The Company is pleased to announce that it’s 96% owned Zambian subsidiary, Tertiary Minerals (Zambia) Limited, has applied for, and had approved for grant, a new mineral exploration licence at Mupala in Zambia.
Key Points:
The Mupala Project mineral exploration Licence application 32139-HQ-LEL is located 12 km west of the Company’s Mukai Project and has been approved for grant by the Mining Licensing Committee of the Ministry of Mines and Minerals Development. The licence application:
· is located adjacent to and immediately east of the Anglo American/Arc Minerals joint venture licence block where Anglo American has the right to earn a 70% interest through expenditure of $88.5 million.
· sits on the west side of the Kabompo Dome in the prospective Domes Region of northwest Zambia, host to multiple producing copper and nickel mines including First Quantum Mineral’s Sentinel mining complex which adjoins the Company’s Mukai Project.
· covers 41.2 km² and contains a 15 km strike length of prospective Lower Roan stratigraphy.
· is for an initial period of four years from the date of grant.
· has been approved for grant on a first come first served basis ahead of competing applications made by several companies including Anglo American.
Commenting today, Executive Chairman Patrick Cheetham said:
“We are delighted to have secured the approval for this new licence application in such a highly prospective copper producing region and in the face of stiff competition. The licence will be granted following payment of the requisite fees which we expect to do later this week. We will then move to submit an Environmental Project Brief to allow a start to exploration and have begun compiling historical exploration data for the licence which will then inform our exploration plans going forward.”
A plan showing the location of the Mupala licence application can be found on the Company’s website at:
https://www.tertiaryminerals.com/filemanager/RNS/Mupala_Licence_Application_Plan.jpg
