2 Aug 2016 08:21
Metal Tiger Plc
2 August 2016
Metal Tiger Plc
("Metal Tiger" or the "Company")
Botswana – further high grade copper intersections
Metal Tiger plc (LON:MTR) the London Stock Exchange AIM listed investor in strategic natural resource opportunities is pleased to provide an update with regard to the diamond drilling programme at the Company’s Joint Venture (“JV”) project with partners MOD Resources (ASX:MOD) in the Kalahari Copper Belt in Botswana (70% MOD Resources / 30% Metal Tiger).
Technical highlights in respect of progress on the Target 3 (T3) Prospect, Phase 1 Resource Diamond Drilling Programme (the “Resource Programme”) are provided below. In addition, we would refer to the announcement released today by MOD Resources which contains images and diagrams that may assist readers in an understanding of the project and the drilling being undertaken. This announcement can be viewed through the following link.
http://search.asx.com.au/s/search.html?query=mod&collection=asx-meta&profile=web
Paul Johnson Chief Executive Officer of Metal Tiger commented
“We are delighted to report the continuing stream of high grade intersections for the western half of our joint venture T3 Resource Programme. Following on from the 6.2m @ 7.8% Cu & 209g/t Ag intersection in hole MO-G-20D we reported last week, today’s reported 32.6m @ 1.6% and 45.5m @ 2.0% Cu in holes MO-G-24D and MO-G-25D respectively, helps build the higher grade copper trend out into the western half of the T3 deposit. We look forward to reporting the assays results from a further 12 holes which all contain visibly strong copper mineralisation as the results become available”
Highlights:
Assay results confirm significant copper and silver intersections for a further three diamond drill (DD) holes (MO-G-23D to MO-G-25D) within the Resource Programme area. Key intersections are outlined below. Diamond drill hole MO-G-25D has a wide intersection of 45.5m @ 2.0% Cu, 36g/t Ag & 237ppm Mo, including vein hosted mineralisation grading 14.2m @ 4.1% Cu & 89g/t Ag. Located on the same E-W profile hole MO-G-24D also has a wide intersection of 32.6m @ 1.6% Cu at comparable depths. High Molybdenum assays also noted for MO-G-25D: 14.2m @ 686ppm Mo including 0.7m @ 7,386ppm Mo. These latest results combined with those reported on 26th July, appear to extend the central footprint of higher grade mineralisation into the western part of the Resource Programme area. Visual inspection of core from all 12 of the resource holes currently awaiting assay (MO-G-26D to MO-G-37D) has noted significant vein and disseminated sulphides. The deep drill hole to test the Induced Polarisation (“IP”) geophysics anomaly, located circa 400m down dip, to the north of the current Resource Programme area, is now nearing the target depth.Resource Programme Progress
35 DD holes have now been completed and 2 DD holes are currently in progress within the Resource Programme. With 3 diamond drill rigs dedicated to the Resource drilling, the work is on track to complete a maiden Resource in Q3 2016.
Key results for latest down-hole intersections include: Hole MO-G-23D 6.3m @ 1.9% Cu & 16g/t Ag from 159.0m Hole MO-G-24D 32.6m @ 1.6% Cu & 22g/t Ag from 146.0m, including: 9.0m @ 2.5% Cu & 23g/t Ag from 154.0m 8.0m @ 2.2% Cu & 52g/t Ag from 168.0m 4.5m @ 3.3% Cu & 53g/t Ag from 184.5m 12.om @ 0.9% Cu & 16g/t Ag from 199.0m Hole MO-G-25D 45.3m @ 2.0% Cu, 36g/t Ag & 237ppm Mo from 131.0m, including: 30.3m @ 2.7% Cu, 53g/t Ag & 349ppm Mo from 146.0m 14.2m @ 4.1% Cu, 89g/t Ag & 686ppm Mo from 152.0m 1.0m @ 9.7% Cu, 169g/t Ag & 533ppm Mo from 183.6m 2.0m @ 3.6% Cu & 69g/t Ag from 194.0m 1.5m @ 1.8% Cu & 35g/t Ag from 199.6mAll holes were designed to intersect the northerly dipping mineralisation at depth, and are orientated with an azimuth of 160deg and dip of 60deg. MO-G-023D reached a down hole depth of 206m, MO-G-24D reached 227m and MO-G-25D reached 221m.
Holes MO-G-023D to MO-G-025D are located on the same E-W profile at 100m spacing.
A table of the drill collar locations is provided in the MOD release referenced above. Results from the continuing drilling programme will be released as they become available following geological interpretation.
Current Exploration Programme Plan
The Resource drilling programme at T3 is concentrating on the current 1,000m strike length of the T3 deposit, delineating the upper (UZ) and lower (LZ) copper/silver mineralisation, from circa 60m vertical depth to 200m depth. The majority of the resource drill holes are drilled perpendicular to the mineralisation host sequence dip, therefore the mineralisation intersections are interpreted to be near to true width. The planned programme currently consists of a further 33 diamond core drill holes at 100m collar spacing (subject to assay results planned holes may be added / removed to enlarge / reduce the Resource area envelope).
Given the drilling rates achieved to date, the completion of the maiden Mineral Resource estimate for T3 is still planned for Q3 2016. Two additional diamond drilling rigs have been provided by the project’s drilling contractor Discovery Drilling in case the resource drilling rates need to be increased. These rigs are currently on-standby at no cost to the project.
Location
The T3 Prospect 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 approximately 70km NE of the project’s Tshimologo (T4) Prospect and is located parallel to the same structural trend known as the Mahumo Structural Corridor, that hosts MOD’s Mahumo Project (circa 20km NE of T3) and Cupric Capitals’ Banana Zone Deposit (60km NE) and Zone 5 Project (120km NE).
MOD outline details of the current exploration procedures being employed on the project (JORC 2012 Table 1), a drill plan and drill collar locations in their news release dated 2 August 2016. The work is being managed on the ground by MOD’s Competent Person, Mr Jacques Janse van Rensburg, BSc (Hons), General Manager Exploration (Africa).
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 meets the criteria of a qualified 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 consultant working for Mining Analyst Consulting Ltd which has been retained by Metal Tiger PLC to provide technical support.
For further information on the Company, visit: www.metaltigerplc.com:
| Paul Johnson (Chief Executive Officer) | Tel: +44 (0)7766 465 617 | ||||
| Terry Grammer (Non- Executive Chairman) | Tel: +44 (0)207 099 0738 | ||||
| Sean Wyndham-Quin | Spark Advisory Partners Limited | Tel: +44 (0) 2033 683 555 | |||
| Neil Baldwin | (Nominated Adviser) | www.sparkadvisorypartners.com | |||
| Nick Emerson | SI Capital | Tel: +44 (0) 1483 413 500 | |||
| Andy Thacker | (Sole Broker) | ||||
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 Metal Tiger the Company has tungsten and gold interests in the highly mineralised Extremadura region. In Thailand Metal Tiger has expanding interests over 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 ISDX or AIM partner with whom the Company is engaged.
Metal Tiger also has an Asset Trading Division that holds various financial instruments for trading purposes including equities, warrants and royalty income. The aim of the division is to generate profits to reinvest into the Company’s project based activities.
Note: This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation.
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