Tertiary Minerals drilling at Mushima North extends silver mineralisation

Tertiary Minerals PLC (TYM) reported strong initial Phase 2 drilling results from its Mushima North project in Zambia, significantly extending thick, near-surface silver mineralization at Target A1 by 225 meters to the north. Highlights included intercepts of 73m at 32 g/t silver and the highest silver (223 g/t) and copper (1.01%) grades recorded to date, suggesting a larger, open mineralized footprint. These findings enhance the project's potential as a primary silver target, with additional analytical results and initial mineralogical/metallurgical studies expected to further define its economic viability.

Analysis

Tertiary Minerals PLC (AIM:TYM) has reported strongly positive initial analytical results from its Phase 2 drilling at the Mushima North project in Zambia, significantly de-risking the asset. The first two drill holes at Target A1 successfully extended thick, near-surface silver mineralization by 225 meters to the north, with a notable intercept of 73 meters at 32 g/t silver from a shallow depth of 11 meters. Critically, these assays contained the highest silver (223 g/t) and copper (1.01%) grades recorded at the project to date, enhancing the potential economic value of the deposit. According to management, the mineralization remains open and is supported by X-ray fluorescence data suggesting a larger footprint of at least 350m by 300m. The company is now proceeding with mineralogical and metallurgical studies to define the mineralization style and potential processing options, a key step in evaluating commercial viability. The market will be awaiting additional analytical results in the coming weeks to confirm the strike and width extensions.

Key Decisions for Investors

• Investors should treat these high-grade drilling results as a significant de-risking event, with the next batch of analytical results expected in the coming weeks representing a key near-term catalyst for the stock.
• The forthcoming mineralogical and metallurgical studies are a pivotal milestone; positive outcomes are necessary to validate the project's economic viability and will be a primary driver of the asset's valuation beyond the initial exploration phase.
• While the results bolster the case for Target A1 as a primary silver deposit, investors should recognize this is an early-stage asset, and its ultimate value is contingent on defining a formal resource estimate and proving favorable metallurgical recoveries.