Company Announces Start of Drilling at Mukai Copper Project in Zambia by First Quantum Minerals
The Company has announced that First Quantum Minerals Limited (“First Quantum”) has begun drilling operations at the Mukai Copper Project in Zambia, following approval from all required authorities.
Key Highlights
- Regulatory Approvals: The Company has secured authorization from Zambia’s Department of Forestry to proceed with further mineral exploration, including drilling, within the licensed area (the “Licence”).
- Local Community Consent: Consent has also been obtained from the Musele Royal Establishment (“Musele Chiefdom”), the local tribal leadership, to conduct mineral exploration activities on the Licence.
- Drill Program Overview: The Phase 1 drilling program, now underway, includes up to six diamond drill holes with planned depths ranging from 350 to 400 meters. This program aims to investigate a substantial soil anomaly identified in 2023 by Tertiary, which aligns with First Quantum’s Tirosa Copper Prospect on an adjacent mining licence.
- Exploration Agreement Terms: Under the Company’s agreement with First Quantum, First Quantum is required to define a minimum copper resource of 80,000 tonnes to earn an interest in the Licence.
The Licence area is located next to First Quantum’s Trident Project, which includes the operational Sentinel Copper Mine and the newly developed Enterprise Nickel Mine. The Sentinel processing plant can process up to 55 million tonnes of copper ore annually.
Statement from Patrick Cheetham, Executive Chairman of Tertiary Minerals plc:
“We are pleased to announce the start of drilling at the Mukai Project, following dedicated efforts and consultation with the Musele Chiefdom. We greatly appreciate the engagement and support of the Musele Chiefdom and the Department of Forestry, whose expedited approvals allowed for a timely start.
We are working closely with First Quantum on this project and are pleased that they have moved quickly to begin drilling. This marks an exciting phase as we progress with three drilling programs in Zambia and another at our Brunton Pass Project in Nevada, USA. We look forward to updating our shareholders as results come in.”
Project Background
The Mukai Copper Project, which covers Exploration Licence 27066-HQ-LEL, is held in partnership with Mwashia Resources Limited (“Mwashia”). The Licence has recently been renewed for an additional three years and is pending transfer to Copernicus Minerals Limited (“Copernicus”). In 2023, the Company’s exploration efforts at Mukai identified a significant copper-in-soil anomaly, which was detailed in the Company’s announcement on 12 September 2023.
This soil anomaly is positioned along the same strike as copper mineralization found in previous drill programs at First Quantum’s Tirosa Prospect. The Trident Project area, encompassing the Sentinel Copper and Enterprise Nickel mines, hosts these mineralized zones within sedimentary basins near the Kabompo Dome. This geological setting continues into the Mukai Licence area.
Agreement with First Quantum
As per the Binding Letter of Agreement (“BLA”) between Copernicus and First Quantum, the latter can earn an interest in the Licence by investing a minimum of US$1.5 million in exploration during a 24-month due diligence period and by defining a minimum copper resource of 80,000 tonnes. Additionally, the agreement includes milestone payments from First Quantum to Copernicus as defined phases are completed.
Community Engagement and Regulatory Compliance
The Licence falls under the jurisdiction of the Musele Royal Establishment (“Musele Chiefdom”) and the Bushingwe Forest. In late August 2024, meetings were held with the Department of Forestry to discuss the proposed work, followed by a formal application which has now been approved.
In September 2024, the Company met with Senior Chief Musele, marking the first formal meeting since the Chief’s installation in July 2024. During this meeting, the Company introduced its exploration plans and addressed community concerns at a dedicated event hosted by the Musele Chiefdom. Following this meeting, a Letter of Consent was received, enabling First Quantum to start preparation for Phase 1 drilling.
Drilling Progress
The Phase 1 drill program consists of up to six diamond drill holes, drilled to depths of 350 to 400 meters on two designated fence lines. Drilling has commenced and will continue as long as weather conditions allow during Zambia’s wet season.
The Company is committed to advancing the Mukai Copper Project responsibly and will provide regular updates as the program progresses.
