Metal Tiger Plc
7 September 2016
Metal Tiger Plc
("Metal Tiger" or the "Company")
Botswana - Further Positive Results from T3 Resource Drilling
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
“We are pleased that with the receipt of these two batches of assay results, comprising a further 8 significant copper intercepts, and with all remaining sample assays currently pending at the laboratory, the T3 Resource Estimate is on track to deliver. Preliminary floatation studies on composite samples from T3 have also proved encouraging, leading to further flotation work as part of the metallurgical testwork on the T3 deposit.
We will continue to provide further results as they become available ahead of releasing details of the maiden Resource Estimate due end of September.”
- Two batches of assay results received for seven diamond drill (DD) holes in the T3 Phase 1 Resource Programme area. Results are in line with expectations, showing significant copper and silver intersections for five DD holes (MO-G-33D to MO-G-37D), mainly in the north of the resource area, are summarised below. All assay data has been forwarded on to the South Africa based independent consultant who is conducting the Mineral Resource Estimate for T3.
- Two holes, (MO-G-38D & MO-G-39D), located near the south-west boundary of the Resource drilling area, targeting the shallow up-dip portion of the deposit, failed to intersect significant mineralisation. MO-G-39D the most south westerly DD hole only intersected oxidised sediments, whilst MO-G-38D intersected part oxidised sediments.
- The last three holes drilled in the completed 51-hole Phase 1 Resource Drilling Programme were sited 100m north of the previous north-eastern border of the drilling area, with the intention of further testing the down-dip resource potential at depth. Copper sulphide mineralisation was intersected in all three holes (MO-G-49D, MO-G-50D and MO-G-51D) with assay results for the last 13 resource holes currently awaited.
- Key results for latest down-hole intersections include:
- Hole MO-G-33D
- 9.3m @ 1.1% Cu & 6g/t Ag from 163.7m
- 16.5m @ 1.3% Cu & 22g/t Ag from 177.0m
- Hole MO-G-34D
- 22.0m @ 1.0% Cu & 12g/t Ag from 170.0m
- Hole MO-G-35D
- 13.4m @ 1.4% Cu & 19g/t Ag from 174.0m
- 3.0m@ 2.5% Cu & 48g/t Ag from 193.0m
- Hole MO-G-36D
- 10.8m @ 1.0% Cu & 12g/t Ag from 187.0m
- 11.0m@ 1.2% Cu & 23g/t Ag from 223.0m
- Hole MO-G-37D
- 5.0m @ 1.4% Cu & 11g/t Ag from 109.0m
All holes were designed to intersect the northerly dipping mineralisation, and are orientated with an azimuth of 160deg and dip of 60deg. MO-G-033D reached a down hole depth of 221m, MO-G-34D reached 227m, MO-G-35D reached 233m, MO-G-36D reached 248m, MO-G-37D reached 134m, MO-G-38D reached 160m and MO-G-39D reached 110m.
Holes MO-G-33D to MO-G-36D are located on the same E-W profile at 200m spacing, in the northern part of the resource area. Holes MO-G-37D, MO-G-38D and MO-G-39D are located in the south-western corner of the resource area, with MO-G-39D the most southerly hole, MO-G-37D 100m to the north and MO-G-38D 100m east of MO-G-37D. A table of the drill collar locations is provided in the MOD release referenced above. The remaining assay results will be released as they become available following geological interpretation.
Resource Programme Status
As announced 30 August 2016, the Resource drilling at T3 completed ahead of schedule, with a total of 51 diamond drill holes completed on a 100m by 100m grid within a 4-month period. The resource estimate is scheduled to be completed by end September.
T3 Scoping Study Update
Preliminary metallurgical testwork results for the rough flotation of composite samples of different T3 ore types has been received by MOD. With these initial results proving encouraging, cleaner floatation studies are currently being undertaken and the results will be published when the process is finalised.
T3 Resource Programme Summary
The Phase 1 Resource Estimate work at T3 is concentrating on a 1,000m strike length of the T3 deposit, delineating the upper (UZ) and lower (LZ) copper/silver mineralisation, between circa 60m vertical depth to 200m depth. The majority of the 51 resource drill holes were 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 7 September 2016. The Resource work has been 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.