6 August 2018
Metal Tiger Plc ("Metal Tiger" or the "Company")
Botswana Copper/Silver Project – A4 Dome Outstanding Drill Intersection Confirmed
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).
- Assay results confirm outstanding copper intersection at A4 Dome, located 8km from T3 Project:
- Hole MO-A4-003D, down hole intersections:
52m @ 1.5% Cu & 14g/t Ag from 232m, including
- 15.5m @ 2.9% Cu & 42g/t Ag, from 269m
- 4.4m @ 5.3% Cu & 90g/t Ag from 280m, and
- 1.9m @ 2.5% Cu & 39g/t Ag from 367m
- Individual narrow (<1m) veins occur throughout the 52m intersection, ranging from 7.8% Cu, up to 15.4% Cu. The highest silver assay of 476g/t Ag is associated with 15.4% Cu at the base of the 52m intersection.
- Mineralisation is stockwork-type, hosted in a sandstone sequence and remains completely open at depth and along strike.
- At the A1 Dome 26km east of the A4 Dome, the second hole (MO-A1-002D), has intersected vein hosted bornite and is currently drilling through visible mineralisation.
Michael McNeilly Chief Executive Officer of Metal Tiger commented:
“We are delighted to announce the outstanding assay results for hole MO-A4-003D on the A4 Dome. It is particularly exciting that the 52m intersection is reminiscent of the T3 Deposit discovery hole, back in March 2016 (52m @2% Cu and 32g/t Ag).
With a pipeline of drill targets identified from aerial electromagnetic geophysics in addition to those on the A4 Dome and A1 Dome, within the wider T3 Dome Complex, we are confident we have the potential for further T3 scale discoveries within the JV exploration holding”.
This announcement coincides with an update released today by MOD which can be viewed through the following link:
A4 Dome Drilling Update
- The circa 5km long A4 Dome is located 8km from the 60Mt T3 Pit Project and planned processing plant.
- The A4 Dome and the A1 Dome, together with the T3 Deposit, form part of the ~700km2 T3 Dome Complex.
- Additional MO-A4-003D assay results are currently awaited, for a potentially significant chalcocite zone, consisting a 6.3m interval of vein and disseminated chalcocite and bornite mineralisation at 587m down hole depth, at the prospective NPF contact, circa 290m below the vein stockwork.
- Assay results are also awaited for MO-A4-004D located 150m to the north of MO-A4-003D.
- The NPF contact hosts most of the resources in the eastern Kalahari Copper Belt, including the 100Mt @ 2% Cu ‘Zone 5’ underground resource planned to be developed by Cupric Canyon Capital, along strike from the T3 Dome Complex.
- Four drill rigs are now testing extensions to the vein stockwork and NPF contact mineralisation, at depth and along strike on 200m spaced sections. Additional drill rigs are being sourced to accelerate drilling along the axis of the A4 Dome.
A1 Dome Drilling Update
- MO-A1-002D, the second hole to test the large A1 Dome located 26km east of A4 Dome, has intersected approximately 4m of visible, vein hosted bornite up to the current depth of this hole at 194m.
- Two drill rigs are currently operating at the A1 Dome.
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|
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.
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; the revised and upgraded T3 Copper/Silver Deposit Mineral Resource Estimate was announced 2nd July 2018; and a Resource re-classification announced 16th July 2018.
On 18 July 2018, MTR and MOD announced they had entered into a binding agreement for MOD to acquire MTR’s 30% interest in the T3 Project and rights for an option to acquire MTR’s interests in any new JV resource which progresses to a scoping study within 3 years of completion of the agreement.
The T3 Open Pit Feasibility Study, towards a decision to mine, is currently underway.