Metal Tiger Plc
22 August 2016
Metal Tiger Plc
("Metal Tiger" or the "Company")
Botswana – Resource Drilling Nearing Completion at T3
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.
Paul Johnson Chief Executive Officer of Metal Tiger commented
“With the T3 Phase 1 Drill Programme nearing completion, the latest results continue to show wide intersections of mineralisation, up to 42m in MO-G-28D. As the drilling element of the work is almost over, assays are now being sent to the independent resource consultant; and the joint venture Project is on schedule to deliver, what we expect to be, a robust maiden resource estimate at the end of next month.
The end of the Resource drilling at T3 will not signify a lull in activity for the field teams; with the completion of the Phase 1 drill programme, the exploration team will have the time to follow-up targets in the wider T3 area, on the T3 Dome.
In addition, reverse circulation drilling continues apace, 20km north of T3, on the new, shallow, T2 West copper discovery, details of which we reported 15 August. We look forward to providing updates on further Project progress in the near future”
- Two batches of assay results received for seven diamond drill (DD) holes located in the north-east part of the T3 Phase 1 Resource Programme area. Results are in line with expectations, showing significant copper and silver intersections for six DD holes (MO-G-26D to MO-G-31D), including:
- MO-G-26D intersected 26.4m @ 1.3% Cu & 11g/t Ag from 131.0m
- MO-G-28D intersected 42.0m @ 1.1% Cu & 11g/t Ag from 127.0m
- MO-G-29D intersected 34.8m @ 1.2% Cu & 14g/t Ag from 128.0m
MO-G-31D intersected 11.9m @ 2.3% Cu & 42g/t Ag from 181.9m and
5.0m @ 1.9% Cu & 51g/t Ag from 211.0m.
- The seventh hole, MO-G-32D, located 100m outside and east of the Phase 1 Resource area, only intersected minor mineralisation. Key intersections for all seven holes are outlined below.
- The Phase 1 Resource Programme drilling, on the 100m by 100m grid, is nearing completion; the maiden Mineral Resource Estimate is due to be finalised by end of September and is being conducted by an independent resource consultant based in South Africa.
- Once the Phase 1 Resource drilling is completed the exploration team will start focusing on other targets along the T3 Dome, leveraging their knowledge gained on geology and mineralisation controls in the area.
- The first deep drill hole at T3, M0-T3U-01D, has completed to a downhole depth of 532.84m. This hole was designed to test the source of an Induced Polarisation (“IP”) geophysics anomaly, located circa 400m down dip, to the north of the Phase 1 Resource Programme area. Drill bit deviation caused the hole to lift by 20 degrees and as a result the hole cut the target sequence above the level of the IP anomaly, a second drill hole is being considered to test the IP anomaly.
- M0-T3U-01D intersected 48m of mudstones and green siltstones with finely disseminated copper sulphides (chalcocite and bornite) between 446.7m and 494.8m downhole. Assay results are currently pending.
T3 Scoping Study Update
Contracts are being finalised for the constituent elements of a T3 Open Pit Scoping Study including preliminary analysis of mining, processing and environmental factors.
The metallurgical testwork being undertaken on a range of T3 ore types is progressing well with the first batch of results expected during September.
Resource Programme Progress
42 DD holes have now been completed and 4 DD holes are currently in progress.
- Key results for latest down-hole intersections include:
- Hole MO-G-26D
- 26.4m @ 1.3% Cu & 11g/t Ag from 131.0m
- 1.0m @ 2.5% Cu & 8g/t Ag from 164.0m
- 8.0m @ 0.8% Cu & 15g/t Ag from 170.0m
- Hole MO-G-27D
- 22.4m @ 1.2% Cu & 10g/t Ag from 129.0m
- 4.7m @ 0.7% Cu & 10g/t Ag from 168.7m
- Hole MO-G-28D
- 42.0m @ 1.1% Cu & 11g/t Ag from 127.0m
- Hole MO-G-29D
- 34.8m @ 1.2% Cu & 14g/t Ag from 128.0m
- 5.0m@ 1.2% Cu & 5g/t Ag from 170.0m
- Hole MO-G-30D
- 15.8m @ 0.9% Cu & 12g/t Ag from 121.2m
- 10.0m @ 1.3% Cu & 10g/t Ag from 140.0m
- 5.0m @ 1.3% Cu & 6g/t Ag from 161.0m
- 3.7m @ 2.2% Cu & 17g/t Ag from 176.3m
- Hole MO-G-31D
- 3.0m @ 1.1% Cu & 8g/t Ag from 175.0m
- 11.9m @ 2.3% Cu & 42g/t Ag from 181.9m
- 5.0m @ 1.9% Cu & 51g/t Ag from 211.0m
- Hole MO-G-32D
- 2.0m @ 0.7% Cu & 11g/t Ag from 194.0m
All holes were designed to intersect the northerly dipping mineralisation at depth, and are orientated with an azimuth of 160deg and dip of 60deg. MO-G-026D reached a down hole depth of 199m, MO-G-27D reached 220m, MO-G-28D reached 221m, MO-G-29D reached 185m, MO-G-30D reached 188m, MO-G-31D reached 227m and MO-G-32D reached 215m.
Holes MO-G-26D to MO-G-30D are located on the same E-W profile at 100m spacing, in the eastern part of the resource area. Hole MO-G-31D is on the same section as MO-G-30D, on the parallel profile 100m north. Hole MO-G-32D is located on the same E-W profile as MO-G-31D, but approximately 300m further east, 100m outside of the Phase 1 Resource area.
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.
Current Exploration Programme Plan
The Phase 1 Resource drilling programme at T3 is concentrating on a 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 majority of the resource drill holes are drilled on a 100m grid spacing, perpendicular to the mineralisation host sequence dip, therefore the mineralisation intersections are interpreted to be near to true width.
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 22 August 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|
|Sean Wyndham-Quin||Spark Advisory Partners Limited||Tel: +44 (0) 2033 683 555|
|Neil Baldwin||(Nominated Adviser)|
|Nick Emerson||SI Capital||Tel: +44 (0) 1483 413 500|
|Andy Thacker||(Sole Broker)|
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.