Aim-listed Tertiary Minerals has, through its joint broker Peterhouse Capital, raised £100 000 before expenses from a placing of 153.8-million new ordinary shares.

The placing was made exclusively with Stuart Packwood, a significant shareholder, and will be used to support upcoming exploration on the company’s Target A1 silver/copper/zinc prospect at the Mushima North project, in Zambia.

The new shares represent about 3.01% of the company’s issued ordinary share capital as enlarged by the placing. On admission of the new shares, Packwood will hold shares representing 9.11% of the then enlarged share capital.

“We are delighted that Mr Packwood, a significant shareholder, has increased his shareholding in the company and at the current market price. This is a great endorsement for Tertiary and its portfolio of highly prospective projects,” says MD Richard Belcher.

“This small capital raise will allow us to continue advancing our silver/copper/zinc discovery at the Mushima North project. We plan to aggressively advance Target A1 and this includes additional drilling before the upcoming rainy season in Zambia.

“The planned drill programme will provide additional drill data to support our current goals at Target A1, which includes expanding the known mineralisation footprint, both along strike and at depth; particularly in the north where higher-grade copper was intercepted towards the end of our last drill programme over the summer. . ., and to work towards an initial mineral resource estimate (MRE),” he explains. 

Tertiary is also undertaking initial mineralogical work to understand the character and styles of mineralisation as a prelude to metallurgical studies.

Historically, gold is associated with other deposits and occurrences with the region and, as such, gold analysis is also being undertaken on selected mineralised intersections to ascertain whether gold mineralisation is associated with any of the mineralisation styles intersected so far.

The company is also in discussions with external, independent consultants to determine whether or not there is currently enough drilling data to support the reporting of an exploration target so as to provide an estimated range of in-situ tonnes and grade.

The overarching objective is to define a much larger mineralisation footprint and have enough data to support a maiden MRE, if future drilling results warrant such an approach, within the next 12 months.