10th Dec 2021 13:51
(Alliance News) - Tertiary Minerals PLC on Friday said its loss narrowed as it "hit the ground running" with a number of project acquisitions in Zambia and continued exploration success in Nevada.
Shares in Tertiary Minerals were up 5.9% at 0.18 pence on Friday in London.
For the financial year that ended September 30, the Cheshire-based mineral exploration and development company reported a pretax loss of GBP406,963, reduced from GBP2.5 million the year before. Revenue remained negligible at GBP165,058, down from GBP175,750.
Most recently, Tertiary Minerals exercised its rights with Mwashia Resources Ltd to take options to joint venture four additional large exploration licences in different areas of Zambia. As a result, the company's interests now cover over 1,250 square kilometres and include Konkola West, which is thought to have potential to host over 10 million tonnes of copper metal.
"We have hit the ground running with a number of project acquisitions" in Zambia, Executive Chair Patrick Cheetham said.
At its Pyramid silver-gold project in the US state of Nevada, Tertiary Minerals reported that it had staked an additional seven claims during the year, bringing the total area of the Pyramid project to 2.84 square kilometres. Assay results from a total of 37 samples at the project provided 11 samples with concentrations greater than 200 grams per ton of silver. Significant gold intersections were assayed in this same group of samples including 11 samples grading higher than 0.6 grams per ton of gold.
Looking forward, Cheetham said the company's strategic focus will be on copper and precious metals. This is because the company believes copper will be a key energy transition metal for green power and that gold will respond positively to inflationary pressures.
In line with the previous year, Tertiary Minerals did not declare a dividend.
By Heather Rydings; [email protected]
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