Tertiary Minerals plc has entered into an option agreement to acquire up to a 90% joint venture (JV) interest in five copper exploration licences covering 1,500 km2 in Zambia.
PROSPECT
The company’s 96% recently incorporated subsidiary Luangwa Minerals Ltd, secured the agreement with Mwashia Resources Ltd.
The deal covers exploration licence 27069-HQ-LEL (Jack’s licence) and the rights to option four additional and separate licences on the same terms.
Jack’s licence is underlain by Lower Roan group rocks known to host the major copper mines (>2 Mt contained copper) in the Central African copper belt.
Executive chairman Patrick Cheetham said that the results of historic exploration and drilling on the Jack’s licence copper prospect suggested a multi-kilometre copper mineralised trend that warranted further exploration.