Portfolio

Tertiary Minerals shares rise on latest progress in Zambia

By Josh White

Date: Friday 25 Nov 2022

Tertiary Minerals shares rise on latest progress in Zambia

(Sharecast News) - Tertiary Minerals announced on Friday that its local partner and licence holder, Mwashia Resources, had received approval of the environmental project briefs from the Zambia Environmental Management Agency (ZEMA) for the Konkola West and Lubuila Copper Projects.
The AIM-traded firm is earning up to a 90% interest in the projects, adding that the approval process for the Mukai and Mushima North project briefs was at an "advanced" stage.

It said approval of the environmental project briefs was required before exploration could take place.

Tertiary also updated the market on its development progress for the Mukai and Mishima North projects, reporting that initial prospectivity reviews had been completed by consultant remote exploration services (RES) of South Africa, based on historical data.

The first meetings had been held with FQM under the data sharing and technical cooperation agreement, with data transfer from FQM to the company currently in progress.

Exploration targeting was also underway, with the initial priority areas already defined by RES at Mukai, where the host stratigraphy for FQM's nearby Enterprise Nickel Mine and giant Sentinel Copper Mine could be traced into the Mukai licence, where there were both copper and nickel geochemical anomalies.

Areas were also defined at Mushima North, where historical drilling in the 1960s encountered wide zones of low-grade copper-sulphide mineralisation, and which was prospective for iron-oxide-copper-gold deposits.

"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 environmental project briefs are now starting to be issued for the other Zambian projects where we have similar earn-in rights," said executive chairman Patrick Cheetham.

"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."

At 1110 GMT, shares in Tertiary Minerals were up 11.73% at 0.21p.

Reporting by Josh White for Sharecast.com.

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