Tertiary Minerals moves towards operations at Mupala

9th May 2024 13:23

(Sharecast News) - Tertiary Minerals announced on Thursday that its Environmental Project Brief (EPB) for the Mupala Copper Project in Zambia had been approved, paving the way for mineral exploration activities to start.

The AIM-traded firm said the Mupala site, situated 12 kilometres west of its Mukai Project, held significant promise as it was located adjacent to an Anglo American-Arc Minerals joint venture.

It said the Mupala Copper Project was strategically positioned in the Domes Region of northwest Zambia, near the Kabompo Dome - a region known for its rich copper and nickel deposits.

Notably, the area hosts several operational mines, including First Quantum Minerals' Sentinel mining complex.

The company said it had secured a letter of consent from the Sailunga Chiefdom following tribal engagement in February.

Additionally, approval for the EPB had been obtained from the Zambia Environmental Management Agency.

Historical data acquired by Tertiary Minerals revealed multiple copper-in-soil anomalies within the licence area.

To further explore the findings, work programmes were set to begin next month, and would involve comprehensive soil sampling across the licence to validate identified soil anomalies and facilitate surface regolith mapping.

"We are delighted to report the approval of the EPB which, alongside the receipt of the Letter of Consent from the Sailunga Chiefdom, allows us to commence exploration at the Mupala Project," said executive chairman Patrick Cheetham.

"A recent review of historical exploration conducted within the licence area and more recent exploration and mine development on adjacent areas by majors such as First Quantum Minerals and Anglo American highlights the prospectivity of the licence."

Cheetham said the licence was granted to the company in competition with several other applicants, including Anglo American, which had now started exploration that would include diamond drilling on adjacent licences.

"The strategic position of our Mupala and Mukai Projects in the Kabompo Dome region and the Konkola West Project in the traditional Copperbelt, where KoBold Metals is currently drilling, places Tertiary at the heart of Zambia's mining boom and we are looking forward to providing updates on our exploration season as it unfolds."

At 1304 BST, shares in Tertiary Minerals were up 14.44% at 0.1p.

Reporting by Josh White for Sharecast.com.