Tertiary Minerals PLC (AIM:TYM, OTC:TTIRF, FRA:TMU) shares climbed on Tuesday after it announced initial certified laboratory results from its Phase 4 drilling programme at Mushima North in Zambia have confirmed broad, near-surface silver-copper-zinc mineralisation, supporting the existing exploration target as the company works towards a maiden resource estimate this year.
Among the first five holes analysed, Tertiary reported 66 metres grading 37 grams per tonne silver, 0.28% copper and 0.27% zinc from seven metres downhole, equivalent to 58 g/t silver. A further 73-metre intersection returned 45 g/t silver equivalent from nine metres, while 57 metres from 34 metres downhole graded 55 g/t silver equivalent.
Results also reinforced a higher-grade zone within the Discovery Zone, including seven metres at 89 g/t silver equivalent from 81 metres and two metres at 107 g/t silver equivalent from 89 metres.
The company also recorded its highest bismuth, antimony and cobalt grades to date, although it said the potential contribution from these accessory metals remains at an early stage of evaluation.
Managing director Richard Belcher said the results “have not disappointed” and confirmed mineralisation within the company's Exploration Target of 15-30 million tonnes grading 40-60 g/t silver equivalent.
Phase 4 comprised 39 holes totalling 3,639 metres, with further certified results expected over the coming weeks and initial metallurgical samples now submitted for testing.
In London, Tertiary Minerals shares climbed 5% on Tuesday, changing hands at 0.074p.
