Tertiary Minerals (LSE:TYM) has reported the final portable X-ray fluorescence results from its Phase 4 drilling programme at the A1 target within the Mushima North Project in Zambia. The latest data support a near-surface silver-copper-zinc oxide exploration target of between 15 million and 30 million tonnes and confirm a higher-grade silver-copper core within the project’s Discovery Zone.
Drilling Identifies Strong Copper and Silver Intersections
The latest drilling returned copper grades reaching 0.57% across several-metre intervals, alongside broader mineralised sections containing approximately 0.3% copper over more than 60 metres.
Portable XRF readings also indicated silver grades of between 115 and 144 g/t in selected intervals, broadly consistent with the company’s previous expectations. As pXRF measurements are preliminary, all selected samples have now been submitted for certified laboratory analysis.
Following receipt of the laboratory results, Tertiary plans to undertake metallurgical testing and mineral resource modelling. This work is expected to contribute towards the preparation of a maiden mineral resource estimate for Mushima North.
Exploration Potential Extends Beyond Discovery Zone
The results also point to opportunities to increase the mineralised footprint outside the existing Discovery Zone. Recent drilling identified copper mineralisation at the Western Zone, approximately 900 metres away, while several other high-priority targets across the project remain untested by drilling.
Elevated concentrations of accessory metals including bismuth, antimony and gallium have also been identified. These elements could provide additional strategic interest as Tertiary develops its understanding of the broader multi-metal mineralisation system.
The combination of the established Discovery Zone, mineralisation at the Western Zone and multiple undrilled targets gives the company several avenues for further exploration as Mushima North progresses towards the resource-definition stage.
Financial Risks Remain a Constraint
Tertiary Minerals’ outlook continues to be affected by its weak financial fundamentals, with the exploration-stage company remaining loss-making and continuing to consume cash.
Technical indicators provide some support, with the shares trading above important moving averages, although this only partially offsets the underlying financial risks. Traditional valuation measures also remain of limited relevance while the company has negative earnings and pays no dividend.
More About Tertiary Minerals
Tertiary Minerals PLC is an AIM-listed mineral exploration company focused primarily on copper, silver and associated metals. One of its principal assets is the Mushima North Project in Zambia, located within a prospective Iron-Oxide-Copper-Gold geological setting.
Mushima North is being advanced under a technical cooperation agreement with First Quantum Minerals, providing Tertiary with access to historical exploration information and additional geological expertise as it evaluates the project’s mineral potential.
Leave a Reply