29 Apr 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.
Since commencement of the infill drilling in January 2019, 49 of the planned 60 hole programme have now been completed, with the remaining 11 holes expected to be completed by the end of the first half of 2019.
Assay results having now been received for a total of 36 holes, with the results for the first 11 holes having previously been announced on 12 March 2019. The assay results for the second batch of 25 holes, support the expectation that a significant portion of the Mineral Resources can be upgraded to Measured Category.
It is expected that these results will allow a significant proportion of the current Resource, modelled within the first two stages of open pit production, to be upgraded into the higher confidence JORC (2012) compliant Measured Resource category. Subject to the necessary test work, results may also permit upgrading part of the current Probable Ore Reserve to the Proved Ore Reserve category.
Significant infill results from the second batch of 25 holes, include: Hole MO-G-199D 21.0m @ 1.5% Cu and 30g/t Ag from 118m, including 10.0m @ 2.0% Cu & 44g/t Ag from 118m Hole MO-G-200D 26.0m @ 1.8% Cu and 25g/t Ag from 119m, including 6.4m @ 4.6% Cu & 75g/t Ag from 121m Hole MO-G-201D 16.5m @ 1.8% Cu and 18g/t Ag from 84m Hole MO-G-202D 60.0m @ 1.0% Cu and 13g/t Ag from 78m Hole MO-G-203D 11.4m @ 2.1% Cu and 16g/t Ag from 75m Hole MO-G-204D 41.9m @ 1.4% Cu and 25g/t Ag from 82m, including 4.4m @ 2.6% Cu & 141g/t Ag from 87m Hole MO-G-212D 16.0m @ 1.9% Cu and 26g/t Ag from 117m Hole MO-G-217D 20.5m @ 2.2% Cu and 44g/t Ag from 106mMichael McNeilly, Chief Executive Officer of Metal Tiger, commented:
“We are pleased to report that the infill drilling at MOD’s T3 Project in Botswana continues to confirm both high grade copper and wide copper intersections within the planned T3 Open Pit in Botswana. The second batch of results continue to support the expectation that a significant portion of the Mineral Resource can be upgraded to the Measured Category, helping to further de-risk the attractive mining proposition.”
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
-- Significant drill hole intersections for T3 Project infill drilling programme from the assay results of the second batch of 25 holes (assay results for first batch of 11 holes reported on 12 March 2019):
| HOLE_ID | SIGNIFICANT DOWNHOLE INTERSECTIONS |
| MO-G-198D | 6.3m @ 0.6% Cu & 7g/t Ag from 67m |
| 4.3m @ 1.3% Cu & 11g/t Ag from 84m | |
| 6.0m @ 0.9% Cu & 4g/t Ag from 92m | |
| 4.4m @ 0.9% Cu & 2g/t Ag from 104m | |
| MO-G-199D | 10.0m @ 1.4% Cu & 20g/t Ag from 72m |
| 2.1m @ 1.9% Cu & 7g/t Ag from 88m | |
| 13.0m @ 0.4% Cu & 5g/t Ag from 95m | |
| 21.0m @ 1.5% Cu & 30g/t Ag from 118m, including | |
| -- 10m @ 2.0% Cu & 44g/t Ag from 118m | |
| MO-G-200D | 23.8m @ 1.2% Cu & 23g/t Ag from 81m, including |
| 9.8m @ 2.0% Cu & 48g/t Ag from 81m | |
| 26.0m @ 1.8% Cu & 25g/t Ag from 119m, including | |
| 6.4m @ 4.6% Cu & 75g/t Ag from 121m | |
| MO-G-201D | 16.5m @ 1.8% Cu & 18g/t Ag from 84m |
| 19.0m @ 2.1% Cu & 37g/t Ag from 111m, including | |
| 8.0m @ 4.1% Cu & 76g/t Ag from 121m | |
| 8.0m @ 0.8% Cu & 4g/t Ag from 134m | |
| 4.4m @ 1.0% Cu & 3g/t Ag from 146m | |
| MO-G-202D | 60.0m @ 1.0% Cu & 13g/t Ag from 78m |
| MO-G-203D | 11.4m @ 2.1% Cu & 16g/t Ag from 75m |
| 32.0m @ 1.3% Cu & 16g/t Ag from 117m | |
| MO-G-204D | 41.9m @ 1.4% Cu & 25g/t Ag from 82m, including |
| 4.4m @ 2.6% Cu & 141g/t Ag from 87m | |
| 3.8m @ 1.1% Cu & 7g/t Ag from 133m | |
| MO-G-205D | 11.0m @ 0.9% Cu & 8g/t Ag from 87m |
| 5.0m @ 0.6% Cu & 3g/t Ag from 101m | |
| MO-G-206D | 19.8m @ 0.6% Cu & 4g/t Ag from 74m |
| MO-G-207D | 15.0m @ 1.1% Cu & 7g/t Ag from 81m |
| 22.4m @ 1.2% Cu & 20g/t Ag from 119m | |
| MO-G-208D | 10.0m @ 0.6% Cu & 2g/t Ag from 40m |
| 9.0m @ 0.9% Cu & 11g/t Ag from 73m | |
| 26.4m @ 0.8% Cu & 5g/t Ag from 86m | |
| MO-G-209D | 13.0m @ 0.6% Cu & 2g/t Ag from 27m |
| 7.0m @ 1.1% Cu & 3g/t Ag from 44m | |
| MO-G-210D | 15.0m @ 1.2% Cu & 8g/t Ag from 86m |
| 13.6m @ 0.9% Cu & 3g/t Ag from 105m | |
| MO-G-211D | 28.5m @ 1.0% Cu & 7g/t Ag from 85m |
| 7.0m @ 1.1% Cu & 16g/t Ag from 129m | |
| MO-G-212D | 16.0m @ 1.0% Cu & 4g/t Ag from 65m |
| 7.5m @ 0.8% Cu & 10g/t Ag from 97m | |
| 16.0m @ 1.9% Cu & 26g/t Ag from 117m | |
| MO-G-213D | 22.4m @ 1.5% Cu & 6g/t Ag from 77m |
| 15.2m @ 0.7% Cu & 12g/t Ag from 117m | |
| MO-G-214D | 14.0m @ 1% Cu & 4g/t Ag from 63m |
| 9.0m @ 0.5% Cu & 7g/t Ag from 92m | |
| MO-G-215D | 12.1m @ 0.9% Cu & 4g/t Ag from 66m |
| 17.0m @ 1.5% Cu & 17g/t Ag from 93m | |
| MO-G-216D | 17.0m @ 0.7% Cu & 2g/t Ag from 52m |
| 11.5m @ 0.7% Cu & 5g/t Ag from 94m | |
| MO-G-217D | 9.3m @ 1.2% Cu & 5g/t Ag from 77m |
| 20.5m @ 2.2% Cu & 44g/t Ag from 106m | |
| MO-G-218D | No significant intersection: outside deposit |
| MO-G-219D | No significant intersection: outside deposit |
| MO-G-220D | 15.3m @ 1.6% Cu & 23g/t Ag from 72m |
| 15.5m @ 0.6% Cu & 6g/t Ag from 103m | |
| MO-G-221D | 7.4m @ 1.2% Cu & 5g/t Ag from 83m |
| 19.0m @ 1.4% Cu & 26g/t Ag from 107m | |
| MO-G-222D | 18.3m @ 1% Cu & 23g/t Ag from 72m |
| 4.4m @ 1.4% Cu & 7g/t Ag from 116m |
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.
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. In addition, 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 this JV, please see the Company’s announcements of 18 July 2018 and 16 November 2018.
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; a Resource re-classification announced on 16 July 2018; an Ore Reserve upgrade on 25 March 2019; and the results of the T3 Open Pit Feasibility study were announced on 28 March 2019.
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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