12 Jun 2018 07:00
Metal Tiger Plc12 June 2018
Metal Tiger Plc("Metal Tiger" or the "Company")
Botswana Copper/Silver Project – Copper Confirmed at New A4 Dome Target
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:
Copper mineralisation intersected by first drill hole at A4 Dome target, the first of seven ‘buried domes’ planned to be drilled within the T3 Dome Complex. A4 Dome is circa 5km long and is located 6km west of T3 Project. Drill hole MO-A4-001D, near eastern end of A4 Dome, has intersected visible copper sulphides hosted in intermittent veins over a wide interval from approximately 360m to 450m down hole. Traces of fine to coarse grained copper minerals (chalcopyrite, bornite and chalcocite) occur within numerous quartz/carbonate veins, hosted by shallow dipping sediments below the interpreted EM geophysics conductive ‘T3 Marker Unit’. Drilling of MO-A4-001D currently ongoing (current depth 490m), drill core requires detailed geological logging, sampling and assay results before the significance of the copper mineralisation can be determined. MO-A4-001D being deepened to test the target Ngwako Pan Formation (NPF) prospective contact interpreted to occur below the mineralised sequence intersected to date. Two additional drill rigs are being deployed to test other targets within the more structurally complex core of the A4 Dome, west of MO-A4-001D.Michael McNeilly Chief Executive Officer of Metal Tiger commented:
“It is highly encouraging that the first drill hole to drilled at the A4 Dome has intersected copper mineralisation, similar to T3, as predicted by the electromagnetic geophysics data modelling and interpretation. With the T3 Marker Unit intersected exactly as predicted by the geophysics we are confident that we can use the EM modelling as a vectoring tool in drill targeting the prospective units across the centre of the buried T4 Dome and elsewhere within the T3 Dome Complex. As this regional drilling programme continues to ramp-up we look forward to reporting more exciting developments.”
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
T3 Dome Complex Programme Background
T3 Dome Complex Drilling Programme is a major drilling campaign to test numerous geophysical targets along the T3 Dome Complex (announced on 15 May 2018). Drilling currently underway at the A1 Dome circa 25km northeast of the A4 Dome, and at the A9 Anomaly circa 5km northeast of A4 Dome. A1 Dome is one of Tshukudu’s highest priority targets within the T3 Dome Complex and A9 is an unusual pipe like conductor adjacent to a regional dolerite dyke. Approximately 60 diamond core drill holes have been budgeted during the Phase 1 drilling along the T3 Dome Complex. The objective of the planned drilling is to confirm the prospective geological sequence and structures occur within the initial seven interpreted domes. Holes are being drilled in areas of structural complexity to test for vein hosted deposits of the ‘T3 Type’, and to test the underlying prospective Ngwako Pan Formation (NPF) contact which hosts other substantial copper deposits in the eastern part of the Kalahari Copper Belt.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 1,000km2), 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 includes up to 70 planned diamond core drill holes designed to infill the current 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 includes 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 T3 Open Pit Feasibility Study, towards a decision to mine, is currently underway.
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 13,880,042 MOD shares, equivalent to 5.996 % 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 |
| Keith Springall | (Finance Director & Company Secretary) | Tel: +44 (0)20 7099 0738 |
| Stephen Allen or Bhavesh Patel | RFC Ambrian Ltd (Nominated Adviser) | Tel +44 (0)20 3440 6800 |
| Charlie Cryer | RFC Ambrian Ltd (Joint Broker) | Tel +44 (0)20 3440 6800 |
| Nick Emerson | SI Capital (Joint Broker) | Tel: +44 (0)1483 413 500 |
| Rita Adiani | NRG | Tel: +44 (0)20 3709 4504 |
| 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, 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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