9 March 2020
Metal Tiger plc
("Metal Tiger" or the "Company")
Kalahari Metals Limited: Drilling Programme Commences at Kitlanya East and Licence Renewals
Metal Tiger plc (AIM: MTR), the London Stock Exchange AIM listed investor in natural resource opportunities, is pleased to provide an update for the Botswana copper focussed explorer, Kalahari Metals Limited (“KML”).
Drilling rig mobilisation is currently underway to commence the testing of copper-silver prospective contacts and structures at the Kitlanya East Project (“KIT-E”), later this week. This Phase 1 Drilling Programme is expected to consist of at least four diamond core holes, totalling a planned 1,200m of drilling. The holes will target mineralisation associated with the D’Kar Formation (“DKF”) – Ngwako Pan Formation (“NPF”) stratigraphic redox contact (“DKF-NPF contact”), as well as potential anticlinal structures, which may host mineralisation above the DKF-NPF contact.
In addition, the Botswana Department of Mines has granted prospecting licence renewals for 100% of the original licence areas, covering both KIT-E and the Kitlanya West Project (“KIT-W”), for a further two years. KML’s agreed work programme includes soil geochemistry sampling, targeting shallow mineralisation, in an interpreted anticlinal structure to the south of the Phase 1 Drilling Programme, which is planned to start in late March 2020.
Michael McNeilly, Chief Executive Officer of Metal Tiger, commented:
“We are pleased to report that KML is commencing an inaugural diamond drilling programme at their Kitlanya East Project on the Kalahari Copper Belt in Botswana. The commencement of core drilling represents an important step in targeting copper-silver mineralisation and will seek to test shallow geological settings analogous to those in the Sandfire Resources T3 Deposit and A4 Dome project, located directly to the north. We look forward to providing further updates as the drill programme progresses.”
KIT-E Project Drilling Programme
The Phase 1 Drilling Programme at KIT-E consists of a planned 1,200m of core drilling over an initial four holes (Figure 1). Drilling will focus on an interpreted northern anticlinal structure where the detailed airborne electromagnetic (“AEM”) survey has identified compelling fold structures, possibly related to marker conductor units in the lower DKF stratigraphy. Drilling will aim to confirm the presence of NPF which will significantly upgrade the potential for shallow mineralisation in this target.
In addition to stratigraphic information, drilling will target Copper-silver mineralisation associated with the traditional DKF-NPF contact as well as potential folded trap sites which may sit above the contact.
Link to Figure 1: Map of KIT-E Phase 1 Drilling Programme planned drill collars over lithological interpretation from detailed magnetic data with AEM conductors highlighted.
KIT-E Project Soil Sampling Programme
A new soil geochemical sampling programme is planned to commence on an interpreted anticline target (Southern Anticline) situated to the south of the Phase 1 Drill Programme (Figure 2), towards the end of March 2020.
The soil programme has been designed to corroborate anomalous Zinc (and Copper) identified in regional soil sampling traverses, as well as testing for further potential anomalies in the central part of the interpreted anticline where lower DKF stratigraphy and associated mineralisation may be present at shallow depths. A total of 2,000 samples are planned along thirteen 1km spaced traverses.
Link to Figure 2: Planned soil sampling traverses (purple lines) overlain on lithological interpretation from regional magnetic data. Zinc (and Copper) anomalies from regional sampling are highlighted.
Prospecting Licence Renewals
The Botswana Department of Mines has granted licence renewals for both KIT-E and KIT-W projects (PL342/2016, PL343/2016, PL070/2017, PL071/2017, and PL072/2017). The renewals cover 100% of the original licence area and are valid for a further two years.
Kalahari Metals Limited, which was incorporated in England & Wales on 3 May 2017, holds interests in 12 highly prospective exploration licences covering a total area of 8,595km2 in the Kalahari Copper Belt of Botswana, comprising two 100% owned exploration licences, five exploration licences subject to a binding earn-in agreement with Triprop Holdings (Pty) Limited (includes the Ngami Copper Project), and five exploration licences held by 100% owned subsidiary, Kitlanya Limited.
As announced on 14 February 2020, Metal Tiger holds approximately 62.2% of KML together with a conditional 2% net smelter royalty over all KML’s wholly owned licences, being seven licences covering, in aggregate, 6,650km2 (together, the “Royalties”). The five exploration licences owned by Triprop Holdings (Pty) Limited (in which KML has a 51% interest) do not form part of the Royalties.
This announcement contains inside information for the purposes of the market abuse regulation (EU No. 596/2014) (“MAR”).
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|
|Arden Partners plc (Broker)||Tel: +44 (0)20 7614 5900|
|Camarco (Financial PR)||Tel: +44 (0)20 3757 4980|
Notes to Editors:
Metal Tiger plc is admitted to the AIM market of 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. Metal Tiger has two investment divisions: Direct Equities and Direct Projects.
The Direct Equities Division invests in undervalued natural resource companies. The majority of its investments are listed on AIM, the TSX and the ASX, which includes its 3.5% interest in Sandfire Resources NL (ASX: SFR). The Company also considers selective opportunities to invest in private natural resource companies, typically where there is an identifiable path to IPO. Through the trading of equities and warrants, Metal Tiger seeks to generate cash for investment in the Direct Projects Division.
The Direct Projects Division is focused on the development of its key project interests in Botswana, Kalahari copper/silver belt through its interest in Kalahari Metals Limited. In Thailand, Metal Tiger has interests in two potentially near-production stage lead/zinc/silver mines as well as license 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.