) and 0.26 g/t gold.

On 3 June 2021, the Company announced results from its Phase 1 trenching programme which was designed to test various gold and silver soil anomalies. Two trenches, Nos. 1 and 2, were located over the north and south ends of the North Ruth soil anomaly, respectively. Assay results from Trench No.1 revealed a 46m continuous thickness of mineralisation grading 61g/t silver (1.78 ounces/ton) and 0.09 g/t gold. The next nearest trench, Trench No.2, some 460m along strike, cut 3.05 m grading 260 g/t silver (7.58 ounces/ton) and 0.27 g/t gold.

In August 2021, the Company conducted a Phase 2 trenching programme at Pyramid using a larger and more powerful excavator. Trench 1 EXT extended the grade of the mineralisation cutting 58.98m of continuous silver mineralisation grading 73g/t silver (2.14 ounces/ton) with 0.13g/t gold including two high grade intervals of 3.35m grading 218g/t silver (6.37 ounces/ton) with 0.25g/t gold and 2.13m grading 595g/t silver (17.35 ounces/ton) with 0.66g/t gold.

Trenches, No. 7 and No. 8, were excavated along strike from Trench 1 EXT. Trench No.7, located approximately 73m to the northwest, cut 2.44m grading 64g/t silver (1.88 ounces/ton) with 0.47g/t gold. Trench 8 was located 65m southeast of Trench 1 EXT and cut 26.80m grading 37g/t silver (1.08 ounces/ton) with 0.12g/t gold which included a higher-grade zone of 6.09m grading 102g/t silver (2.96 ounces/ton) with 0.26g/t gold. Trench 8 also cut a separate gold bearing zone 6.09m wide grading 0.73g/t gold with negligible silver.

October 2021 Mapping and Sampling Programme

In October 2021 the Company conducted a mapping and sampling programme at North Ruth to provide additional geological and grade control for drill planning. Additional samples were collected from the wider project area during the work programme.

Previous exploration had defined zones of silver-gold bearing silicification at North Ruth which were mapped and sampled along strike. Pertinent information such as dip, strike, joining and degree of silicification was recorded at each sample site and additional sites not subjected to sampling. The mapping has refined historic data and indicates the mineralised zones generally have a southwest dip of between 70 and 80°. A total of 37 samples were collected, 34 of which were located at North Ruth.

Samples were submitted to Paragon Geochemical Laboratories for sample preparation and analysis.

Samples PR‑318 and PR-319, located approximately 95m southeast of Trench 8 and 300m northwest of Trench 2, returned silver grades of 1,286 g/t and 889 g/t, respectively. Additional samples returning significant and high-grade silver grades are located within the mid-North Ruth area suggesting mineralised continuity along strike.

An additional 4 samples were collected from the southeast of the project area where trenching was planned but not conducted due to time constraints in the Phase 2 trenching programme. All 4 samples contained significant silver mineralisation and highlight the potential for additional exploration targets going forward.

Notes:

  1. Significant is defined as a rock chip sample grading a minimum of 15 g/t silver.
  1. High-grade is defined as a rock chip sample grading a minimum of 200 g/t silver.
  1. Units:

Rock samples reported in g/t = grammes/tonne

1 g/t = 0.029167 ounce/ton (i.e. troy ounces/US ton)

1ppm = 1 g/tonne

1 (Troy) ounce =31.105g 

  1. Rock chip samples were collected by consulting Geologist Ivan Johnson and were transported under chain of custody to Paragon Geochemical facilities in Reno, Nevada for sample preparation. Samples were crushed to 85% passing 200mesh using PREP-RMB. Gold was analysed by method Au-AA30 which comprises 30g fire assay with aqua regia digest/AAS finish. Multielement analysis (including Ag) was performed using method 33‑MA-OES which comprised a 4-acid digest with ICP/OES finish. Ag overrange analysis was performed using method Ag-Gr30, a 30g fire assay with gravimetric finish. Paragon carries out duplicate and standard materials analysis as part of its internal QA/QC procedures.
  1. The information in this release has been compiled and reviewed by Mr. Patrick Cheetham (MIMMM, MAusIMM) who is a qualified person for the purposes of the AIM Note for Mining and Oil & Gas Companies. Mr. Cheetham is a Member of the Institute of Materials, Minerals & Mining and also a member of the Australasian Institute of Mining & Metallurgy.
  1. The news release may contain certain statements and expressions of belief, expectation or opinion which are forward looking statements, and which relate, inter alia, to the Company’s proposed strategy, plans and objectives or to the expectations or intentions of the Company’s directors. Such forward-looking statements involve known and unknown risks, uncertainties, and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such forward-looking statements. Accordingly, you should not rely on any forward-looking statements and save as required by the AIM Rules for Companies or by law, the Company does not accept any obligation to disseminate any updates or revisions to such forward-looking statements.

Note to Editors:

Tertiary Minerals plc (LON: TYM) is an AIM-listed mineral exploration and development company whose strategic focus is on energy transition and precious metals. The Company’s portfolio of projects are located in stable and democratic, geologically prospective, mining-friendly jurisdictions. Tertiary’s principal activities are the discovery and development of copper, gold and silver resources in Nevada and in Zambia.

Tertiary Minerals #TYM Strategic Update – MD Patrick Cullen talks to Alan Green

Tertiary Minerals #TYM Strategic Update – MD Patrick Cullen talks to Alan Green

  • Nevada projects – Pyramid has been the focus with the silver discovery, with drilling planned. Progress at Brunton Pass Copper project.
  • Zambia Copper belt – Progress with 4x Mwashia licenses.
  • PC’s view on the resource sector
  • Q1 2022 activity schedule, investor event diary

 

Alan Green covers Tertiary Minerals #TYM and Blencowe Resources #BRES on this week’s Stockbox Research Talks

Alan Green covers Tertiary Minerals #TYM and Blencowe Resources #BRES on this week’s Stockbox Research Talks

#TYM Tertiary Minerals – Strategic and Operational Update and Decision to Exercise Further Zambian Licence Options

Tertiary Minerals plc (AIM: TYM) is pleased to provide a strategic and operational update and details of an updated Investor Presentation. The Company is also pleased to advise that, further to its announcement of 2 August 2021, its 96% owned Zambian subsidiary, Luangwa Minerals Limited (“Luangwa”), will exercise its option with Mwashia Resources Ltd (“Mwashia”) to enter into agreements to acquire up to a 90% joint venture interest in the four additional Large Exploration Licences held by Mwashia. These are licence numbers 27065-HQ-LEL (Lubuila), 27066-HQ-LEL (Mukai), 27067-HQ-LEL (Konkola West) and 27068-HQ-LEL (Mushima North). Tertiary is already earning up to a 90% interest from Mwashia in licence number 27069-HQ-LEL at Jacks.

Highlights

  • Tertiary’s strategic focus is on energy transition and precious metals located in stable and democratic, geologically prospective, mining-friendly jurisdictions.

 

  • The Company’s current principal activities are the discovery and development of copper, gold and silver resources in Nevada and in Zambia.

 

  • Planning is currently underway for drilling at Pyramid (silver-gold, Nevada) and Jacks (copper, Zambia) and for trenching at Brunton Pass (copper, Nevada).

 

  • Drilling is planned for Pyramid for Q1 2022 and for Jacks in Q2 2022. Trenching at Brunton Pass is planned for Q1 2022. Ground geophysics and high resolution XRF/sol sampling to aid drilling targeting at Jacks is planned for Q4 2021, but is contingent on permitting and rainfall.

 

  • Tertiary will exercise its option to earn a joint venture interest in the remaining four Mwashia licences in Zambia: 27065-HQ-LEL (Lubuila), 27066-HQ-LEL (Mukai), 27067-HQ-LEL (Konkola West) and 27068-HQ-LEL (Mushima North).

 

  • An updated Investor Presentation is available here and on the company website.

Commenting today, Managing Director Patrick Cullen said:

“We are looking forward to drilling the North Ruth target at the Pyramid silver-gold project. The recently reported high grade silver results and significant extension of the mineralised zone offer a compelling drill target. We look forward to announcing that schedule in more detail once plans are finalised.

We are also very pleased to be moving ahead with the option agreement with Mwashia in Zambia. We have had enough time to consider and examine the prospectivity and strategic value of the additional four licences in the original agreement. We believe our timing is good. Copper prices remain high and copper is being described as being ‘the nexus of the energy transition’. Also, the recent democratic and peaceful transition to a UNDP government in Zambia, and the subsequent policy changes have already brought encouragement to the mining sector in this world-class copper mining jurisdiction.

I have recently visited Zambia and met with our partners, Mwashia, and with our local representative. Mwashia has made excellent progress in advancing permits for the Jacks licence. I also made site visits to both Jacks and the Konkola West licences. We have gathered more information, including further detailed historic documentation which is aiding our exploration planning, at Jacks in particular where we look forward to drilling in 2022.”

 

For more information please contact:

Tertiary Minerals plc:
Patrick Cullen, Managing Director +44 (0) 1625 838 679
SP Angel Corporate Finance LLP – Nominated Adviser and Broker
Richard Morrison +44 (0) 203 470 0470
Caroline Rowe
Peterhouse Capital Limited – Joint Broker
Lucy Williams + 44 (0) 207 469 0930
Duncan Vasey

 

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (‘MAR’). Upon the publication of this announcement via Regulatory Information Service (‘RIS’), this inside information is now considered to be in the public domain.

 

Detailed Information

Option Agreement

 

As disclosed on 2 August 2021, the Company’s 96% owned subsidiary, Luangwa Minerals Limited, holds an option agreement (“the Agreement”) with Mwashia Resources Limited, a privately held Zambian registered company controlled by Mr. Geoffrey Siame, a director of Zambian exploration, mining & environmental engineering consultancy firm, African Mining Consultants Limited (AMC). This option agreement sets out the terms whereby Luangwa may earn up to a 90% joint venture interest the Jacks Large Exploration Licence and grants Luangwa the right to enter into options agreements on the four additional licences detailed above on the same terms.

 

The Company will now exercise that right. The terms are summarised as follows:

 

  1. Mwashia will prepare an Environmental Project Brief (“EPB”) for all four remaining licences (an approved EPB is a pre-requisite for conducting exploration) and submit the EPB to Zambian Environmental Management Agency (“ZEMA”) for approval.

 

  1. Luangwa will pay US$1,500 towards the costs of preparing the EPB and US$10,000 to Mwashia on approval of the EPB by ZEMA for each licence.

 

  1. Luangwa may earn, and has the right to take up, an initial 51% joint venture interest in each of the four licences by spending US$50,000 (per licence) on exploration in the 12-month period following approval of the EPB by ZEMA.

 

  1. On taking up a 51% interest in any of the licences, Luangwa and Mwashia will enter into a Joint Venture Agreement (“JVA”) per licence and on signing the JVA Luangwa will pay US$30,000 to Mwashia per JVA.

 

  1. Luangwa may earn a further 39% interest (total 90% interest) in each of the licences by spending a further US$100,000 over 18 months from the date of signing the relevant JVA.

 

Exploration Licence 27065-HQ-LEL – Lubuila Project

Exploration Licence 27065-HQ-LEL covers 334.8 sq. km. and is located 90km west of Luanshya in the Central African Copperbelt. The licence is partially underlain by the prospective Lower Roan arenite and lies approximately 70km southeast of the currently producing Chambishi Southeast copper-cobalt mine.

Exploration Licence 27066-HQ-LEL – Mukai Project

Exploration Licence 27066-HQ-LEL covers 55.4 sq. km. and is located 125km west of Solwezi in the Central African Copperbelt. First Quantum Minerals’ Sentinel nickel deposit, which is currently in development, and currently producing Enterprise copper mine are located 8km south and 18km southeast of the licence, respectively.

Exploration Licence 27067-HQ-LEL – Konkola West Project

Exploration Licence 27067-HQ-LEL covers 71.9 sq. km. and is located 18km northwest of Chingola in the Central African Copperbelt. The licence lies immediately west of the Konkola-Musoshi copper deposits which are under active exploitation at the Konkola and Lubambe mining complexes.

Exploration Licence 27068-HQ-LEL – Mushima North Project

Exploration Licence 27068-HQ-LEL covers 701.3 sq. km. and is located 100km east of Manyinga. The past-producing Kalengwa copper mine is situated approximately 20km west of the licence and is believed to be one of the highest grade copper deposits to be mined in Zambia.

 

Exploration Licence 27069-HQ-LEL – Jacks Project

Further data has been collected from public sources in Zambia. Information on an additional diamond drillhole, KJD10 has been found. KJD10, was drilled in late 1999 (detailed in the updated Investor Presentation) and is located on a separate traverse 300m to the east of those previously disclosed and is reported to have intersected copper mineralisation over a drilled interval of 23.95m between 222.05 – 246.00m grading at 1.26% copper which includes a drilled interval of 1.88m between 230.12 – 232.00m grading at 2.93% copper.

 

The above five licences cover a total area of 1,250sq km.

Tertiary Minerals #TYM – Alan Green talks to MD Patrick Cullen

Tertiary Minerals #TYM – Alan Green talks to MD Patrick Cullen at the AfricaSME Conference in #Zambia

~ Pyramid #Silver #Gold latest developments

~ Brunton Pass #Copper

~ Zambia copper prospects

~ Value inflection points

 

#TYM Tertiary Minerals plc – Pyramid Silver Discovery Extended

Tertiary Minerals plc (AIM: TYM) is pleased to report an update from its Pyramid Silver-Gold Project in Nevada, USA, where analytical results from the Company’s recently completed Phase 2 trenching has extended the strike and width of recently discovered silver mineralisation at North Ruth.

Highlights:

· The second phase of trenching has confirmed and extended the existing discovery;

· Silver and gold mineralisation has now been shown to extend over a strike extent of at least 530m;

· Trench 1 EXT, an extension to trench 1, revealed a zone width of up to 59 metres;

· Grades as high as 595g/t silver (17.35 ounces/ton) and 0.66g/t gold were intersected. 

Commenting today, Managing Director Patrick Cullen said: “The results reported today from Pyramid highlight a significant zone of silver mineralisation with a target strike length of at least 530 metres.”

“We have also delineated a zone up to 50 metres thick at surface, with some high-grade silver results and significant complementary gold.”

“North Ruth is an attractive drill target and we look forward to reporting further progress on this exciting discovery.”

Results:

Thickness

Silver

Gold

From

To

(m)

(g/t)

(oz/ton)

(g/t)

(m)

(m)

Trench 1 EXT

58.98

73.39

2.14

0.13

23.62

82.60

Includes

3.35

218.45

6.37

0.25

27.43

30.78

Includes

2.13

595.00

17.35

0.66

72.85

74.98

Trench 7

2.44

64.39

1.88

0.47

22.40

24.84

Trench 8

26.80

37.16

1.08

0.12

19.51

46.33

Includes

6.09

101.50

2.96

0.26

31.09

37.19

Trench 8

6.09

1.10

0.03

0.73

85.344

91.44

A summary of significant results1 is shown in the table above. The location of the trenches and intersections outlined in this news release are shown on Maps 1 and 2, which may be accessed here http://www.rns-pdf.londonstockexchange.com/rns/0147P_1-2021-10-13.pdf or on the Company website. Further detailed information may be found below.

For more information please contact:

Tertiary Minerals plc:

Patrick Cullen, Managing Director

+44 (0) 1625 838 679 

SP Angel Corporate Finance LLP

Nominated Adviser and Broker

Richard Morrison

+44 (0) 203 470 0470

Caroline Rowe

Peterhouse Capital Limited

Joint Broker

Lucy Williams

+ 44 (0) 207 469 0930

Duncan Vasey

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