Metal Tiger Plc
9 July 2018
Metal Tiger Plc
("Metal Tiger" or the "Company")
Botswana Copper/Silver Project – A4 Dome Visible Copper
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).
- Significant visible copper sulphides logged in MO-A4-003D the latest diamond drill hole testing the A4 Dome. Hole is targeting the core of A4 Dome, 1.8km west of MO-A4-001D which intersected a wide zone of trace mineralisation (announced 12 June 2018).
- Strong visible copper mineralisation intersected in veins currently over a 67m downhole interval commencing from 232m to 299m downhole depth.
- Dominant copper vein mineralisation is chalcopyrite, with localised bornite and chalcocite increasing with depth in the vein zone.
- Drilling of MO-A4-003D continues with current depth circa 334m and a target depth of >600m to test deeper geophysical targets defined from airborne electromagnetic (EM) data and to test the prospective Ngwako Pan Formation (NPF) contact inferred below the target sequence.
- Mineralised core from MO-A4-003D is being processed through the JV’s sample preparation facility in Ghanzi and will be assayed as soon as possible.
- A third drill rig has commenced drilling at A4 Dome with three holes now in progress (MO-A4-002D, MO-A4-003D, MO-A4-004D).
- A4 Dome is first of seven ‘buried domes’ to be drilled in T3 Dome Complex as part of a major drilling campaign, with five drill rigs now operating.
Michael McNeilly Chief Executive Officer of Metal Tiger commented:
“We are delighted to report that the latest drill hole testing the core of the A4 Dome has intersected what looks to be significant copper sulphide mineralisation. The onsite geologists are particularly excited by the stockwork morphology of the mineralisation which is a style previously unseen by the JV drilling. This has further implications in that the A4 Dome appears to be an intact dome, so any vein hosted mineralisation deposited within the dome should still be there. Everyone is looking forward to receiving the assay results.”
This announcement coincides with an update released today by MOD which can be viewed through the following link:
A4 Dome Drilling Summary
- A4 Dome is the first of many ‘buried domes’ planned to be drilled within the ~700km2 T3 Dome Complex (see below).
- MO-A4-003D is continuing to a target depth of >600m to test deeper conductive zones defined from airborne EM geophysics data and to test the prospective NPF contact inferred below the target sequence.
Drill hole status at A4 Dome, by start date:
1st hole - MO-A4-001D: eastern end of the A4 Dome.
- Hole terminated at 518m as it would not intersect the core of the dome interpreted from EM data.
- Intersected wide interval with quartz/carbonate veins, many with traces of fine to coarse copper sulphides, from approximately 360m down hole depth (announced 12 June 2018).
2nd hole - MO-A4-002D: collar 1.0km west of MO-A4-001D;
- Current depth 328m, drilling underway, testing the core of A4 Dome.
3rd hole - MO-A4-003D: collar 1.8km west of MO-A4-001D;
- Current depth 334m, drilling underway, testing the core of A4 Dome.
- Intersected the top of the A4 Dome at the depth interpreted from the EM data, and then intersected numerous quartz/carbonate veins in a zone starting from approximately 232m down hole depth.
4th hole - MO-A4-004D: collar 150m up-dip (north) of MO-A4-003D;
- Drilling underway, designed to test the core of A4 Dome.
- PROPOSED 5th hole is 150m down-dip (south) of MO-A4-003D.
- 1st hole - MO-A4-001D: eastern end of the A4 Dome.
T3 Dome Complex Programme Background
- T3 Dome Complex Drilling Programme is a major drilling campaign to test numerous geophysical targets along the T3 Dome Complex (announced on 15 May 2018).
- Approximately 60 diamond core drill holes have been budgeted during the Phase 1 drilling along the T3 Dome Complex.
- The objective of the planned drilling is to confirm the prospective geological sequence and structures occur within the initial seven interpreted domes.
- Holes are being 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.
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 included 90 diamond core drill holes designed to infill the 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 included 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 and the revised and upgraded T3 Copper/Silver Deposit Mineral Resource Estimate, comprising 60Mt @ 0.98% Cu and 14 g/t Ag (containing 590.4Kt Cu and 26.9Moz Ag), was announced 2nd July 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 13,880,042 MOD shares, equivalent to 5.996 % of MOD’s issued share capital and 154,167 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|
|Charlie Cryer||RFC Ambrian Ltd||Tel +44 (0)20 3440 6800|
|Tel: +44 (0)1483 413 500|
|Rita Adiani||NRG||Tel: +44 (0)20 3709 4504|
|Gordon Poole||Camarco||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.