Metal Tiger Plc
("Metal Tiger" or the "Company")
Botswana Copper/Silver Project – T3 Progress Update
Metal Tiger plc (LON:MTR) the London Stock Exchange AIM listed investor in strategic natural resource opportunities is pleased to provide an update regarding 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). Metal Tiger also holds 84,602,302 MOD shares, equivalent to 4.533% of MOD’s issued share capital and 1,541,667 MOD warrants at an exercise price of 6 cents (Australian). Activities in Botswana are conducted under the JV’s local operating company Tshukudu Metals Botswana (Pty) Ltd. (“Tshukudu”).
- Latest assay results confirm significant copper intersections from Geotechnical drill holes around the perimeter of the planned T3 open pit.
- Stand-out results include 46.6m @ 2.1%Cu & 32g/t Ag from 96m downhole.
- All outstanding drill hole assay results for Zones 1, 2 & 3 expected by end of June.
- Updated Mineral Resource Estimate to include Zones 1 & 2 expected for completion in July.
- Continuity and upside potential of T3 mineralisation reinforced by latest results.
- Tshukudu Metals presenting at the Botswana Resource Conference in Gaborone on 13th June.
Michael McNeilly Chief Executive Officer of Metal Tiger commented:
“We are excited by the strong mineralisation intersections in the geotechnical holes drilled to help plan the open pit design. Whilst we expected and planned for some mineralisation intersections as work progressed to optimise the extent of the open pit design, the impact of intersecting 46.6m @ 2.1%Cu & 32g/t Ag in hole Geotech 7 on the eastern side of the planned pit will be considered as part of pit design optimisation.
For the second year running, Metal Tiger is also pleased to attend the Botswana Resource Sector Conference (BRSC) in Gaborone today. Our technical director Alastair Middleton is meeting interested parties whilst the JV company, Tshukudu, presents an update to the conference on Company’s activities.”
For further images and diagrams that may assist readers in the visualisation of the mineralisation and the reported drill collar locations, we would refer to the announcement released today by MOD Resources. This announcement can be viewed through the following link:
Shareholders should note that the timing of MOD announcements are outside the control of MTR, however MTR does its utmost to announce the drill results and important updates as soon as practicable after MOD makes its announcement to the ASX. MTR are only made aware of drill results and important updates immediately prior to the MOD release.
A total of eight wide diameter geotechnical holes have been drilled to provide information for the open pit mine design work, a constituent of the current T3 Prefeasibility Study (“PFS”) works. These diamond core holes were drilled around the perimeter of the planned T3 pit, to enable; geotechnical engineering calculations on rock strength and stability to optimise the pit design; and to provide larger metallurgical samples for ore processing test work.
The geotechnical hole mineralisation intersections (see below) confirm the initial pit design whilst the encouraging wide intersections are being interpreted to determine any impact on the T3 Resource. Further work will test the potential for pit expansion around Zone 1 and the underlying Zone 2. The understanding of the geology and structural controls of T3 is growing and providing more confidence to target the next set of drill holes.
- Key results for down-hole intersections in the Geotechnical drill holes include:
Hole Geotech 1
- 10.7m @ 1.1% Cu & 64g/t Ag from 68m
- 4.0m @ 2.7% Cu & 50g/t Ag from 120m
- 27.8m @ 0.8% Cu & 15g/t Ag from 179m
Hole Geotech 2
- 6.9m @ 0.7% Cu & 14g/t Ag from 65m
- 7.3m @ 1.2% Cu & 8g/t Ag from 77m
- 29.0m @ 1.9% Cu & 18g/t Ag from 107m
- 4.7m @ 1.3% Cu & 7g/t Ag from 178.3m
Hole Geotech 3
- 7.3m @ 1.6% Cu & 18g/t Ag from 166m
- 4.2m @ 1.1% Cu & 18g/t Ag from 175.2m
Hole Geotech 4
- 14.2m @ 1.2% Cu & 20g/t Ag from 172m
Hole Geotech 5
- 6.7m @ 1.2% Cu & 6g/t Ag from 86.3m
- 19.0m @ 1.0% Cu & 21g/t Ag from 124m
Hole Geotech 6
- 7.0m @ 1.2% Cu & 11g/t Ag from 155m
- 13.0m @ 0.7% Cu & 12g/t Ag from 195m
Hole Geotech 7
- 46.6m @ 2.1% Cu & 32g/t Ag from 96m
Hole Geotech 8
- 33.6m @ 1.2% Cu & 6g/t Ag from 111m
The holes were drilled in various directions and reported intersection widths do not represent true widths. A graphic illustrating the location of the drill holes with regard to the current open pit design is included in the MOD release and will be available on the Metal Tiger website (http://www.metaltigerplc.com).
Botswana Resource Conference
Representatives from Metal Tiger and MOD Resources will be in attendance at the Botswana Resource Sector Conference (BRSC) in Gaborone today. The BRSC, is the largest annual investment conference in Botswana attended by various institutional investors, brokers, and government representatives.
Tshukudu will be presenting an update on the Company’s activities including the numerous meetings held in Ghanzi District with government agencies, local farmers and community groups as part of Tshukudu’s stakeholder engagement process. Tshukudu is the largest explorer and licence holder and is already well known in the district. The meetings were positive and there is support to enable Tshukudu to expand its activities, develop T3 into a potential mine and increase local employment and training.
The BRSC presentation is available on the MOD Resources website (http://www.modresources.com.au).
Planned Activity Summary
Further to the planned work timeline provided on 24th May 2017, the current status of planned activities for the next few months include:
- An update on potential drilling targets identified from the T20 Dome soil sampling programme and planned Airborne EM survey of the T3 Dome is to follow shortly.
- Outstanding assay results from the recent Zone 2 drilling expected by end of June and will be incorporated into the revised Mineral Resource Estimate targeted for completion in July (see below).
- T3 Mineral Resource Estimate upgrade to include both Zone 1 and Zone 2 mineralisation.
- Drilling at T3 and elsewhere along the T3 Dome is expected to resume after approval of the environmental management plan (EMP) lodged with the Department of Environmental Affairs.
- Drilling to include two potentially significant IP geophysics anomalies north of T3 Resource.
- Complete T20 Dome soil sampling programme to identify drilling targets.
- Systematic drilling of the Zone 3 mineralised contact, below the T3 Resource.
Third Quarter 2017
- Finalise metallurgical, mining and processing studies for the T3 PFS.
The T3 Project 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 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 T3 deposit was discovered in March 2016 when a reverse circulation (“RC”) drill hole intersected 52m @ 2.0% Cu and 32g/t Ag from shallow depth. The maiden T3 JORC compliant Mineral Resource was announced on 26 September 2016. The results of a Scoping Study for an open pit mine at T3 with a 2Mtpa processing plant, an indicative mine life of 10 years and an average production rate of 21,800tpa of copper and 665,000oz pa of silver was released on 6 December 2016. Work on a Pre-Feasibility Study (PFS) commenced in January 2017 and additional deeper copper mineralisation was discovered below the T3 Resource in February 2017.
MOD tabulate details of the current exploration procedures being employed on the project (JORC 2012 Table 1), in the appendix to their news release dated 13 June 2017.
The T3 Prospect geological data and exploration results have been reviewed and approved by Jacques Janse van Rensburg, BSc (Hons), Business Development Manager 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 acts as the Competent 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
|Tel: +44(0)20 7099 0738|
Keith Springall (Finance Director &
|Tel: +44 (0)20 7099 0738|
Spark Advisory Partners
Tel: +44 (0) 2033 683 555
|Tel: +44 (0)1483 413 500|
VSA Capital Limited
|Tel: +44 (0)20 3005 5000|
|Tel: +44 (0)20 3757 4980|
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 interests in two potentially near-production stage silver/lead/zinc mines as well as 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 AIM or NEX Exchange (formerly ISDX) partner with whom the Company is engaged.