Mushima North Project

Mushima North Project, 27068-HQ-LEL

• Copper-Zinc-Silver Cobalt

The Mushima North Copper Project (Licence 27068-HQ-LEL) is held through Group company Copernicus Minerals Limited (“Copernicus”) which is 90% owned by Tertiary Minerals (Zambia) Limited and 10% by local partner, Mwashia Resources Limited.

The project lies 20km to the east of the Kalengwa copper mine in northwest Zambia, one of the highest-grade copper deposits ever to be mined in Zambia. In the 1970s, high-grade ore, in excess of 26% copper, was trucked for direct smelting at other mines in the Copperbelt. The Kalengwa mine is now being reopened and is expected to produce 15,000 tonnes of copper annually.

At the end of the summer 2024, Tertiary completed 25 aircore drill holes to test geochemical anomalies at Targets A1 and C1. Drill samples were analysed in the field using a portable X-Ray Fluorescence (“pXRF”) and wide downhole intervals of largely coincident copper and zinc mineralisation found on and around Traverse 1 at Target A1 in in drill holes spanning an open ended 350m (east-west) x 170m (north-south) area, e.g.: 

• Hole 24TMN024: 33m grading 0.21% copper from 22m
  • 6m downhole grading 0.58% copper from 47m
  • 1m downhole grading 1.04% copper from 49m

• Hole 24TMN003: 8m grading 0.10% copper from 33m
  • and 28m grading 0.30% zinc from 41m to end of hole

• Hole 24TMN004: 55m grading 0.18% copper from 14m to end of hole
  • and 26m grading 0.27% zinc from 45m to end of hole

• Hole 24TMN005: 43m grading 0.14% copper from 31m to end of hole
  • and 58m grading 0.27% zinc from 16m to end of hole

• Hole 24MN008P: 11m grading 0.14% copper from 65m
  • and 62m grading 0.41% zinc from 19m

• Narrower intervals of similar copper mineralisation intersected drill holes on Traverses 2 and 3 at Target A1, and on the drill traverse at Target C1. 

The pXRF instrument used by the Company s considered reliable for copper and zinc analysis when used with rigorous QA/QC procedures but not sufficiently reliable for other elements of economic interest and cannot detect silver at the levels now being reported. It is the company’s policy to always carry out multi-element check analysis using conventional laboratory based chemical analyses.

Silver Discovery

Five drill holes that were selected for check analysis. This included four holes from Target A1 (Hole Numbers 24TMN004, 6P, 11 and 24) and Hole TM24TMN16 from Target C1 (see accompanying map and drill section) Hole 24TMN006P was only analysed for gold.

Check analysis for copper and zinc confirmed the previously reported results and significant silver values were found throughout Hole 24TMN004 in broad association with copper and zinc whilst significantly anomalous cobalt and nickel and silver was found in hole 24TMN024 with the highest cobalt grades accompanying the highest copper grades.

Hole 24TMN004 (Drill Traverse 1)

• 59m grading 25g/t silver, 0.2% copper and 0.16% zinc from 10m to end of hole at 72m including:

• 26m grading 36 grammes/tonne (“g/t”) silver, 20% copper and 0.20% zinc from 45-72m.

• Hole ended in mineralisation grading 49g/t silver, 0.24% copper and 0.15% zinc.

• Previously reported copper and zinc values confirmed by laboratory check analysis.

Hole 24TMN024 (Drill Traverse 1)

• Significant cobalt associated with previously reported higher grade copper interval: 6m grading 0.08% cobalt, 0.58% copper from 47-53m

• Entire hole, where check analysis available, is anomalous in copper and cobalt:  74m grading 0.14% copper, 0.03% cobalt and 3g/t silver from 20m to 96m at end of hole.

• Hole also anomalous in nickel with best intersection of 4m grading 0.12% nickel, 0.09% cobalt,0.18% copper and 5g/t silver from 42-46m.

Hole 24TMN016 from Target C1 shows narrow intervals of low-grade gold mineralisation.

A silver-in soil geochemical anomaly is associated with Hole 24TMN004 evident - 1.3km long and open ended to the northeast and southwest.

First Quantum Minerals Technical Cooperation Agreement

Tertiary has a technical cooperation agreement with First Quantum Minerals Limited (“FQM”) over the Mushima North Copper Project, which allows Tertiary to benefit from FQM’s historic exploration data in the area, as well as FQM’s geological team’s extensive experience and understanding of the area’s geology. Further details of which can be found in the news release of 15 September 2022.