Tertiary Minerals (LSE:TYM) has completed its Phase 4 reverse circulation drilling programme at the A1 target within the Mushima North Project in Zambia. The campaign comprised 39 drill holes for a combined 3,639 metres and represents another step towards defining the scale and characteristics of the project’s near-surface polymetallic mineralisation.
Preliminary results obtained using portable X-ray fluorescence analysis continue to support the previously identified silver-copper-zinc exploration target. The latest drilling has also provided further evidence of a higher-grade silver-copper zone within the broader mineralised system, adding to the company’s understanding of the A1 target.
Among the latest results was an intersection of 15 metres grading 0.53% copper from a depth of 100 metres. Drilling also encountered wider intervals of lower-grade mineralisation, providing further indications of continuity across the deposit and supporting the geological model developed from earlier exploration campaigns.
Samples from the programme have now been submitted for certified laboratory analysis, which will provide more definitive measurements of the mineralisation encountered during Phase 4. These assay results will be important in determining the next stages of technical work and refining the potential size and grade distribution of the deposit.
Tertiary also intends to begin metallurgical testwork and progress towards the preparation of a JORC-compliant Mineral Resource estimate. Establishing a formal resource would represent an important development milestone for Mushima North, providing greater definition of the asset and potentially reducing geological and technical uncertainty as the project advances.
The company’s wider outlook remains constrained by persistent losses and continued cash consumption. Technical indicators provide some support, with the shares trading above key moving averages, although conventional valuation measures remain difficult to justify while earnings are negative and the company does not pay a dividend.
More about Tertiary Minerals
Tertiary Minerals plc is an AIM-listed mineral exploration company focused on discovering and advancing polymetallic deposits. Its current portfolio has a particular emphasis on silver, copper and zinc opportunities in Zambia’s Iron-Oxide-Copper-Gold belt. The Mushima North Project, situated close to the historic Kalengwa mine, is being explored for near-surface mineralisation with the potential to support a sizeable polymetallic resource.
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