Tertiary Minerals reports progress at Konkola West

(Sharecast News) - Tertiary Minerals updated the market on its Konkola West Copper Project in Zambia on Thursday, where KoBold Metals was earning into the project under an agreement announced in December 2023.

The AIM-traded firm said the first drill hole, KWDD001, had now reached a depth of over 2,600 metres and was progressing through the Kitwe Formation, which lies above the copper-bearing ore shale of the Zambian Copperbelt.

It said the hole was expected to reach a final depth of 3,000 metres, subject to conditions and equipment constraints.

Drilling had taken longer than anticipated due to complex folding, possibly linked to the Fitwaola fault system, and increasing technical challenges at depth.

Despite the delays, KoBold was planning to start a second deep drill hole shortly after the completion of KWDD001.

The location for the second hole would be finalised following further geological interpretation.

Tertiary and its local partner Mwashia Resources had agreed to extend the initial 14-month drilling requirement by four months to allow time for the second hole to begin.

Additionally, KoBold's newly-granted adjacent exploration licence would now be included under the terms of the existing earn-in agreement, ensuring the area's potential was developed for the benefit of all parties.

"We continue to be excited about our involvement in this ground-breaking project," said executive chairman Patrick Cheetham.

"The hole is close to its target and KoBold is gathering a large amount of data which, together with its regional data sets and AI models, will inform its choice of the drilling location for the second hole at Konkola West.

"KoBold is committing substantial funds to the project with expenditure of over $2m already reported through to the end of December 2024."

At 1436 GMT, shares in Tertiary Minerals were down 0.38% at 0.05p.

Reporting by Josh White for Sharecast.com.