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Option Agreement - Zambian Copper Prospects
Option Agreement - Zambian Copper Prospects.
About this update from Tertiary Minerals Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 1580H\n Tertiary Minerals PLC\n 02 August 2021\n \n \n \n \n \n 2 August \n 2021\n \n \n \n \n \n Tertiary Minerals plc (\"Tertiary\" or \"the Company\")\n \n \n \n \n \n \n \n \n Option Agreement - Zambian Copper Prospects\n \n \n \n \n \n Following the incorporation of Luangwa Minerals Limited (\"Luangwa\") as a 96% owned Zambian subsidiary, announced on 18 May 2021, the Company is pleased to advise that Luangwa has entered into an Option Agreement with Mwashia Resources Ltd (\"Mwashia\") to acquire up to a 90% joint venture interest in five Large Exploration Licences in Zambia considered prospective for copper.\n \n \n Highlights \n \n \n · \n \n The agreement covers Exploration licence 27069-HQ-LEL (\"Jack's Licence\") and rights to option four additional and separate licences on the same terms.\n \n \n \n \n \n \n · \n \n Jack's Licence is underlain by Lower Roan Group rocks which are known to host the major copper mines (>2 Mt contained copper) in the Central African Copperbelt.\n \n \n \n \n \n \n · \n \n Copper mineralisation reported from historical drill testing of an 18km long open-ended soil geochemical anomaly on Jack's Licence. Drill intersections included:\n \n \n \n \n \n \n · \n \n 14.0m at 1.04% copper from 113m depth in RC drill hole KJ14\n \n \n \n · \n \n 13.8m at 0.96% copper from 112m depth in diamond drillhole KJD1\n \n \n \n · \n \n 7.0m grading 1.56% copper from 322m depth in diamond drill hole KJD7 \n \n \n \n \n \n \n \n \n \n Commenting today, Executive Chairman Patrick Cheetham said:\n \n \n \"We are delighted to have secured this option agreement with Mwashia over five large exploration licences covering over 1,500 sq.km. This agreement is primarily aimed at the Jack's Licence but gives us an exclusive six-month investigation period and the right to enter into option agreements on the same fixed terms over a further four licences that were selected by Mwashia on the basis of their prospective geology and historical exploration results\". \n \n \n \"The results of historic exploration and drilling on the Jack's Licence Copper Prospect suggest a multi-kilometre copper mineralised trend that warrants further exploration\".\n \n \n \"As a director of African Mining Consultants, Mwashia's princ...