Tertiary Minerals PLC Term Sheet for Agreement - Konkola West, Zambia (4392N)
25 9월 2023 - 3:00PM
UK Regulatory
TIDMTYM
RNS Number : 4392N
Tertiary Minerals PLC
25 September 2023
25 September 2023
Tertiary Minerals plc ("Tertiary" or "the Company")
TERM SHEET FOR AGREEMENT
KONKOLA WEST PROJECT, ZAMBIA
Tertiary Minerals plc is pleased to announce that it and its
local partner, Mwashia Resources Ltd ("Mwashia") have signed a
detailed, largely non-binding, term sheet ("Term Sheet") for an
earn-in and joint venture agreement ("EIJV Agreement") with a third
party ("the Third Party") providing for the Third Party to earn
into Exploration Licence 27067-HQ-LEL ("Licence"), the Konkola West
Project in Zambia.
The Third Party is a well-resourced mineral exploration and
mining company and the Term Sheet sets out the framework for the
EIJV Agreement which is subject to finalisation and which will be
subject to certain conditions precedent relating to government
approvals.
The Term Sheet proposes that the Third Party will commit in
Stage 1 to a specified drill programme to be completed within 14
months of signing the EIJV agreement whereupon it will earn an
initial 51% interest in the licence (39% Tertiary and 10% Mwashia)
with the option to earn 70% in Stage 2 (20% Tertiary and 10%
Mwashia) by sole funding a cumulative US$6 million on exploration
within 48 months of signing the EIJV Agreement.
The Term Sheet includes a binding clause between Tertiary and
Mwashia that the timeframes set out in Tertiary's current option
and joint venture arrangement with Mwashia will be paused until
superseded by the EIJV Agreement or until the Term Sheet or
proposed EIJV Agreement terminates for any reason.
More detailed information and details of the Third Party will be
announced on conclusion of a binding agreement.
Commenting today, Executive Chairman Patrick Cheetham said:
"I am delighted to announce the signing of this term sheet and a
re-alignment of our existing agreement with Mwashia. The prize at
Konkola West is the potential deep down-dip extension of one of the
world's great copper deposits which is being mined on mining leases
adjoining Konkola West at the Konkola and Lubambe copper mines. It
is envisaged that the Stage 1 drill holes will extend beyond 1km
depth. Tertiary will now seek to enter into a binding EIJV
Agreement with the Third party and Mwashia as soon as
possible."
For more information please contact:
Tertiary Minerals plc:
Patrick Cheetham, Executive
Chairman +44 (0) 1625 838 679
----------------------
SP Angel Corporate Finance LLP
Nominated Adviser and Broker
Richard Morrison +44 (0) 203 470 0470
----------------------
Harry Davies-Ball
----------------------
Peterhouse Capital Limited
Joint Broker
Lucy Williams + 44 (0) 207 469 0930
----------------------
Duncan Vasey
----------------------
Market Abuse Regulation
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK domestic law by virtue of the European Union (Withdrawal) Act
2018 ('MAR'). Upon the publication of this announcement via
Regulatory Information Service ('RIS'), this inside information is
now considered to be in the public domain.
Background Information
The Konkola West Project comprises Exploration Licence
27067-HQ-LEL which covers 71.9 sq. km. and is located 18km
northwest of Chingola in the Central African Copperbelt.
Currently Tertiary Minerals plc's 96% owned subsidiary, Tertiary
Minerals (Zambia) Limited, is in the initial stages of earning up
to a 90% interest in Konkola West from local partner Mwashia
Resources Ltd. Details of the agreement are given in the Company's
news release of 18 November 2021.
The Konkola West Project is targeting deep down-dip and
along-strike extensions of the contiguous Lubambe-Mingomba-Konkola
copper deposits to the west of the Licence and which extend north
into the Musoshi mining complex in the Democratic Republic of the
Congo. Together these deposits comprise a 15 kilometres long
continuous zone of mineralisation that contained a pre-mining
endowment of over 775 million tonnes grading 2-3% copper. Konkola
West is located approximately 2,000 metres southwest of the
Mingomba deposit which lies between the Konkola and Lubambe mines
and which currently has a reported mineral resource of 250 million
tonnes with a mean grade of 3.8% copper.
Tertiary's recent interpretation of airborne magnetic and
gravity data for Konkola West, suggests that the ore horizon may
wrap around the northern part of the Licence and occur at shallower
depth in the eastern part of the Licence.
The Company's other interests in Zambia include the Jacks Copper
Project, where the Company completed soil sampling and drilling in
2022 and where further drilling is now warranted, and also the
Mukai and Mushima North project areas which are subject to a data
sharing and technical cooperation with First Quantum Minerals.
Recent soil sampling at Mukai has defined a large high-grade
copper-in-soil anomaly and soil sampling is in progress at Mushima
North.
The Company also owns a portfolio of base metal and precious
metal projects in Nevada, USA and a fluorspar deposit in
Sweden.
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END
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