Tertiary Minerals (LSE:TYM) reported its highest-grade silver-copper intersection to date at the Discovery Zone, part of the Mushima North Project in Zambia.
The AIM-listed explorer said drill hole 26TMNRC-066 returned 82 metres at 107 grams per tonne silver equivalent from just 8 metres downhole, a result ending in mineralisation.
The Discovery Zone sits within Target A1, where Tertiary has previously outlined a near-surface exploration target of 15 to 30 million tonnes at 40 to 60 grams per tonne silver equivalent.
The latest results come from four further holes drilled under the company's Phase 4 programme, following analytical updates issued on 1, 7 and 15 September.
Two of the four holes ended in mineralisation, extending the known depth beyond the current exploration target boundary and indicating the system remains open at depth.
The batch also included the highest individual silver assay recorded on the project to date, at 659 grams per tonne.
A separate intersection at hole 26TMNRC-063 returned 5 metres at 1.01% copper and 164 grams per tonne silver, equivalent to 227 grams per tonne silver.
"These results released today, along with the results over the last few weeks, are incredibly compelling for the potential to expand the current known extent of mineralisation at the Discovery Zone," said Richard Belcher, Tertiary's managing director.
He added that the depth extent of mineralisation below the higher-grade zone remains untested.
Results have now been released for 29 of the 39 holes drilled in the Phase 4 programme, with further certified laboratory assays expected in the coming weeks.
News Intelligence what this means for the company
Tertiary Minerals reported its highest-grade silver-copper intersection to date at Mushima North's Discovery Zone—82 metres at 107 g/t silver equivalent from 8 metres downhole—with two of four latest holes extending mineralisation beyond the current exploration target boundary and indicating the system remains open at depth. This advances the Phase 4 drill programme (29 of 39 holes now reported) toward the maiden JORC Mineral Resource Estimate targeted for end-2026, with the company having raised £985,000 in June 2026 to fund drilling and metallurgical testwork at Target A1.
The record-grade intersection and open-at-depth signal strengthen the case for a material resource at Target A1, but the investment outcome hinges on whether the Phase 4 results translate into a JORC estimate that justifies the capital deployed and the dilution from the June placing (1.97bn shares at 0.05p). Completion of remaining assays and resource definition remain critical near-term catalysts.
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