MTR.L Regulatory News (MTR)

20 Dec 2018 07:00

20 December 2018

Metal Tiger PLC (“Metal Tiger” or the “Company”)

Botswana Copper/Silver Project – A4 Dome Drilling Update

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 Joint Venture (the “JV”), Tshukudu Exploration (Pty) Ltd (“Tshukudu Exploration”), in the Kalahari Copper Belt in Botswana.

Highlights

First phase of drilling at the 5km long A4 Dome has completed with 18 of 20 holes intersecting copper mineralisation. The A4 Dome lies only 8km from the planned processing plant for MOD Resources Limited’s (“MOD”) T3 Project. Drill hole intersections include significant widths and grades of both vein and Ngwako Pan Formation (“NPF”) contact type mineralisation. Potential for A4 Dome mineralisation is open with approximately one third (1.6km) of the prospective 5km strike drilled to date. High-level conceptual underground mining study, conducted by independent consultants Entech Pty Ltd, gives positive outcomes for a combination of room-and-pillar and long hole open stoping mining of NPF contact related mineralisation via a decline from surface. Decision to progress the A4 Dome programme towards a potential mineral resource estimate is expected to be made early 2019. Assay results include:

Vein hosted intersections along 600m of A4 Dome (west to east):

Hole MO-A4-010D 27.0m @ 1.1% Cu and 20g/t Ag from 394m, including 9.0m @ 2.1% Cu & 39g/t Ag from 412m Hole MO-A4-008D 42.9m @ 1.00% Cu and 19g/t Ag from 258m, including 3.4m @ 2.4% Cu & 41g/t Ag from 297m Hole MO-A4-003D 52.0m @ 1.50% Cu and 14g/t Ag from 232m, including 15.5m @ 2.9% Cu & 42g/t Ag from 269m (announced previously) Hole MO-A4-019D 15.0m @ 1.10% Cu and 16g/t Ag from 39m, including 21.0m @ 1.1% Cu & 8g/t Ag from 59m

NPF contact hosted intersections along 1.4km of A4 Dome (west to east):

Hole MO-A4-020D 31.0m @ 1.00% Cu and 10g/t Ag from 538m, including 2.8m @ 4.9% Cu & 567g/t Ag from 567m Hole MO-A4-003D 31.2m @ 1.10% Cu and 11g/t Ag from 560m, including 5.0m @ 2.2% Cu & 22g/t Ag from 586m (announced previously) Hole MO-A4-014D 50.3m @ 0.90% Cu and 9g/t Ag from 451m, including 5.3m @ 1.9% Cu & 21g/t Ag from 496m Hole MO-A4-012D 26.6m @ 1.10% Cu and 11g/t Ag from 520m, including 6.6m @ 2.1% Cu & 25g/t Ag from 540m

Michael McNeilly, Chief Executive Officer of Metal Tiger, commented:

“We are delighted to report the results of the first phase of drilling and a preliminary conceptual underground mining study on the A4 Dome, both of which indicate the potential for another significant copper resource only 8km from the planned T3 Project processing plant.

The findings provide strong support for a decision to step out the drilling to the rest of the A4 Dome prospective target area and start to work towards a A4 Dome maiden resource in early 2019. We look forward to updating shareholders on our progress in the new year.”

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

A4 Dome Drilling Background

A4 Dome is an approximately 5km structural formation located 8km from the 60Mt (@ 0.98% Cu and 14g/t Ag) T3 Pit Project and planned processing plant. A4 Dome and the A1 Dome, together with the T3 Deposit, form part of the approximately 700km2 T3 Dome Complex. A4 Dome drilling displays two distinct mineralisation types, vein-hosted mineralisation associated with structures in the upper part of the dome and NPF contact hosted mineralisation which indicates there may potentially be a continuous blanket below the dome. The NPF contact is the basal contact of the copper host sequence (D’Kar Formation), overlying the distinctive oxidised red sandstone sequence (Ngwako Pan Formation). NPF contact mineralisation at the A4 Dome commonly occurs as a shallow dipping, 3-6m wide zone of locally high-grade chalcocite mineralisation, generally between 1.5% to 2.4% Cu, overlain by wide zones (15-50m down hole widths) of disseminated copper sulphides which average between approximately 0.9% and 1.1% Cu. NPF mineralisation has similarities to deposits in other sediment hosted copper belts (e.g. Zambian/DRC Copper Belt) where the increasing concentration of high grade, high tenor chalcocite towards the basal contact is referred to as ‘bottom-loading’. NPF contact is an important regional target in the Kalahari Copper Belt as it hosts substantial deposits including the 100Mt @ 2% Cu ‘Zone 5’ resource held by Cupric Canyon Capital, over 100km east of A4 Dome.

A4 Dome Conceptual Mining Study

Independent underground mining consultants, Entech Pty Ltd, have undertaken a preliminary, conceptual underground mining study of the A4 Dome using inputs from one of Australia’s leading underground mining service providers, Barminco, a subsidiary of AusDrill. Study focused on concept of developing a decline to access the NPF contact, with relatively low-cost room-and-pillar ore extraction of higher-grade contact mineralisation and long hole open stoping of the overlying, disseminated mineralisation. While the underground mining study is only conceptual and has focused on the NPF contact at this stage, the preliminary findings are considered by the Metal Tiger Board to be very encouraging. Decision to expand drilling coverage along the A4 Dome and work towards a potential maiden mineral resource estimate, to include both NPF contact and the shallower vein hosted mineralisation, is expected to be made by the JV early 2019.

A4 Dome Significant Drilling Intersection Results

Assay results from significant drill hole intersections at A4 Dome:

HOLE_ID		SIGNIFICANT DOWNHOLE INTERSECTIONS		Mineralisation Style		Assay Status
MO-A4-001D		0.7m @ 3.7% Cu & 69g/t Ag from 439m		Vein		Complete
MO-A4-002D		1.3m @ 1.3% Cu & 35g/t Ag from 421m		Vein		Complete
MO-A4-003D		52m @ 1.5% Cu & 14g/t Ag from 232m, including		Vein		Complete
		15.5m @ 2.9% Cu & 42g/t Ag from 269m		Vein
		31.2m @ 1.1% Cu & 11g/t Ag from 560m, including		NPF
		5m @ 2.2% Cu & 22g/t Ag from 586m		NPF
MO-A4-004D		2.8m @ 1.7% Cu & 36g/t Ag from 248m		Vein		Complete
		19.3m @ 1.0% Cu & 10g/t Ag from 485m, including		NPF
		4.3m @ 2.3% Cu & 21g/t Ag from 500m		NPF
MO-A4-005D		0.5m @ 2.1% Cu & 29g/t Ag from 412m		Vein		Complete
		6.9m @ 1.7% Cu & 16g/t Ag from 471m, including		NPF
		3.6m @ 2.4% Cu & 24g/t Ag from 474m		NPF
MO-A4-006D		1m @ 2.2% Cu & 32g/t Ag from 159m		Vein		Complete
		1.4m @ 1.5% Cu & 32g/t Ag from 194m, including		Vein
		0.4m @ 3.1% Cu & 67g/t Ag from 195m		Vein
		19.7m @ 0.9% Cu & 8g/t Ag from 561m, including		NPF
		4.3m @ 1.4% Cu & 13g/t Ag from 564m		NPF
MO-A4-007D		4m @ 1.8% Cu & 34g/t Ag from 240m		Vein		Complete
		7.8m @ 1.2% Cu & 29g/t Ag from 327m, including		Vein
		0.8m @ 6.2% Cu & 156g/t Ag from 334m		Vein
		20.7m @ 0.9% Cu & 9g/t Ag from 530m, including		NPF
		7m @ 1.3% Cu & 12g/t Ag from 530m		NPF
		4m @ 1.5% Cu & 15g/t Ag from 547m		NPF
MO-A4-008D		0.5m @ 11.2% Cu & 99g/t Ag from 165m		Vein		Complete
		7.4m @ 1.3% Cu & 30g/t Ag from 231m		Vein
		42.9m @ 1.0% Cu & 19g/t Ag from 258m, including		Vein
		9.8m @ 1.4% Cu & 26g/t Ag from 265m		Vein
		9.1m @ 1.5% Cu & 31g/t Ag from 282m		Vein
		3.4m @ 2.4% Cu & 41g/t Ag from 297m		Vein
		4.6m @ 1.0% Cu & 10g/t Ag from 369m		Vein
		15m @ 0.9% Cu & 8g/t Ag from 570m		NPF
MO-A4-009D		4.5m @ 1.0% Cu & 8g/t Ag from 237m, including		Vein		Complete
		0.6m @ 3.8% Cu & 49g/t Ag from 241m		Vein
		2m @ 1.0% Cu & 17g/t Ag from 433m		Vein
		2.6m @ 1.1% Cu & 10g/t Ag from 453m		Vein
		19.7m @ 1.0% Cu & 10g/t Ag from 467m, including		NPF
		5.7m @ 1.2% Cu & 12g/t Ag from 481m		NPF
MO-A4-010D		27m @ 1.1% Cu & 20g/t Ag from 394m, including		Vein		Complete
		9m @ 2.1% Cu & 39g/t Ag from 412m		Vein
		25m @ 0.9% Cu & 8g/t Ag from 564m, including		NPF
		4m @ 1.7% Cu & 18g/t Ag from 585m		NPF
MO-A4-011D		4.5m @ 1.2% Cu & 4g/t Ag from 186m		Vein		Complete
		4.4m @ 1.9% Cu & 17g/t Ag from 628m		NPF
MO-A4-012D		26.6m @ 1.1% Cu & 11g/t Ag from 520m, including		NPF		Complete
		6.6m @ 2.1% Cu & 25g/t Ag from 540m		NPF
MO-A4-013D		31.4m @ 0.9% Cu & 8g/t Ag from 464m, including		NPF		Complete
		4.7m @ 1.6% Cu & 16g/t Ag from 490m		NPF
MO-A4-014D		50.3m @ 0.9% Cu & 9g/t Ag from 451m, including		NPF		Complete
		5.3m @ 1.9% Cu & 21g/t Ag from 496m		NPF
MO-A4-015D		8m @ 1.3% Cu & 23g/t Ag from 245m		Vein		Complete
		21m @ 0.9% Cu & 8g/t Ag from 454m, including		NPF
		4m @ 1.3% Cu & 12g/t Ag from 471m		NPF
MO-A4-018D		11.1m @ 0.6% Cu & 6g/t Ag from 481m		NPF		Complete
MO-A4-019D		15m @ 1.1% Cu & 16g/t Ag from 39m		Vein		Partial
		21m @ 1.1% Cu & 8g/t Ag from 59m		Vein
MO-A4-020D		9.9m @ 0.8% Cu & 7g/t Ag from 505m		Vein		Complete
		31.5m @ 1.0% Cu & 10g/t Ag from 538m, including		NPF
		2.8m @ 4.9% Cu & 54g/t Ag from 567m		NPF

NOTES: Includes intersections previously announced. MO-A4-001D and MO-A4-002D: Hole lifted and missed target. MO-A4-016D: Lifted and terminated before target. MO-A4-017D: Hole to be deepened to test for NPF. MO-A4-018D: Edge target area. MO-A4-019D: Hole stopped above NPF. All down hole intersection ‘from depth’ rounded. A table of drill hole parameters and associated JORC Code 2012 Table 1 is given in the MOD ASX announcement of today, see link above.

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.

Metal Tiger holds a 30% interest in Tshukudu Exploration via Metal Capital Exploration Limited, with MOD holding the remaining 70%. For further information on the JV, please see the Company’s announcements of 18 July 2018 and 16 November 2018. In addition, the Company currently 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)
Richard Tulloch James Dance Jack Botros		Strand Hanson Limited (Nominated Adviser)		Tel +44 (0)20 7409 3494
Nick Emerson		SI Capital (Broker)		Tel: +44 (0)1483 413 500
Gordon Poole James Crothers Monique Perks		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 1,000km2), 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.

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