What's Happening?
Tertiary Minerals, an AIM-listed company, has successfully raised £100,000 through a placement of 153.8 million new ordinary shares, facilitated by its joint broker Peterhouse Capital. The funds will be
directed towards exploration activities at the company's Target A1 silver/copper/zinc prospect located at the Mushima North project in Zambia. The placement was exclusively made with Stuart Packwood, a significant shareholder, who now holds 9.11% of the enlarged share capital. The capital raised will support further drilling efforts aimed at expanding the mineralization footprint and working towards an initial mineral resource estimate. The company is also conducting mineralogical work to understand the mineralization character and styles, alongside gold analysis to determine any association with existing mineralization.
Why It's Important?
The successful capital raise by Tertiary Minerals is crucial for advancing its exploration efforts in Zambia, potentially leading to significant discoveries in silver, copper, and zinc. This development is important for the mining industry as it could enhance resource estimates and contribute to the global supply of these minerals. The involvement of a significant shareholder like Stuart Packwood underscores confidence in the project's potential, which could attract further investment and partnerships. The exploration could also have economic implications for Zambia, potentially boosting local employment and contributing to the country's mining sector growth.
What's Next?
Tertiary Minerals plans to aggressively advance its exploration activities at the Mushima North project, with additional drilling scheduled before the rainy season in Zambia. The company aims to expand the known mineralization footprint and work towards a maiden mineral resource estimate within the next 12 months. Discussions with external consultants are ongoing to assess the current drilling data and support the reporting of an exploration target. These steps are expected to provide a clearer understanding of the project's potential and guide future exploration strategies.
