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LONDON - Tertiary Minerals PLC (AIM:TYM) reported significant silver mineralization associated with previously identified copper and zinc deposits at its Mushima North project in Zambia, according to a half-yearly report released Friday.
Drilling results revealed thick intervals of near-surface silver mineralization, including 57 meters at 25 g/t silver from 14 meters downhole and 66 meters at 26 g/t silver from 13 meters downhole. The mineralization remains open-ended with many holes ending in mineralization.
The company identified the Mushima North project as its highest priority solely funded venture in Zambia, with further drilling expected to commence in the coming weeks.
At the Konkola West copper project, Silicon Valley-funded KoBold Metals is earning a 51% stake by completing two deep drill holes. The first hole reached 2,711 meters—the deepest exploration borehole ever drilled in Zambia—before terminating due to technical issues. The second drill hole is currently in progress.
First Quantum Minerals (OTC:FQVLF) continues exploration at the Mukai copper project, where three scout drill holes intersected near-surface anomalous copper mineralization, including 0.12% copper over 3.8 meters from 1.6 meters downhole.
In Nevada, the company’s Brunton Pass project drilling confirmed anomalous copper values in all four holes, with cumulative drill thicknesses up to 210 meters grading 170ppm copper.
For the six-month period ended March 31, Tertiary reported an operating loss of £248,460 after crediting interest income. Project expenditure of £342,348 was capitalized during the period, and the company’s cash position at period end was £93,502.
Following the reporting period, Tertiary raised £350,000 through a placing of new ordinary shares on June 6. The company stated in its press release that it relies on periodic capital fundraisings until regular cash flow can be derived from project sales or development.
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