Extractive Industries

Tertiary records £600,000 losses from copper projects

Tertiary Minerals plc reported operating losses of £604,213 from its copper portfolio in Nevada and Zambia.

Plans: Tertiary’s closing cash and cash equivalent at the end of the period was £620,626 (Pixabay)

FINANCES

The company’s unaudited results for the six-month period ended 31 March 2022 showed an impairment of £361,379 relating to the Pyramid gold-silver project in Nevada.

This followed reverse circulation drilling at the project failing to demonstrate mineralisation at depth.

Apart from rehabilitation, Tertiary plans no further expenditure at Pyramid.

Group revenue was recorded at £89,906 with administration costs of £305,933 (including non-cash share-based payments of £29,237).

In January 2022, the company completed fundraising of £600,000 before expenses.

Tertiary’s closing cash (and cash equivalent) at the end of the period was £620,626.

NEVADA

The company plans to start a planned trenching programme at the Brunton Pass copper project after receiving a permit in mid-April.

Tertiary said it would also further investigate the potential for gold and silver mineralisation on the property.

ZAMBIA

The company has begun field operations in Zambia and planned first phase of core drilling at the Jacks copper project has started since the period ended.

Additionally, Tertiary has further agreements with the company’s existing Zambian partner,
Mwashia Resources Ltd, giving it the right to earn in up to 90% of four other licences located across the copperbelt and in the North-Western Province.

These include the Lubuila, Mukai, Konkola West and Mushima North projects.

SWEDEN-FINLAND

Managing director Patrick Cullen added that the company maintained its interest in the Storuman fluorspar development project in Sweden.

The company’s mining concession application remains under government review.

In Finland, Tertiary continues to hold its pre-production and production royalties on the Kaaresselkä and Kiekerömaa gold projects being explored by Aurion Resources and an Aurion/B2B gold joint venture respectively.

The company has also contacted a number of mineral royalty companies regarding the potential sale of the assets.

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