Initial lab results from Phase 4 drilling

Initial certified analytical results from Phase 4 drill programme confirms thick, near surface silver-copper mineralisation at the Discovery Zone, Target A1, Mushima North

Tertiary Minerals plc (AIM: TYM) is pleased to announce the first laboratory analytical results from the recent Phase 4 drill programme at Target A1, Mushima North Project in Zambia ("Mushima North" or the "Project). The results are from five drill holes and confirm both the presence of near surface, thick silver-copper-zinc mineralisation and the higher-grade zone, both of which are part of the Discovery Zone, where the Company has previously reported a near surface Exploration Target of 15-30 million tonnes at 40-60 g/t silver equivalent.

Highlights:

Ø Drill intersections support the continuity of the Exploration Target of near surface silver-copper-zinc oxide mineralisation, including (downhole widths, true widths unknown):

• 66m at 37 g/t Ag, 0.28% Cu and 0.27% Zn (58 g/t Ag equivalent) from 7m downhole (26TMNRC-045).
• 73m at 27 g/t Ag, 0.23% Cu and 0.25% Zn (45 g/t Ag equivalent) from 9m downhole (26TMNRC-049).
• 57m at 38 g/t Ag, 0.20% Cu and 0.31% Zn (55 g/t Ag equivalent) from 34m downhole (26TMNRC-046).

Ø Drill intersections support the higher-grade silver-copper mineralisation zone, including (downhole widths, true widths unknown):

• 7m at 56 g/t Ag, 0.48% Cu and 0.27% Zn (89 g/t Ag equivalent) from 81m downhole (26TMNRC-045).
• 6m at 51 g/t Ag, 0.48% Cu and 0.23% Zn (84 g/t Ag equivalent) from 71m downhole (26TMNRC-049).
• 2m at 16 g/t Ag, 1.48% Cu and 0.13% Zn (107 g/t Ag equivalent) from 89m downhole (26TMNRC-046).

Ø Elevated values of key critical minerals associated with the silver-copper-zinc mineralisation, including:

• 6m at 0.32% Bi, 0.32% Co, 15 g/t Ag and 0.22% Cu from 79m downhole (26TMNRC-047).
• Highest grade of bismuth (0.53%), antimony (0.11%) and cobalt (0.39%) intersected to date.

Ø Additional laboratory analytical results expected over the coming weeks.

Ø Samples submitted for initial metallurgical testwork.

Richard Belcher, Managing Director of Tertiary Minerals plc, commented:

"It is always an exciting time when the laboratory results from the drill programme start to be returned. While these are from only the first five holes, they have not disappointed. These results support the preliminary in-field copper-zinc results, provide the first silver intersections and confirm the near surface, thick silver-copper-zinc mineralisation within our Exploration Target, with intersections including 66m at 58 g/t silver equivalent (0.97% copper equivalent) from only 7m downhole, at the upper end of the Exploration Target grade range. The potential for a higher-grade mineralised zone is also further supported with intersections including 7m at 89 g/t silver equivalent (1.49% copper equivalent) from 81m downhole.

"In addition, these results have returned additional elevated critical metals, including our highest one metre grades of bismuth, antimony and cobalt to date which, while still at an early stage of investigation, could have the potential to be important accessory metals to the silver-copper-zinc mineralisation.

"With additional laboratory results expected over the coming weeks and our initial metallurgical testwork samples now submitted, this is a very exciting time for the Company and we expect significant newsflow over the next few months from Target A1 and remain on course to achieve our stated goal for this year which is to report a maiden Mineral Resource Estimate".

Drill Programme and Results

The results in this announcement are for the first five holes only (Figures 1, 2 and 3), are from the northern section of the Exploration Target and include infill holes to support the work towards a Mineral Resource Estimate, testing of the Exploration Target mineralisation margin to potentially expand the footprint, and also targeting of the higher-grade mineralisation zone.

Accessory minerals such as bismuth, antimony and cobalt are also intersected in these holes as well as being present in previous drilling. While the potential for these metals has yet to be evaluated, they are classified as critical, and in some case strategic raw materials, (e.g. by the European Commission) and if economically feasible to extract along with the main silver-copper mineralisation, could have positive impacts of future economics.

Table 1. Initial analytical results (five holes only, other analytical results from the remainder of the Phase 4 drill programme awaited). Equivalent grades ("Eq") are for illustrative purposes only.

Note to Table:

• Calculated intersections (downhole, true widths unknown) are weighted averages based on silver or copper (denoted in table by metal in bold). Using a cut-off grade of 10 g/t Ag or 0.1% Cu, respectively. Intervals start and end with ≥10 g/t Ag or 0.15 Cu, respectively and with up to 3m consecutive internal dilution allowed.
• Silver values rounded to whole numbers.
• EOH means End of Hole.
• CuEq (%) and AgEq (g/t) are the copper and silver equivalent grades, respectively, and were calculated assuming commodity prices of Cu: US$4.99 lb, Ag: US$57 oz, Zn: US$1.38 lb and 100% recovery as used in reporting of previous results from Phase 2 and 3 drill programmes. No information on beneficiation recoveries is available at this stage. These are for illustrative purposes only.
• Gram metres for silver are the silver values (g/t) multiplied by the intervals (m).

Figure 1. Cross-section (location on Figure 3) showing analytical results for silver for new drill holes 26TMNRC-045 to 26TMNRC-047 and 26TMNRC-050, and previously reported holes 25TMNRC-038, 25TMNRC-039, 25TMNRC-043 and 25TMNRC-044, overlaid on the current Exploration Target mineralisation (silver-copper-zinc) boundary (to be updated as part of the Mineral Resource Estimation work).

Figure 2. Cross-section (location on Figure 3) showing analytical results for copper for new drill holes 26TMNRC-045 to 26TMNRC-047 and 26TMNRC-050, and previously reported holes 25TMNRC-038, 25TMNRC-039, 25TMNRC-043 and 25TMNRC-044, overlaid on the current Exploration Target mineralisation (silver-copper-zinc) boundary (to be updated as part of the Mineral Resource Estimation work).

Sampling, Analysis and QAQC

Reported drill hole intersection thicknesses are downhole thicknesses and true thicknesses are unknown. Intersections are weighted averages on silver (using a cut-off grade of 10 g/t Ag), copper (using a cut-off grade of 0.1% Cu) and zinc (using a cut-off grade of 0.2% Zn) with up to 3m internal dilution.

Target A1 Silver Oxide Discovery

Elevated bismuth (up to 0.53%), antimony (up to 0.11%), cobalt (0.39%) and gallium (up to 40 g/t) are also associated with the mineralisation, but, as yet, have not been fully investigated. The potential for the near surface oxide mineralisation to transition to underlying sulphide mineralisation has yet to be tested. Nor has the potential for expanding the mineralisation based on nearby targets, such as at the Western Zone, Target A1.

Mushima North Project