12 Mar 2019 07:00
Metal Tiger PLC
(“Metal Tiger” or the “Company”)
Botswana Copper/Silver Project – T3 Infill Drilling Results
Metal Tiger plc (AIM:MTR), the London Stock Exchange AIM listed investor in strategic natural resource opportunities, is pleased to provide an update on the infill drilling results at the T3 Copper Project (“T3”), held 100% by MOD Resources Limited (“MOD”), in the Kalahari Copper Belt, Botswana. Metal Tiger currently holds approximately 10.48% of the issued share capital of MOD.
T3 Infill Drilling Highlights
An approximate 60 hole infill drilling programme commenced at T3 during January 2019. Infill drilling is within the boundaries of the first two stages of the proposed T3 open pit, with the objective of upgrading early production into the higher confidence, JORC compliant Measured Resource category. To date 25 holes have been completed utilising up to three drill rigs, with assay results being received for 11 holes. Remaining 35 infill drill holes are expected to be completed by the end of the first half of 2019. It is anticipated that the infill drilling programme will be completed after both the proposed T3 open pit Ore Reserve and the Feasibility Study, both of which remain on track for completion by the end of March 2019. Significant infill results include: Hole MO-G-188D 31.50m @ 2.0% Cu and 36g/t Ag from 86m, including 10.0m @ 4.7% Cu & 98g/t Ag from 105m Hole MO-G-191D 47.0m @ 0.9% Cu and 7g/t Ag from 89m, including 15.3m @ 1.6% Cu & 15g/t Ag from 104m Hole MO-G-192D 13.7m @ 1.6% Cu and 6g/t Ag from 53m 33.0m @ 2.0% Cu and 14g/t Ag from 88m, including 16.0m @ 3.3% Cu & 36g/t Ag from 99m Hole MO-G-193D 17.7m @ 1.4% Cu and 21g/t Ag from 98m, including 6.5m @ 2.5% Cu & 36g/t Ag from 108m Hole MO-G-197D 22.0m @ 1.1% Cu and 10g/t Ag from 95mMichael McNeilly, Chief Executive Officer of Metal Tiger, commented:
“We are pleased to report the significant infill drilling intersections from MOD’s T3 project in Botswana. The infill drilling programme is expected to allow a significant portion of the Mineral Resource to be categorised as Measured, with these initial results also providing the prospect of increasing the current open pit Resource. Standout downhole intersections include 31.5 metres at 2% copper from 86 metres, including 10 metres at 4.7% copper from 105 metres, in hole MO-G-188D.
Based on MOD’s current projections the T3 feasibility study is expected to be completed by the end of March 2019, with the infill programme completing mid-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
T3 Project Significant Infill Drilling Intersections
Assay results from significant drill hole intersections for T3 Project infill drilling programme:| HOLE_ID | SIGNIFICANT DOWNHOLE INTERSECTIONS | |||
| MO-G-187D | 14.0m @ 1.0% Cu & 7g/t Ag from 48m | |||
| 9.8m @ 0.8% Cu & 6g/t Ag from 83m | ||||
| 20.2m @ 0.8% Cu & 4g/t Ag from 101m, including | ||||
| 8.2m @ 1.2% Cu & 5g/t Ag from 103m
| ||||
| MO-G-188D | 8.1m @ 0.9% Cu & 7g/t Ag from 51m | |||
| 31.5m @ 2.0% Cu & 36g/t Ag from 86m, including | ||||
| 10m @ 4.7% Cu & 98g/t Ag from 105m | ||||
| MO-G-189D | 5.4m @ 0.6% Cu & 8g/t Ag from 78m | |||
| 6.0m @ 0.8% Cu & 5g/t Ag from 90m | ||||
| 5.4m @ 0.7% Cu & 2g/t Ag from 106m | ||||
| MO-G-190D | 17m @ 0.9% Cu & 5g/t Ag from 52m, including | |||
| 8m @ 1.3% Cu & 6g/t Ag from 58m | ||||
| 3.8m @ 0.8% Cu & 6g/t Ag from 77m | ||||
| 7.6m @ 0.7% Cu & 6g/t Ag from 89m | ||||
| 16.0m @ 0.6% Cu & 3g/t Ag from 109m | ||||
| MO-G-191D | 18.3m @ 1.1% Cu & 5g/t Ag from 66m | |||
| 47.0m @ 0.9% Cu & 7g/t Ag from 89m, including | ||||
| 15.3m @ 1.6% Cu & 15g/t Ag from 104m | ||||
| MO-G-192D | 13.7m @ 1.6% Cu & 6g/t Ag from 53m | |||
| 33.0m @ 2.0% Cu & 14g/t Ag from 88m, including | ||||
| 16.0m @ 3.3% Cu & 20g/t Ag from 99m | ||||
| MO-G-193D | 6.0m @ 0.7% Cu & 4g/t Ag from 75m | |||
| 17.7m @ 1.4% Cu & 21g/t Ag from 98m, including | ||||
| 6.5m @ 2.5% Cu & 36g/t Ag from 108m | ||||
| 9.0m @ 0.6% Cu & 4g/t Ag from 119m downhole | ||||
| MO-G-194D | 7.0m @ 1.3% Cu & 5g/t Ag from 97m | |||
| 8.0m @ 0.8% Cu & 6g/t Ag from 108m | ||||
| 9.8m @ 1.2% Cu & 6g/t Ag from 120m | ||||
| MO-G-195D | 10.8m @ 0.7% Cu & 10g/t Ag from 82m | |||
| 4.8m @ 0.8% Cu & 5g/t Ag from 102m | ||||
| MO-G-196D | 5.0m @ 1.3% Cu & 6g/t Ag from 80m | |||
| 7.0m @ 1.3% Cu & 3g/t Ag from 89m | ||||
| 7.0m @ 0.9% Cu & 16g/t Ag from 106m | ||||
| 8.0m @ 0.5% Cu & 9g/t Ag from 122m | ||||
| MO-G-197D | 3.3m @ 1.1% Cu & 6g/t Ag from 85m | |||
| 22.0m @ 1.1% Cu & 10g/t Ag from 95m | ||||
| 2.7m @ 1.0% Cu & 14g/t Ag from 123m | ||||
| 7.1m @ 0.6% Cu & 11g/t Ag from 128m |
NOTES: 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 (Pty) Ltd, 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 31,838,393 MOD ordinary shares, representing approximately 10.48% 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$0.60 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 10.48% 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190312005327/en/
Copyright Business Wire 2019