Tertiary Minerals announces start of drilling at Mukai

4th Nov 2024 12:16

(Sharecast News) - Tertiary Minerals announced on Monday that First Quantum Minerals had started drilling at the Mukai Copper Project in Zambia.

The AIM-traded firm said that followed the receipt of necessary exploration consents from Zambia's Department of Forestry and the Musele Royal Establishment, the local tribal authority in the region.

It said the phase one drilling programme would consist of up to six diamond drill holes, each reaching depths of 350 to 400 metres.

The drilling was aiming to investigate a substantial soil anomaly identified by Tertiary in 2023, which was contiguous with First Quantum's Tirosa Copper Prospect on an adjacent mining licence.

Tertiary said the exploration formed part of an agreement between itself and First Quantum, which required First Quantum to delineate a minimum copper resource of 80,000 tonnes to earn an interest in the Mukai project.

The Mukai project is strategically located near First Quantum's Trident Project, which includes the operational Sentinel Copper Mine and the recently-developed Enterprise Nickel Mine.

Tertiary said the Sentinel processing plant has a significant capacity, capable of processing up to 55 million tonnes of copper ore annually.

"I am delighted to announce the start of drilling on the Mukai Project - this follows a period of intense consultation and work with the Musele Chiefdom and we are grateful for their engagement in this process," said executive chairman Patrick Cheetham.

"I would also like to thank the Department of Forestry for expediting the approval process.

"We have worked closely with First Quantum throughout this process and are delighted that First Quantum has wasted no time in commencing drilling now that the approvals are in place."

Cheetham added that the company was on course for participation in three drilling programmes in Zambia and also at its Brunton Pass Project in Nevada.

"I look forward to keeping shareholders updated as the results become available."

At 1017 GMT, shares in Tertiary Minerals were down 3.45% at 0.07p.

Reporting by Josh White for Sharecast.com.