6 Jul 2016 08:47
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 progress on the Target 3 (T3) Prospect, Phase 1 Resource Diamond Drilling Programme (the “Resource Programme”) 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 “
“We continue to be encouraged by the flow of strong assay results from our Botswana joint venture. The thick intersections of relatively high grade copper with significant silver are proving remarkably consistent, adding confidence to the possibility of an open-pit mine at T3.
To this end we support the commencement of metallurgical testwork and the appointment of a technical study manager to oversee a scoping study on the viability of the planned T3 Resource for open-pit mining.
We are highly encouraged with the continuing progress and professionalism of our Joint Venture partners in Botswana. The regular flow of news to market of late is demonstrable evidence of the progress being achieved.
Testing of other targets on the T3 Dome is an important step forward and it is of significance that the wider T3 area remains largely unexplored and is, in part, as geologically prospective as the ground which is currently the focus of drilling at T3.”
Highlights:
Resource Programme Progress
Assay results have been received for a further four diamond drill (DD) holes (MO-G-10D, MO-G-11D, MO-G-12D & MO-G-14D) within the Resource Programme area. The assays show wide intersections of 1-2% copper mineralisation and significant silver. The assay results for MO-G-13D are currently awaited. Significant downhole intersections include: MO-G-10D: 29m @ 1.8% Cu and 34g/t Ag from 112.0m MO-G-11D: 29m @ 1.8% Cu and 32g/t Ag from 112.0m MO-G-12D: 17.2m @ 1.4% Cu & 14g/t Ag from 103.9m 23 DD holes have now been completed and 2 DD holes are in progress within the Resource Programme. With 3 diamond drill rigs in operation on the Resource drilling, the work is on track to complete a maiden Resource in Q3 2016. The planned metallurgical drilling and test work programme will commence this month under the direction of the metallurgical consulting group, Independent Metallurgical Operations Pty Ltd (IMO). IMO will conduct the test work on a range of different sulphide ores from T3, from their base in Perth, Australia. MOD have appointed Mr Royce McAuslane as Study Manager for an open pit mine Scoping Study on the planned T3 Resource. It is envisaged that the scoping study would complete at the end of 2016, with a follow-up pre-feasibility study commencing in early 2017, should the results of the Scoping Study prove positive. Key results for latest down-hole intersections include: Hole MO-G-10D 16.5m @ 1.3% Cu & 23g/t Ag from 92.0m 29.0m @ 1.8% Cu and 34g/t Ag from 112.0m Hole MO-G-11D 29.0m @ 1.8% Cu & 32g/t Ag from 112.0m, including: 5.8m @ 2.6% Cu & 39g/t Ag from 119.0m; and 4.1m @ 3.8% Cu & 88g/t Ag from 136.9m 14.0m @ 0.73% Cu & 13g/t Ag from 159.0m Hole MO-G-12D 17.2m @ 1.4% Cu & 14g/t Ag from 103.9m, including: 7.5m @ 2.2% Cu & 26g/t Ag from 105.5m Hole MO-G-14D • 14.5m @ 1.0% Cu & 4g/t Ag from 87.5mThe four holes were designed to intersect the northerly dipping mineralisation at depth, and are orientated with a azimuth of 160deg and dip of 60deg. MO-G-010D reached a down hole depth of 170m, MO-G-11D reached 179m, MO-G-12D reached 158m and MO-G-14D reached 170m. A table of the drill collar locations is provided in the MOD release referenced above. Results from the continuing drilling programme will be released as they become available following geological interpretation.
T3 Prospect Expansion
The fourth diamond drill rig has commenced testing targets outside of the current resource drilling area, these targets include; an induced polarisation (IP) geophysics chargeability anomaly 300m down dip from the deepest hole to date (MO-G-07D); an IP chargeability anomaly 1km south of current drilling; and a possible fault displacement of the target sequence 300m west of the resource area. The reverse circulation (RC) drilling rig continues to test the eastern 3km long copper/zinc anomaly, at a location approximately 3km east of the Resource drilling area. As part of the continuing T3 prospect expansion, further IP geophysics traverses are also planned this month to identify possible sulphide targets elsewhere on the T3 Dome.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 mineralisation, from circa 60m vertical depth to 200m depth. The planned programme currently consists a further 17 diamond core drill holes at 100m collar spacing (subject to assay results additional holes may be added to enlarge the Resource area envelope). Additional samples are to 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 6 July 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.
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