Tertiary Minerals Secures £100,000 to Advance Drilling at Mushima North Project, Zambia

Tertiary Minerals plc has strengthened its exploration drive in Zambia with a successful £100,000 capital raise dedicated to advancing drilling at its Mushima North Project. The funding, secured through a share placement with major shareholder Stuart Packwood and arranged by Peterhouse Capital Limited, underscores growing investor confidence in the project’s mineral potential. By issuing 153.85 million new shares at a price of 0.065 pence each, the company has ensured that work at Mushima North will continue without delay, maintaining operational momentum ahead of Zambia’s upcoming rainy season.

The proceeds will primarily fund a 1,000-metre reverse circulation (RC) drilling campaign focused on Target A1, a highly prospective zone known for its silver, copper, and zinc mineralisation. This phase of drilling aims to expand the extent of known mineralisation and provide data necessary for an initial resource estimate within the next 12 months. Managing Director Richard Belcher noted that the investment reflects not only confidence in Tertiary’s technical approach but also in the project’s capacity to generate significant value as part of Zambia’s fast-growing mineral exploration sector.

Mushima North has already shown encouraging signs of polymetallic mineralisation through previous surface sampling and geophysical surveys, suggesting potential for a substantial discovery. The project lies within a region historically associated with Zambia’s renowned copper belt, an area that continues to attract exploration investment for both base and precious metals. The new drilling programme is expected to refine geological models and support future resource classification, bringing Tertiary one step closer to establishing a defined mineral inventory.

This funding initiative marks a vital milestone for Tertiary Minerals as it progresses from early exploration toward resource definition. For Zambia, continued foreign investment into exploration projects such as Mushima North underscores the country’s appeal as a stable and resource-rich mining jurisdiction. As exploration advances, the project could contribute to broader economic growth, job creation, and diversification within Zambia’s mining sector, reinforcing its reputation as one of Africa’s leading destinations for mineral development.

Mini-Glossary

• Share Placing: The process of issuing new company shares to investors to raise capital, often used to fund exploration or project development.
• Reverse Circulation (RC) Drilling: A method that uses compressed air to lift rock chips to the surface, commonly employed in mineral exploration for cost-effective and rapid drilling.
• Mineralisation: The natural concentration of valuable minerals within rocks or soil that may be economically viable for extraction.
• Resource Estimate: An assessment of the quantity and quality of minerals present in a deposit, typically classified into Inferred, Indicated, or Measured categories.
• Polymetallic: Containing more than one type of metal, such as copper, zinc, and silver.