30 Mar 2017 08:26
Metal Tiger Plc
("Metal Tiger" or the "Company")
Botswana Copper/Silver Project – Drilling Extends New Zone of Mineralisation below T3 Resource
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 81,102,302 MOD shares, equivalent to 4.4345% 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.
The T3 infill and extension drilling programme has extended the substantial new copper zone (“Zone 2”) and intersected a third mineralised zone (“Zone 3”), with significant disseminated copper mineralisation intersected, directly below the current T3 Resource.
Highlights:
Extent of the “Zone 2” disseminated copper mineralisation, located directly below the current T3 Resource now delineated over an extended circa 700m strike length. Central core of Zone 2 includes the 72.6m @ 1.5% Cu & 27g/t Ag (reported 6 March 2017) Significant disseminated copper intersected within the recently discovered Zone 2 and Zone 3, grade of these disseminated intersections will be determined from awaited assay results. Sufficient drilling has now been completed to enable the potential upgrade of the Resource and to expand the Prefeasibility Study. ALS Laboratories staffed sample preparation facility to be installed onsite to accelerate the assay turnaround.Michael McNeilly Chief Executive Officer of Metal Tiger commented:
“The T3 drilling programme continues to deliver results and the programme is demonstrating there exists a further, substantial copper zone beneath T3. An upgrade to the Resource is highly possible with the eagerly awaited assay results for the Zone 2 mineralisation and could significantly add to the already positive economics and de-risk a proposed open pit mining operation.
We look forward to keeping our shareholders updated with outstanding assay results as they become available for release.”
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.
Zone 2 Copper Mineralisation Extended by Drill Intersections
Further drill hole intersections from the T3 infill and extension drilling programme have extended the new copper zone of mineralisation, now called “Zone 2” (initially reported 17 February 2017).
The new drill data is still at an early interpretation stage, current understanding points to Zone 2:
Extending to circa 700m along strike and being centred on a 200m-300m wide central core comprising wide intervals of locally veined and disseminated copper sulphide mineralisation. Currently defined to a maximum vertical depth of approximately 300m. Located directly below existing T3 Resource mineralisation (announced 26 September 2016), now being named “Zone 1” mineralisation. Central core of Zone 2 may be truncated by an east dipping fault which appears to truncate the overlying T3 Resource at the western end of Zone 1.Zone 3 Copper Mineralisation
Zone 3 is the name which has been given to the lowest mineralisation which has yet been intersected at the T3 Deposit.
Zone 3 comprises multiple intervals of mainly weakly disseminated copper sulphides located between 485m-499m down-hole depth. Intersected by three deep drill holes (MO-G-66D, MO-G-67D & MO-G-68D), with intersections between 25m – 34m wide. Partially intersected by MO-G-71D which terminated in mineralisation. Situated approximately 200m below Zone 2 and 300m below the top of Zone 1 (the T3 Resource). Located immediately above an interpreted footwall contact with the Ngwako Pan Formation, a distinctive red/pink coloured sandstone sequence (the “Kalahari Footwall Sandstone”). Further drilling planned to test the potential for structurally related vein hosted mineralisation below and down-dip of the current intersection. Existence of this potential Kalahari Footwall Contact at T3 supports the wider exploration strategy to identify the Kalahari contact over the circa 50km of T3 Dome in the vicinity.If Zone 3 is located on the Kalahari Footwall Sandstone contact, then it may occur on the same contact that hosts large structurally related deposits in the eastern part of the Kalahari Copper Belt such as Cupric Canyon Capital’s Zone 5, Mango & Zeta deposits and MOD’s T1 Deposit (20km north of T3) and Cupric Canyon Capital’s Chalcocite Deposit (30km NE of T3).
Drilling Progress
Since the discovery of Zone 2, four diamond core drill rigs have been employed drilling out the deposit on a 100m by 100m grid. This drilling has included drilling 10 new infill holes as well as deepening 6 Resource holes drilled in 2016, for a total of 16 holes completed over six weeks. Holes are orientated with an azimuth of 160deg and dip of 60deg. Attained down-hole depths vary between 265.5m and 499.4m dependant on the down-dip target of the hole. A table of drilling parameters is set out in the MOD news release, of today, referenced above.
Currently assay results for two Zone 2 holes have been received (MO-G-65D & MO-G-64D) with the assay results from MO-G-63D & MO-G-66D expected soon, followed by results from the other holes. Due to the rapid rate of drilling and the large number of mineralised intervals processing and sampling of core is currently ongoing for 9 of the recent holes.
The infill/deepening drilling results will potentially enable the upgrade of the T3 Resource and will feed into the enlarged T3 Prefeasibility Study (“PFS”) works (as initially announced 10th January 2017).
Details of the latest drill hole findings for the Zone 2 mineralisation are summarised below. Depths given are down hole depths:
Key results for available Zone 2 down-hole intersections include: Hole MO-G-64D 13.0m @ 1.0% Cu & 16g/t Ag from 271.0m, (vein & disseminated sulphides) including 6.0m @ 1.6% Cu & 30g/t Ag from 278.0m (quartz/sulphide veining) Hole MO-G-65D 72.6m @ 1.5% Cu & 27g/t Ag from 250.0m, (vein & disseminated sulphides) including 18.0m @ 2.7% Cu & 52g/t Ag from 280.0m (multiple bornite veins) MO-G-71D, drilled to 451.7m Intersected 50m of disseminated sulphides in Zone 2, 100m down-dip from an intersection of vein and disseminated mineralisation in hole MO-G-65D which assayed 72.6m @ 1.5%Cu and 27g/t Ag (announced 6 March 2017), see above. Partially intersected, and terminated, in Zone 3 mineralisation from 445.7m. Assay results for MO-G-71D currently awaited. Zone 2 mineralisation open down-dip of MO-G-71D.Onsite Sample Preparation Facility
To mitigate the delay involved with having samples prepped in South Africa and then sent overseas for analysis the JV has elected to have a sample preparation facility set up at the project base in Ghanzi. This will be staffed by accredited ALS Global laboratory staff and so will maintain strict quality control requirements, whilst reducing shipping volumes, simplifying export procedures and enabling increased options for the analysing of pulps in the future. This will have the added benefit of having the capacity to expand the sample through-put for both exploration and any future mining.
Botswana Operating Company Appointment
The JV Botswana operating company, Tshukudu Metals Botswana (Pty) Ltd, has appointed Mr Boikobo Paya as Chairman. Mr Paya is a well-respected geologist with extensive experience in senior management positions in Botswana. This includes 14 years with the Ministry of Minerals Energy & Water Resources (MMEWR) where he served as Permanent Secretary for 4 years until August 2014. He currently holds the position of Director, International Linkages and Partnerships with the Botswana International University of Science Technology (BIUST) and was previously Acting Deputy Vice Chancellor at the Office of Research, Development & Innovation.
Tshukudu Metals Botswana (Pty) Ltd employs all in-country staff and holds 16 prospecting licences in Botswana including the T3 Project.
Next Steps
The continuing and planned exploration programme consists of:
Application for Approval for Next Phase of Exploration Drilling at T3
JV company Tshukudu Metals has submitted an application for the approval for a Next Phase of Exploration Drilling at T3. Tshukudu Metals has been notified by the Department of Environmental Affairs that an Environmental Impact Assessment (EIA) will be required prior to approval. Components of the EIA are already in progress as part of the PFS and will be included into the exploration EIA for approval.Expansion of regional exploration activities
The completion of the Zone 2 drilling will enable the exploration team to focus on other high priority targets in the region. Applications are being prepared to enable an initial expansion of exploration activities along the main structural corridor which extends more than 150km from the T3 Dome to the Namibian border.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 665,000tpa 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.
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 30 March 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 Executive Officer) | Tel: +44(0)20 7099 0738 | ||||
| Keith Springall (Finance Director & Company Secretary) | Tel: +44 (0)207099 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)203 757 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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