Metal Tiger Plc
26 July 2016
Metal Tiger Plc
("Metal Tiger" or the "Company")
Positive Botswana Assays and Resource Envelope Expansion
Metal Tiger plc (LON:MTR) the London Stock Exchange AIM listed investor in strategic natural resource opportunities is pleased to provide an update with regard to the diamond drilling programme at 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).
Technical highlights in respect of progress on the Target 3 (T3) Prospect, Phase 1 Resource Diamond Drilling Programme (the “Resource Programme”) are provided below. In addition we would refer to the announcement released today by MOD Resources which contains images and diagrams that may assist readers in an understanding of the project and the drilling being undertaken. This announcement can be viewed through the following link. Please note that in the linked MOD announcement the 119.6m depth intersection for hole MO-G-20D should be disregarded; the intersections for this hole are correctly outlined in this news release.
Paul Johnson Chief Executive Officer of Metal Tiger commented
“With receipt of the latest batch of strong copper and silver intercepts a decision has been taken to extend the resource drilling area by a further 200m to encompass the potential for shallow copper in the south-west of the resource area. This enlargement has the potential to not only enlarge the targeted resource tonnage, but to improve potential economics by increasing the proportion of shallow copper resource.
The potential of the deposit has been further highlighted by the 6.2m @ 7.8% Cu & 209g/t Ag intersection reported in hole MO-G-20D; using current metal prices MOD has calculated a copper equivalent grade of 10.4% for this intersection. Given the geology of the deposit the potential of finding other grade veins remains strong.”
- Assay results confirm significant copper and silver intersections for a further five diamond drill (DD) holes (MO-G-18D to MO-G-22D) within the Resource Programme area. Key intersections are outlined below.
- Diamond drill hole MO-G-20D has an especially noteworthy intersection of 6.2m @ 7.8% Cu & 209g/t Ag, within a wide, high grade intersection of 20.0m @ 3.2% Cu and 77g/t Ag from 130m downhole.
- Based on an interpretation of drilling results the Resource Programme area has been extended to the south-west to take account of the increased potential for building on shallow depth copper Resources in this area. The resource drilling area now measures 1km along strike and up to 600m across.
- The forth DD rig is currently drilling a 500m deep hole to test an Induced Polarisation (“IP”) geophysics target located circa 400m down dip, to the north of the current Resource Programme area.
- The T3 host sequence has been intersected by Reverse Circulation (“RC”) drilling 2km east of the T3 Resource Programme area. The first drill hole in this area, MO-G-29R, has intersected 3m @ 0.7% Cu and 9.3g/t Ag including 1m @ 4% Zn, providing encouragement for delineating further mineralisation in this area.
- The drill testing of the two strong Cu soil anomalies at T2 (announced 13 July 2016) 20km north of T3, as well as other priority regional targets, is scheduled to start early August.
- The metallurgical sample drill holes have been completed, the samples consisting a range of different sulphide ores, are being shipped to the consultants Independent Metallurgical Operations for test work in Perth. Preliminary results are expected October 2016.
Resource Programme Progress
31 DD holes have now been completed and 2 DD holes are currently in progress within the Resource Programme. With 3 diamond drill rigs dedicated to the Resource drilling, the work is on track to complete a maiden Resource in Q3 2016.
- Key results for latest down-hole intersections include:
- Hole MO-G-18D
30.4m @ 1.3% Cu & 23g/t Ag from 112.6m, including
- 5.5m @ 3.7% Cu & 71g/t Ag from 121.0m
- Hole MO-G-19D
- 10.3m @ 1.2% Cu & 3g/t Ag from 106.7m
- 16.0m @ 1.5% Cu & 22g/t Ag from 131.0m
- Hole MO-G-20D
- 8.0m @ 0.8% Cu & 3g/t Ag from 99.0m
- 20.0m @ 3.2% Cu & 77g/t Ag from 130.0m, including:
- 6.2m @ 7.8% Cu & 209g/t Ag from 136.5m
- Hole MO-G-21D
- 5.5m @ 1.2% Cu & 31g/t Ag from 155.5m
- 14.0m @ 1.4% Cu & 27g/t Ag from 164.0m
- Hole MO-G-22D
- 3.7m @ 1.9% Cu & 15g/t Ag from 168.0m
- 6.6m @ 1.3% Cu & 30g/t Ag from 205.0m (hole stopped in mineralisation)
All holes were designed to intersect the northerly dipping mineralisation at depth, and are orientated with a azimuth of 160deg and dip of 60deg. MO-G-018D reached a down hole depth of 182m, MO-G-19D reached 170m, MO-G-20D reached 185m, MO-G-21D reached 182m and MO-G-22D reached 212m.
Holes MO-G-018D to MO-G-021D are located on the same E-W profile at 100m spacing. MO-G-022D is located on the same section line as MO-G-021D, 100m to the north (down-dip).
A table of the drill collar locations is provided in the MOD release referenced above. Results from the continuing drilling programme will be released as they become available following geological interpretation.
T3 Prospect Expansion
The fourth diamond drill rig and the reverse circulation drilling rig continue to test the developing pipeline of anomalies elsewhere in the T3 Prospect area. The DD rig is testing the potential for further deeper mineralisation located down-dip of the Resource Programme area whilst the RC rig has confirmed Cu/Ag/Zn mineralisation associated with the Cu soil anomalies 2km east of the resource drilling area.
Current Exploration Programme Plan
The Resource drilling programme at T3 is concentrating on the current 1,000m strike length of the T3 deposit, delineating the upper (UZ) and lower (LZ) copper/silver mineralisation, from circa 60m vertical depth to 200m depth. The planned programme has been enlarged on the basis of these most recent results, it currently consists of a further 36 diamond core drill holes at 100m collar spacing (subject to assay results planned holes may be added / removed to enlarge / reduce the Resource area envelope).
Given the drilling rates achieved to date, the completion of the maiden Mineral Resource estimate for T3 is still planned for Q3 2016. Two additional diamond drilling rigs have been provided by the project’s drilling contractor Discovery Drilling in case the resource drilling rates need to be increased. These rigs are currently on-standby at no cost to the project.
The T3 Prospect 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 approximately 70km NE of the project’s Tshimologo (T4) Prospect and 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).
MOD outline details of the current exploration procedures being employed on the project (JORC 2012 Table 1), a drill plan and drill collar locations in their news release dated 26 July 2016. The work is being managed on the ground by MOD’s Competent Person, Mr Jacques Janse van Rensburg, BSc (Hons), General Manager Exploration (Africa).
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:
|Paul Johnson (Chief Executive Officer)||Tel: +44 (0)7766 465 617|
|Terry Grammer (Non- Executive Chairman)||Tel: +44 (0)207 099 0738|
Spark Advisory Partners Limited
Tel: +44 (0) 2033 683 555
Tel: +44 (0) 1483 413 500
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 ISDX or AIM partner with whom the Company is engaged.
Metal Tiger also has an Asset Trading Division that holds various financial instruments for trading purposes including equities, warrants and royalty income. The aim of the division is to generate profits to reinvest into the Company’s project based activities.
Note: This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation.