Metal Tiger Plc
10 January 2017
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 the T3 Deposit including the pre-feasibility study programme, progress and drilling updates 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 “
“We are delighted to report that the various Resource extension and Prefeasibility Study related work streams are now underway following the field team’s well deserved seasonal holiday. Drilling recommenced with two diamond and one RC rigs tasked with gathering data for constituent studies including Resource Extensions, Hydrological and Geotechnical studies and additional Metallurgical testing.
Whilst the core technical team is focussed on delivering the T3 PFS, we do not lose sight of the significant upside which is represented by our licence holding over the remainder of the prospective T3 Dome. We believe that the T3 Deposit may potentially form part of a much larger sediment hosted copper footprint in the Kalahari Copper Belt.
To this end the joint venture continues to invest in geochemical sampling, geophysics and follow-up investigation work in our wider licence holding. Cognisant that the remainder of the T3 Dome landholding, and the wider licence portfolio have the potential for hosting additional T3 type deposits. As such, we look forward to the prospect of announcing further, encouraging, progress reports in the near future.”
- The T3 Deposit Prefeasibility Study work has started. Drilling recommenced 7 January 2017, with two diamond core rigs and one reverse circulation drilling rig in operation for the various T3 Prefeasibility Study related work streams.
- In the wider T3 Project Area an additional 11 drilling targets have been identified within the 983km2 T3 Dome exploration area.
- Extensive soil geochemistry programme (circa 11,000 samples) is currently underway, targeting the 60km strike of the T3 Dome structure.
- Three-dimensional Induced Polarisation (3D IP) geophysics survey will commence today at the T3 Deposit, to characterise the mineralised host sequence and aid in the identification of additional or deeper drilling targets, along the T3 Dome.
- Magnetic geophysics modelling including a 3D Inversion of low altitude, close spaced magnetic data is underway.
- Resource extension diamond drilling to commence on 100m sections directly east and west of the planned T3 pit, with 6 holes currently planned.
- Diamond drilling to follow up base metal (Pb/Zn) sulphides intersected (by previous RC drilling) up to 2km west of T3 planned.
T3 Prefeasibility Study (PFS), Q1 Work Programme Plan
- Resource Infill diamond drilling will test the extent of high grade bornite veins within the planned open pit: 5 holes to infill the high grade bornite vein zone in the western part of the T3 pit; 6 holes will be drilled to test extensions 100m east and west of the current resource which remains open. Depending on the success of this infill and extension drilling, further drilling may be carried out on adjacent sections.
- Geotechnical drilling (at HQ diameter) is planned to aid the open pit design.
- Metallurgical drilling will provide more material for testwork of the three sulphide ore domains.
- Hydrogeological Studies are scheduled to commence mid-February, with pump testing for existing and new drill holes planned to investigate potential sources of water for the planned mineral processing treatment plant.
- Baseline Environmental Studies and the preparation of an Environmental Management Plan will commence shortly.
The continuing and planned exploration drilling programme consists:
- Reverse Circulation (RC) drilling to test five areas on the T3 Dome; including 3 separate soil anomalies which occur over ~5km along the northern flank of a distinctive magnetic feature, approximately 3km northwest of T3. RC drilling will then test a 4km long zone of folding of the target sequence interpreted from magnetics approximately 6km west along strike from T3. There is no previous drilling in any of these areas. An additional three RC drilling targets have been identified based on existing untested Cu soil anomalies along the T3 Dome.
- Diamond core drilling will initially test down dip for disseminated base metal sulphides (galena, sphalerite, pyrite and chalcopyrite) intersected within the interpreted T3 host sequence in widely spaced RC drill holes extending up to 2km west of T3, and separately 1km southeast of T3. Most of these RC holes were drilled in late 2016. By analogy with the T3 deposit, although the base metals are unlikely to generate economic grades, they may be a pathfinder for deeper copper mineralisation.
- T3 IP Anomaly to be tested by further diamond drilling, the approximately 500m deep IP anomaly is located 1km down-dip of the T3 Deposit. Assay results received recently for the second diamond drill hole MO-3R-02D (previously MO-T3U-02D) to test this target were encouraging with disseminated and narrow vein hosted chalcocite and bornite mineralisation intersected:
- Hole MO-3R-02D
8m @ 0.74% Cu & 10g/t Ag from 491m, including:
- 1.0m @ 1,1% Cu & 15g/t Ag from 498m
This intersection is considered encouraging given the size of this as-yet poorly defined anomaly and the occurrence of veining and bornite within the host sequence. Drilling is expected to resume when results from the 3D IP survey are available.
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), in their news release dated 10 January 2017.
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|
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.