Tertiary Minerals secures £100,000 funding to expand drilling at Mushima North project in Zambia
Tertiary Minerals Raises £100,000 to Advance Mushima North Silver-Copper-Zinc Exploration in Zambia
AIM-listed Tertiary Minerals has raised £100,000 before expenses through a share placing arranged by its joint broker, Peterhouse Capital.
The placement involved 153.8 million new ordinary shares, issued exclusively to Stuart Packwood, a significant existing shareholder. Proceeds will be used to fund upcoming exploration work at the company’s Target A1 silver-copper-zinc prospect, part of the Mushima North project in Zambia.
Following the placing, the new shares represent approximately 3.01% of Tertiary’s enlarged issued share capital. Upon admission, Packwood’s total holding will increase to 9.11% of the company’s issued share capital.
“We are delighted that Mr. Packwood has increased his shareholding in the company at the current market price. This is a strong endorsement of Tertiary and our portfolio of highly prospective projects,” said Managing Director Richard Belcher.
Belcher added that the capital raise will enable the company to continue advancing exploration at Target A1 ahead of Zambia’s upcoming rainy season.
“We plan to aggressively advance Target A1, including additional drilling to expand the known mineralisation footprint both along strike and at depth—particularly to the north, where higher-grade copper was intercepted toward the end of our last drilling programme,” he said.
The company’s current objectives include gathering further drill data to support an initial mineral resource estimate (MRE) within the next 12 months, provided results warrant such an approach.
In parallel, mineralogical studies are under way to better understand the character and style of mineralisation as a precursor to future metallurgical testing.
Tertiary noted that gold occurrences have historically been associated with deposits in the region. Consequently, gold analysis is being conducted on selected intersections to determine whether gold mineralisation is linked to the mineralisation styles identified so far.
The company is also consulting independent experts to assess whether sufficient drilling data exists to define an exploration target, providing an indicative range of in-situ tonnes and grade.
“Our overarching goal is to define a much larger mineralised footprint and build the foundation for a maiden MRE within the next year,” Belcher concluded.
