Tertiary Minerals starts drilling, exploring across projects
By Josh White
Date: Monday 23 Sep 2024
(Sharecast News) - Mining company Tertiary Minerals announced the start of drilling and exploration activities across its projects in Zambia and Nevada on Monday, along with plans to appeal a decision in Sweden.
The AIM-traded firm said that at the Mushima North Copper Project in Zambia, it had secured a contract for up to 2,500 metres of air core drilling to investigate the A1 copper-in-soil geochemical anomaly.
It said it had completed access roads and initial drill pad preparations, with a geophysical programme scheduled to refine drill targets at Target C1, and drilling set to begin immediately.
At the Konkola West Copper Project, also in Zambia, drilling continued on hole KWDD001, though progress was slow due to the drilling depth exceeding 2,000 metres and technical challenges in previously-undrilled areas.
KoBold Metals, Tertiary's partner in the project, remained committed to completing the drilling until the target horizon was reached or the drill rig's limits were met.
For the Mukai Copper Project, Tertiary Minerals and First Quantum Minerals (FQM) had planned a two-phase, 12-hole diamond drilling program to test copper-in-soil geochemical anomalies.
FQM was preparing to start drilling in the upcoming dry season, pending the timely acquisition of local consents.
At the Jacks Copper Project, a pitting programme was underway targeting copper-in-soil geochemical anomalies B and C to prioritise future drilling sites.
In Nevada, Tertiary Minerals said it planned to drill four reverse circulation holes at the Brunton Pass Copper Project to test coincident geochemical and geophysical anomalies.
The company said it had submitted a drilling permit application to the US Bureau of Land Management, and selected a drilling contractor, with operations tentatively scheduled to start in mid to late October.
Tertiary also announced its intention to appeal the Swedish Mining Inspectorate's decision to refuse its application for a mining concession at the Storuman Fluorspar Project.
The company said it was actively pursuing alternative measures to secure additional short-term working capital and settle outstanding debts, with the board anticipating finalising arrangements in the fourth quarter.
"I am pleased to report that, following our recent successful fundraising, we now have drilling either in progress, imminent, or planned for the near future at four separate copper projects in Zambia and Nevada - two of which are fully funded by our joint venture partners," said executive chairman Patrick Cheetham.
"We are particularly pleased to see FQM is committed to drilling at Mukai just a few weeks into the term of our agreement, subject to the necessary consents being obtained.
"This confirms our view of the prospectivity of the licence and is testament to the success of our exploration team in defining drill targets across our exploration portfolio."
At 1414 BST, shares in Tertiary Minerals were up 2.86% at 0.09p.
Reporting by Josh White for Sharecast.com.
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