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15 Jun 2016 07:45
Metal Tiger Plc
("Metal Tiger" or the "Company")
Botswana Copper/Silver Project Update
Metal Tiger plc (LON:MTR) the London Stock Exchange AIM listed investor in strategic natural resource opportunities is pleased to provide an update with regard to the diamond drilling programme at 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).
Technical highlights in respect of the Target 3 (T3) Prospect diamond drilling programme progress and preliminary geological observations, are provided below. In addition we would refer to the announcement released today by MOD Resources which contains images and diagrams that may assist readers in an understanding of the project and the drilling being undertaken. This announcement can be viewed through the following link:
http://search.asx.com.au/s/search.html?query=mod&collection=asx-meta&profile=web
Paul Johnson Chief Executive Officer of Metal Tiger commented “I am pleased to report further positive results from the exploration programme at T3 and would note that the resource area now extends to a one kilometre strike length.
Since the original discovery the JV has tested only a small portion of the potential around T3 and there is further opportunity to identify additional mineralisation around the existing drill tested areas. The addition of a further diamond drill rig will assist with this work.
As the activities of the JV continue to expand we look forward to reporting more data from the exploration work to the market.”
Highlights:
MTR is pleased to confirm the delineation of a new 3km long copper/zinc anomaly from the continuing soil sampling programme. The anomaly which is located approximately 3.5km northeast of the T3 Resource drilling area, will be tested by reverse circulation drilling. Assay results have been received for three diamond drill (“DD”) holes (MO-G-04D to MO-G-06D) within the Resource drilling area. All three DD holes have intersected wide zones of >1% copper mineralisation, along a 600m strike length in the centre of the Resource target area. A third diamond core rig has arrived onsite to fast track the Resource drilling programme, and to test deeper targets associated with Induced Polarization (IP) geophysics anomalies. The T3 target area now extends over a 1km strike length following the intersection of a substantial width of chalcopyrite mineralisation in DD hole MO-G-13D (subject to assay confirmation). There are currently 16 DD holes drilled (13 completed). Key results for down-hole intersections include: Hole MO-G-04D 12.08m @ 1.29% Cu and 26.7ppm Ag from 182m 10.00m @ 1.04% Cu and 17.1ppm Ag from 223m Hole MO-G-05D 34.85m @ 1.00% Cu and 14.0ppm Ag from 161m, including; 6.28m @ 2.50% Cu and 47.3ppm Ag from 177m Hole MO-G-06D 6.00m @ 1.87% Cu and 37.9ppm Ag from 223mThe three holes were designed to intersect the northerly dipping mineralisation at depth, and are orientated with an azimuth of 160deg and dip of 60deg. Hole MO-G-05D is located 200m east of MO-G-03D on T3 Section #1, whilst MO-G-04D and MO-G-06D are 200m and 400m west of MO-G-03D respectively. MO-G-04D reached a down hole depth of 264m, MO-G-05D reached 269m and MO-G-06D reached 260m. Results from the continuing drilling programme will be released as they become available following geological interpretation.
Current Exploration Programme Plan
The Resource drilling programme at T3 is concentrating on the current 800m strike length of the T3 deposit, delineating the upper (UZ) and lower (LZ) copper/silver mineralization, from circa 60m vertical depth to 200m depth. The planned programme currently consists 29 diamond core drill holes at 100m collar spacing. Additional samples will be taken to enable metallurgical testwork on the copper/silver mineralisation. The completion of the maiden Mineral Resource estimate for T3 is planned for Q3 2016.
Location
The T3 Prospect 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 approximately 70km NE of the project’s Tshimologo (T4) Prospect and 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).
MOD outline details of the current exploration procedures being employed on the project (JORC 2012 Table 1), a drill plan and section and tabulated assay data in their news release dated 15 June 2016. The work is being managed on the ground by MOD’s Competent Person, Mr Jacques Janse van Rensburg, BSc (Hons), General Manager Exploration (Africa).
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:
| Paul Johnson (Chief Executive Officer) | Tel: +44 (0)7766 465 617 | ||||
| Terry Grammer (Non- Executive Chairman) | Tel: +44 (0)207 099 0738 | ||||
| Sean Wyndham-Quin Neil Baldwin Nick Emerson Andy Thacker | Spark Advisory Partners Limited (Nominated Adviser) SI Capital (Sole Broker) | Tel: +44 (0) 2033 683 555
www.sparkadvisorypartners.com Tel: +44 (0) 1483 413 500 |
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 expanding interests over 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 ISDX or AIM partner with whom the Company is engaged.
Metal Tiger also has an Asset Trading Division that holds various financial instruments for trading purposes including equities, warrants and royalty income. The aim of the division is to generate profits to reinvest into the Company’s project based activities.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160614006529/en/
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