Home » Posts tagged 'tym'

Tag Archives: tym

Tertiary Minerals #TYM – Lab Results Confirm Prospectivity of Jacks Copper Project, Zambia

Further to its announcement of 8 November 2022, Tertiary Minerals plc is pleased to advise that laboratory check analytical results on soil samples from the Jacks Copper Project in Zambia have confirmed and enhanced the provisional results previously reported based on portable XRF (“pXRF”) analyses taken in the field.

Key Points:

  • Laboratory check multielement analytical results now received for 107 soil samples from 4 sample grids.
  • Laboratory results show excellent correlation with previously reported field pXRF results.
  • New scandium analyses (not available with pXRF analysis) allows evaluation of key copper:scandium (“Cu:Sc”) ratios. High Cu:Sc ratios are considered indicative of hydrothermal copper sulphide mineralisation elsewhere in Zambia.
  • The high Cu:Sc ratios obtained from the soil samples taken over copper sulphide mineralisation intersected in Company’s 2022 drill programme at Area D validate the application of the Cu:Sc ratio and both enhance and extend the Area D soil anomaly beyond the area drilled.
  • Laboratory analyses for 27 contiguous soil samples along a check profile in Area C exhibit high Cu:Sc ratios for a strike length of approximately 1 km and make Area C another priority for drill testing.

Commenting today, Executive Chairman Patrick Cheetham said:

“These check analyses, and the scandium results in particular, have materially enhanced the previously reported results and confirm the prospectivity of the priority copper soil anomalies outlined to date at the Jacks Project.”

“These results build on a number of recent positive announcements for our Zambian copper projects that highlight the prospectivity of the portfolio we have built over the past 18 months. We are looking forward to an exciting field season in 2023.”

For more information please contact:

Tertiary Minerals plc:
Patrick Cheetham, Executive Chairman +44 (0) 1625 838 679
SP Angel Corporate Finance LLP

Nominated Adviser and Broker

Richard Morrison +44 (0) 203 470 0470
Harry Davies-Ball
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 a Regulatory Information Service (‘RIS’), this inside information is now considered to be in the public domain.

Detailed information

Background

The Jacks Copper Prospect lies within Exploration Licence 27069-HQ-LEL which covers 141.4 km2 and is located 85 km south of Luanshya in Zambia. Tertiary has earned a 90% interest in the licence from local company Mwashia Resources Limited (“Mwashia”) and recently signed a joint venture and shareholder agreement with Mwashia, details of which are given in the Company’s announcement of 4 November 2022.

Following a successful drilling programme at the main Jacks Prospect in 2022, the Company conducted a sampling programme in October 2022 where a total of 1,807 soil samples were collected over four separate areas covering 11.5 km². Samples were analysed in the field using a portable x-ray fluorescence (“pXRF”) analyser on a near real-time basis, allowing daily definition of soil anomalies which were then sampled in more detail on infill lines.

Multiple soil anomalies were defined by pXRF analysis and results compared favourably with soil anomalies in the vicinity of various ore zones at current and past producing mines on the Copperbelt. An anomaly threshold of 80ppm copper was reported.

Field pXRF analytical results are considered semi-quantitative, while scandium cannot be analysed by pXRF but is considered to be an important reference element in discriminating soil anomalies due to copper sulphide mineralisation.

Check samples from key soil lines on all four grids (Areas A-D) were sent to the ALS Laboratory in Johannesburg for multielement analysis by ICP-MS (Method code: ME‑MS61). A total of 107 samples were analysed.

Analytical Results

The laboratory results for copper in soil samples show an excellent correlation (correlation coefficient of 0.98) with field pXRF results and when samples above the 80ppm anomaly threshold are considered, the average difference between ICP-MS copper results and pXRF copper results is just 4%.

The new analytical results therefore substantiate the details of the copper soil anomalies discussed in the Company’s news release of 8 November 2022. Furthermore, the results of scandium analysis have allowed further discrimination of the anomalies and enhanced the priority anomalies as discussed below.

Copper:Scandium Ratios

Published data (2Halley et. al., 2016) from soil sampling by first Quantum Minerals (“FQM”) at the Sentinel Copper Mine in Zambia shows that a soil copper:scandium (Cu:Sc) ratio greater than 8 successfully delineated the now operating giant Sentinel Copper Deposit and suggested that high Cu:Sc ratios are indicative of hydrothermal copper mineralisation of economic interest rather than high background copper levels of no economic interest. This threshold has been used in evaluating the Company’s new analytical results. A map showing the location of soil grids Areas A-D can be found on the Jacks Project page of the Company’s website.

A total of 34 samples were analysed by ICP-MS at Area D along a profile which covered the soil anomaly associated with the original Jacks Copper Prospect which was successfully drilled by Tertiary during the Phase 1 Drill Programme in 2022. The purpose of this work was to obtain the geochemical footprint over known mineralisation. Above threshold anomalous Cu:Sc ratios were obtained across the full width of the Area D soil anomaly, confirming the relevance of the Cu:Sc ratio to mineralisation in the wider Jacks Copper Project.

Area C was originally targeted by FQM based on regional soil sampling which identified samples with high copper and above threshold Cu:Sc ratios. Tertiary’s more detailed follow-up field pXRF analysis had defined a 1,100m long and 400m wide north-northeast striking copper anomaly. A total of 31 samples from one soil profile along the anomaly have now been analysed by ICP-MS and 27 contiguous samples show above threshold Cu:Sc ratios indicating a possible mineralised strike length of approximately 1km. Area C is now a target for immediate follow‑up work.

At Area B a 600m long x 600m wide copper-in-soil anomaly was defined by pXRF analysis during the soil sampling programme with peak copper values higher than in Area C. However, of 22 samples now analysed by ICP-MS only 2 samples had anomalous Cu:Sc ratios. This downgrades the copper anomaly in Area B and illustrates the value of scandium analysis in discriminating and prioritising copper anomalies. A new map illustrating the differences between Area B and C anomalies can be found on the Jacks Project page of the Company website.

A total of 20 samples were analysed from Area A and were selected as a baseline due to the relatively low-level and narrow width of the copper-in-soil anomalism compared to areas B, C and D. The majority of samples had a Cu:Sc ratio below threshold confirming that this area remains a low priority.

The Company plans to carry out further drilling at Jacks in 2023 to test the soil anomaly at Area C and extend the drilling along strike at Area D (the original Jacks Prospect).

Notes:

  1. Samples were analysed by ALS in Johannesburg by method code ME-MS61, a 4-acid digest ICP-MS multielement suite. Internal company and laboratory QA/QC samples were inserted into the sample run and returned satisfactorily results.
  1. Halley, S.W., Wood, D., Stoltze, A., Godfroid, J., Goswell, H. and Jack, D.,  2016 – Using Multielement Geochemistry to Map Multiple Components of a Mineral System: Case Study from a Sediment-Hosted Cu-Ni Camp, NW Province, Zambia: in  SEG Newsletter,   No. 104, January, 2016, pp. 1, 15-21.
  1. The information in this release has been reviewed by Mr. Patrick Cheetham (MIMMM, M.Aus.IMM), Executive Chairman of Tertiary Minerals plc, 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. 

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

Tertiary Minerals #TYM – EPB Approved for Mushima North Copper Project, Zambia

Tertiary Minerals plc is pleased to announce that its local partner and licence holder Mwashia Resources Ltd (“Mwashia”) has now received approval of the Environmental Project Brief (“EPB”) from the Zambian Environmental Management Agency (“ZEMA”) for its Mushima North Copper Projects where the Company is earning up to a 90% interest.

The Mushima North Project, together with the Mukai Project in Zambia benefits from a data sharing and technical agreement with global copper producer First Quantum Minerals Ltd (“FQM”), details for which were announced on 15 September 2022.

Key Points:

  • ZEMA has now approved the EPB for the Mushima North Project.
  • This follows approval of EPBs for Konkola West & Lubuila Projects announced on 24 November 2022.
  • The approval process for the EPB for the Mukai Copper Project, our final outstanding EPB, is at an advanced stage.
  • EPB approval is a key approval required before field exploration programmes can proceed.

Commenting today, Executive Chairman Patrick Cheetham said:

“I am delighted to report that we have received EPB approval for the Mushima North Copper Project where we are currently working through the shared FQM data in preparation for the coming field exploration season.

On a recent visit to Zambia in December our Exploration Manager recovered sulphide mineralised drill core from a drill hole completed in the 1960’s at Mushima North which reportedly tested an extensive copper-in-soil anomaly and intersected wide zones of low-grade copper mineralisation. We will be assaying this core shortly to validate this early target. I look forward to reporting back to shareholders  as soon as we have the results.”

For more information please contact:

Tertiary Minerals plc:
Patrick Cheetham, Executive Chairman +44 (0) 1625 838 679
SP Angel Corporate Finance LLP

Nominated Adviser and Broker

Richard Morrison +44 (0) 203 470 0470
Harry Davies-Ball
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 a Regulatory Information Service (‘RIS’), this inside information is now considered to be in the public domain.

Tertiary Minerals #TYM – Project Focus, Konkola West, Zambia

The Company’s Konkola West Copper Project in Zambia has been brought into sharp focus by the recent $150 million investment in the adjacent Mingomba Copper Deposit (Lubambe Extension Project) by KoBold Metals, whose shareholders include Breakthrough Energy Ventures, a climate and technology fund founded by Microsoft’s Bill Gates and backed by Amazon’s Jeff Bezos, and Virgin’s Sir Richard Branson, and mining giant BHP (announced at the Biden Administration’s 2022 African Leader’s Summit).

The Company is therefore releasing a separate “Project Focus” presentation which can now be found on the Company’s website at https://www.tertiaryminerals.com/presentations

Konkola West, one of five copper projects in Zambia where Tertiary has an interest, is targeting deep down-dip extensions of the contiguous Musoshi-Lubambe-Mingomba-Konkola copper deposits which host the Musoshi Mine in the Democratic Republic of the Congo and the Lubambe Mine and Konkola mines and concentrators in Zambia. Together these deposits define a continuous zone of mineralisation over 15km long with a pre-mining endowment of over 775 million tons grading 2-3% copper. Konkola West is located approximately 2,000m southwest of the Mingomba deposit which currently has a resource of 250 million tons at 3.8% copper.

The Company’s interests in Zambia also include the Jacks Copper Project where the Company completed soil sampling and drilling in 2022 and the Mukai and Mushima North project areas where the Company is working with First Quantum Minerals to evaluate historical data and generate new exploration targets for evaluation in 2023.

The “Project Focus” now released for Konkola West Project is one of a number of such presentations planned for the Company’s key exploration projects over the coming weeks.

 

For more information please contact:

Tertiary Minerals plc:
Patrick Cheetham, Executive Chairman +44 (0) 1625 838 679
SP Angel Corporate Finance LLP

Nominated Adviser and Broker

Richard Morrison +44 (0) 203 470 0470
Harry Davies-Ball
Peterhouse Capital Limited

Joint Broker

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

 

Additional Information

Background

Tertiary Minerals plc is exploring in Zambia through its local subsidiary Tertiary Minerals (Zambia) Limited (“TMZ”) which is 96% owned by Tertiary Minerals plc. TMZ now holds 90% of the Jacks Copper Project with the remaining 10% held by local company and licence holder Mwashia Resources Ltd (“Mwashia”). TMZ holds an option to purchase Mwashia’s 10% interest in the Jacks exploration licence for US$3.5 million at any time.

TMZ also holds options to earn up to a 90% interest in four other licences held by Mwashia, namely the Mukai, Mushima North, Lubuila and Konkola West exploration licences.  Further details of Tertiary’s agreements with Mwashia are given in the Company’s news releases of 2 August 2021 and 18 November 2021.

The Mukai and Mushima North licences are covered by a Data Sharing and Technical Cooperation Agreement with First Quantum Minerals Limited (“FQM”). Further details of the Agreement can be found in in the Company’s news release of 15 September 2022.

KoBold Metals is a private company whose investors include Breakthrough Energy Ventures, a climate and technology fund founded by Microsoft’s Bill Gates and backed by Amazon’s Jeff Bezos and Virgin’s Richard Branson, and mining giant BHP.

The Mingomba (Lubambe Extension) Deposit is being evaluated in conjunction with property owners EMR Capital/ZCCM which operate the Lubambe Mine and concentrator. Tertiary does not have any beneficial or economic interest in the Mingomba Copper Deposit.

Notes:

Sources for quoted grade/tonnages:

United States Geological Survey, 2010.  Scientific Investigations Report 2010–5090. Descriptive Models, Grade-Tonnage Relations, and Databases for the Assessment of Sediment-Hosted Copper Deposits – With Emphasis on Deposits in the Central African Copperbelt,  Democratic Republic of the Congo and Zambia.

Stacey, J. 2020.  Deep Exploration at the Lubambe Extension, Mwale Symposium.

Tertiary Minerals #TYM – Audited Results for the Year Ended 30 September 2022

TYMThe Board of Tertiary Minerals plc (AIM: TYM) is pleased to announce audited results for the year ended 30 September 2022.

Operational Summary:

ZAMBIA

  • Completed first full year of exploration in Zambia targeting copper, the key energy transition metal.
  • Data sharing and technical cooperation agreement signed with First Quantum Minerals (“FQM”) covering Tertiary’s Mukai and Mushima North Project Interests.
  • Earned 90% interest in Jacks Copper Project from local partner Mwashia Resources Ltd (“Mwashia”); holding option to earn 90% in four other licence areas from Mwashia.
  • Planning underway for the 2023 exploration and drill programmes.

Jacks Copper Project, Zambia

  • Four diamond drill holes completed at original Jacks prospect; significant copper mineralisation intersected in all four diamond drillholes.
  • Copper mineralisation has now been intersected over a strike length of 350m and remains open along strike and at depth.
  • Over 2,000 soil samples collected on four grids; multiple soil anomalies defined by provisional portable XRF field analysis; results compare favourably with soil anomalies in the vicinity of various ore zones at current and past producing mines on the Copperbelt.

Other Projects, Zambia

  • Initial prospectivity reviews completed by consultant Remote Exploration Services (RES) of South Africa, based on historical data; exploration planning underway with initial priority targets defined at:
  • The Mukai Project. Directly adjacent to FQM’s Trident Project which includes the large Sentinel Copper Mine and the recently opened Enterprise Nickel Mine. Mine host stratigraphy can be traced into the Mukai Licence where there are both copper and nickel geochemical anomalies.
  • The Mushima North Project. Prospective primarily for iron-oxide-copper-gold (IOCG) mineralisation. 1960s historical drilling encountered wide zones of low-grade copper-sulphide mineralisation.

NEVADA

Brunton Pass Copper Project

  • Programmes of trenching, sampling, geochemical analysis, petrological evaluation and field follow up completed.
  • Wide intervals of low-grade copper observed in trenches in association with widespread garnet-pyroxene skarn alteration adjacent to diorite intrusives.
  • Trenching of 1.2km long zone of mercury-arsenic soil anomalies intersected substantial widths of hydrothermally altered rock with approximately 1,000 times background content of the gold indicator elements, arsenic and mercury.
  • Drilling now planned to test targets for copper skarn and epithermal precious metal mineralisation.

For more information please contact:

Tertiary Minerals plc
Patrick Cheetham, Executive Chairman +44 (0) 1625 838 679
SP Angel Corporate Finance LLP

Nominated Adviser and Broker

Richard Morrison +44 (0) 203 470 0470
Harry Davies-Ball
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.

Notes:

  1. The information in this release has been reviewed by Mr. Patrick Cheetham (MIMMM, M.Aus.IMM), Executive Chairman of Tertiary Minerals plc, 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. 
  2. 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.

Chairman’s Statement

Dear Shareholder,

It is with great pleasure that I present the Annual Report for the year ended 30 September 2022. This has been our first full year of exploration for copper in Zambia and a year of very pleasing progress on a number of fronts.

We continue to pursue a strategic focus on copper, a key energy transition metal in the new green economy, and on precious metals. We remain bullish on the outlook for the copper price and the associated market sentiment that has supported our exploration efforts, and which we expect will reward exploration success. This view is based on increasing long-term demand for copper and projections of a future supply deficit, albeit that demand has been tempered in the short term by weaker Chinese demand due to restrictive Covid policies. Precious metal prices have been subdued this year, in US Dollar terms, due to the strength of the US Dollar and following aggressive interest rate rises imposed by the US Federal Reserve. That said, years of inflationary money printing around the world supports a view that the gold price is set for a rerating.

In Zambia we work through our 96% owned Zambian subsidiary, Tertiary Minerals (Zambia) Limited (“TMZ”) and have interests in five projects through various agreements with our local partner, Mwashia Resources Ltd (“Mwashia”). Mwashia has been instrumental in the tribal and stakeholder engagement process that has allowed for the smooth running of our exploration in Zambia to date.

This exploration has focused on the Jacks Copper Project (”Jacks”) where TMZ now holds a 90% joint venture interest and an option to move to 100% ownership. Our inaugural drilling programme at Jacks was successful with all four holes hitting copper mineralisation. When considered alongside historical drilling, this work has so far demonstrated mineralisation over a 350m strike length open in both directions and at depth.

We also carried out a large soil sampling programme at Jacks, collecting over 2,000 samples on four detailed grids to follow up unresolved copper-in-soil anomalies identified in wide spaced sampling by previous explorers. We are delighted with the results obtained to date which, although provisional, have defined multiple soil anomalies, mainly in favourable Lower Roan stratigraphy, that are of the same order of magnitude as those reported to occur in the vicinity of ore-zones at past and currently operating mines elsewhere in the Copperbelt. The results also extend the target area at the original Jacks copper prospect.

During the year we have been assessing data and the exploration priorities for our other project interests in Zambia whilst awaiting the approval of Environmental Project Briefs (“EPBs”) to allow the start of exploration. Two of these EPBs were recently granted and the approval process for the remaining EPBs is at an advanced stage.

Our assessment process was boosted recently when we signed a data sharing and technical cooperation agreement with global copper company First Quantum Minerals Limited (“FQM”) to work collaboratively with respect to advancing exploration and development of the Company’s Mukai and Mushima North projects.  As a result, we are set to benefit from FQM’s extensive and in-depth country experience, gained over many years of exploration and mine development in Zambia and, importantly, its site-specific historical exploration data in and around these two exciting projects.

Our Mukai licence, in the Domes region of northwest Zambia, is strategically located, being surrounded by FQM’s Trident Project licences which cover the large producing Sentinel copper mine and the newly developed Enterprise nickel mine. We are also located just east of Arc Minerals’ Zambia Copper-Cobalt Project where Anglo American is set to earn a 70% interest for expenditure of US$88,500,000. At Mushima North our targets are for copper and gold.

Whilst our exploration operations in Nevada have yielded mixed results, we remain enthusiastic about our project portfolio in Nevada and have further drill programmes planned for 2023. This includes drilling at our Brunton Pass Copper-Gold Project where a successful programme of trenching uncovered substantial widths of skarn mineralisation anomalous in copper and hydrothermally altered rock with up to 1,000x background values for gold pathfinder elements, mercury and antimony, at two locations 900m apart and with gold values up to 2.65g/t gold. We are now targeting a high sulphidation epithermal gold deposit which we believe has been overprinted on a copper skarn system which itself may also suggest the presence of a larger porphyry copper target nearby.

A drilling programme earlier this year at our Pyramid Gold-Silver Project in Nevada failed to demonstrate the continuity at depth of widespread silver values found at surface and the decision was made to cut losses, terminate our lease and return the property to the underlying owner.

In August we signed an agreement to sell our royalty interests in the Kaaresselkä and Kiekerömaa Gold Projects in Finland which completes our exit from projects in Finland, but as a result we will retain a small shareholding in Aurion Resources Ltd and follow with interest its progress at the Risti and Helmi gold discoveries in Finland which continue to deliver exciting exploration results close to Rupert Resources’ 4 million ounce Ikkari gold discovery.

A more detailed discussion of our exploration programmes and results can be found in our Operating Review.

Our Annual General Meeting for the year ended 30 September 2022 will be held in London on 16 February 2023. We encourage shareholders who cannot attend to appoint the Chairman as their proxy.

At the AGM I will be standing for re-election and we will be proposing the usual Ordinary Resolution to allow for the issue of shares and a Special Resolution to allow for the issue of shares other than by way of a rights issue. It is very important that these resolutions are passed as the Company is currently reliant on raising funds periodically from the market by placing shares to fund its exploration business and to continue as a going concern.

We are eager to continue our exploration in Nevada and to get back on the ground in Zambia as soon as the wet season is over, and we look forward to reporting back to shareholders on a full programme of exploration in 2023.

Patrick Cheetham

Executive Chairman

8 December 2022

Vox Markets Podcast – Alan Green discusses HARL, TMOR and TYM

vox podcastBrand Comms CEO Alan Green appears on today’s Vox Markets podcast with Justin Waite to discuss:

  • Harland & Wolff #HARL
  • More Acquisitions (Megasteel) #TMOR
  • Tertiary Minerals #TYM

Link here:

https://www.voxmarkets.co.uk/articles/alan-green-talks-about-harland-wolff-more-acquisitions-tertiary-minerals-695267e

#TYM Tertiary Minerals plc -Update -Copper Projects, Zambia

Tertiary Minerals plc is pleased to announce that it’s local partner and licence holder Mwashia Resources Ltd (“Mwashia”) has now received approval of Environmental Project Briefs (“EPBs”) from the Zambian Environmental Management Agency (“ZEMA”) for the Konkola West and Lubuila Copper Projects where the Company is earning up to a 90% interest.

The Company is also providing a project update for the Mukai and Mushima North Projects following a preliminary data review and first meetings with global copper producer First Quantum Minerals Ltd (“FQM”) with whom the Company has a data sharing and technical cooperation agreement (the “Data Sharing and Technical Cooperation Agreement”) .

Key Points:

EPB Approvals

·    ZEMA has now approved EPBs for the Konkola West & Lubuila Licences.

 

·    The approval process for the Mukai & Mushima North Project EPBs is at an advanced stage.

 

·    EPB approval is required before exploration can take place.

Project Updates

·    Initial prospectivity reviews completed by consultant Remote Exploration Services (RES) of South Africa, based on historical data.

 

·    First meetings held with FQM under the Data Sharing and Technical Cooperation Agreement. Data transfer from FQM to the Company is currently in progress.

 

·    Exploration targeting underway with initial priority areas already defined by RES at:

 

Ø Mukai, where the host stratigraphy for FQMs nearby Enterprise Nickel Mine and giant Sentinel Copper Mine can be traced into the Mukai Licence where there are both copper and nickel geochemical anomalies.

 

Ø Mushima North, where historical drilling in the 1960s encountered wide zones of low-grade copper-sulphide mineralisation and which is prospective for iron-oxide-copper-gold (“IOCG”) deposits.

Commenting today, Executive Chairman Patrick Cheetham said:

I am delighted to report that, following a recent series of positive updates for the Jacks Copper Project in Zambia where we have now earned a 90% interest, the necessary EPBs are now starting to be issued for the other Zambian projects where we have similar earn-in rights.

I am also pleased and excited to be reporting progress in our data sharing and technical cooperation agreement with FQM along with the definition of several exploration targets from a desktop study of historical exploration results commissioned with RES prior to our agreement with FQM.

 

For more information please contact:

Tertiary Minerals plc:

Patrick Cheetham, Executive Chairman

+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 a Regulatory Information Service (‘RIS’), this inside information is now considered to be in the public domain.

 

Additional Information

Background

Tertiary is exploring in Zambia through its local subsidiary Tertiary Minerals (Zambia) Limited (“TMZ”) which is 96% owned by Tertiary Minerals plc. TMZ now holds 90% of the Jacks Copper Project with the remaining 10% held by local company and licence holder Mwashia Resources Ltd (“Mwashia”). TMZ holds an option to purchase Mwashia’s 10% interest in the Jacks exploration licence for US$3.5 million at any time.

TMZ also holds options to earn up to a 90% interest in four other licences held by Mwashia, namely the Mukai, Mushima North, Lubuila and Konkola West exploration licences.  Further details of Tertiary’s agreements with Mwashia are given in the Company’s news releases of 2 August 2021 and 18 November 2021.

The Mukai and Mushima North licences are covered by a Data Sharing and Technical Cooperation Agreement with First Quantum Minerals Limited (“FQM”). Further details of the Agreement can be found in in the Company’s news release of 15 September 2022.

EPB Approvals

Before exploration can be carried out on a licence in Zambia, an Environmental Project Brief (“EPB”) must be submitted for approval by the Zambian Environmental Management Agency (“ZEMA”).  

An approved EPB is already in place for the Jacks Copper Project and Mwashia has now advised that EPBs have been approved for the Lubuila and Konkola West Licences and that the process for EPB approvals for Mukai and Mushima North is at an advanced stage within ZEMA.

Project Updates

The Company and FQM have now held their first meeting and data transfer is underway from FQM’s proprietary regional exploration programmes that included the Mukai and Mushima North project areas. This includes extensive geological, geophysical and geochemical data.

Prior to reaching its agreement with FQM the Company had commissioned South African company Remote Exploration Services (“RES”) to conduct a desktop study on the exploration history and prospectivity of the four Mwashia licences held under option.

The following information is intended as a preliminary update of the prospectivity of the two licences that are covered by the FQM agreement and is based on the earlier RES project review which has already defined priority targets. Target generation is ongoing and will incorporate the FQM data. The Company aims to be in a position to commence field exploration as soon as possible.

Mukai Copper Project, 27066-HQ-LEL

Exploration Licence 27066-HQ-LEL covers 55.4 sq. km. and is located 125km west of Solwezi in the north-western Province of Zambia. Geologically it is in the Domes Region of the Central African Copperbelt and it encompasses Lower Roan Group rocks on the southern flank of the highly prospective Kabompo Dome.

The licence is directly adjacent to FQM’s Trident Project licences which includes the recently opened Enterprise Nickel Mine and the giant producing Sentinel (Kalumbila) Copper Mine, located 8km south and 18km southeast of the licence, respectively. FQM has invested US$2.1 billion in the Sentinel copper mine where the plant has the capacity to treat 55 million tonnes of ore per annum.

Enterprise is a sediment-hosted nickel-sulphide deposit with a total measured and indicated resource of 40 million tonnes of ore containing 431,000 tonnes of nickel from which FQM envisages processing some 4 million tonnes per year of nickel ore making Enterprise the largest nickel mine in Africa.

Just west of Mukai is Arc Minerals Ltd.’s Zambia Copper-Cobalt Project where Anglo American plc has the option to earn a 70% interest from Arc Minerals through expenditure of US$88.5 million including US$14.5 million in cash payments to Arc Minerals.

Historic exploration in the Mukai licence area has been carried out for copper by Roan Selection Trust (“RST”) in the 1960s, for uranium by Agip in the 1980s, and by an Equinox- Anglo American JV (“Zamanglo”) in the early 2000s. Most of this work was of a regional nature comprising stream sediment sampling and soil sampling.

To date, FQM has provided Tertiary with licence-wide geophysical data including magnetic data, radiometric data and electromagnetic data. FQM’s mapping, in part based on this data, has traced the Enterprise and Sentinel host rocks into the Mukai Licence where they occur in similar proximity to the deep seated Kalumbia Fault Zone.

A copper soil anomaly was identified within the Mukai licence by RST in the 1960s close to the boundary with FQM’s licences and is seen to continue into FQM’s adjacent licence as a copper and copper:scandium anomaly (high copper:scandium ratios are seen as an indicator of copper sulphide mineralisation as opposed to enhanced background level of copper in the rock). This is a high priority target for follow-up exploration.

Nickel anomalies have also been identified in the licence area, in soils by Zamanglo and in stream sediments by the Zambian Geological Survey. Data interpretation and targeting is ongoing.

The Mukai Licence contains an area of designated forest, which, although affording a higher level of environmental protection, does not exclude exploration or mining.

Mushima North Copper Project, 27068-HQ-LEL

Exploration Licence 27068-HQ-LEL covers 701.3 sq. km. and is located 100km east of Manyinga.

The licence encompasses basement rocks outside of the traditional Copper Belt and the region is a focus of exploration for copper-gold in so called Iron-Oxide-Copper-Gold (“IOCG”) deposits, best exemplified by the giant Olympic Dam copper-gold-uranium deposit in South Australia.

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 ever mined in Zambia. In the 1970s high grade ore in excess of 26% copper, making up approximately 20% of the orebody, was trucked for direct smelting at Copper Belt mines.

Historical exploration at Mushima North has been carried out by RST in the 1960s, African  Minerals Corporation in the early 2000s and by BHP Group Limited later in the 2000s. BHP flew their proprietary Falcon gravity gradiometer over the licence area, defining geological structures and targets for further exploration.

Historical exploration has focused on the eastern margin of a series of syenitic-granitic intrusives. A number of historic copper prospects occur within the licence and soil anomalies have been identified in RST soil sampling programmes in the 1960’s. One of these anomalies was followed up with a 154m deep drill hole, RKN 800, which intersected pyritic siltstone and sandstone containing chalcopyrite (copper sulphide) in association with calcite veins. Sampling of drill cores was very rudimentary with random samples taken at the end of each core run. Nevertheless, copper values were anomalous throughout with many samples grading more than 0.3% copper (0.3% being the upper limit on the graphical scale of analytical results presented with the drill log). This is an immediate target for follow-up exploration.

FQM has so far provided the Company with airborne magnetic and VTEM electromagnetic survey data for the Mushima North licence. This data will be processed with a view to additional target generation and data compilation and reviews are ongoing.

Tertiary Minerals #TYM – Exploration Update – Jacks Copper Project, Zambia

Further to its announcement of 27 September 2022, Tertiary Minerals plc (LON: TYM), the AIM traded mineral exploration and development company, is pleased to announce provisional results from its detailed soil sampling programme at the Jacks Copper Project (“Jacks”) in Zambia and the definition of multiple copper soil anomalies in different areas of the Exploration Licence.

Highlights

  • Soil sampling programme completed on schedule and on budget.
  • 1,807 samples collected on a 200m x 40m spacing over 4 separate grids.
  • pXRF elemental analysis of samples in the field gave real time data, defined soil anomalies and allowed for immediate follow up sampling.
  • Follow up sampling was carried out on three of the four grids at 100m x 40m spacing.
  • Multiple soil anomalies were defined with a peak value of 535ppm copper and with sufficient ground control to allow for drill testing.
  • Results compare favourably with soil anomalies in the vicinity of various ore zones at current and past producing mines on the Copperbelt.
  • Results from pXRF analysis are regarded as provisional and check samples are now being sent to South African laboratory for traditional wet chemical analysis.

Commenting today, Executive Chairman Patrick Cheetham said:

“The soil sampling programme went smoothly, thanks to our contractor GeoQuest Ltd and our local partner Mwashia Resources. We are delighted with the results obtained to date, which, although provisional, have defined multiple soil anomalies in favourable Lower Roan stratigraphy that are of the same order of magnitude as those reported to occur in the vicinity of ore-zones at past and currently operating mines elsewhere in the Copperbelt.”

“Jacks is one of five projects in Zambia where we currently have an interest and we expect to issue an update shortly regarding our wider Zambia portfolio.”

For more information, please contact

Tertiary Minerals plc:
Patrick Cheetham, Executive Chairman +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 traded mineral exploration and development company whose strategic focus is on energy transition metals. The Company’s projects are located in stable and democratic, geologically prospective, mining-friendly jurisdictions. Tertiary’s current principal activities are the discovery and development of mineral resources in Nevada, USA, and in Zambia.

Market Abuse Regulation

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

Background  Information

The Jacks Copper Prospect lies within Exploration Licence 27069-HQ-LEL which covers 141.4 km2 and is located 85 km south of Luanshya in Zambia. Tertiary has earned a 90% interest in the licence from local company Mwashia Resources Limited (“Mwashia”) and recently signed a joint venture and shareholder agreement with Mwashia, details of which are given in the Company’s announcement of 4 November 2022.

The geological setting of the exploration licence area is a synclinal embayment of Lower Roan Group sedimentary rocks which unconformably overlies basement rocks of the Muva Formation. The Lower Roan Group is highly prospective and hosts the majority of significant copper deposits in the Zambian portion of the Central African Copperbelt.

In May 2022, Tertiary completed four diamond drill holes as an initial test of the Jacks Copper Prospect. All holes intersected copper mineralisation including 6.0m grading 1.8% copper from 105.0m in hole 22JKDD03. Historic drilling results included 24.0m grading 1.3% copper in drillhole KJD10.

Copper mineralisation has now been intersected in drilling at the Jacks Prospect over a strike length of 350m and remains open along strike and at depth.

For more information on Tertiary’s Phase 1 Drill Programme see the news release dated 29 June 2022.

Soil Sampling Programme

The soil sampling programme for which provisional results are now being reported was designed to follow up unresolved copper-in-soil anomalies defined during wide spaced soil sampling by previous operators including Cyprus-Amax and First Quantum Minerals, as well as to guide follow-up drilling on the Jacks main prospect.

The Company’s soil sampling programme was contracted to GeoQuest Limited and a total of 1,807 B horizon soil samples were initially collected over four separate areas covering 11.5 sq.km. Samples were collected at 40m intervals on lines spaced 200m apart and preliminary elemental analysis of the samples was carried out in the field using a portable x-ray fluorescence (pXRF) analyser. Sampling and pXRF analytical protocols are described in
Note 1 below.

Field pXRF results were received on a real-time basis, allowing daily definition of soil anomalies which were then sampled in more detail on infill 100m spaced lines. A total of 196 additional soil samples were collected by infill sampling.

Results

Field pXRF analysis is considered to be a less accurate and less precise method of analysis compared to traditional wet-chemical laboratory analysis and so the following results should be considered as provisional. A range of samples are now being prepared for laboratory check analysis.

As a guide to the significance of  soil sampling results, the Company notes2 that  B horizon soil anomalies for freely drained soils in the vicinity of various ore zones at current and past producing mines on the Copperbelt have thresholds in the range 50 to 150ppm copper, averaging 80ppm copper and peak values in the range 100-450ppm copper and averaging 210ppm copper. In addition,  published data3 for the giant Sentinel copper deposit (>1 billion tonnes grading 0.51% copper, located close the Company’s Mukai Project in northwest Zambia) shows that the median copper value for soil samples collected over the sub-cropping expression of the orebody was 120ppm and only one soil sample exceeded 500ppm copper.

The Area A soil grid at Jacks is located in prospective Lower Roan sediments on the southern limb of the syncline southwest of the Jacks drill area. A total of 271 samples were collected with a peak copper-in-soil value of 132ppm. No infill sampling was carried out in Area A during this programme but it may be targeted for infill sampling in future.

Areas B & C were selected to test areas where wide-spaced sampling by FQM defined areas containing anomalous concentrations of copper as well as samples containing high copper: scandium ratios which can indicate the presence of copper sulphide minerals.

The Area B soil grid was located in the northwest part of the licence in Upper Roan Group and younger rocks. A total of 290 samples were collected of which 89 were infill samples. A 600m long x 600m wide copper‑in‑soil anomaly was defined with a peak of 325ppm copper and 197ppm nickel in different samples. The trace element signature of the anomaly is atypical for Copperbelt style mineralisation and further evaluation of this is required to determine its significance.

The Area C grid, in prospective Lower Roan Group sediments, was targeted to follow up a Cu-Sc anomaly defined by FQM . A total of 464 soil samples were collected of which 89 were infill samples. A north-northeast striking copper anomaly approx.1,100m long and 400m wide was identified with a peak value of 257ppm copper.

Area D covers an approx. 4 km strike length centred on the area of the Company’s recently reported drilling at the original Jack’s Prospect and aimed to find extensions to the mineralisation intersected by this drilling. A total of 782 soil samples were collected in Area D with 66 being infill soil samples. A peak value of 525ppm copper was observed in the area of the drilling within an 600m x 400m anomaly. Further to the southwest a second anomaly was defined with dimensions 600m x 500m and a peak value of 173ppm copper.

Further information on the anomalies and the company’s priorities for further drill testing on the Jacks Licence will be given once the results of laboratory analysis are available.

A plan showing the location for the soil grids and provisional soil anomalies is available on the Company website at : https://www.tertiaryminerals.com/filemanager/Jacks_Project/Soil_Sampling_Copper_Anomalies.jpg

Notes:

  1. Soil samples were collected from the B horizon at an approximate depth of 25-30cm at each sample site. Samples were dry sieved to minus 180 micron with approx. 100 grammes retained and placed in a plastic sample bag for analysis. Samples were then analysed through the sample bag using a Delta Classis pXRF machine with DCC6000 tube. The pXRF was calibrated at the start of each day using a Certified reference Material tablet and again intermittently throughout the sampling runs. Repeat pXRF analysis was performed on a subset of samples to check the repeatability of the pXRF analysis. Additionally, two CRMs were placed in plastic sample bags and analysed throughout the repeat analysis to test the performance of the pXRF using the same conditions. The Company is currently undertaking further interpretation of the geochemical results to select samples for conventional wet chemical analysis.
  2. Mwamba, J., 2018. Exploration Potential for Copperbelt – Style Mineralisation in NW Province, Zambia; Soil Geochemistry as a targeting tool. Sc. Dissertation Rhodes University (Data presented for 20 deposits, 2 deposits excluded as high outliers).
  3. Halley, S.W. et.al; 2016. Using Multielement Geochemistry to Map Multiple Components of a Mineral System: Case Study from a Sediment-Hosted Cu-Ni Camp, NW Province, Zambia, SEG Newsletter January 2016.
  4. The information in this release has been reviewed by Mr. Patrick Cheetham (MIMMM, M.Aus.IMM), Executive Chairman of Tertiary Minerals plc, 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. 

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

Tertiary Minerals #TYM – Jacks Copper Project, Zambia – Joint Venture Agreement

Tertiary Minerals plc (LON: TYM), the AIM traded mineral exploration and development company, is pleased to announce that its 96% owned Zambian subsidiary, Tertiary Minerals (Zambia) Limited (“TMZ””), has now executed a full Joint Venture and Shareholders’ Agreement (the “JV Agreement”) with Mwashia Resources Limited (“Mwashia”) to govern their future relationship for the Jacks Copper Project Exploration Licence 27069-HQ-LEL (the “Jacks Licence”).

The JV Agreement has been made pursuant to the option agreement between TMZ (formerly Luangwa Minerals Limited) and Mwashia detailed in the Company’s news release dated 2 August 2021 (the “Option Agreement”).

The JV Agreement provides that a new Zambian company (“Newco”) will be formed to be owned 90% by TMZ and 10% by Mwashia to own and operate the Jacks Project. Mwashia will then transfer the Jacks Licence to Newco. Newco will be funded by TMZ and/or Tertiary and TMZ will hold an option, exercisable at any time, to purchase Mwashia’s 10% interest for the amount of US$3.5 million. A payment of US$30,000 is now being made by Tertiary to Mwashia as required by the Option Agreement.

Commenting today, Executive Chairman Patrick Cheetham said:

“We are pleased to be announcing this agreement which cements our relationship with Mwashia and provides a mechanism for TMZ to move to 100% ownership of the Jacks Licence in future. Since signing the Option Agreement, we have worked closely with Mwashia as our local partner. Mwashia has been instrumental in the tribal and stakeholder engagement process that has allowed for the smooth running of our drilling programme at Jacks earlier this year and more recently for the soil sampling programme where we expect to release provisional results shortly.

In addition to Jacks we also hold options over four further licences held by Mwashia in Zambia and we anticipate this new agreement will form a template for those licences should TMZ complete its expenditure requirements under the terms of those options.”

 

For more information, please contact

Tertiary Minerals plc:
Patrick Cheetham, Executive Chairman +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 traded mineral exploration and development company whose strategic focus is on energy transition metals. The Company’s projects are located in stable and democratic, geologically prospective, mining-friendly jurisdictions. Tertiary’s current principal activities are the discovery and development of mineral resources in Nevada, USA, and in Zambia. 

Market Abuse Regulation

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.

Tertiary Minerals #TYM – Exploration Update – Brunton Pass Project, Nevada, USA

Tertiary Minerals plc is pleased to provide the following update on its summer exploration campaign at the Brunton Pass Copper-Gold Project in Nevada, USA.

Highlights

· The programme included trenching, sampling, geochemical analysis, petrological evaluation and field follow up. 

· Six trenches (T1, T2, T7, T8, T10 and T11) were completed for a combined length of 386m to further evaluate previously reported copper, mercury and arsenic anomalies in soil and surface rock chip samples.

Copper Targets

· Wide intervals of low-grade copper observed in trenches T7 and T8:

Ø 27.4m grading 1,010ppm copper (0.1% Cu) in T7, open to the east.

Ø 77.7m grading 473ppm copper in T8 open to the east.

· Petrological evaluation has confirmed the copper is associated with widespread garnet-pyroxene skarn alteration adjacent to diorite intrusives.

· These wide low-grade copper intervals are a possible halo to more significant mineralisation and suggest the possible presence of a deeper porphyry copper target.

Gold Target

· Two trenches (T1 & T11) testing the north and south ends of a 1.2km long zone of mercury-arsenic soil anomalies intersected substantial widths of hydrothermally altered rock with approximately 1,000 times background content of the gold indicator elements, arsenic and mercury:

Ø 9.1m grading 1,930ppm arsenic and 102 ppm mercury in T1

Ø 32m grading 1,622ppm arsenic and 110ppm mercury T11

· T2, located between T1 and T11, intersected 2.65g/t gold over 2.7m.

· The north trending zone tested by T1, T2 and T11 will now be drill tested for epithermal gold mineralisation at deeper levels.

Commenting today, Executive Chairman Patrick Cheetham said: “We are pleased to be reporting a successful summer programme at our Brunton Pass Project in Nevada.

The occurrence of substantial widths of clay altered rock with up to 1,000x background values for mercury and antimony at two locations 900m apart and with gold values up to 2.65g/t gold suggests these trenches may be in the upper levels of a high sulphidation epithermal gold deposit. Similar deposits occur in the area including the Paradise Peak deposit, 25km to the southeast, which produced over 1.6 million ounces of gold and over 44 million ounces of silver before closing in 1993.

This epithermal alteration is superimposed on a large area of skarn alteration prospective for copper and may also suggest the presence of a larger porphyry copper target nearby.

We will now move forward with drill planning at Brunton Pass and look forward to reporting back on progress.”

For more information please contact:

Tertiary Minerals plc

Patrick Cheetham, Executive Chairman

 

Tel: +44 (0)1625 838 679

S P Angel Corporate Finance LLP

Nominated Adviser & Broker

Richard Morrison/Caroline Rowe

 

Tel: +44 (0)203 470 0470

Peterhouse Capital Limited

Joint Broker

Lucy Williams/Duncan Vasey

 

Tel: +44 (0)207 469 0930

AIM:  TYM | Find out more at tertiaryminerals.com 

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.

Note to Editors

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

Detailed Information

Background

The Brunton Pass Project is located in central Nevada and was acquired in 2021 after sampling of prospector small-scale surface workings revealed high copper values. Reconnaissance rock chip sampling and mapping were subsequently carried out throughout the claim block returning values up to 6.84% copper and 1.75 g/t gold in separate samples as well as anomalous silver values.

A drone magnetic and photogrammetric survey was also carried out in 2021 and the data was subsequently processed using magnetic vector inversion modelling.

Mineralisation at Brunton Pass is closely associated with hornfels and skarn alteration of a mixed sequence of Triassic aged carbonate and clastic sediments that form a 1.8km x 0.75km, uplifted “window” (horst block) in fault contact within younger Tertiary-age volcanic rocks. The magnetic inversion model suggests that the Triassic sediments may be underlain at shallow depth by a large intrusive body that could be the source of the alteration and mineralisation. Evidence for this underlying body is found in surface outcrops of granite/granodiorite and at least two phases of diorite intrusion.

Following initial prospecting a total of 485 soil samples were collected at 50m spacing on lines 100m apart over the main window and on a 100m by 100m offset grid over the remainder of the project area.

Several copper-in-soil anomalies1 with individual grades of up to 953ppm copper were delineated based on this sampling. The largest of these anomalies in the southwest quadrant of the property has dimensions of 340m x 310m and they are mainly coincident with areas where rock grab samples contain percent-level copper values in small prospecting pits.

Two large mercury and arsenic in soil anomalies1 were also defined in the eastern half of the property in a north trending zone with values up to 52 ppm mercury with the largest of these extending over an area approximately 500m x 500m. These anomalies are centred on a north trending zone of structural dislocation with a strike length of at least 1.2km entirely within the project area.

Summer 2022 Trenching Programme

In late July 2022, Tertiary contracted Legarza Exploration LLC (“Legarza”) to conduct a trenching programme at the Brunton Pass Copper Project under the supervision of contract geologist Ivan Johnson.

Six trenches were excavated for a total of 386.2 metres over the zones of anomalous copper arsenic and mercury anomalies. All trenches were geologically mapped and sampled throughout at 10ft (3m) intervals. The trenches were numbered according to a provisional plan and as not all planned trenches were dug, trench numbers described below do not run sequentially.

Trenches T1, T2 and T11 were excavated in the eastern half of the project area in the area of the mercury-arsenic anomalies, whilst trenches T7, T8 and T10 targeted the copper soil anomalies in the southwest quadrant of the project.

Trench walls were photographed and samples sent to Paragon Geochemical Laboratories, Reno for sample preparation and analysis. Samples were analysed via method FSAu-25, an aqua regia digest multi-element analysis which includes gold. Laboratory QA/QC samples were inserted into the sample run.

Multiple rock samples from trenches and outcrop were sent for thin section, polished thin section and XRD evaluation to evaluate the styles of mineralisation and so provide context for trench sampling analytical results.

Trench 1 (67m long) targeted the northern extent of the mercury-arsenic anomaly in the north part of the project area where previous rock chip sampling yielded values of up to 0.1% copper in a silicious jasperoid. T1 cut through a 30m wide carbonate sequence which is in fault contact on its east side with Tertiary volcanics and on the west side with a 12m wide fault sliver of granitic rock that lies along the eastern contact with Tertiary volcanics.

All of the rock units in T1 display intense argillic alteration containing smectite (-illite), quartz and opal/cristobalite.

The clay altered sediments adjacent to the granite also contain hematite and goethite and geochemical analysis shows high arsenic (As) and mercury (Hg) values with a 9.1m section containing 1,930ppm As and 102ppm Hg.

These values are similar to the wider As-Hg zone described for Trench 11 approximately 875m further south (see below) and are approx. 1,000 times the geochemical background levels found in other areas of the project.

Trench 2 (33.5m long) was excavated in hornfels towards the centre of the same mercury-arsenic anomaly tested in T1. The hornfels contains bands of andradite garnet and diopside and is not as altered as in 1 and T11, most likely due to lower permeability of the hornfels to hydrothermal fluids.

T2 intersected 2.7 metres grading 2.65 g/t gold in a north trending shear zone that parallels the strike of the soil anomaly. Gold may have been remobilised into this structure from a deeper level (see concluding remarks below).

Trench 7 (109.7m long) was designed to cut across one of the peak copper-in-soil geochemical anomalies in the southwest quadrant of the project area and to continue to the western contact of the sediments with the Tertiary volcanics on the west side of the window.

From east to west Trench 7 intersected a sequence of skarn and variably altered sediments in fault contact with a 20m wide sliver of quartz diorite which is itself in fault contact with Tertiary volcanics at the east end of the trench.

Beneath the peak soil anomaly T7 cut 27.4m grading 1,010ppm copper (0.1% Cu) within a 45.7m wide intersection grading 814ppm copper which is highly anomalous.  This zone is also open to the east.

The sequence is variably silicified and altered with significant smectite (nontronite), illite quartz and opal in places.  Potassic alteration (K-feldspar) is also evident in thin section examination.

Trench 8 (77.7 m long) is located 40m south of, and was excavated roughly parallel to, T7.

T8 intersected a much thicker zone of diorite in fault contact with the Tertiary volcanics on the west side of the window. The diorite also contains fault slivers of hornfels and xenoliths of altered skarn. The remainder of the trench intersected strong skarn alteration.

The whole trench, 77.7m, averaged 473ppm copper, which is again highly anomalous. T8 also illustrates the spotty nature of the higher-grade copper mineralisation near surface with corresponding samples on the opposite wall of the trench for one particular 10ft interval grading 4.85% copper on the south wall side and less than 1,000ppm copper on the north side.

Trench 10 (63.1m long) was designed to excavate across a weakly mineralised occurrence of jasperoid (BR4) where a grab sample assayed 0.3% copper that occurs within the same broader copper soil anomaly tested by T7 and T8.

T10 intersected a magnesian pyroxene-phlogopite skarn within a broader zone of calc-silicate hornfels and sandstone containing lower copper values than in T7 and T8.

The trench was notable however for a 7m wide section of fault bounded Tertiary volcanics, west of which the last 11m of the trench is heavily stained by iron oxides most likely due to a high content of garnet skarn as massive garnet skarn outcrops just south of T10.

Trench 11 (32m long) was excavated to test across the central part of the southern 500m long arsenic-mercury soil anomaly where previous mapping rock samples were also anomalous in As and Hg.

The trench cut through a sequence of strongly clay altered sediments (sandstone and siltstone) and the entire trench was anomalous in arsenic and mercury with 32m grading 1622ppm As and 110ppm Hg (approx. 1,000x background). XRD analysis on assay pulps from two sample intervals contained 46-55% smectite whilst one of the samples contained 28% garnet and the other 18% opaline quartz/cristobalite.

As with T2, these petrological and geochemical characteristics define a zone of argillic alteration characteristic of the upper levels of an epithermal hydrothermal system superimposed on an earlier phase of skarn alteration.

Concluding Remarks

Regionally the Brunton Pass deposit sits on the north-east side of a large granite batholith around which there are a number of epithermal gold and porphyry copper-gold deposits including the high sulphidation Paradise Peak gold deposit, 25km southwest of Brunton Pass, that produced over1.6 million ounces of gold and over 44 million ounces of silver and at least 457 tons of mercury and which exhibits the similar argillic alteration assemblages (smectite+quartz+/-opal ) seen in T1 and T11.

The work undertaken during this field season suggest the possible presence of a porphyry copper target and epithermal gold mineralisation at deeper levels and the Company believes that drill testing of these copper and gold targets is now warranted.

A map showing Brunton Pass Project soil sampling anomalies and trenching is available on the Company’s website at:
https://www.tertiaryminerals.com/filemanager/BruntonPass/Soil_sampling_anomalies_and_trenching_map.jpg

Notes:

1.  Anomalous soil samples are defined in this case by the 90th percentile values of the soil value population, being 55 parts per million copper and 740 parts per billion mercury.

2.  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.

3.  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.

Alan Green covers First Class Metals #FCM & Tertiary Minerals #TYM on this week’s Stockbox Research Talks

Alan Green covers First Class Metals #FCM & Tertiary Minerals #TYM on this week’s Stockbox Research Talks

I would like to receive Brand Communications updates and news...
Free Stock Updates & News
I agree to have my personal information transfered to MailChimp ( more information )
Join over 3.000 visitors who are receiving our newsletter and learn how to optimize your blog for search engines, find free traffic, and monetize your website.
We hate spam. Your email address will not be sold or shared with anyone else.