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Vox Markets Podcast – Alan Green covers the following companies: Team17 #TM17  Tekcapital #TEK and Tertiary Minerals #TYM 

vox podcast

Alan Green CEO of Brand Communications talks about being in Snowdonia this weekend, taking the sensible option of being on a motorbike, rather than hiking like me. Plus Alan also covers news from the following companies:

Team17 #TM17 

Tekcapital #TEK 

Tertiary Minerals #TYM

https://www.voxmarkets.co.uk/articles/alan-green-covers-team17-tekcapital-tertiary-minerals-f019d8c/

Quoted Micro 19 September 2022

AQUIS STOCK EXCHANGE

ProBiotix Health (PBX) has secured a new commercial partner in Asia Pacific. Nutraceutical business Nutraconnect will develop and implement strategies for ProBiotix Health ingredients in Asia Pacific.

IamFire (FIRE) says investee company WeShop Holdings had 23,000 user downloads by the end of August. Transactions increased from 2,633 in July to 5,981 in August. Average spend per transaction has increased to £81. A US launch is planned.

Gunsynd (GUN) is making a further conditional investment of £100,000 in ASX-listed Rincon Resources. The investment is dependent on Rincon Resources shareholder approval.

Fintech investment company Eight Capital Partners (ECP) has generated £1m in fees from Zamaz (ZAMZ), which joined the standard list a fortnight ago. Zamaz believes that its technology platform can help to efficiently build direct to consumer brands via e-commerce. Other Eight Capital Partners revenue have been modest.

Evrima (EVA) says investee company Premium Nickel Resources has created a new metals division.

Spirits brand Rogue Baron (SHNJ) says that a third party has been contacting investor saying it is raising cash for the company, which is not true. Rogue Baron is considering ways of raising further funds.

SulNOx Group (SNOX) has won a new order from Ghana for SulNOxEco fuel conditioner. There is enough to treat six million litres of diesel, which is a larger order than the previous one. New agreements are being discussed in other African countries.

Site works have commenced at the Blesberg lithium and tantalum project in South Africa. Marula Mining (MARU) says mining permits have been applied for.

A company associated with Asimilar Group (ASLR) non-exec director Mark Horrocks has acquired 750,000 shares at 4.1p each, which takes his share interest to 5.27%.

Engineering company Vulcan Industries (VULC) has raised £132,000 at 0.92p a share. Superseed Capital Ltd (WWW) has issued £1m of convertible loan notes to SuperSeed Venture LLP, which is its investment manager. The conversion price is 130p a share.

Barry Hersh is a 9.98% shareholder in Rural Broadband Solutions (RBBS). PEU SA has a 7.56% stake in Eastinco Mining and Exploration (EM.P).

AIM

Churchill China (CHH) had an extremely strong first half in 2022 because of demand for hospitality products. Sales of plates and other products to restaurants and hotels were behind the 73% growth in revenues to £41.4m. Sales of retail products declined as production focused on hospitality products. Churchill China is gaining market share in the UK and internationally. The interim dividend is 57% ahead at 10.5p a share. A full year pre-tax profit of £8.8m is forecast.

New admission Aurrigo International (AURR) has risen a further 9.52% to 57.5p. The transport technology products supplier raised £8m at 48p a share when it joined AIM. The cash will be invested in the aviation technology division and to develop new products.

Broker and administrator Jarvis Securities (JIM) has appointed Ocreus to review systems and controls at its main subsidiary after it ran into trouble with the FCA. This will take between three and six months. Jarvis has voluntarily agreed not to take on new clients from certain existing Model B corporate clients until the systems have been reviewed. The restrictions should not hamper forecast revenues and profit, although the costs of the review could hamper shareholder dividends from Jarvis Securities. This news was announced late on Friday and the share price nearly halved.

Retail brand Joules (JOUL) has ended its talks with retailer NEXT (NEXT) about a cash injection, leaving it with the need to find another source of funding. That is likely to require a share issue.

Baby products retailer Mothercare (MTC) reported revenues falling from £85.8m to £82.8m, but it returned to profit. The figures were at the top end of expectations and the company was cash generative. finnCap forecasts a fall in pre-tax profit from £8m to £1.9m this year. The pension deficit is declining.

TV and film production services provider Facilities by ADF (ADF) had tough comparisons for its interim figures and reported pre-tax profit was lower. Revenues improved from £11.5m to £12.6m, but the lack of large productions and higher overheads since flotation mean that profit was lower. There will be more, and higher value, productions in the second half, so some of the profit shortfall should be offset. Flotation funds are being used to increase the size of the vehicle fleet.

Artisanal Spirits Company (ART) increased membership by 24% in the first half of 2022. This growth was international, and the current membership is around 36,000. Full year revenues are expected to increase from £18.2m to £21.6m. The value of the casks of whisky in stock has increased from £430m to £455m in the latest six month period.

Cyber security services provider Corero Network Security (CNS) improved sales in the first half and growth could accelerate in the second half. Full year revenues are forecast to increase by one-third to $27.9m. Demand for cyber security continues to increase. Corero should breakeven this year.

Strong growth in first half revenues at plant-based polymers developer Itaconix (ITX) means that it is set to double full year revenues to $5.2m. Revenues trebled from cleaning applications. There was $900,000 of net cash at the end of June 2022.

The Property Franchise Group (TPFG) increased interim revenues by 18% to £13.1m and pre-tax profit was 9% higher at £3.8m. The interim dividend was increased by 11% to 4.2p a share. Trading remains strong even though house buying incentives were ended last year.

Building and architecture software supplier Eleco (ELCO) did not surprise the market with the 3% decline in interim revenues to £13.4m, although recurring revenues were 9% higher at £8.2m. This reflects the change to a SaaS model. Pre-tax profit was 23% down at £2.1m due to higher costs.

Ncondezi Energy Ltd (NCCL) has replaced a working capital facility with a convertible loan and more cash is being made available. The shareholder loan repayment cannot be demanded before 30 November 2023.

Shell company Advance Energy (ADV) raised £425,000 at 0.085p a share. There are warrants attached to each new share that are exercisable at 0.13p a share. The cash will enable management to investigate a suitable reverse takeover candidate and fund due diligence. Management is in talks with the majority owner of a European oil and gas company and trading in the shares is suspended. Any deal will be funded with shares and via an earn-out based on production. The suspension will continue until a prospectus is published or the deal does not happen.

Tertiary Minerals (TYM) has signed a technical co-operation agreement with First Quantum Minerals for two copper projects in Zambia – Mukai and Mushima North. Mukai is next door to First Quantum’s Trident project. First Quantum also has interests in the same region as Mushima North. First Quantum will supply historical exploration date for the areas. First Quantum does not have first right of refusal over the projects.

MAIN MARKET

Fintech Asia Ltd (FINA) is seeking fintech acquisitions. This includes mobile banking, digital payments and blockchain. It raised £1.46m at 50p a share, before expenses of £613,000. The cash should finance the operating of the company and investigating potential acquisitions for more than one year. Further share issues will be required when any targets are identified, and deals secured. There were no trades reported on the first two days. The current share price is 55.5p (53p/57p).

Ikigai Ventures Ltd (IKIV) is looking to acquire businesses with a positive social impact strategy, particularly those based in Asia. It has a similar shareholder base to Fintech Asia. Ikigai Ventures raised £2.09m at 50p a share, before expenses of £714,000. That cash should last more than one year. There were no trades reported on the first two days. The current share price is 55.5p (53p/57p).

Innovative materials developer HeiQ (HEIQ) increased interim revenues by 17% to $30.3m and it is making progress with newer products, such as AeoniQ and GrapheneX. Hygiene products generated 43% of total revenues. Service and licence revenues more than trebled. There was $9.5m in the bank at the end of June 2022. Cenkos expects revenues to grow from $57.9m to $69.4m in the full year and grow by a further 10% next year. The 2022 pre-tax profit is expected to be $4.8m.

Andrew Hore

 

#TYM Tertiary Minerals plc – Collaborative Agreement – Zambia Copper Projects

Tertiary Minerals plc is pleased to announce that it has signed a Technical Cooperation Agreement (the “Agreement”) with First Quantum Minerals Limited (“FQM”) in connection with two of its copper exploration projects in Zambia.

Key Points:

·  The Agreement covers Tertiary’s Mukai and Mushima North Project Interests (the “Projects”).

·  The Mukai Project Exploration Licence is located in Zambia’s North-western Province  and is directly adjacent to FQM’s Trident Project which includes the large Sentinel Copper Mine and the recently opened enterprise Nickel Mine.

·  The Mushima North Exploration Licence, in the Kasempa District, is also in an active exploration area for FQM and is prospective primarily for iron-oxide-copper-gold (IOCG) mineralisation.

·  FQM & Tertiary will establish a Technical Committee with the objective to work collaboratively with respect to advancing exploration and development of the Projects.

·  The Technical Committee will advise and assist Tertiary in relation to all technical matters relating to the Projects.

·  FQM will provide Tertiary with all of its historical exploration data for the two licence areas and Tertiary will submit its exploration results to the Technical Committee on an ongoing basis.

Commenting today, Executive Chairman Patrick Cheetham said:

“This Agreement will turbo-charge Tertiary’s Zambian exploration in these two key licence areas. 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 in and around these two exciting projects.

“For Tertiary, the Agreement will effectively harness the expertise of one of the world’s largest copper producers without the associated cost, and in return FQM will gain first-hand knowledge of any new discoveries that we make, and will be in pole position, should we seek an exploration or development partner in future. Nevertheless,  it is important to stress that the Agreement does not bind either company to any further agreement or grant FQM any first rights of refusal and so is not commercially restrictive for Tertiary.

“We are grateful to FQM for proposing such a free-thinking arrangement and we look forward to working with their team.” 

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.

Tertiary is exploring in Zambia through local subsidiary Tertiary Minerals (Zambia) Limited (“TMZ”) which is 96% owned by Tertiary Minerals plc. TMZ has the right to acquire up to a 90% interest in the Mukai and Mushima North exploration licences from local company and licence holder Mwashia Resources Ltd.

Further details of Tertiary’s agreements with Mwashia are given in the Company’s news releases of 2 August 2021 and 18 November 2021.

 

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 Subgroup rocks which are part of the southern flank of the highly prospective Kabompo Dome.

The licence is directly adjacent to FQM’s Trident Project licences which include the recently opened Enterprise nickel mine and the large 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.

The project is also located west of Arc Minerals project area on the opposite flank of the Kabompo Dome where Anglo American plc can earn a 70% interest from Arc Minerals plc through expenditure of US$88.5 million including US$14.5 in cash payments.

 

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 to be 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.

 

First Quantum Minerals Ltd  (“FQM”)

FQM is a global copper company operating long life mines in several countries. It employs approximately 20,000 people world-wide.

FQM is  ranked the sixth largest copper producer in the world and is forecasting global copper metal production of at least 790,000t in 2022.

Just under half of FQM’s copper production is expected to come from its Kansanshi and Sentinel mines in Zambia which together represent approximately 50% of total Zambian copper output.

 

#TYM Tertiary Minerals – SALE OF ROYALTY INTERESTS

TYM

Tertiary Minerals plc is pleased to announce that it has accepted a binding offer from Aurion Resources Ltd (“Aurion”) for the purchase of Tertiary’s royalty interests in the Kaaresselkä and Kiekerömaa Gold Projects in Finland.

The consideration payable on closing of a formal sale and purchase agreement is:

  • CAD$200,000, to be paid in cash, and

 

  • The issue to Tertiary of 83,333 common shares in Aurion Resources Ltd (the “Consideration Shares”).

The Consideration Shares will be subject to a statutory four month and one day hold period from closing. The agreement is also subject to acceptance by the TSX Venture Exchange.

The closing price of Aurion’s shares on the TSX.V exchange on Friday 5 August 2022 was CAD$0.68.

 

Commenting today, Executive Chairman Patrick Cheetham said:

“The proceeds of the sale will be applied to the Company’s exploration projects in Nevada, where we are awaiting assay results from trenching at the Brunton Pass Copper Project, and in Zambia where a successful drilling programme was recently completed at the Jacks Copper Project. The Company is building an attractive portfolio of exploration projects in Zambia and we are pleased to be generating these additional exploration funds from internal resources. We are also pleased to become a shareholder in Aurion once again at a time when its interests in the Risti and Helmi gold discoveries in Finland are delivering exciting exploration results close to Rupert Resources’ 4Moz Ikkari gold discovery.”

 

 

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  

UK Investor Magazine Podcast – Moonpig, B&M European, and oil with Alan Green

investor

 

Moonpig, B&M European, and oil with Alan Green

We discuss Moonpig #MOON, B&M European #BME, Tertiary Minerals #TYM and Botswana Diamonds #BOD

Moonpig, B&M European, and oil with Alan Green

Tertiary Minerals #TYM – Positive Drilling Results From Jacks Copper Project

Tertiary Minerals plc (LON: TYM), the AIM traded mineral exploration and development company, whose strategic focus is on energy transition metals, is pleased to announce that the Company has received positive laboratory assay results from its first drill programme at the Jacks Copper Project (“Jacks”) in Zambia, where it is earning a 90% joint venture interest.

Highlights: 

  • Significant copper mineralisation intersected in all four diamond drillholes: 

22JKDD01:           13.5m grading 0.9% copper from 77.5m downhole, including

                                3.0m grading 1.7% copper from 79.5m, and

                                3.5m grading 1.2% copper from 87.0m

22JKDD02:             7.0m grading 0.6% copper from 54.0m, and

  3.0m grading 0.8% copper from 191.0m

22JKDD03:             6.0m grading 1.8% copper from 105.0m, including

  4.0m grading 2.4% copper from 106.0m

22JKDD04:           14.0m grading 0.8% copper from 27.0m, including

  2.0m grading 1.7% copper from 27.0m and

  5.0m grading 1.0% copper from 35.0m.

  • Copper mineralisation has now been intersected over a strike length of 350m and remains open along strike and at depth.
  • Planning is now underway for further evaluation of the historical copper soil anomaly that extends over a strike length of c16km within the licence area.
  • Tertiary has given notice to joint venture partner Mwashia Resources Ltd (“Mwashia”) that it has now earned a 51% interest in the Jacks Project licence, and has duly exercised its option to continue earning up to a 90% joint venture interest.
  • Jacks Project is one of five licences areas in Zambia where Tertiary has the right to earn a 90% interest from Mwashia.

Commenting today, Executive Chairman Patrick Cheetham said:

“We are delighted to be reporting these positive results. The impressive copper hits in all four holes in our first drill programme confirms and builds on the historical results from the Jacks Project, and demonstrates continuity of copper mineralisation over an open-ended 350m strike length. Given that the Jacks Prospect lies within a 16km long soil geochemical anomaly, it is clear we are dealing with an exciting target with considerable potential. In the meantime, our local partner, Mwashia Resources Ltd, has made good progress on the environmental permitting required for exploration to start on the four other licences within our Zambian portfolio. We look forward to a busy and productive work programme during this dry season.”

 

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

The Jacks Prospect lies within Exploration Licence 27069-HQ-LEL which covers 141.4 km2 and is located 85 km south of Luanshya in Zambia.

The rocks hosting the known copper mineralisation in the licence comprise basal Katangan Supergroup sediments. This Supergroup includes the Lower Roan Subgroup, the main copper mineralised rock sequence in the Central African Copperbelt.

Mineralisation occurs within the southern limb of a large asymmetric synclinal fold structure that has an east-west trending axis and a westerly plunge. The northern limb dips 15°-25° to the south demonstrated by historic drilling as well as from mapped outcrop. Previous work reports that the dips on the southern limb are variable between 60° to the north and vertical with local overturning. The detailed geometry of the syncline and interpreted parasitic folds is poorly understood and further interpretation of orientated drill core is required. Within the licence area past exploration has defined a 15km long soil geochemical anomaly that broadly follows the southern and northern limbs of the syncline. The Jacks Prospect sits close the nose of the syncline at its eastern end.

During drill planning, the Company created a 3D model of the mineralisation based upon interpretation of historical exploration data which suggests that copper occurs in either two separate mineralised horizons which may be discrete mineralise zones or one refolded horizon. The results of drilling broadly confirm this interpretation. The two mineralised zones, now named the North Zone and South Zone, dip steeply north toward the axis of the syncline.

Further detailed information on the exploration history and the background to the current drill programme can be found in the Company news releases dated 16 June 2022.

Phase 1 Drill Programme

In May 2022, Tertiary contracted Ox Drilling to conduct a diamond drilling programme with geological supervision and drill management contracted to Zambian consulting group GeoQuest Limited. The purpose of the Phase 1 drill programme was to confirm the presence of, and assess the continuity of,  copper mineralisation reported in the 1990s.

Four holes were completed for a total of 746m of drilling, two each on two separate traverses spaced approximately 150m apart. During the drill programme core orientation was carried out together with preliminary analysis of core using portable XRF (“pXRF”) to provide real-time interpretation of drill intersections and facilitate the positioning of subsequent holes.

Drill core was cut on-site and 186 samples, along with internal QA/QC samples, were delivered to SGS Laboratories in Kalulushi for independent laboratory-based analysis. Drill core samples were prepared and analysed using methods PRP901 and ICP42S1, respectively.

Analytical Results

Drill hole details and significant SGS assay results are shown in Table 1 and Table 2, respectively.

Hole 22JKDD01 was drilled to intersect the north dipping South Zone mineralisation where historical drillhole KJ12 (see news release dated 2 August 2021) intersected 9.0m grading 0.9% copper. 22KJDD01 was drilled to 164.2m and intersected 13.5m grading 0.9% copper from 77.5m downhole including two higher grade intersections2 of 3.0m grading 1.7% copper from 79.5m and 3.5m grading 1.2% copper from 87m.

Hole 22JKDD02 was drilled approximately 110m north of 22JKDD01 to intersect  mineralisation reported in historical drillhole JKD1 which intersected both mineralised zones (13.8m grading 1.0% copper from 112.7m downhole and 2.8m grading 1.0% copper from 229.5m downhole). 22JKDD02 was drilled to 250.9m and intersected 7m grading 0.6% copper from 54m downhole, significantly higher in the hole than expected, however no copper was observed visually or via pXRF where the North Zone had been predicted. The South Zone mineralisation was, however, intersected with 3m grading 0.8% copper from 191.0m downhole in a position that which correlates with the historic drilling.

Hole 22JKDD03 was a step-out hole and was drilled approximately 150m east of 22JKDD02 to a depth of 260.2m. Copper mineralisation was first intersected from 105.0m downhole with 6.0m grading 1.8% copper, including a higher-grade interval of 4.0m grading 2.4% copper from 106m downhole.

22JKDD04 was another step-out hole, drilled approximately 160m east of 22JKDD01 and 170m south of 22JKDD03. It was drilled to test along strike from 22JKDD01 and beneath the copper-in-soil anomaly which, on this traverse, was relocated by infill pXRF soil analysis conducted whilst the drilling programme was ongoing. A broad mineralised zone was intersected with 14.0m grading 0.8% copper from 27m downhole, including two higher grade intersections of 2.0m grading 1.7% copper from 27m downhole and 5.0m grading 1.0% copper from 35.0m downhole.

Drill holes 22JKDD03 and 04, as well as stepping out from 22JKDD01 and 22KJDD02, have demonstrated the presence of mineralisation towards historical drillhole KJD10 which intersected 24.0m grading 1.3% copper and 13.6m grading 0.4% copper in a deeper portion of the mineralised system, some 210m and 230m below surface respectively.

The Company considers that the presence of copper mineralisation has now been demonstrated at Jacks over a 350m strike length and to depths up to 230m vertically below surface, and is open in all directions. Copper mineralisation may be thickening closer to the fold nose, as evidenced by historical drillhole KJD10. To the west a continuous copper-in-soil anomaly extends along the southern limb of the syncline for several kilometres within the licence area and has been tested by only limited very wide spaced drilling with a number of holes intersecting copper mineralisation that remains to be followed up (e.g. 6.5m grading 1.1% copper from 297.5m downhole in 1999 drill hole KJD02).

The Company is currently undertaking a more in-depth review of the drill date with a view to commencing additional fieldwork and drill planning.

Drill Plans and Drill Sections are available to view on the Jacks Project webpage at https://www.tertiaryminerals.com/jacks-project-zambia .

Table 1: Drill Hole Details

BHID

EOH (m)

Dip

Azimuth

Type

Core

Avg. Recovery (%)

22JKDD01

164.2

-55

187

DD

HQ/NQ

82.4

22JKDD02

250.9

-55

184

DD

HQ/NQ

95.3

22JKDD03

260.2

-55

187

DD

HQ/NQ

99.7

22JKDD04

71.2

-55

175

DD

HQ/NQ

90.6

 

Table 2: Analytical Results1&2

BHID

Down Hole Interval (m)

Copper (%)

From (m)

To (m)

22JKDD01

13.5

0.9

77.5

91.0

Including

22JKDD01

3.0

1.7

79.5

82.5

Including

22JKDD01

3.5

1.2

87.0

90.5

22JKDD02

7.0

0.6

54.0

61.0

22JKDD02

3.0

0.8

191.0

194.0

22JKDD03

6.0

1.8

105.0

111.0

Including

22JKDD03

4.0

2.4

106.0

110.0

22JKDD04

14.0

0.8

27.0

41.0

Including

22JKDD04

2.0

1.7

27.0

29.0

Including

22JKDD04

5.0

1.0

35.0

40.0

Notes:

1.    SGS, Kalulushi – Drill core samples were prepared using method code PRP90, where samples are dried, crushed to 90% passing 2mm and a 250g split pulverized to 85% passing 75µm. Samples were analysed by method code ICP42S, a 26 element multi-acid digest with ICP-AES finish.

2.   Drill intervals being reported are thicknesses of mineralisation down-hole at cut-off values of 0.2% copper and 0.5% copper for lower and higher-grade intervals, respectively. Mineralisation is currently interpreted as steeply dipping and true thicknesses are estimated to be approximately 70% of the above reported thicknesses.

3.   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. 

4.   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 Botswana Diamonds #BODS & Tertiary Minerals #TYM on this week’s Stockbox Research Talks

Alan Green covers Botswana Diamonds #BODS & Tertiary Minerals #TYM on this week’s Stockbox Research Talks

Tertiary Minerals #TYM – Exploration Update Jacks Copper Project

Tertiary Minerals plc (LON: TYM), the AIM traded mineral exploration and development company, whose strategic focus is on energy transition metals, is pleased to announce that the Company has completed its first drill programme at the Jacks Copper Project (“Jacks”) in Zambia. Jacks lies within exploration licence 27069-HQ-LEL (the “Licence”), held by local partner Mwashia Resources Limited (“Mwashia”). Tertiary has an exclusive option to earn up to a 90% joint venture interest in the licence.

Highlights

  • Four diamond core drill holes completed on two separate c. 150m spaced traverses for a total 746 metres of drilling.
  • Systematic portable XRF (“pXRF”) analysis of drill core in-field has revealed intersections of copper mineralisation in all four holes that require confirmation and quantification by laboratory analysis.
  • Drill holes positioned using pXRF analysis of soil samples which confirmed the historical (1990s) copper soil anomaly in the drill area
  • Drill area soil anomaly forms part of a series of anomalies which extend over a 16km long trend within the Licence.
  • 186 drill-core samples submitted for laboratory analysis with results expected within a few weeks.

Commenting today, Executive Chairman Patrick Cheetham said:

“We are pleased to be reporting the successful completion of our first drill programme in Zambia and look forward to reporting the analytical results. We anticipate that the expenditures incurred on this programme will satisfy the requirements for the Company to earn an initial 51% interest in the Licence and we look forward to working with our joint venture partner, Mwashia Resources, on this and the other joint venture licences we have with the same partner.” 

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 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

The Jacks Prospect lies within Exploration Licence 27069-HQ-LEL which covers 141.4 km2 and is located 85 km south of Luanshya in Zambia. This licence is currently owned by local partner Mwashia. Tertiary has an exclusive option to earn up to a 90% joint venture interest in the licence.

The host rocks in the licence comprise synclinally folded basal Katangan Supergroup sediments which include the Lower Roan Subgroup, the main copper mineralised rock sequence in the Central African Copperbelt. The axis of the asymmetric syncline trends approximately east-west. The northern limb dips 15°-25° to the south demonstrated by historic drilling as well as from mapped outcrop. Previous work reports that the dips on the southern limb are variable between 60° to the north and vertical with local overturning. The detailed geometry of the syncline and interpreted parasitic folds is poorly understood and further interpretation of orientated drill core is required.

The area was first explored by Roan Selection Trust Ltd. (“RST”) in the 1960s after copper flower was observed. RST drilled a series of holes in the area of the copper showings which coincides with the nose of a fold structure. Several zones of low-grade copper were reportedly intersected.

In the 1990s, Caledonia Mining Corporation (“CMC”) conducted aeromagnetic surveys and soil geochemical sampling. The geochemical surveys highlighted an intermittent soil anomaly that extends over an 18 km strike length of which 16 km lies within the Jacks Project Licence. After delineation of prospective areas, CMC entered into a joint venture earn-in agreement with Cyprus AMAX Minerals, a major US-based mineral exploration and mining company. The 1997-1999 exploration programme included infill geochemical sampling, ground-based magnetic surveys, 19 reverse circulation drill holes and 10 core drill holes.

Phase 1 Drill Programme

Upon entering into its agreement with Mwashia, Tertiary obtained all available historical exploration data and performed a spatially integrated data review and constructed a preliminary geological model.

This suggested that the Jack’s Project area presented an attractive drill target where historical drilling intersected significant copper mineralisation and which the Company believes justified follow-up exploration.

The historical data had limitations on the positional accuracy of historic drill holes and so to assist with drill targeting the Company conducted field geochemical analysis of soils using a pXRF analyser along and between the profiles of historical drilling. Several strong copper anomalies were identified which, when correlated with historical soil geochemistry, allowed the interpreted geological model to be spatially refined.

In May 2022, Tertiary contracted Ox Drilling to conduct a diamond drilling programme with geological supervision and drill management performed by GeoQuest Limited. Four holes were completed on two traverses spaced approximately 150m apart for a total of 746m of drilling. During the drill programme core orientation was carried out together with preliminary analysis using portable pXRF to provide real-time interpretation of drill intersections and facilitate the positioning of subsequent holes.

All drillhole collars were surveyed via GPS and downhole surveys were completed prior to plugging and marking drill holes in the field.

Systematic drill core analysis using the pXRF has indicated that all four holes intersected copper mineralisation. Whilst pXRF analyses are a good guide to the occurrence of mineralisation, the pXRF results now need to be confirmed and quantified by follow up laboratory based analysis. Consequently 186 samples were cut from the drill core on-site and, along with internal QA/QC samples, were delivered to SGS Laboratories in Kalulushi for analysis. The Company expects the analytical results to be available within a few weeks .

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.

Tertiary Minerals #TYM – Resignation of Managing Director

TYMTertiary Minerals plc (LON: TYM), the AIM traded mineral exploration and development company, whose strategic focus is on energy transition metals, advises that it has received and accepted a letter of resignation from its Managing Director, Mr. Patrick Cullen, effective 20 June 2022.

The Company will seek to recruit a replacement Managing Director, with Mr. Cullen’s responsibilities being assumed by other members of the Board in the meantime.

Commenting today, Executive Chairman Patrick Cheetham said:

“The Board does not expect its strategy or ongoing work programmes in Zambia or Nevada to be materially affected by this change and the Board would like to thank Mr. Cullen for his contribution to the Company since joining as Managing Director in September 2021.” 

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 copper resources in Nevada 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 – Half-Year Report

 

HALF-YEARLY REPORT 2022 

Tertiary Minerals plc announces its unaudited interim results for the six-month period ended 31 March 2022.

Operational highlights:

Tertiary continued to develop its project portfolio, focused on copper opportunities in Zambia and Nevada. Most notably activities included:

· Completing environmental permitting for the Jacks Copper Project in Zambia, collecting historic data and completing additional surface geochemical studies in order to bring the project to drill-ready status;

· Planning a first phase of core drilling at Jacks comprising an orientation programme designed to establish copper grades and an improved understanding of the geometry of mineralised zones identified by historic work;

· Expanding Option & JV agreements with local partners covering four further licences which gives the Company access to over 1,200 km2 across the Central African Copperbelt (the “Copperbelt”) and over an area 20 km east of the past-producing high-grade Kalengwa copper mine;

· Continuing to evaluate additional opportunities across the Copperbelt in Zambia and elsewhere; and

· Completing permitting for the next phase of exploration at the Brunton Pass Copper Project in Nevada which will commence in the coming months.

Zambia

Tertiary has begun field operations in Zambia. The Company planned a first phase of core drilling at the Jacks Copper Project during the period and drilling has since commenced. Historic exploration results at Jacks indicate a 16km long open-ended soil geochemical anomaly associated with rocks of the Lower Roan Subgroup. The Lower Roan Subgroup is typically associated with many of the stratiform copper deposits of the Copperbelt in Zambia. At Jacks, a large-scale fold and a series of folding events and faulting/shearing is in evidence from historic work. This first phase of drilling is the first step to gathering improved spatial data on the location and geometry of known mineralisation and an understanding of the associated structural setting.

The historic core and reverse circulation drilling at Jacks targeted just two small areas where soil anomalies were most pronounced. Historic intersections include an interval of 23.95m grading at 1.26% copper (including 1.88m grading at 2.93% copper).

In addition to Jacks, additional agreements are now in place with the Company’s existing Zambian partner, Mwashia Resources Limited, giving the Company the right to earn up to 90% of four other licences located across the Copperbelt and in the North-Western Province. As with Jacks, the Lubuila, Mukai and Konkola West projects all target the Lower Roan Subgroup. The Mushima North project lies westwards of the past-producing Kalengwa copper mine, believed to be one of the highest grade copper deposits to have been mined in Zambia. Work is underway to provide the necessary supporting materials for the submission of environmental project briefs with the Zambia Environmental Management Agency for permitting of exploration activities on these licences. The process is most advanced for the Lubuila project and is expected to be concluded in the coming months with the others to follow later in the year. In the meantime, desktop studies and the acquisition of historic data has begun.

Nevada

A first phase of reverse circulation drilling at the Pyramid Silver-Gold Project in Nevada has not demonstrated mineralisation at depth. The continuity of grade at surface and the evidence of significant underground workings suggested a compelling drill target. The limited reverse circulation programme was conducted on schedule and below budget. Apart from rehabilitation, no further expenditure is planned at Pyramid and cumulative exploration costs of £361,379 have been impaired.

A permit for the next phase of exploration at the Brunton Pass Copper Project was issued in mid-April and the planned trenching programme across the main copper anomaly will commence shortly, alongside further investigation into the potential for gold and silver mineralisation on the property. Initial reconnaissance sampling resulted in multiple samples grading higher than 1% copper as well as a 2.44m channel sample grading 4.66% copper. The trenching programme will test for mineralisation at the primary target in the south of the project which is intrusion-related skarn copper mineralisation overprinted by a later mineralising episode which may represent the high levels of an epithermal system prospective for gold and silver. Trenching is also planned to investigate secondary targets in the northern area of the project.

FINANCIAL SUMMARY FOR THE SIX-MONTH PERIOD ENDED 31 MARCH 2022:

 

· Operating Loss of £604,213 comprises:

 Revenue of £89,906; less Administration costs of £305,933 (which includes non-cash share-based payments of £29,237).

 

 Pre-licence and reconnaissance exploration costs totalling £26,807.

 

 Impairment of deferred exploration asset of £361,379 relating to Pyramid project in Nevada, US. This project was fully impaired following a series of phases of exploration across the property, most recently drilling at North Ruth. 

· Total Group Loss of £604,193 is after crediting interest income of £20.

· Project expenditure of £222,876 was capitalised during the six-month period.

Funding and Cash Position: 

· In January 2022, the Company completed a fundraising with Peterhouse Capital Limited raising £600,000 before expenses. 

· The closing cash (and cash equivalent) position at the end of the period was £620,626.

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