Metal Tiger Plc
6 March 2017
Metal Tiger Plc
("Metal Tiger" or the "Company")
Botswana Copper/Silver Project – 72.6m New Copper Zone Confirmed below T3 Resource
Metal Tiger plc (LON:MTR) the London Stock Exchange AIM listed investor in strategic natural resource opportunities is pleased to provide an update regarding the Company’s Joint Venture (“JV”) project with partners MOD Resources (ASX:MOD) in the Kalahari Copper Belt in Botswana (70% MOD Resources / 30% Metal Tiger). Metal Tiger also holds 81,102,302 MOD shares, equivalent to 4.975% of MOD’s issued share capital and 1,541,667 MOD warrants at an exercise price of 6 cents (Australian).
Results from the on-going T3 infill and extension drilling programme has confirmed a substantial new copper zone below the current T3 Resource.
- Substantial New Copper Zone below the T3 Resource confirmed by drill hole MO-G-65D assay results.
- 72.6m @ 1.5% Cu & 27g/t Ag from 250m down hole depth intersected in MO-G-65D, including high grade zone 18m @ 2.7% Cu & 52g/t Ag from 280m.
- New mineralisation extends the Project potential to over 100m below the current T3 Resource sequence. Mineralisation in MO-G-65D potentially still open at depth.
- Hole MO-G-66D intersected separate zone of disseminated Cu, approximately 250m below the T3 Resource.
- Currently 4 diamond core drill rigs in operation, testing strike extent and geometry of new copper zones.
Michael McNeilly Chief Executive Officer of Metal Tiger commented:
“We are very pleased to report the confirmation of a substantial new zone of copper mineralisation located directly beneath the T3 Resource. This New Zone consists of over 72m of 1.5% copper, including over 18m at 2.7% Cu and 52g/t silver.
If this New Zone mineralisation is shown to be laterally extensive by the continuing deep infill drilling programme, it has the potential to deliver a significant T3 Resource upgrade and further improve the potential project economics. Our JV partner, MOD, will be taking steps to incorporate these new findings into the ongoing T3 Prefeasibility Study work.
We look forward to keeping our shareholders updated with further assay results and New Zone intersection details as the Project advances and becomes further de-risked.”
For further images and diagrams that may assist readers in the visualisation of the mineralisation and the reported drill collar locations, we would refer to the announcement released today by MOD Resources. This announcement can be viewed through the following link:
Shareholders should note that the timing of MOD announcements are outside the control of MTR, however MTR does its utmost to announce the drill results and important updates as soon as practicable after MOD makes its announcement to the ASX. MTR are only made aware of drill results and important updates immediately prior to the MOD release.
New Zone of Copper Mineralisation Confirmed by Assay Results
The assay results from the T3 infill and extension drilling programme have confirmed the existence of a new copper zone of mineralisation below the T3 Resource, as initially reported 17 February 2017. The confirmation of this New Zone comes exactly one year after the discovery of the T3 deposit. The infill drilling is being conducted as part of the T3 Prefeasibility Study (“PFS”) works (as announced 10th January 2017). Details of the drill hole findings and the New Zone of mineralisation are summarised below. Depths given are down hole depths:
- MO-G-65D, the third deep infill hole to be completed, intersected the T3 Resource sequence and was continued below the base of the Resource, where it intersected a 72.6m zone consisting multiple intervals of locally disseminated, cleavage, laminated and vein hosted mineralisation in green/grey siltstones overlying pink and grey sandstones.
- New Zone copper sulphide mineralisation includes bornite, chalcocite, covellite and chalcopyrite extending from 250m to 322.6m (72.6m). True width remains to be confirmed but estimated to be >50m from initial interpretation.
- New Zone interpreted to be steeply dipping, 65° to north, and truncated by a shallow dipping, 30° thrust at the base of the T3 Resource. Initial interpretation needs to be confirmed by further drilling.
- Mineralisation intersected in MO-G-65D remains open at depth and along strike.
- Key results for down-hole intersections include:
- Hole MO-G-65D
- 22.2m @ 1.6% Cu & 26g/t Ag from 163.0m (existing T3 Resource)
- 4.0m @ 1.7% Cu & 14g/t Ag from 227.0m (new intermediate mineralisation)
72.6m @ 1.5% Cu & 27g/t Ag from 250.0m, including
- 18.0m @ 2.7% Cu & 52g/t Ag from 280.0m
(the New Zone mineralisation)
- MO-G-66D, located 100m east of MO-G-65D, was initially drilled to 275m where it cut both the T3 Resource sequence and a new zone of mineralisation. The hole has now been extended to 499.4m total depth.
- Intersected a deeper zone of disseminated bornite and chalcocite copper mineralisation between 432m and 468.7m, approximately 250m below the T3 Resource.
- Hole has yet to be logged and sampled, but does not include the vein hosted copper mineralisation seen in the New Zone and in the T3 Resource.
- Holes MO-G-60D, MO-G-63D, MO-G-64D, and MO-G-66D have also intersected varying widths of disseminated and vein hosted bornite and chalcocite mineralisation below the T3 Resource. Further infill drilling assay results will be released as they become available following geological interpretation. These results are expected soon.
Currently 5 deep infill holes have been completed and 3 are in progress. These are located at 100m centres mainly along a strike profile in the northern half of the T3 Resource area. They are orientated with an azimuth of 160deg and dip of 60deg. MO-G-60D reached a down hole depth of 328.37m, MO-G-63D reached 352.6m, MO-G-64D reached 355.53m, MO-G-64D reached 349.57m and MO-G-66D reached 499.42m. MO-G-56D is currently being extended below its original depth, whilst MO-G-67D and MO-G-68D are also in progress.
The continuing and planned exploration drilling programme consists of:
Infill Drilling & New Zone Extension
- The infill drilling to continue, with the target depths of holes increased to test for New Zone mineralisation below the T3 Resource. Four diamond drilling rigs now onsite. This programme is well funded.
- Where the New Zone results support a substantial T3 Resource upgrade, this will be incorporated into the T3 Prefeasibility Study which is in progress.
IP Geophysics Anomaly Testing
- Induced Polarisation (“IP”) Geophysics survey work is being conducted to identify the potential for new sulphide mineralisation targets near the T3 Deposit and along the T3 Dome. This survey work has been making good progress over the past two months.
- Preliminary interpretation of the 3D IP data has identified further exploration drilling targets to the north and adjacent to the T3 deposit. Further outcomes of the IP survey will be reported soon.
The T3 Resource is located on the Kalahari Copper Belt in northern Botswana and is part of the MOD/MTR joint venture Botswana Copper/Silver Project. T3 is located parallel to the same structural trend known as the Mahumo Structural Corridor, that hosts MOD’s Mahumo Project (circa 20km NE of T3) and Cupric Capitals’ Banana Zone Deposit (60km NE) and Zone 5 Project (120km NE).
The T3 deposit was discovered in March 2016 when a reverse circulation (“RC”) drill hole intersected 52m @ 2.0% Cu and 32g/t Ag from shallow depth. The maiden T3 JORC compliant Mineral Resource was announced on 26 September 2016. The results of a Scoping Study for an open pit mine at T3 with a 2Mtpa processing plant, an indicative mine life of 10 years and an average production rate of 21,800tpa of copper and 665,000tpa of silver was released on 6 December 2016. Work on a Pre-Feasibility Study (PFS) commenced in January 2017.
MOD tabulate details of the current exploration procedures being employed on the project (JORC 2012 Table 1), in the appendix to their news release dated 6 March 2017.
The T3 Prospect geological data and exploration results have been reviewed and approved by Jacques Janse van Rensburg, BSc (Hons), Business Development Manager and Competent Person for MOD Resources Ltd.
The technical information contained in this disclosure has been read and approved by Mr Nick O'Reilly (MSc, DIC, MAusIMM, FGS), who is a qualified geologist who meets the criteria of a qualified person under the AIM Rules - Note for Mining and Oil & Gas Companies. Mr O'Reilly has visited the T3 site and reviewed MOD’s drilling and sampling protocols and procedures. Mr O'Reilly is a consultant working for Mining Analyst Consulting Ltd which has been retained by Metal Tiger PLC to provide technical support.
For further information on the Company, visit: www.metaltigerplc.com:
|Michael McNeilly(Chief Executive Officer)||Tel: +44(0)20 7099 0738|
|Keith Springall (Finance Director & Company Secretary)||Tel: +44 (0)207099 0738|
Spark Advisory Partners Limited
Tel: +44 (0) 2033 683 555
|Tel: +44 (0)1483 413 500|
VSA Capital Limited
|Tel: +44 (0)20 3005 5000|
|Tel: +44 (0)203 757 4980|
Notes to Editors:
Metal Tiger plc is listed on the London Stock Exchange AIM Market (“AIM”) with the trading code MTR and invests in high potential mineral projects with a precious and strategic metals focus.
The Company’s target is to deliver a very high return for shareholders by investing in significantly undervalued and/or high potential opportunities in the mineral exploration and development sector timed to coincide, where possible, with a cyclical recovery in the exploration and mining markets. The Company’s key strategic objective is to ensure the distribution to shareholders of major returns achieved from disposals.
Metal Tiger’s Metal Projects Division is focused on the development of its key project interests in Botswana, Spain and Thailand. In Botswana Metal Tiger has a growing interest in the large and highly prospective Kalahari copper/silver belt. In Spain Metal Tiger the Company has tungsten and gold interests in the highly mineralised Extremadura region. In Thailand Metal Tiger has expanding interests over licences, applications and critical historical data covering antimony, copper, gold, silver, lead and zinc opportunities.
The Company has access to a diverse pipeline of new opportunities focused on the natural resource sector including physical resource projects, new natural resource centred technologies and resource sector related fintech opportunities. Pipeline projects deemed commercially viable may be undertaken by Metal Tiger or by an AIM or NEX Exchange (formerly ISDX) partner with whom the Company is engaged.