Metal Tiger Plc
19 September 2016
Metal Tiger Plc
("Metal Tiger" or the "Company")
Botswana – On Track for T3 Maiden Resource
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 exploration 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.
Paul Johnson Chief Executive Officer of Metal Tiger commented:
“Whilst the maiden mineral resource estimate remains on schedule to be completed by the end of this month, preliminary grade contouring of the assay data shows a high-grade core extends over 500m in the southern-central part of the resource area. Further encouragement is provided by the most recent deep drilling results, outlined below, which confirm the copper mineralisation remains open down-dip to the north, as well as to the east of the current resource drilling.
As we progress to infill drilling on the high-grade core of the deposit, and make good progress with the T3 scoping study, we are pleased to note the interest shown by the Botswana Department of Mines who recently conducted a site visit and reviewed the joint venture’s exploration and development appraisal plans.”
- Assay results from the three deep holes (MO-G-49D to MO-G-51D) at the northern boundary of the T3 Resource Area have confirmed significant copper and silver intersections, including 23m @ 1.2% Cu and 22g/t Ag in MO-G-49D and 10m @ 1.7% Cu and 21g/t Ag in MO-G-51D.
- The deep intersections effectively extend the boundary of the potential T3 resource envelope 100m further north and also confirm that the mineralisation remains open down dip to the north, as well as to the east of current drilling. Further drilling is planned to test the potential for high-grade vein hosted mineralisation down dip from these intersections.
- The independent resource consultant in South Africa has all available assay data and is on track to complete the maiden Mineral Resource Estimate for T3 by the end of September.
- Infill drilling of the higher-grade core of the deposit has commenced on 100m by 50m spacing, the first two holes of this infill programme, MO-G-52D and MO-G-53D, have completed to over 194m and have both intersected significant copper mineralisation. The assay results are awaited.
- Key results for latest down-hole intersections include:
- Hole MO-G-44D
- 23.9m @ 1.0% Cu & 5g/t Ag from 33.1m
- 16.0m @ 0.6% Cu & 7g/t Ag from 62.0m
- Hole MO-G-49D
- 9.6m @ 1.1% Cu & 4g/t Ag from 205.5m
- 23.0m @ 1.2% Cu & 22g/t Ag from 275.0m
- Hole MO-G-50D
- 6.0m @ 1.4% Cu & 8g/t Ag from 214.0m
- 8.0m@ 0.8% Cu & 19g/t Ag from 253.0m
- Hole MO-G-51D
- 10.0m @ 1.7% Cu & 21g/t Ag from 210.0m
- 18.2m@ 0.6% Cu & 11g/t Ag from 241.0m
A further four drill holes (MO-G-45D to MO-G-48D) on the southern, up-dip, edge of the Phase 1 resource area did not intersect significant widths of copper or silver mineralisation. Assay results for holes MO-G-40D to MO-G-43D are currently awaited.
All holes were designed to intersect the northerly dipping mineralisation, and are orientated with an azimuth of 160deg and dip of 60deg. MO-G-44D reached a down hole depth of 92m, MO-G-45D reached 116m, MO-G-46D reached 92m, MO-G-47D reached 92m, MO-G-48D reached 80m, MO-G-49D reached 302m, MO-G-50D reached 266m and MO-G-51D reached 274m.
Holes MO-G-44D to MO-G-48D are located on the same E-W profile at 100m spacing, on the southern edge of the resource area. Holes MO-G-49D, MO-G-50D and MO-G-51D are located on the northern edge of the resource area at 100m spacing. A table of the drill collar locations will be provided in a separate MOD release. The remaining assay results will be released as they become available following geological interpretation.
Resource Programme Status & Planned Work
Whilst the resource estimate is scheduled to be completed at the end of September, preliminary contouring of the available assays has been undertaken to highlight trends in the T3 mineralisation.
Plotting copper equivalent (CuEq) intersections for each hole, a function of copper and silver value and intersection width (metre/%), has shown that a high-grade core extends >500m in the southern-central part of the resource area.
Once the T3 Resource is finalised, IP geophysics will be conducted along strike and down-dip from T3, whilst drilling will focus on testing the existing copper/zinc anomalies in the vicinity of the T3 deposit.
Further drilling is also planned to commence at the T2 West and T2 East prospects (20km north of the T3 Resource Drilling area), once the recent reverse circulation drilling and soil assay results have been interpreted.
T3 Scoping Study Update
The T3 scoping study is progressing to plan with the aim of being completed before the end of December, so that a decision on progressing to a pre-feasibility study can be made early in the New Year.
Indicative cost estimates for open-pit mining and plant are currently being provided, by mining consultants and design/construct firms, to feed into the T3 scoping study. Preliminary environmental and social impact studies have also commenced. The final metallurgical testwork results are expected soon.
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).
The Resource work is conducted in line with the JORC 2012 Code and is reviewed 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.