17 Feb 2017 07:00
Metal Tiger Plc
17 February 2017
Metal Tiger Plc
("Metal Tiger" or the "Company")
Botswana Copper/Silver Project - 75m Zone of Mineralisation Intersected below T3
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 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). Shareholders should note that in addition to the 30% holding in the JV, MTR holds 81,102,302 MOD shares, equivalent to 5.1% of MOD’s issued share capital and 1,541,667 MOD warrants at an exercise price of 6p.
Technical highlights in respect of the T3 Project including the discovery of a new mineralised zone and pre-feasibility study programme progress 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 the visualisation of the mineralisation and the reported infill drill collar locations. This announcement can be viewed through the following link:
http://search.asx.com.au/s/search.html?query=mod&collection=asx-meta&profile=web
Shareholders should note that the timing of MOD announcements are outside the control of MTR, however MTR does its utmost to announce the drill results and important updates as soon as practicable after MOD makes its announcement to the ASX. MTR are only made aware of drill results and important updates immediately prior to the MOD release.
Michael McNeilly Chief Executive Officer of Metal Tiger commented:
“It is a great pleasure to be able to report the discovery of an exciting new zone of mineralisation located directly beneath the T3 Resource. This new zone consists of multiple intervals of copper sulphide mineralisation over 75m. Whilst sampling and assays are still in progress, we anticipate that the results could be the most significant since the T3 discovery hole last March, 52m @ 2% copper and 32g/t silver.
This previously unknown new zone of mineralisation was discovered during the T3 Resource infill drilling being conducted as part of the current Prefeasibility Study works. The decision to extend the second and third drill holes to a depth well below the current T3 Resource base seems to have really paid off and we think that this new discovery has the potential to significantly improve the dynamics and economics of the T3 Deposit.
Concurrent to the infill drilling, the ongoing IP geophysics survey work has identified several new anomalies that could be related to sulphide mineralisation in the vicinity of the T3 Deposit. The first of these new deep anomalies is currently being drilled and we look forward to the findings.
Shareholders should note that assay results are required before precise copper grades can be determined. We expect to provide a further update once the assay results become available.”
Highlights:
New mineralised zone below the T3 Resource confirmed by infill diamond drilling Diamond drill hole MO-G-65D intersected ~75m zone with multiple intervals of copper sulphides New mineralisation bears important similarities to the T3 Resource sequence Existing drill holes in the area are being deepened to test for lateral extensions of the new mineralisation zone Drilling also underway at new targets identified by IP geophysicsNew Zone of Mineralisation outlined by Infill Drilling
Three diamond drill holes (MO-G-63D, MO-G-64D and MO-G-65D) which are part of the T3 Resource infill drilling have been completed. Two of these holes, MO-G-64D and MO-G-65D, were terminated at a depth significantly below the current T3 Resource and have identified a new mineralised zone. The infill drilling is being conducted as part of the T3 Prefeasibility Study (“PFS”) works (as announced 10th January 2017) to improve the definition of the high-grade bornite and chalcocite mineralisation within the T3 Resource.
Details of the drill hole findings and the new zone of mineralisation are summarised below. Depths given are down hole depths:
MO-G-63D, the first infill drill hole to be completed intersected the T3 Resource mineralisation as expected and was then terminated at a depth of 253m. In light of the findings MO-G-63D will be extended to test for the new zone mineralisation. Assay results for MO-G-63D are currently awaited. MO-G-64D, the second infill drill hole, intersected the T3 Resource mineralisation and was then continued significantly below the base of the Resource, where it intersected a previously unknown circa 12m wide zone of disseminated and vein hosted chalcocite mineralisation approximately 60m below the base of the Resource, from approximately 272m depth.The previous MO-G-64D end of hole depth was 293m, this hole is now being deepened to a planned >320m depth. Assay results are currently awaited. MO-G-65D, the third infill hole to be completed, intersected the T3 Resource sequence and was continued below the base of the Resource, where it intersected a circa 75m zone consisting multiple intervals of locally disseminated, vein hosted and cleavage hosted visible chalcocite, bornite, chalcopyrite and local covellite, copper sulphides from 247m to 322m down hole depth.This new zone of mineralisation starts 35m below the base of the T3 Resource and the Scoping Study Ultimate Pit. The base of the new zone is an interpreted thrust faulted contact with underlying footwall sandstones at 322m depth.The drill core indicates that the host sediments, individual sulphide intervals and quartz veins within the mineralised zone, are locally folded and therefore the true width of the new mineralised zone is unknown. Further drilling is required to estimate the geometry and width of this zone.The top of the resource sequence in MO-G-65D was intersected at circa 166m and the base of the new zone was intersected approximately 156m deeper in the hole, at circa 322m.MO-G-65D was terminated at 349.6m depth on 15 February 2017. Detailed geological logging of drill core has just commenced. Mineralised core samples will be sent for assay as soon as possible. Assays results are required before any estimate can be made of copper grades for the visible sulphide intervals in MO-G-65D.The three infill holes are located at 100m centres on the same profile line in the northwest quadrant of the T3 Resource area. They are orientated with an azimuth of 160deg and dip of 60deg. Hole MO-G-63D is located 200m west of MO-G-65D and 100m west of MO-G-64D. MO-G-63D reached a down hole depth of 252.7m, MO-G-64D reached 292.5m (and will be extended to 320m) and MO-G-65D reached 349.6m.
Results from the continuing drilling programme will be released as they become available following geological interpretation.
Next Steps
The continuing and planned exploration drilling programme consists of:
Infill Drilling & New Zone Extension
Planned infill drilling work to continue, with the target depths of holes increased to test for the new zone mineralisation below the T3 Resource. Additional drilling rig deployed to the infill drilling programme to increase the rate of drilling and to delineate the extent of the new mineralised zone. Deploying the additional diamond drill rig will allow the overall infill programme schedules to be maintained, given the time required to attain the deeper planned target depths of the upcoming infill drill holes.IP Geophysics Anomaly Testing
Induced Polarisation (“IP”) Geophysics survey work is being conducted to identify the potential for new sulphide mineralisation targets in the vicinity of the T3 Deposit and along the T3 Dome. This survey work has identified several anomalies to date and deep drill hole MO-3R-07D is the first of a planned series of holes to test these new targets around T3. Deep drill hole MO-3R-07D currently in progress to test IP Geophysics anomaly located immediately south and below the T3 Resource. This hole is currently planned to continue to 600m depth to test for deeper mineralisation controls and to assist in the geological interpretation of the deposit. MO-3R-07D is orientated with an azimuth of 340deg and dip of 60deg.Background
The T3 Resource 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 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).
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 compliant Mineral Resource was announced on 26 September 2016. 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 665,000tpa of silver was released on 6 December 2016. Work on a Pre-Feasibility Study (PFS) commenced in January 2017.
MOD tabulate details of the current exploration procedures being employed on the project (JORC 2012 Table 1), in the appendix to their news release dated 17 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.
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:
| Michael McNeilly (Chief ExecutiveOfficer) | Tel: +44 (0)20 7099 0738 | ||||
| Keith Springall (Finance Director &Company Secretary) | Tel: +44 (0)20 7099 0738 | ||||
| Sean Wyndham-Quin Neil Baldwin | Spark Advisory Partners Limited (Nominated Adviser) | Tel: +44 (0) 2033 683 555
www.sparkadvisorypartners.com | |||
| Nick Emerson Andy Thacker | SI Capital (Sole Broker) | Tel: +44 (0)1483 413 500 |
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.
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