Tertiary Minerals plans fundraising to advance the Mushima North silver-copper-zinc project in Zambia

en.Wedoany.com Reported - On September 21, UK AIM-listed mineral exploration company Tertiary Minerals announced plans to raise funds through the issuance of new ordinary shares with a par value of 0.01 pence per share, to advance the Mushima North silver-copper-zinc project in Zambia and supplement general working capital. The fundraising is being arranged by SP Angel Corporate Finance, and the scale of the fundraising will be determined in the financing results announcement. Due to insufficient existing share issuance authorization, the transaction still requires approval from a general meeting of shareholders.

Mushima North is currently Tertiary Minerals' flagship exploration project in Zambia. The company completed Phase 4 drilling at Target A1 this year and has continuously published assay results in September. The project has delineated a near-surface silver-copper-zinc mineralized zone, with a known mineralization extent of approximately 350 meters × 300 meters, which remains open to the north and at depth. The JORC exploration target announced by the company in March is 15 million to 30 million tonnes, with an average silver equivalent grade of 40-60 g/t.

The Phase 4 drilling launched in June this year is one of the company's largest drilling programs in Zambia to date, focusing on improving the level of control over the Target A1 orebody through infill reverse circulation drilling, and testing the strike and depth extensions of the known mineralized zone. The company plans to use the results of this round of drilling and metallurgical testing to prepare the first JORC mineral resource estimate for Mushima North, with a target date of the end of 2026.

The latest drilling results have further expanded the high-grade area at Target A1. In the Phase 4 assay data announced in September, multiple drill holes intersected continuous silver, copper, and zinc mineralization starting from near surface, including one drill hole disclosed by the company that returned a continuous mineralized interval of 121 meters at 78 g/t silver equivalent; some drill holes were still within the mineralized zone at their final depth. On September 18, the company stated that it had further delineated a high-grade shallow mineralized area within the Discovery Zone.

In June this year, Tertiary Minerals raised approximately £1 million through a share placement and director subscription arrangement, to fully cover the summer drilling program and the follow-up work required for the first mineral resource estimate at Mushima North. The half-year report as of the end of March this year showed that the company had previously invested less than £600,000 in cumulative exploration at the Mushima North project. This new round of financing will continue to be used for the project's subsequent advancement.

The Mushima North exploration license covers an area of approximately 701 square kilometers and is located in the Central Zambian Iron Oxide Copper-Gold belt, adjacent to the Kalengwa copper-silver mine. In addition to Target A1, multiple copper and polymetallic exploration targets have been identified within the project area. The company's follow-up work includes compilation of remaining assay results, metallurgical testing, orebody modeling, and the first resource estimate.