Tertiary Minerals PLC New Exploration Licence -- Zambia (4719C)
13 Juni 2023 - 8:00AM
UK Regulatory
TIDMTYM
RNS Number : 4719C
Tertiary Minerals PLC
13 June 2023
13 June 2023
Tertiary Minerals plc
("Tertiary" or "the Company")
NEW EXPLORATION LICENCE - ZAMBIA
The Company is pleased to announce that it's 96% owned Zambian
subsidiary, Tertiary Minerals (Zambia) Limited, has applied for,
and had approved for grant, a new mineral exploration licence at
Mupala in Zambia.
Key Points:
The Mupala Project mineral exploration Licence application
32139-HQ-LEL is located 12 km west of the Company's Mukai Project
and has been approved for grant by the Mining Licensing Committee
of the Ministry of Mines and Minerals Development. The licence
application:
-- is located adjacent to and immediately east of the Anglo
American/Arc Minerals joint venture licence block where Anglo
American has the right to earn a 70% interest through expenditure
of $88.5 million.
-- sits on the west side of the Kabompo Dome in the prospective
Domes Region of northwest Zambia, host to multiple producing copper
and nickel mines including First Quantum Mineral's Sentinel mining
complex which adjoins the Company's Mukai Project.
-- covers 41.2 km(2) and contains a 15 km strike length of prospective Lower Roan stratigraphy.
-- is for an initial period of four years from the date of grant.
-- has been approved for grant on a first come first served
basis ahead of competing applications made by several companies
including Anglo American.
Commenting today, Executive Chairman Patrick Cheetham said:
"We are delighted to have secured the approval for this new
licence application in such a highly prospective copper producing
region and in the face of stiff competition. The licence will be
granted following payment of the requisite fees which we expect to
do later this week. We will then move to submit an Environmental
Project Brief to allow a start to exploration and have begun
compiling historical exploration data for the licence which will
then inform our exploration plans going forward."
A plan showing the location of the Mupala licence application
can be found on the Company's website at:
https://www.tertiaryminerals.com/filemanager/RNS/Mupala_Licence_Application_Plan.jpg
For more information please contact:
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
------------------------------
Harry Davies-Ball
------------------------------
Peterhouse Capital Limited
Joint Broker
Lucy Williams + 44 (0) 207 469 0930
-------------------------------
Duncan Vasey
------------------------------
Market Abuse Regulation (MAR) Disclosure
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 which forms part of
UK domestic law by virtue of the European Union (Withdrawal) Act
2018 ('MAR'). Upon the publication of this announcement via a
Regulatory Information Service ('RIS'), this inside information is
now considered to be in the public domain.
Additional Information
Background
Tertiary Minerals plc is exploring in Zambia through its local
subsidiary Tertiary Minerals (Zambia) Limited ("TMZ") which is 96%
owned by Tertiary Minerals plc. TMZ currently holds 90% of the
Jacks Copper Project with the remaining 10% held by local company
and licence holder Mwashia Resources Ltd ("Mwashia"). TMZ also
holds an option to purchase Mwashia's 10% interest in the Jacks
exploration licence for US$3.5 million at any time.
TMZ also holds options to earn up to a 90% interest in four
other licences held by Mwashia, namely the Mukai, Mushima North,
Lubuila and Konkola West exploration licences. Further details of
Tertiary's agreements with Mwashia are given in the Company's news
releases of 2 August 2021 and 18 November 2021.
The Mukai and Mushima North licences are covered by a Data
Sharing and Technical Cooperation Agreement with First Quantum
Minerals Limited. Further details of the Agreement can be found in
in the Company's news release of 15 September 2022.
The Company has previously released project specific
presentations in its "Project Focus" series for Konkola West, Mukai
and, most recently, Mushima North. These are available on the
Company's website at:
https://www.tertiaryminerals.com/presentations
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END
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