Tertiary Minerals plc announced it will exercise its option to acquire up to a 90% joint venture interest in the four additional large copper exploration licences in Zambia.
EXPLORATION
The company’s 96% owned local subsidiary, Luangwa Minerals Ltd will enter into agreements to acquire the licences held by Mwashia Resources Ltd.
These include 27065-HQ-LEL (Lubuila), 27066-HQ-LEL (Mukai), 27067-HQ-LEL (Konkola West) and 27068-HQ-LEL (Mushima North).
Tertiary already earns up to a 90% interest from Mwashia in licence number 27069-HQ-LEL at Jacks.
The company said that ground geophysics and high resolution XRF/soil sampling to aid drilling targeting at Jacks was planned for Q4 2021, depending on permitting and rainfall.
Managing director Patrick Cullen added he had recently visited Zambia and made site visits to Jacks and Konkola West.
“The recent democratic and peaceful transition to a UNDP government in Zambia, and the subsequent policy changes have already brought encouragement to the mining sector in this world-class copper mining jurisdiction.
“We have gathered more information, including further detailed historic documentation which is aiding our exploration planning, at Jacks in particular where we look forward to drilling in 2022.”