Tertiary Minerals PLC (AIM:TYM, OTC:TTIRF, FRA:TMU) managing director, Richard Belcher, talked with Proactive about the latest exploration results from the company’s Mushima North project in Zambia. The update includes Tertiary’s highest-grade silver-copper intersection to date, a key milestone for the company.
Belcher explained that although the Phase 3 drilling program was cut short by early seasonal rains, the results are significant. “These holes have been released today or the assays were released really support the direction this project’s going in,” he said, pointing to both the confirmed near-surface mineralisation and new evidence of depth extension to 103 metres.
The Mushima North target, known as A1, now shows a surface footprint of 450m by 400m, with Belcher noting the mineralisation begins just a few metres below the soil layer. The depth extension opens the door to assessing underlying sulfide potential – an exciting development comparable to other projects in Zambia.
With drilling on pause, Tertiary has fast-tracked the development of an exploration target. Belcher said, “We’re really trying a fast track now towards a mineral resource,” using these new results to inform 3D modelling of grade and tonnage potential. Drilling is set to resume in the dry season, with updated plans reflecting this new data.
Beyond Mushima North, Tertiary is progressing with other joint ventures in Zambia, with updates anticipated as field activities begin.
Proactive: Richard, very good to speak with you. These latest results include your highest grade silver-copper interception to date. How significant is this for the Mushima North project?
Richard Belcher: Well, it's always great to have a headline like that, where we can say we've got our best intercept up to date. But this really supports the project in the direction that we're travelling. The aim of the drilling and the results released today was really to test the potential depth extension on this project — not only the near-surface oxide mineralisation but also the potential for underlying sulfide mineralisation.
As we know, the programme unfortunately was cut short, but I think the holes that have been released today, or the assays that were released, really support the direction this project's going in and underline the sort of target that we're currently aiming for.
Proactive: You extended mineralisation down to 103 metres, and you've also confirmed depth potential. What does this tell you about the scale of target A1?
Richard Belcher: Well, we have a surface footprint at the moment of about 450 metres by 400 metres. And this is near surface — this is between sort of 3 or 4 to up to 10 metres below surface under that soil profile. So it's very near surface. As you say, we have now pushed that depth extent down to 103 metres, and that has only added to the potential of this project. But we've still not fully evaluated that depth extent and certainly not tested any underlying potential for sulfide mineralisation, as you see in other projects within the Zambian arena.
Proactive: As you mentioned, the Phase 3 program was cut short by early rains. How did that impact your drilling plans and what's next for the dry season?
Richard Belcher: Certainly we're keen to get back out and drilling, and I think these results have justified that approach. However, we've now moved forward the plan to bring in the exploration target. As soon as that drilling program was stopped, we started to work on that. Essentially, we're going to incorporate these results that we've released this morning into that exploration target.
That's going to give us a range of grades and tonnes and start to give us an understanding of the 3D potential of this project. We're going to use that then for further drilling going forward. So we're not just going to continue with the program as if it stopped before the rains — we'll update the program, and we are really trying a fast track now towards a mineral resource once this exploration target is out in the market.
Proactive: What else should investors be watching out for, Richard?
Richard Belcher: Well, the first thing coming out is this exploration target. And then obviously on the back of that, we'll be planning the drilling and progress on Mushima North. But we've also got other joint ventures in place in Zambia, and we'll be able to give some updates on those as activity starts on them as well.
Proactive: Sounds like a busy and positive year ahead. Richard, thank you very much for your time today.