Shares of Tertiary Minerals PLC (AIM: TYM) skyrocketed by 16% following the announcement of a game-changing discovery of economically significant silver and cobalt deposits at its Mushima North Project in Zambia.
High-Grade Silver Hits
The UK-based exploration company reported impressive drill results, including a standout 59-metre section grading 25 grams per tonne (g/t) silver, along with 0.2% copper and 0.16% zinc. Adding to the excitement, a higher-grade zone of 26 metres returned 36g/t silver, while another drill hole ended in mineralisation grading 49g/t silver—indicating untapped potential yet to be fully explored.
Promising Cobalt Discovery
The excitement doesn’t stop with silver. A second drill hole revealed cobalt mineralisation, with 6 metres grading 0.08% cobalt and 0.58% copper. This discovery highlights the project’s potential to deliver not just one, but multiple critical minerals in demand for the energy transition.
A Grassroots Breakthrough
Patrick Cheetham, Tertiary Minerals’ Executive Chairman, described the find as “an exciting grassroots discovery,” emphasizing its potential for further commercially viable deposits as additional drill samples are analyzed. Notably, one drill hole has already revealed silver mineralisation extending over 1.3 kilometers, hinting at the scale of the opportunity.
Strategic Stake and Future Potential
Tertiary Minerals holds a commanding 90% interest in the Mushima North Project, with the remaining 10% owned by the Zambian government. This strategic partnership positions the company at the forefront of developing Zambia’s mineral resources, aligning with the region’s growing importance in global supply chains for silver and cobalt.
With such promising results, the Mushima North Project is rapidly shaping up to be a significant contributor to Tertiary Minerals’ portfolio and a key player in the critical minerals market. Investors and industry stakeholders will no doubt be watching closely as exploration continues.
