Shares in Tertiary Minerals PLC (AIM:TYM, OTC:TTIRF) jumped 40% on Tuesday after the company revealed encouraging new drill results from its Mushima North project in Zambia, confirming the extension of a promising silver discovery.
The latest drilling at Target A1 has pushed the known mineralised zone 225 metres further north, with some of the highest silver and copper grades seen at the site to date.
One drill hole intersected 73 metres at 32 grams per tonne (g/t) silver, starting just 11 metres below surface. Within that zone, 11 metres graded at 94 g/t silver, while another hole returned 27 metres at 35 g/t silver.
Tertiary’s managing director, Richard Belcher, said the results “increase the extent of the thick, near-surface intervals of silver mineralisation,” and support the company’s view that Target A1 could be suitable for large-scale open-pit mining.
While copper and zinc grades remain modest, the broad, shallow silver intercepts have excited investors, who see potential for a bulk-tonnage development model.
Further lab results are expected soon, along with metallurgical tests to assess how the metals can be processed.
The Mushima North project is 90%-owned by Tertiary, with the remainder held by local partner Mwashia Resources.
The shares rose 0.015p to 0.053p.