Following the incorporation of Luangwa Minerals Ltd as a 96% owned Zambian subsidiary, Tertiary Minerals plc has announced that Luangwa has entered into an option agreement with Mwashia Resources Ltd to acquire up to a 90% joint venture interest in five large exploration licences in Zambia considered prospective for copper.
- The agreement covers Exploration licence 27069-HQ-LEL (Jack’s Licence) and rights to option four additional and separate licences on the same terms.
- Jack’s Licence is underlain by Lower Roan Group rocks which are known to host the major copper mines (>2 million t contained copper) in the Central African Copperbelt.
- Copper mineralisation reported from historical drill testing of an 18 km long open-ended soil geochemical anomaly on Jack’s Licence. Drill intersections included:
- 14.0 m at 1.04% copper from 113 m depth in RC drill hole KJ14.
- 13.8 m at 0.96% copper from 112 m depth in diamond drillhole KJD1.
- 7.0 m grading 1.56% copper from 322 m depth in diamond drill hole KJD7.
Patrick Cheetham, Tertiary Minerals Executive Chairman, comments:
“We are delighted to have secured this option agreement with Mwashia over five large exploration licences covering over 1500 km2. 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.
“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.
“As a director of African Mining Consultants, Mwashia’s principal is well connected in the Zambian mining industry and has enjoyed recent success as consultant to Ivanhoe Mines during their discovery of the giant Kamoa-Kakula copper deposit in the Democratic Republic of Congo. We are very much looking forward to working with Mwashia on these copper projects.”
Read the article online at: https://www.globalminingreview.com/mining/05082021/tertiary-minerals-acquires-zambian-copper-prospects/