28 Nov 2017 07:26
Metal Tiger Plc
28 November 2017
Metal Tiger Plc
("Metal Tiger" or the "Company")
Botswana Copper/Silver Project – T3 Deposit: Environmental Approvals & Prefeasibility Study Update
Metal Tiger plc (LON:MTR 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:
Extension drilling north of the T3 receives Environmental Affairs approval. Environmental approval received for accommodation camp outside Ghanzi. Environmental Impact Assessment (“EIA”) commenced for planned T3 Mine. Prefeasibility Study (“PFS”) now targeted for completion during January 2018.Michael McNeilly Chief Executive Officer of Metal Tiger commented:
“We are delighted to report a number of important approvals which will allow the scope of the T3 Project to broaden significantly. We are particularly pleased that the T3 extension drilling application has been approved, allowing the JV to test the geophysics targets to the north of the T3 Deposit and effectively doubling the area of ground we are permitted to diamond drill.
The additional airborne geophysics will allow the team to focus in on the strong soil anomalies along strike to the east of T3. Whilst the approval for the T3 Exploration camp will help with logistics as the onsite team builds and the number of contractors and consultants increases with T3’s progression towards a mine.”
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 Drilling Programme Update
Approval to extend the T3 drilling programme to the north has been granted by Department of Environmental Affairs (“DEA”). T3 Extension Drilling permission granted without the need for an additional Environmental Management Plan (“EMP”). Total area approved for drilling effectively doubled to approximately 100km2, opening additional airborne electromagnetic (“AEM”) geophysics targets for drill testing. Drilling on AEM targets A15 and A18 to commence immediately.T3 Dome Regional Exploration & Geophysics Update
Current T3 Dome regional exploration targets include AEM geophysics anomalies identified from the survey completed in July 2017. The AEM anomalies occur within an 8km wide zone extending along the 50km long strike of the survey area; together with copper geochemical anomalies identified by systematic soil sampling.
Project Brief submitted for a planned T3 Dome Drilling Programme. Once the Project Brief is approved an EMP will be submitted to the DEA for the planned drilling programme. The EMP will then be subject to a 4-week public review process. Department of Mines has granted approval for an additional 193km2 of airborne geophysics to be flown. This is expected to commence in December and will extend the current T3 Dome AEM Survey Area to the south and east, to provide coverage of a strong soil anomaly (T21) and several large magnetic features. Drilling is planned to commence in Q1 2018 and will focus on an initial nine AEM anomalies including A1, A2, A3, A4, A9 and A10.T3 Mine Environmental Impact Assessment
The EIA for the planned T3 open-pit mine has commenced. Public and local community meetings, an integral part of the EIA, are scheduled on 15 and 18 December 2017. Loci Environmental Pty Ltd, the experienced environmental consulting company, which has been managing the JV’s environmental approvals, has been engaged for the EIA.T3 Prefeasibility Study (PFS) Progress
The T3 open-pit prefeasibility works are progressing well with the PFS team now conducting further optimisation work on the planned mining schedule and costs. Due to the extra level of optimisation detail, the overall PFS completion date has moved to January 2018. The progress of individual study streams is summarised below:
Completed Environmental baseline flora & fauna studies. Archaeological Impact assessment. Stakeholder engagement planning & policy. Mineral resource update. Digital terrain modelling and imagery. Geotechnical Study. Underway Mining Study: Operating cost package issued. Surface capital works estimation underway. Hydrogeological Study: Groundwater testing complete. Report under review. Process & Infrastructure Study: Report under review. Metallurgical Testwork: Testwork complete. Reporting underway. Tailings Storage Facility: Ongoing. Quantities received. Hydrogeological & Site Water Modelling. Closure and Rehabilitation. Tender Stage Environmental Impact Assessment, Scope & Tender process underway, formal process commenced.Other Updates
Ghanzi District Council has provided environmental approval for the construction of an accommodation camp 5km east of Ghanzi to provide temporary accommodation to JV employees and T3 Project contractors. Site works have commenced for an initial 40 units.The 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 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 current phase of 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.
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 99,200,000 MOD shares, equivalent to 5.2% of MOD’s issued share capital and 1,541,667 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 | Tel +44 (0)20 3440 6800 | |||
| (Nominated Adviser) | |||||
| Jonathan Williams | RFC Ambrian Ltd | Tel +44 (0)20 3440 6800 | |||
| (Joint Broker) | |||||
| Nick Emerson | SI Capital | Tel: +44 (0)1483 413 500 | |||
| (Joint Broker) | |||||
| Rita Adiani | NRG | Tel: +44 (0)20 3709 4504 | |||
| Gordon Poole | Camarco | Tel: +44 (0)20 3757 4980 | |||
| (Financial PR) | |||||
| James Crothers | |||||
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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