Metal Tiger Plc
15 May 2018
Metal Tiger Plc
("Metal Tiger" or the "Company")
Botswana Copper/Silver Project – Major Drilling Campaign Commences at T3 Dome
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 partner MOD Resources Limited (ASX:MOD) (“MOD”) in the Kalahari Copper Belt in Botswana (70% MOD Resources/30% Metal Tiger).
- Major drilling campaign commences at T3 Dome Complex, following completion of the public review of the Environmental Management Plan announced 4 April 2018.
- T3 Dome now described as a ‘Complex’ due to number targets being identified within its circa 1,000km2.
- Airborne electromagnetic (AEM) geophysics interpretation points to a series of large conductive domes, spread over a wide area. Similar geometries and internal structures to T-Rex Dome which underlies the T3 Deposit.
- Seven buried domes to be drilled initially, circa 60 diamond drill holes planned for Phase 1.
- Drilling underway at A4 Dome, 8km west of T3 Deposit and at A1 Dome, 20km NE of T3.
Michael McNeilly Chief Executive Officer of Metal Tiger commented:
“Using the latest data processing and interpretation techniques the JV’s geophysical contractors have identified a series of prospective structural dome targets within the, 1,000km2, T3 Dome complex. With cross-sectional profiles similar to the T-Rex Dome, the feature associated with the T3 Deposit, these new domes will now be drill tested to confirm they coincide with the favourable geological units and structures associated with the T3 mineralisation. This new drilling programme has the potential to deliver a pipeline of exciting results and hopefully additional T3 Type deposits.”
This announcement coincides with an update released today by MOD which can be viewed through the following link:
T3 Dome Complex
- Processing and interpretation of AEM data to the 500m depth limit of the EM data has identified at least seven conductive domes within the T3 Dome Complex.
- Domes are generally >5km long, 1-2km wide and interpreted to be associated with shallow angle thrusting and stacking of prospective copper belt sediments. Interpretation appears to have defined not only the conductive shell but also the internal structure of several domes.
- Tops of several domes interpreted to start from 50-100m below surface, other domes start at 200-300m depth and are less well defined.
- At the T3 Deposit a distinctive EM conductor, the ‘T3 Marker Unit’, appears to be associated with a 40m thick, locally carbonaceous shale unit with varying degrees of alteration and veining intersected in many of the T3 drill holes.
- Cross sections of interpreted AEM data for five domes are given with initial planned drill hole traces in the MOD announcement of today (see above link).
T3 Dome Complex Planned Drilling Programme
- Approximately 60 diamond core drill holes have been budgeted during the Phase 1 drilling along the T3 Dome Complex, with 4 drill rigs deployed.
- The objective of the planned drilling is to confirm the prospective geological sequence and structures occur within the interpreted domes.
- Holes to be drilled in areas of structural complexity to test for vein hosted deposits of the ‘T3 Type’, and to test the underlying prospective Ngwako Pan Formation (NPF) contact which hosts other substantial copper deposits in the eastern part of the Kalahari Copper Belt.
- A total of 8 diamond core rigs are or will be deployed on the JV licences, in addition to the 4 rigs planned for the T3 Dome Complex, 1 drill rig is working at the T3 Underground Resource and 3 rigs on geotechnical and sterilisation drilling for the T3 Pit Project.
Background information on the T3 Project
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 within the central part of the T3 Dome (approximately 1,000km2), which is the focus of rapidly increasing exploration activity undertaken by the JV. Two significant resources have been discovered to date within the T3 Dome: T1 (Mahumo deposit 100% MOD) and T3 (70% MOD / 30% MTR).
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 (2012) compliant Mineral Resource was announced on 26 September 2016 with the first Resource upgrade announced on 24 August 2017. 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.
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. Mineral Resource estimation and classification of the T3 Copper/Silver Project was conducted and approved by Mr A.I. Pretorius, MSc. Pri.Sci.Nat. an independent consultant to MOD Resources Ltd.
The Phase 2 drilling at the T3 Copper/Silver Deposit commenced on 7th August 2017, with approval granted for the recommencement of both diamond core (DC) and reverse circulation (RC) drilling at the T3 Project and its vicinity, through to December 2018. This includes up to 70 planned diamond core drill holes designed to infill the current Resource and test for possible extensions. The objective of the infill program is to increase geological confidence and upgrade categorisation of the T3 Resource. The programme also includes grid drilling to investigate the potential for an underground Resource down-dip and along strike from the planned open-pit, and to investigate geophysical targets. Drilling approval has been granted for the wider T3 Dome with the acceptance of the T3 Dome EMP announced on 3 April 2018.
The results of the T3 Open Pit Pre-Feasibility Study were announced on 31st January 2018. The T3 Open Pit Feasibility Study, towards a decision to mine, is currently underway.
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 Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Metal Tiger PLC to provide technical support.
In addition to its 30% interest in the JV, Metal Tiger holds 138,800,415 MOD shares, equivalent to 5.996 % of MOD’s issued share capital and 1,541,667 MOD options each exercisable price of 6 cents (Australian) on or before 15 April 2019.
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|
|Stephen Allen or Bhavesh Patel||
RFC Ambrian Ltd
|Tel +44 (0)20 3440 6800|
RFC Ambrian Ltd
|Tel +44 (0)20 3440 6800|
|Tel: +44 (0)1483 413 500|
|Rita Adiani||NRG||Tel: +44 (0)20 3709 4504|
|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, 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.