Tertiary Minerals — Mushima North - Phase 4 results and drilling start

Tertiary Minerals reports strong Phase 4 assays and starts deeper Phase 5 drilling at Mushima North.

What the company is saying

Tertiary Minerals is emphasizing the completion of Phase 4 drilling at Mushima North, highlighting specific high-grade intercepts in both the Discovery and Western Zones. The company details 70m at 31 g/t Ag, 0.29% Cu, 0.25% Zn (52 g/t AgEq) from 10m and 68m at 27 g/t Ag, 0.15% Cu, 0.52% Zn (45 g/t AgEq) from 17m in the Discovery Zone, and 24m at 0.29% Cu including 5m at 0.60% Cu in the Western Zone. They report that Phase 4 comprised 39 RC holes totaling 3,639m, with results released for 37 holes. The announcement stresses the technical progress and the immediate commencement of Phase 5 diamond drilling—1,000m across four holes—beginning 8 November, targeting deeper mineralisation to ~200m vertical depth. The company frames these results as significant for advancing towards a JORC Mineral Resource Estimate, which they plan to deliver before year-end. The tone is factual and focused on operational milestones, with imminent metallurgical results and resource definition as the next steps.

What the data suggests

The disclosed assay results from Phase 4 demonstrate substantial mineralised widths and grades: 70m at 31 g/t Ag, 0.29% Cu, 0.25% Zn (52 g/t AgEq) and 68m at 27 g/t Ag, 0.15% Cu, 0.52% Zn (45 g/t AgEq) in the Discovery Zone, and 24m at 0.29% Cu including a higher-grade 5m at 0.60% Cu in the Western Zone. The scale of drilling—39 RC holes for 3,639m with results for 37 holes—shows systematic exploration coverage. The immediate start of Phase 5 diamond drilling (1,000m, four holes) extends the exploration depth from ~95m to ~200m vertical, indicating a move to test for deeper mineralisation continuity. The company is on track to deliver initial metallurgical results and a JORC Mineral Resource Estimate before year-end, both of which are near-term catalysts. No financial, cost, or funding data is disclosed, but the technical data is specific and credible for this stage. The evidence supports the narrative of advancing exploration, with the next value inflection points tied to metallurgical and resource outcomes.

Analysis

The announcement is proportionate in tone, focusing on realised technical progress: detailed Phase 4 assay results, specific intercepts, and the commencement of Phase 5 drilling. The majority of claims are factual and supported by disclosed data (hole counts, grades, meters drilled). Only two key statements are forward-looking—imminent metallurgical results and a planned JORC resource estimate before year-end—both of which are near-term and standard for this stage of exploration. There is no exaggerated language or overstatement of future value; the company does not claim economic viability, production, or profitability. No large capital outlay or long-dated, uncertain returns are discussed. The narrative is aligned with the evidence, and the technical disclosures are specific and credible for an exploration-stage update.

Risk flags

• ●There is no disclosure of project costs, funding status, or capital requirements for ongoing or future drilling, which limits visibility on financial sustainability and potential dilution risk.
• ●Resource definition and economic viability remain unproven; while assay grades and widths are encouraging, the absence of a JORC Mineral Resource Estimate means the project's scale and potential value are still speculative.
• ●Metallurgical recoveries are not yet reported; if initial results are poor, the economic potential of the mineralisation could be materially reduced regardless of grade or width.

Bottom line

Tertiary Minerals has delivered detailed Phase 4 assay results at Mushima North, with multiple long intercepts at moderate to high silver, copper, and zinc grades, and has immediately launched a deeper Phase 5 diamond drilling program. The technical evidence is robust for this exploration stage, and the company is moving quickly toward key catalysts: imminent metallurgical results and a formal JORC Mineral Resource Estimate before year-end. However, the absence of financial and funding data means investors cannot assess capital needs or dilution risk. The project's value remains contingent on both resource tonnage/grade and metallurgical recoveries, neither of which are yet known. The most important takeaway is that the next two months will deliver critical data—metallurgical results and a resource estimate—that will determine whether Mushima North can advance beyond exploration.

Announcement summary

(LSE:TYM) Tertiary Minerals reported final Phase 4 assay results from the Mushima North project. In the Discovery Zone, intercepts included 70m at 31 g/t Ag, 0.29% Cu, and 0.25% Zn (52 g/t AgEq) from 10m depth. Another intercept in the Discovery Zone was 68m at 27 g/t Ag, 0.15% Cu, and 0.52% Zn (45 g/t AgEq) from 17m depth. In the Western Zone, results included 24m at 0.29% Cu, which included a higher-grade interval of 5m at 0.60% Cu. Phase 4 drilling comprised 39 reverse circulation (RC) holes totaling 3,639m. Results have been released for 37 of these holes. Phase 5 diamond drilling, targeting approximately 1,000m across four holes of 200–250m each, commenced on 8 November. The Phase 5 program aims to test to approximately 200m vertical depth, compared to the current Exploration Target of around 95m. Initial metallurgical results are expected imminently. A JORC Mineral Resource Estimate is planned before year-end. The company highlighted the significance of the Discovery and Western Zone intercepts. The results are intended to inform further exploration and resource definition. The drilling and assay program is part of Tertiary Minerals' ongoing exploration strategy. The company is progressing towards defining a mineral resource at Mushima North. The announcement provides detailed assay results and outlines the next steps in the exploration program.

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