Tertiary Minerals has unearthed its best drill results yet from Mushima North

Tertiary Minerals PLC reported its highest-grade silver and copper drill intersections to date at its Mushima North project in Zambia, confirming the potential for a significant discovery. The latest results indicate mineralization extends over 450m by 400m and remains open, with notable copper grades including 9m at 0.7% and values up to 1.6%. This development, alongside pending analytical results for additional targets and metallurgical work, suggests substantial upside potential and significant news flow for the project located in an IOCG region.

Analysis

Tertiary Minerals PLC (AIM:TYM) has reported its most significant drill results to date from the Mushima North project in Zambia, materially de-risking the asset. The announcement of the highest-grade silver and copper intersections confirms management's view, first articulated in late 2024, that the project could represent a substantial discovery. The mineralized system is now defined over a 450m by 400m area and, critically, remains open, indicating considerable upside potential for resource expansion. The discovery of a new high-grade copper zone, with intercepts including 9 meters at 0.7% copper and values up to 1.6%, is particularly noteworthy as it occurred in a newly tested northern area of the project. This enhances the project's economic prospects beyond its primary silver focus and opens the possibility of a more valuable polymetallic deposit, especially given its location in Zambia's Iron Oxide Copper Gold (IOCG) region, which has now prompted testing for gold. A steady stream of catalysts is expected over the next two months, including pending assays from other drill holes, re-analysis of Phase 1 samples, and initial metallurgical work, which will be crucial for assessing future viability.

Key Decisions for Investors

• Investors with an appetite for exploration-stage assets should view these results as a significant positive development that validates the geological model and could support a re-rating of the company based on the Mushima North project's enhanced potential.
• It is prudent to closely monitor the pipeline of catalysts over the next two months, as the pending assay results will be key to defining the scale of the system, while the initial metallurgical data will provide the first concrete insight into the project's potential economic viability.
• Consider the shift in the project's profile from a silver-dominant play to a potential polymetallic system; the confirmation of consistent, high-grade copper and any discovery of gold could fundamentally increase the project's total in-ground value and strategic appeal.