MTR.L Regulatory News (MTR)

4 Oct 2018 07:00

Metal Tiger Plc4 October 2018

Metal Tiger Plc("Metal Tiger" or the "Company")

Botswana Copper/Silver Project – A4 Dome Intersection Update

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).

Highlights:

Latest batch of assay results confirm further copper intersections at A4 Dome, located 8km from T3 Project: Hole MO-A4-008D, down hole intersections: 42.9m @ 1.0% Cu & 19g/t Ag from 258m, including; 9.8m @ 1.4% Cu & 26g/t Ag, from 265m; and 9.1m @ 1.5% Cu & 31g/t Ag, from 282m Infill drilling has commenced to determine whether MO-A4-008D correlates with the 52m @ 1.5% Cu intersection in MO-A4-003D (reported on 6 August 2018) Latest assays for the target NPF contact intersected in three holes (downhole intersections): Hole MO-A4-003D: 5.0m @ 2.2% Cu & 22g/t Ag from 586m Hole MO-A4-004D: 4.3m @ 2.3% Cu & 21g/t Ag from 500m Hole MO-A4-005D: 6.9m @ 1.7% Cu & 16g/t Ag from 471m, including 3.6m @ 2.4% Cu & 24g/t Ag, from 474m Ten drill holes in the core of the A4 Dome have NPF contact intersections consisting visible, disseminated, locally bedded and locally vein hosted chalcocite mineralisation. Three holes with assays received to date, have NPF intersections >2% Cu. Drilling at A4 Dome is now concentrating within a 1,600m long by 800m wide zone in the centre of the dome, the “Target Zone”, initially at 200m by 200m drill spacing. Targeting vein hosted mineralisation and extensions to the NPF contact mineralisation. Further structural targets are also being drilled 1 km west of the Target Zone (MO-A4-17D).

Michael McNeilly Chief Executive Officer of Metal Tiger commented:

“We are very pleased to provide an update on drilling results at the A4 Dome, where drilling continues to build out copper mineralisation within a 1.6km by 800m target area. Whilst we are still in the early stages of understanding the distribution of copper within the A4 Dome, we are encouraged by the size and tenor of the target outlined thus far, and the proximity of the planned T3 Processing Plant makes the prospect of delineating a new satellite deposit even more compelling.”

This announcement coincides with an update released today by MOD which can be viewed through the following link:http://search.asx.com.au/s/search.html?query=mod&collection=asx-meta&profile=web

A4 Dome Background & Drilling Update

The circa 5km long A4 Dome is located 8km from the 60 Mt 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. 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. The NPF contact is similar to other geological contacts which host substantial flat lying sediment hosted copper deposits in other global copper belts. The A4 Dome is a test case for the wider potential of the NPF contact mineralisation which may underly a large part of the T3 Dome Complex. Mineralisation at the T4 prospect located on the northern margin of the T20 Dome, 100km west of T3, also occurs above the NPF contact. Drilling is planned to commence at the T20 Dome in late October. The JV core yard is currently processing an average of 180 samples per day utilising an automated core saw and the onsite sample preparation facility. Due to the volume of samples produced, there is currently a bottleneck at the assay laboratory in Johannesburg, to alleviate this temporary bottleneck samples from key mineralised intersections are being prioritised for assay. Key down-hole intersections from the latest batch of diamond drill hole assay results for the A4 Dome drilling programme with mineralisation type and assay status, include: Hole MO-A4-001D 0.7m @ 3.7% Cu & 69g/t Ag from 439m (Vein, assay complete) Hole MO-A4-002D 1.3m @ 1.3% Cu & 35g/t Ag from 421m (Vein, assay complete) Hole MO-A4-003D 52.0m @ 1.5% Cu & 14g/t Ag from 232m, including (Vein, assay complete) 15.5m @ 2.9% Cu & 42g/t Ag from 269m 31.2m @ 1.1% Cu & 11g/t Ag from 560m, including (NPF) 5.0m @ 2.2% Cu & 22g/t Ag from 586m Hole MO-A4-004D 2.8m @ 1.7% Cu & 36g/t Ag from 248m (Vein, assay complete) 19.3m @ 1.0% Cu & 10g/t Ag from 485m, including (NPF) 4.3m @ 2.3% Cu & 21g/t Ag from 500m Hole MO-A4-005D 0.5m @ 2.1% Cu & 29g/t Ag from 412m (Vein, assay in progress) 6.9m @ 1.7% Cu & 16g/t Ag from 471m, including (NPF) 3.6m @ 2.4% Cu & 24g/t Ag from 474m Hole MO-A4-006D 1.0m @ 2.2% Cu & 32g/t Ag from 159m (Vein, assay in progress) 1.4m @ 1.5% Cu & 32g/t Ag from 194m, including (NPF) 0.4m @ 3.1% Cu & 67g/t Ag from 195m Assay data from visible NPF mineralisation awaited. Hole MO-A4-007D 5.8m @ 1.5% Cu & 35g/t Ag from 329m, including (Vein, assay in progress) 1.0m @ 1.4% Cu & 27g/t Ag from 329m, including 0.8m @ 6.2% Cu & 156g/t Ag from 334m Assay data from visible NPF mineralisation awaited. Hole MO-A4-008D 0.5m @ 11.2% Cu & 99g/t Ag from 165m (Vein, assay in progress) 7.4m @ 1.3% Cu & 30g/t Ag from 231m 42.7m @ 1.0% Cu & 19g/t Ag from 258m, including 9.8m @ 1.4% Cu & 26g/t Ag from 265m 9.1m @ 1.5% Cu & 31g/t Ag from 282m 3.4m @ 2.4% Cu & 41g/t Ag from 297m Assay data from visible NPF mineralisation awaited. Hole MO-A4-009D 4.5m @ 1.0% Cu & 8g/t Ag from 237m (Vein, assay in progress) 0.6m @ 3.8% Cu & 49g/t Ag from 241m Assay data from visible NPF mineralisation awaited.

A table detailing the collar coordinates, hole depth, azimuth and dip is given in the appendix of the above referenced MOD release of today.

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 13,974,220 MOD shares, equivalent to 6.1 % 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
Mark Potter		(Chief Investment Officer)		Tel: +44 (0)20 7099 0738
Stephen Allen or Bhavesh Patel		RFC Ambrian Ltd		Tel +44 (0)20 3440 6800
		(Nominated Adviser)
Charlie Cryer		RFC Ambrian Ltd		Tel +44 (0)20 3440 6800
		(Joint Broker)
Nick Emerson		SI Capital		Tel: +44 (0)1483 413 500
		(Joint Broker)
Rita Adiani		NRG		Tel: +44 (0)20 3709 4504
Gordon Poole		Camarco
James Crothers		(Financial PR)		Tel: +44 (0)20 3757 4980
Monique Perks

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 London’s 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 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 part of the MOD/MTR joint venture Botswana Copper/Silver Project. T3 is located within the central part of the T3 Dome (approximately 1,000 km2), 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.

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