Metal Tiger Plc
("Metal Tiger" or the "Company")
Botswana Copper/Silver Project - Licence Extensions and Drill Results
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 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 JV licence extensions, licence acquisitions and infill diamond drilling results for the T3 Deposit Resource 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 licences and the reported infill drill collar locations. This announcement can be viewed through the following link:
Michael McNeilly Chief Executive Officer of Metal Tiger commented “
“With the grant of the 10 licence extensions and the agreement to acquire two new concessions the joint venture has increased our ground holding over the Kalahari Copper Belt and crucially we have secured the westward extension of the T3 host structure right up to the Namibian border.
We are encouraged by the results of the infill drilling which show that there is good potential for not only increasing the current total Resource but upgrading more of it into the Indicated category. Furthermore, we have the prospect of the current RC drilling and planned infill drilling extending the currently open mineralisation westwards.
With a pipeline of numerous quality exploration targets and reinforced by the robust T3 Scoping Study results released on Tuesday, our commitment to this exciting Project is justifiably reinforced.”
Infill diamond drilling results reinforce the potential to expand and
upgrade the current T3 Mineral Resource. Wide intercepts include:
- MO-G-56D 49.7m @ 1.5% Cu & 33g/t Ag from 129.4m
- MO-G-57D 21.5m @ 1.1% Cu & 9g/t Ag from 201.6m
- MO-G-58D 17.6m @ 1.2% Cu & 16g/t Ag from 208.0m
- MO-G-59D 19.5m @ 1.0% Cu & 7g/t Ag from 142.5m
- Two-year licence extensions have been granted for 10 JV licences.
- Agreement to acquire two additional licences will secure circa 200km of the prospective structural zone which hosts the T3 Resource.
- RC drilling is currently testing the T3 host sequence extending up to 3km west of proposed open-pit.
- Botswana Mines Minister has granted two-year extensions for 10 joint venture (JV) licences which cover 4,444km2 of the 6,287km2 of Kalahari Copper Belt currently held by the JV. Renewals will now fall due on 31 December 2018.
- The extensions include PL189/2008 and PL190/2008 the two licences which cover 918km2 of the highly prospective T3 Dome and contain the T3 Deposit.
- The Department of Mines also approved the transfer of the MOD/Metal Tiger Plc JV licences to Tshukudu Metals Botswana (Pty) Ltd to simplify ownership. Tshukudu Metals Botswana (Pty) is the wholly owned subsidiary of the UK registered JV company Metal Capital Ltd.
- Terms have been agreed on an option agreement for Tshukudu Metals to acquire a 100% interest in two prospective licences, from a Botswanan company.
- The two licenses located west of Ghanzi, include soil geochemical and structural targets and will extend coverage to the Namibia border and secure the circa 200km of the prospective structural corridor which hosts the T3 Deposit.
- The addition of these two licences will bring the total JV landholding to 7,297km2.
Infill Drilling Results
- Assay results have been received for a further four infill diamond drill (DD) holes (MO-G-56D, MO-G-57D, MO-G-58D & MO-G-59D) within the northeast and western parts of the T3 Resource area. The assays show wide intersections of 1-2% copper mineralisation, helping to build on the Resource Model used in the recently announced T3 Scoping Study.
- Assay results from MO-T3U-02D, the deep hole to test an IP anomaly down dip from the T3 Resourced, are currently awaited.
- Further drilling is planned to test the open westerly strike extension of the Resource, in early 2017. The western most drill hole traverse in the resource includes 24m @ 1.4% Cu and 14g/t Ag intersection in RC hole MO-G-23R (announced on 26 July 2016).
- Key results for down-hole intersections include:
- Hole MO-G-56D
49.7m @ 1.5% Cu & 33g/t Ag from 129.4m, including:
- 3.7m @ 9.7% Cu & 339g/t Ag from 174.4m (cut to 15% Cu)
- Hole MO-G-57D
21.5m @ 1.1% Cu & 9g/t Ag from 201.6m, including:
- 4.3m @ 2.3% Cu & 24g/t Ag from 210.2m
- Hole MO-G-58D
- 17.6m @ 1.2% Cu & 16g/t Ag from 208.0m, including:
- Hole MO-G-59D
- 5.6m @ 1.3% Cu & 4g/t Ag from 133.4m
- 19.5m @ 1.0% Cu & 7g/t Ag from 142.5m
The four infill holes are orientated with a azimuth of 160deg and dip of 60deg. MO-G-57D and MO-G-58D are located in the NE of the Resource area and were designed to intersect the northerly dipping mineralisation at depth, whilst MO-G-56D and MO-G-59 are within the western part of the Resource area. MO-G-56D reached a down hole depth of 191m, MO-G-57D reached 271m, MO-G-58D reached 275m and MO-G-59D reached 194m. 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 has commenced testing targets outside of the current resource drilling area, these targets include; an induced polarisation (IP) geophysics chargeability anomaly 300m down dip from the deepest hole to date (MO-G-07D); an IP chargeability anomaly 1km south of current drilling; and a possible fault displacement of the target sequence 300m west of the resource area.
- The reverse circulation (RC) drilling rig continues to test the eastern 3km long copper/zinc anomaly, at a location approximately 3km east of the T3 Resource drilling area.
- As part of the continuing T3 prospect expansion, further IP geophysics traverses are also planned this month to identify possible sulphide targets elsewhere on the T3 Dome.
- Following on from the completion of the T3 Scoping Study completed and with the Prefeasibility Study scheduled to commence in early 2017, the JV is now testing the potential of the sediment sequence that hosts the T3 mineralisation (Target Sequence) along strike and down dip from the planned open pit mine.
- RC drilling is currently focussed on an area extending up to 3km west of the T3 Resource, a further update with these results is expected 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 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 section and tabulated assay data in their news release dated 9 December 2016.
The T3 Prospect geological data and exploration results have been reviewed and approved by Jacques Janse van Rensburg, BSc (Hons), Technical Adviser 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)20 7099 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|
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.