Tertiary Minerals hails period of significant progress at Zambian projects
Published: 02:12 23 Jun 2026 EDT
Tertiary Minerals PLC (AIM:TYM, OTC:TTIRF, FRA:TMU), the explorer focused on silver and copper projects in Zambia, has reported a period of significant operational progress.
The update accompanied interim results for the six months to 31 March.
Progress centred on Mushima North, the company's flagship Zambian project, where it recently discovered a silver-copper prospect known as Target A1.
On 30 March, Tertiary published a maiden exploration target for the prospect of between 15 million and 30 million tonnes, at a mean grade of 40 to 60 grams per tonne of silver equivalent.
An exploration target is an early-stage estimate of size and grade, ahead of a formal resource.
The mineralisation sits near surface and remains open to the northwest, southwest and at depth, leaving its full extent undefined.
Drilling has returned some of the project's best grades to date, including a 97 metre intersection grading 56 grams per tonne of silver, 0.43% copper and 0.19% zinc.
A third phase of drilling was cut short by early and heavy rains, with only four holes completed.
Tertiary aims to drill further and report a maiden mineral resource estimate by the end of 2026.
Several other drill-ready targets lie untested within a 12-kilometre radius.
At the Konkola West copper project, KoBold Metals, the exploration company backed by Silicon Valley investors, is earning a stake by testing extensions to a line of established copper mines.
One of its boreholes reached 2,711 metres, the deepest exploration hole ever drilled in Zambia, though both were stopped early by technical problems.
KoBold has since opted to move to the next stage of the agreement, committing to spend up to $6 million over 24 months, and a new joint venture is being formed.
At the Mukai copper project, First Quantum Minerals (TSX:FM) has extended its due diligence period by 12 months to August 2027, while Tertiary seeks renewed tribal consent to continue exploration.
Turning to the financials, the group reported a pre-tax loss of £328,231 for the half year.
It closed the period with £77,730 in cash, having since raised £1 million through a share placing.
