REG - Tertiary Minerals - Drill Start - Konkola West Copper Project, Zambia

Tertiary MineralsAnnouncement

09/04/2024 10:00

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RNS Number : 8558J  Tertiary Minerals PLC  09 April 2024

 9 April 2024

 

Tertiary Minerals plc ("Tertiary" or "the Company")

 

DRILL START - KONKOLA WEST COPPER PROJECT, ZAMBIA

Further to its announcement of 19 December 2023 regarding the signing of an
earn-in agreement ("the EIA") between a subsidiary of KoBold Metals Company
("KoBold"), the Company's 96% owned subsidiary Tertiary Minerals (Zambia)
Limited ("TMZ") and TMZ's local partner Mwashia Resources Ltd ("Mwashia"), the
Company is pleased to announce that:

·    The Minister for Mines for Zambia, the Hon. Paul Kabuswe, has given
consent to the EIA which provides for KoBold to earn into Exploration Licence
27067-HQ-LEL known as the Konkola West Copper Project in Zambia.

·    The Board of the Zambian Competition and Consumer Protection
Commission has given its final unconditional authorisation for the EIA.

·    As a result of these authorisations, all of the conditions precedent
to the EIA have been met and the EIA is now operative.

·    KoBold expects to commence drilling later this month.

 

 

Patrick Cheetham, Executive Chairman of Tertiary Minerals plc said:

"KoBold has been advancing its drill plans in parallel with the consent
process and these approvals clear the way for drilling to start. The first
drill site has been selected, the drill contract has been let, drill site
preparation has been completed and equipment mobilisation is in progress, with
drilling expected to start by the end of April."

"This is a very exciting and potentially transformational time for Tertiary.
Drilling will test for deep copper mineralisation in the main ore shale that
hosts Vedanta's Konkola Deeps deposit and the nearby Mingomba deposit where
KoBold has recently announced it will develop one of the highest grade copper
mines in the world."

 

Further Information:

 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

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.

 

Background Information

The Konkola West Project comprises Exploration Licence 27067-HQ-LEL which
covers 71.9 sq. km. and is located 18km northwest of Chingola in the Central
African Copperbelt.

The Konkola West Project is targeting projected deep down-dip and along-strike
extensions of the contiguous Lubambe-Mingomba-Konkola copper deposits to the
east of the Licence and which extend north into the Musoshi mining complex in
the Democratic Republic of the Congo. Together these deposits comprise a 15
kilometres long continuous zone of mineralisation that contained a pre-mining
endowment of over 775 million tonnes grading 2-3% copper. Konkola West, is
located approximately 2,000 metres southwest of the Mingomba deposit, which
lies between the Konkola and Lubambe mines, and has historic resource
estimates with around 9 million tonnes of contained copper.

The Company's other interests in Zambia include the Jacks Copper Project,
where the Company completed soil sampling and drilling in 2022 and where
further drilling is now warranted, and also the Mukai and Mushima North
project areas which are subject to a data sharing and technical cooperation
with First Quantum Minerals. Recent soil sampling at Mukai and Mushima North
has recently defined a number of large copper-in-soil anomalies.

The Company also owns a portfolio of base metal and precious metal projects in
Nevada, USA and a fluorspar deposit in Sweden.

Mwashia Resources is a private Zambian company and the Company's partner in
the Konkola West, Jacks, Mukai and Mushima North Projects (see announcement
dated 26 February 2024).

KoBold Metals is a US-based, privately held, mineral exploration company that
couples geoscience, data science, machine learning, and artificial
intelligence to search for the critical minerals needed for the clean energy
transition and to accelerate growth in electric vehicles. KoBold is backed by
technology investors including Breakthrough Energy Ventures (initiated by Bill
Gates) and Silicon Valley venture capital firm Andreessen Horowitz, as well as
institutional investors such as T. Rowe Price and Canadian Pension Plan
Investment Board.

For further information on KoBold and its activities in Zambia see

https://koboldmetals.com/ (https://koboldmetals.com/)

 

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