Metal Tiger Plc
(“Metal Tiger” or the “Company”)
Botswana Copper/Silver Project – T23 Dome Shallow Copper Mineralisation Intersected
Metal Tiger plc (AIM:MTR), the London Stock Exchange AIM listed investor in strategic natural resource opportunities, is pleased to provide an update regarding the exploration activities of the Company’s new Joint Venture (“New JV”), Tshukudu Exploration (Pty) Ltd (“Tshukudu Exploration”), in the Kalahari Copper Belt in Botswana. The Company holds a 30% interest in Tshukudu Exploration via Metal Capital Exploration Limited, with MOD Resources Limited (“MOD”) (ASX:MOD) holding the remaining 70%. For further information on the New JV, please see the Company’s announcements of 18 July 2018 and 16 November 2018.
- Diamond drilling in the first two widely spaced holes at the T23 Dome has intersected visible copper mineralisation at very shallow depth that may be of significant potential
- T23 Dome is the first drilling target on the T20 Exploration Project, located 100km west of the T3 Project, since T4
- T23 is the sixth significant copper mineralisation find on MTR/MOD joint venture licences, over the last 3 years
Holes MO-T23-001D and MO-T23-002D both intersected:
- Near surface, copper oxide mineralisation including narrow veins and fracture zone hosted malachite and chrysocolla
- Primary copper sulphides including disseminated chalcocite, chalcopyrite and bornite hosted within typical D’Kar Formation sediments, from 50m depth above a red sandstone interpreted to be within the Ngwako Pan Formation (NPF)
- Finely disseminated chalcocite has also been reported locally within the NPF
- Assay results for these holes are currently awaited whilst drilling is being stepped up to test specific structural targets elsewhere on the previously unexplored T23 Dome
Michael McNeilly, Chief Executive Officer of Metal Tiger, commented:
“We are delighted to report the intersection of shallow copper mineralisation on the T23 Dome, which forms part of T20 Exploration Project, 100km west of the T3 Project, and is held within the New JV.
Whilst Metal Tiger now holds an indirect interest in the T3 Project through our shareholding in MOD, we continue to explore the wider Kalahari Copper Belt in order to generate significant upside potential through the new, directly held, Tshukudu Exploration joint venture.
With drilling at the T23 Dome returning potentially significant visible copper intersections and rigs being mobilised to follow-up on the previous high-grade intersections at T4, we are looking forward to a potentially exciting new chapter of Kalahari copper discoveries.”
This announcement coincides with an update released today by MOD which can be viewed through the following link: https://www.asx.com.au/asx/share-price-research/company/MOD
T20 Exploration Project & T23 Dome Background
- T23 is a large, structurally complex dome within a regional shear zone, that may extend at least to T4. Identified from airborne magnetic survey data, it is the first new target to be drilled in the northern part of the T20 Exploration Project
- The T20 Exploration Project covers an area of approximately 3,350km2, within the approximately 200km long, Central Structural Corridor (CSC) which hosts both the T3 Project and T1 Resource as well as the large A4 and A1 Domes which have both delivered outstanding recent copper intersections
- The T23 Dome is around 15km west of T4 where reverse circulation drilling in February 2016 intersected 2m @ 6% Cu and 111 g/t Ag from 101m depth, before activities were put on hold in order to focus on T3
- Additional drilling rigs are currently being mobilised to extend the drilling at the T23 Dome and to re-start at T4
- The T23 Dome, like the T3, A4 and A1 Domes, is covered by a surface layer of sand and calcrete, which has masked the underlying copper mineralisation
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 and 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 to provide technical support.
Following the sale of the Company’s interest in the T3 Project (announced 16 November 2018), in addition to its 30% interest in the New JV, Metal Tiger holds: 31,064,220 MOD ordinary shares, representing approximately 12.5% of MOD’s issued share capital; 40,673,566 unquoted options with a nil exercise price expiring on 15 November 2021; and 154,167 options over MOD ordinary shares, each exercisable at AU$0.06 per MOD ordinary share 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|
|Mark Potter||(Chief Investment Officer)|
|Strand Hanson Limited (Nominated Adviser)||Tel +44 (0)20 7409 3494|
|Nick Emerson||SI Capital (Broker)||Tel: +44 (0)1483 413 500|
|Camarco (Financial PR)||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 base, precious and strategic metals focus.
The Company’s target is to deliver a high return for shareholders by investing in significantly undervalued and/or high potential opportunities in the mineral exploration and development sector. The Company’s key strategic objective is to ensure the distribution to shareholders of major returns achieved from disposals. Metal Tiger has two investment divisions, Direct Equities and Direct Projects.
The Direct Equities division invests in undervalued natural resource companies listed on AIM, the ASX and the TSX. Through the trading of equities and warrants, Metal Tiger seeks to generate cash for investment in the Direct Projects division.
Metal Tiger’s Direct Projects division is focused on the development of its key project interests in Botswana, Spain and Thailand. In Botswana, Metal Tiger, through its 12.5% interest in MOD Resources Limited and related JV, 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 lead/zinc/silver mines as well as licences, applications and critical historical data covering antimony, copper, gold, lead, zinc and silver opportunities.
The Company actively assesses new investment opportunities on an on-going basis and has access to a diverse pipeline of new opportunities in the natural resources and mining sectors. For pipeline opportunities deemed sufficiently attractive, Metal Tiger may invest in the project or entity by buying publicly listed shares, by financing privately and/or by entering into a joint venture.
Background information on the T3 Project
The T3 Project is located on the Kalahari Copper Belt in northern Botswana and is a Copper/Silver Project. T3 is located within the central part of the T3 Dome Complex (approximately 1,000 km2), which is the focus of rapidly increasing exploration activity undertaken by MOD. Two significant resources have been discovered to date within the T3 Dome: T1 (Mahumo deposit 100% MOD) and T3 (100% MOD).
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 Estimate 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 Phase 2 drilling at the T3 Copper/Silver Deposit commenced on 7 August 2017, with approval granted for the recommencement of both diamond core (“DC”) and RC drilling at the T3 Project and its vicinity, through to December 2018 (which has subsequently been extended to December 2020). This included 90 DC drill holes designed to infill the Resource and test for possible extensions. The objective of the infill programme 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 31 January 2018; the revised and upgraded T3 Copper/Silver Deposit Mineral Resource Estimate was announced on 2 July 2018; and a Resource re-classification announced on 16 July 2018.
The T3 Open Pit Feasibility Study, towards a decision to mine, is currently underway.
Outside of the T3 Project licence area, Tshukudu Exploration, the Metal Tiger (30%) and MOD (70%) joint venture, continues to conduct regional exploration on the highly prospective Kalahari Copper Belt.