Tertiary Minerals (AIM: TYM) has highlighted significant progress at its flagship Mushima North silver-copper-zinc project in Zambia, where recent drilling success has supported the publication of a maiden Exploration Target and strengthened the case for a future resource estimate.
The company reported some of its strongest drilling results to date from Target A1, including an intercept of 97 metres grading 56g/t silver, 0.43% copper and 0.19% zinc from just six metres depth. Within that interval, higher-grade zones returned up to 13 metres grading 77g/t silver and 1.46% copper, equivalent to 2.80% copper.
Earlier drilling also delivered an intersection of 58 metres grading 49g/t silver, 0.26% copper and 0.16% zinc, including 20 metres at 86g/t silver and 0.44% copper.
These results underpinned the publication of a JORC Exploration Target in March 2026, which estimates between 15 million and 30 million tonnes grading between 40g/t and 60g/t silver equivalent. The mineralised zone remains open along strike and at depth, suggesting potential for further expansion.
Management is now targeting a maiden Mineral Resource Estimate by the end of 2026 through additional drilling designed to better define the deposit and test extensions of the mineralisation.
Beyond Mushima North, progress continues at the Konkola West copper project, where technology-backed explorer KoBold Metals has advanced to the next stage of its earn-in agreement. Two deep drill holes have already been completed, including a record-breaking 2,711-metre exploration hole, although both were terminated before reaching their ultimate targets due to technical challenges.
KoBold has committed to spending up to $6 million during the next phase of exploration as it continues to evaluate the highly prospective licence area located near Zambia’s major Konkola copper mining district.
At the Mukai copper project, First Quantum Minerals remains in the due diligence phase of its earn-in agreement. The evaluation period has been extended by a further year while tribal consent requirements are addressed, giving First Quantum until August 2027 to continue its assessment.
Financially, Tertiary reported a pre-tax loss of £328,231 for the six months to 31 March 2026 and ended the period with cash reserves of £77,730. However, the company has since strengthened its balance sheet through a £1 million fundraising completed in June, following earlier financings including a £450,000 convertible loan facility.
The focus for investors remains firmly on Mushima North, where encouraging drilling results, a newly defined exploration target and the prospect of a maiden resource estimate before year-end continue to position the project as a potentially significant emerging silver-copper discovery in Zambia.
A copy of this report is also available on the Company’s website, www.tertiaryminerals.com.
