6 Jul 2017 08:27
Metal Tiger Plc
6 July 2017
Metal Tiger Plc
("Metal Tiger" or the "Company")
Botswana Copper/Silver Project – Airborne EM Survey & Permitting 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 partners MOD Resources (ASX:MOD) in the Kalahari Copper Belt in Botswana (70% MOD Resources / 30% Metal Tiger). Metal Tiger also holds 91,121,626 MOD shares, equivalent to 4.88% of MOD’s issued share capital and 1,541,667 MOD warrants at an exercise price of 6 cents (Australian). Activities in Botswana are conducted under the JV’s local operating company Tshukudu Metals Botswana (Pty) Ltd. (“Tshukudu”).
Highlights:
Airborne Electro-magnetic (AEM) trial survey successfully identified a distinctive geophysical anomaly coincident with the T3 Deposit. Airborne EM shown to be a valid methodology for identifying T3 scale deposits. AEM geophysics survey was extended to increase coverage along a circa 50km strike on the T3 Dome axis, with objective of identifying new targets along the wider T3 Dome structure. Preliminary interpretation of data has identified other AEM anomalies. Full interpretation currently underway by Botswanan geophysical consultancy, to prioritise the anomalies for drill testing. Botswana Department of Environmental Affairs (DEA) has authorised the T3 Environmental Management Plan (EMP) to proceed to a 4-week public review period to commence 7 July 2017.Michael McNeilly Chief Executive Officer of Metal Tiger commented:
“We are delighted to report that high-resolution Airborne Electro-Magnetic geophysics appears to be an important new tool in the JV’s copper exploration arsenal, successfully identifying a distinct geophysical anomaly consistent with the T3 Deposit.
We are hopeful that AEM geophysics could now hold the key to fast tracking the localisation of further T3 Type copper/silver deposits in what is an extensive, yet highly prospective, concession portfolio.
Whilst Tshukudu’s geophysical consultants are still undertaking the geophysical data interpretation, preliminary interpretation indicates that the survey may have identified a number of other AEM anomalies along a 50km stretch of the T3 Dome and we look forward to receiving the finalised findings and reporting these to our shareholders in due course.
Finally, it is highly encouraging that the DEA has authorised the T3 Environmental Management Plan which is now entering a 4-week public review period from 7 July 2017. As the precursor for granting, should this be successful it will allow for drilling to recommence at T3 and surrounding targets.”
For further images and diagrams that may assist readers in the visualisation of the mineralisation and the reported drill collar locations, we would refer to the announcement released today by MOD Resources. 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.
Details of T3 Dome Airborne Electro-Magnetic Geophysics Survey
Airborne Electro-Magnetic (AEM) trial survey successfully commenced 19 June (announced 20 June 2017). Initial survey area, the Trial Block, included ground surrounding T3, in order to test that the AEM geophysical technique could detect mineralisation at a similar size and depth as the T3 Deposit. Previous ground geophysics had shown a distinctive IP chargeability anomaly associated with the T3 Deposit (announced 24 May 2017). Test survey successfully identified the distinctive geophysical anomaly coincident with the T3 Deposit, indicating AEM to be a valid methodology for identifying T3 type deposits. Following success over the Trial Block, the survey was initially extended onto adjacent areas, Block 1 and Block 2, then extended westwards along the T3 Dome (Block 3), with the objective of identifying new targets along the wider T3 Dome structural corridor. Resulting AEM coverage totals a 50km strike length along the T3 Dome axis. Survey was conducted by South African geophysical contractors NRG Geophysics using a helicopter-borne 18.4m transmitter loop at 30-40m survey altitude, with 200m spaced flight lines and a 3km minimum line length, to achieve high-resolution survey data. Survey equipment consists a Xcite™ Coincident Tx-Rx EM sensor, together with a Single Sensor Scintrex CS3 (15 000 – 105 000 nT) magnetometer. AEM has proved to be a fast track exploration tool for this very prospective region. The AEM data is being interpreted in conjunction with geological, structural and surface geochemical datasets by Botswanan consultants Spectral Geophysics. Interpretation report will seek to identify AEM anomalies as potential exploration targets and prioritise subsequent drill testing. Details of the interpretation findings will be announced once the study has been finalised.Update on T3 Drilling Permissions
Botswana Department of Environmental Affairs (DEA) has authorised the T3 Environmental Management Plan (EMP) to proceed to a 4-week public review period to commence 7 July 2017. The public review is the precursor to the EMP authorisation. Where granted the EMP authorisation will allow the next phase of drilling to commence at T3 and surrounding targets. Tshukudu’s environmental consultants are also preparing applications to obtain DEA permissions to drill other high priority targets including those at T20 Dome (announced 20 June 2017).Background
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 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 665,000oz 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.
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 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 Executive Officer) | 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 (Joint Broker) | Tel: +44 (0)1483 413 500 | |||
| Andrew Monk Andrew Raca | VSA Capital Limited (Joint Broker) | Tel: +44 (0)20 3005 5000 | |||
| Gordon Poole James Crothers | 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 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 interests in two potentially near-production stage silver/lead/zinc mines as well as 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 AIM or NEX Exchange (formerly ISDX) partner with whom the Company is engaged.
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