24 May 2017 08:13
Metal Tiger Plc ("Metal Tiger" or the "Company")
Botswana Copper/Silver Project – T3 Progress 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 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. (“Tshukudu”).
Highlights:
T3 Environmental Management Plan (EMP) will be lodged within next few days. Reduced level of environmental assessment to the level of soon to be lodged Environmental Management Plan, should allow for earlier advancement of the next phase of drilling at T3. High priority drill targets include two Induced Polarisation (IP) geophysics anomalies 800m north of T3 and the Zone 3 mineralisation below the T3 Resource. Airborne Electromagnetics (EM) geophysics survey to start soon to identify potential new conductors on T3 Dome. Prefeasibility Study (PFS) related hydrological, metallurgical and geotechnical studies and flora/fauna studies and stakeholder meetings progressing well. Regional exploration focussed on large T20 Dome with first results expected soon.Michael McNeilly Chief Executive Officer of Metal Tiger commented:
“We are very pleased to report that following consultation, the Department of Environmental Affairs has agreed that an Environmental Management Plan will suffice for permitting further Resource drilling at T3 and the drill testing of the various exciting targets in the wider T3 area.
This decision is significant as it should allow drilling to resume sooner than would have been required if the JV had had to conduct the more detailed studies of an Environmental Impact Statement for the drilling permits. Considering the required EMP public review period we now expect the drilling to resume in July. In the meantime, work will continue on the T3 Prefeasibility Study, the airborne EM geophysics survey and continuing soil sampling programmes.
Whilst drill rigs have been on break, planning work and feasibility study works have been progressing well and we look forward to reporting the findings of the T20 soil programme in due course.”
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.
Environmental Management Plan Update
As announced on 30 March 2017, the Botswana Department of Environmental Affairs (DEA) had issued notification that the T3 Project would require a completed Environmental Impact Statement (EIA) in advance of the next phase of planned drilling at T3. The JV then appointed Botswana based environmental consultants Loci Environmental to consult with the DEA and manage the permitting process relating to the ongoing exploration and the T3 PFS with the objective of down-grading the level of approval required for activities which have minimal environmental impact (announced on 24 March 2017).
Following this consultation work by Loci, the JV is pleased to report that it has been notified that the level of environmental assessment required by the DEA has been decreased from the level of EIA to the level of an Environmental Management Plan (EMP). As the key requirements of the EMP process are already complete, the documentation will be lodged with the authorities within a few days. This will be followed by a public review period before being considered for final approval by the DEA, with the drilling expected to resume in July.
Planned Activities
Following the recent drilling break, the onsite geological team has been able to catch-up with the backlog of core logging and interpretation after 12 months of continuous drilling. The Tshukudu team have also taken the opportunity to improve the efficiency of the assay turnaround and other support services and have made good progress on the Prefeasibility Study (PFS) and regional exploration works.
The planned activities for the next few months include:
June Airborne EM geophysics survey along T3 Dome to test potential for new ‘T3 Type’ deposits. July T3 Resource estimate upgrade to include Zone 2. Drilling two potentially significant IP geophysics anomalies north of T3 Resource. Complete T20 Dome soil sampling programme to identify drilling targets. August Systematic drilling of the Zone 3 mineralised contact, below the T3 Resource. Third Quarter 2017 Finalise metallurgical, mining and processing studies for the T3 PFS.T3 Resource & Exploration Drilling
The next phase of drilling, as set out in the EMP, will comprise approximately 30 diamond drill holes, with six drill rigs available to start as soon as the DEA approves the EMP (see above). The planned holes will test three high priority targets around T3, two of which result from the 3D Induced Polarisation (IP) geophysics survey completed over T3 during Q1 2017:
Target 1: Two distinctive three dimensional IP geophysics anomalies. 800m north of T3 Resource, extending from between 250-500m vertical depth on interpreted northern limb of syncline within the T3 host sediment sequence. Previous drill holes (MO-3R-01D and MO-3R-02D) were drilled too far south to test these anomalies, before the 3D IP data became available. Target 2: A strong IP geophysics anomaly associated with the T3 Resource. A distinctive 1,500m long IP anomaly interpreted to extend below and west of the the T3 Resource. Warrants further drilling as supported by hole MO-G-70D (the western most drill hole to test the Zone 2 mineralisation) which intersected vein hosted sulphides (assays awaited). Target 3: Zone 3 mineralisation. Zone 3 is the near horizontal zone of mineralisation intersected 300m below the top of the T3 Resource (reported 24 April 2017). Zone 3 may occur on the same structural contact that hosts large copper deposits in the eastern part of the Kalahari Copper Belt (KCB), including Cupric Canyon Capital’s ‘Zone 5’ deposit (100Mt @ 2% Cu and 20g/t Ag) 120km NE of T3 and MOD’s Mahumo (T1) deposit (20km N of T3). The KCB extends up to 150km east from T3. Deeper drill holes planned to intersect Zone 3 and test for areas of potential structural complexity and veining where copper grades may be enhanced. Depending on the success of this programme, drilling of the Zone 3 contact may be extended elsewhere along the T3 Dome.Assay results have also been received from eight geotechnical holes completed around the perimeter of the proposed T3 open pit. Results will be released when the data has been compiled and interpreted.
Regional Exploration Update
T20 soil sampling programme covering >40km length of the T20 Dome, approximately 150km west of T3 is nearing completion, results expected in May and June. T20 Dome is interpreted to commence near the town of Ghanzi and continue 50-60km to the Namibian border. Magnetic geophysics data shows major regional structures that appear to be associated with deposits in the northeast part of the KCB and that the T3 Dome may extend through the T20 Dome. T20 soil sampling programme to be extended circa 10km to NE to overlap the T4 prospect where previous drilling (prior to the discovery of T3) intersected 2m @ 6.12% Cu and 111g/t Ag from 101m depth in MO-A-4R (announced 1 April 2016). The T4 prospect remains open at depth and to the SW along strike and is regarded as a high priority target, after T3. Sedimentary contacts constituting the T20 Dome are also being targeted by other exploration companies across the border in Namibia, directly along strike from the Tshukudu licences. It is understood that this work has resulted in significant soil anomalies and high grade copper/silver intersections. When verified these findings will support the prospectivity of the wider T20 Dome for copper within the Tshukudu licences.Tshukudu has expanded the in-country exploration team and the JV partners are well funded to continue all the work programmes.
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.
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 24 May 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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