Home » Tertiary Minerals (TYM) » #TYM Tertiary Minerals – Audited Results for the Year Ended 30 September 2021

#TYM Tertiary Minerals – Audited Results for the Year Ended 30 September 2021



The Board of Tertiary Minerals plc (AIM: TYM) is pleased to announce audited results for the year ended 30 September 2021.

Operational Summary:


In 2021, Tertiary has further developed its project portfolio in stable and democratic, geologically prospective, mining-friendly jurisdictions :


· Advanced the Pyramid Silver-Gold Project in Nevada to drill-ready status


· Acquired and initiated systematic exploration of the Brunton Pass Copper Project in Nevada, trenching planned as next step


· Established a copper-focused Zambian footprint, including options to earn-in to over 1200 km2 of Large Exploration Licences


In Nevada

At Pyramid, soil and rock chip sampling programmes in late 2020 were followed by two phases of trenching which established a significant zone of silver mineralisation at North Ruth with a target strike length of at least 530 metres, including a zone up to 50 metres wide at surface. Surface silver and gold samples were reported as high with 1,286 g/t silver and 2.72 g/t gold. Additional detailed mapping and sampling completed in late 2021 is being used to improve 3D modelling and design a programme planned for Q1 2022 to drill test North Ruth.


At Brunton Pass, initial reconnaissance sampling resulted in multiple samples grading higher than 1% copper as well as a 2.44m channel sample grading 4.66% copper. Subsequent surface sampling surveys and aeromagnetic data acquired by drone survey has led to the establishment of an initial model for mineralisation: original intrusion-related skarn copper mineralisation, which is overprinted by a later episode which may represent the high levels of an epithermal system prospective for gold and silver. A trenching programme is planned across the main copper anomaly and to carry out further investigation of the potential for gold and silver mineralisation.


In Zambia

Tertiary has agreements in place, with Zambian partner Mwashia Resources Limited, which give the Company the right to earn in up to 90% of five licences located across the Central African Copperbelt and in the North-Western Province. The most advanced in exploration terms is Jacks, which has extensive historic exploration over an area of Lower Roan hosting an 18km long open-ended soil geochemical anomaly. Historic drilling at Jacks includes an interval of 23.95m grading at 1.26% copper (including 1.88m grading at 2.93% copper). The Lubuila, Mukai and Konkola West projects all target the Lower Roan Group which is the main copper mineralised rock sequence in the Copperbelt. The Mushima North project lies approximately west of the past-producing Kalengwa copper mine, believed to be one of the highest grade copper deposits to have been mined in Zambia.



For more information please contact:

Tertiary Minerals plc

Patrick Cullen, Managing Director

+44 (0) 1625 838 679 

SP Angel Corporate Finance LLP

Nominated Adviser and Broker

Richard Morrison

+44 (0) 203 470 0470

Caroline Rowe

Peterhouse Capital Limited

Joint Broker

Lucy Williams

+ 44 (0) 207 469 0930

Duncan Vasey

Read the full announcement – https://www.londonstockexchange.com/news-article/TYM/audited-results-for-year-ended-30-september-2021/15245143

Chairman’s Statement

I am pleased to present the Company’s Annual Report and Financial Statements for the year ended 30 September 2021, and to be reporting on a series of exciting exploration results in Nevada and on our move into Zambia where we have hit the ground running with a number of project acquisitions. Nevada was ranked 1st in the world as a mining jurisdiction by the Frazer Institute Investment Attractiveness Index in 2020 and is the 4th highest global gold producing region, 2nd in the US for silver production and a significant producer of copper and industrial minerals.

Our strategic focus is now firmly on copper and precious metals. Copper, because it is a key energy transition metal for electric vehicles and green power infrastructure. Precious metals, because precious metal projects attract premium valuations, and we expect gold prices to respond positively to inflationary pressures. Silver is also expected to benefit from the energy transition due to high levels of consumption in electronics.

We also see the silver price as more highly leveraged to investor interest than the gold price and so are particularly pleased with the latest results from our Pyramid Project in Nevada, where recent trenching across a silver-gold soil anomaly has intersected a network of high-grade silver-gold veins at surface, within a wider zone of lower grade silver mineralisation at the North Ruth Prospect. This vein system extends over a strike length of at least 530m at surface and presents an immediate drill target. Drill planning and permitting is underway for the first quarter of 2022. Reported trench intersections and follow up sampling highlight the potential for both underground minable widths of high-grade silver mineralisation as well as wider zones of lower grade mineralisation potentially amenable to open-pit mining.

We are developing a copper exploration project in Nevada at the Brunton Pass Project where a number of prospecting, mapping and soil sampling programmes have identified widespread copper mineralisation and targets for copper skarn and epithermal gold mineralisation over a 1km x 0.6km area. Trenching of this mineralisation is planned to define drill targets.

In May this year, we announced a move into Zambia with the formation of Luangwa Minerals Limited, now renamed Tertiary Minerals (Zambia) Limited. Tertiary has local experience, a well-established technical advisor and a local representative in place, both of whom are shareholders in the Zambian subsidiary.

Our primary targets are in the Zambian portion of the Central African Copperbelt which hosts multiple world-class copper deposits such as Sentinel, Lumwana, Konkola, Mufulira, Mopani, Chambishi and others which together produced over 800,000 tonnes of copper in 2020.

The move into Zambia is well timed, coinciding with the August election and the peaceful transition of power. His Excellency, Hakainde Hichilema, the President of the Republic of Zambia has stated that rebuilding the economy is top on the government’s agenda and that bold and decisive action is to be taken and policies implemented to address the fiscal deficit, while ensuring that confidence is restored in the markets. The new government is looking to the mining industry as a major driver for economic recovery and ambitious targets have been set, asking for copper production to be increased to 2,000,000 tonnes per year by 2026.

Mining already accounts for 77% of exports and 28% of government income. The promise of more business and mining friendly fiscal policies, such as the reintroduction of the tax-deductibility of mineral royalties, is already attracting new investment from major mining houses. Tertiary’s view is that the fiscal environment for mining and exploration will improve and re-establish Zambia as a primary destination for investors focused on copper.

In August this year, we made our first project acquisitions with an option-joint venture agreement with local Zambian company Mwashia Resources Ltd. This allows us to earn up to a 90% joint venture interest in the Jacks Large Exploration Licence where historical drilling included drill intersections such as 24m grading 1.3% copper within an 18km long soil anomaly over favourable folded mine-series Lower Roan sediments. Follow up soil sampling and drilling is planned for Spring 2022, as soon as the wet season is over.

Most recently we exercised our rights with Mwashia to take options to joint venture four additional Large Exploration Licences in different areas of Zambia on the same terms. These additional projects also predominantly target the mine-series Lower Roan stratigraphy. Our interests now cover over 1,250 sq. km. and include Konkola West which lies between the producing Konkola mine and areas that the Company understands are being explored with local partners by the Jeff Bezos and Bill Gates backed KoBold Metals. Konkola West is also close to the large Lubambe copper mine and Lubambe Extension which is thought to have potential to host over 10 Mt of copper metal. The Mwashia licence package also includes the Mukai Large Exploration Licence immediately to the northwest of First Quantum’s Sentinel copper and Enterprise nickel mines.

We have strengthened our Board this year and were pleased to welcome Dr Mike Armitage in January as a new non-executive director. Mike has extensive international experience and a long career with the leading geological and mining consultancy, SRK Consulting. This corrects an imbalance on the Board that has persisted since the passing of non-executive director David Whitehead.

Our management team was further boosted in September with the appointment of Patrick Cullen as Managing Director. I have been filling in for this role since Richard Clemmey left last year and Patrick has now taken over management of the exploration projects as well as the day-to-day activities of the Company. He was most recently Managing Director of Arkle Resources plc and has worked extensively in Southern Africa, and in Zambia in particular, and will be a valuable addition to the team. We welcome him aboard.

There is no news to report on our Storuman Fluorspar Project as we have had no response yet to our appeal against the decision by the Swedish Mining Inspectorate to reject Tertiary’s Exploitation (Mine) Permit in its current form having previously granted this permit. Many projects in Sweden are in the same unfortunate situation and there is no legislated timeframe for a response.

The continuing COVID-19 pandemic has not materially delayed our exploration during the year, although in Nevada, staff absenteeism amongst our suppliers, together with a high level of demand for services, has meant that turnaround times at assay labs have been extended and drill rig availability has reduced. This is likely to continue into 2022.

Our Annual General Meeting for the year ended 30 September 2021 will be held in London on 28 January 2022. In order to protect the health of our staff and shareholders certain COVID-19 protocols may be in place at the meeting.  Whilst COVID infections remain at a high level we ask shareholders to consider carefully if attendance in person is strictly necessary and encourage shareholders to appoint the Chairman as their proxy (online at www.signalshares.com or by requesting and submitting a hard copy Form of Proxy) rather than attend in person.


At the AGM we will also be proposing resolutions to elect Dr Armitage and Mr Cullen who are required to offer themselves for election at their first AGM following their appointment to the Board. This represents half of our Board members and so Mr McAlister will not be resigning and offering himself for re-election this year as has become customary on an annual basis. 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 rights issue. We are mindful that a similar Special Resolution failed to pass at the AGM held in January 2021, passing instead at a subsequent General Meeting. It is important that this Special Resolution is passed at the Annual General Meeting as rights issues are impractical and too expensive for small companies. The Company does not have a sustaining cash flow and is currently reliant on raising funds periodically from the market by share placings to fund its exploration business and to continue as a going concern.


We are excited about the Company’s prospects and, we believe, the Company is well positioned to increase shareholder value in the months ahead. We anticipate a busy start to exploration in 2022 and look forward to reporting further results.



Patrick Cheetham

Executive Chairman

9 December 2021

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