Tertiary Minerals (LSE:TYM), the AIM-listed exploration company focused on Zambia, published an exploration target of 15 to 30 million tonnes at 40 to 60 grams per tonne silver equivalent at its flagship Mushima North project in its interim results for the six months to 31 March, while reporting a cash position of just £77,730 at period end.
The JORC-compliant Exploration Target, published on 30 March, implies up to 58 million ounces of contained silver equivalent at Target A1, a discovery the company says has been achieved on cumulative project expenditure of less than £600,000.
Phase 3 drilling returned the strongest intercept to date: 97 metres at 56 grams per tonne silver and 0.43% copper from 6 metres downhole, including a 13-metre interval grading 77 grams per tonne silver and 1.46% copper equivalent of 2.80% from 84 metres, though the programme was cut short by heavier and earlier rains than anticipated, completing only four holes for 481 metres.
The company is targeting a maiden JORC Mineral Resource Estimate by the end of 2026, with closer-spaced reverse circulation drilling and metallurgical testwork planned to support an eventual mining lease application.
At Konkola West, KoBold Metals has reported expenditure exceeding US$4 million and has committed to a Stage 2 programme requiring up to a further US$6 million over 24 months, with a joint venture company now being established at a 39/51/10 split between Tertiary, KoBold's subsidiary, and Mwashia Resources.
The group recorded a pre-tax loss of £328,231 for the period, with new drilling expected to commence imminently.
