28 Oct 2016 10:08
Metal Tiger Plc
Metal Tiger Plc
("Metal Tiger" or the "Company")
Botswana – Encouraging Extension and Infill Drilling Results
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 exploration 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).
An update regards extension and infill drilling at the Target 3 (T3) Resource is provided below.
In addition, we would refer to the announcement released today by MOD Resources which contains images, graphs and diagrams that may assist readers in an understanding of the project. This announcement can be viewed through the following link:
http://search.asx.com.au/s/search.html?query=mod&collection=asx-meta&profile=web
Alex Borrelli, Chief Executive Officer of Metal Tiger commented:
“Work at the T3 Resource project is progressing well with positive infill drilling results (seeking to upgrade more Resource to the Indicated category) and the completion of a second deep diamond drill hole targeting the Induced Polarisation geophysics anomaly below and down-dip of the T3 Mineral Resource.
Whilst we currently await the assay grades from the deep IP hole, visual inspection confirms the presence of both disseminated and vein-hosted copper mineralisation at depth below the Resource. Further IP traverses and initial wide spaced deep drilling will help determine whether this down-dip mineralisation has the potential to provide a Resource extension.
In addition, the along strike extension potential will be tested by a planned programme of Reverse Circulation traverses designed to intersect the T3 Target Sequence over a 14km strike distance.”
Highlights:
T3 Resource - Depth Extension Testing
The potential for extensions to the T3 Resource, down-dip, at depth, is being tested by Induced Polarisation (IP) geophysics and deep drilling (as announced 10th October 2016). Deep diamond drill hole, MO-T3U-02D, the second hole to test the IP chargeability anomaly has intersected 35m interval with copper sulphides from a downhole depth of 466.4m approximately 600m down dip from the centre of the T3 Resource area. Moderate disseminated and local vein hosted mineralisation consisting chalcopyrite, chalcocite, bornite and minor native copper were intersected in several zones of the T3 Target Sequence. The T3 Target Sequence is the lithological package of rocks which host the mineralisation constituting the T3 Resource. It is currently unclear whether the intersected mineralisation is responsible for the IP chargeability anomaly. Assay results are pending along with a full geological interpretation. Further IP geophysics traverses and wide spaced diamond drilling is planned to test the potential of the T3 Target Sequence for hosting further vein hosted mineralisation along strike and down-dip from the Resource.Current Exploration Plan – T3 Strike Extension Testing
Reverse Circulation (RC) drilling on 1km spaced traverses is planned along 14km of the interpreted T3 Target Sequence to the east and west of the T3 Resource area. Soil sampling coverage will be extended along approximately 50km of interpreted, prospective contact constituting the Central Target Zone surrounding the T3 Dome. A recent reinterpretation of the regional magnetics data and the structural setting of the T3 Resource area has facilitated the planning of this exploration work. It is noteworthy that Cupric Canyon Capital’s Chalcocite Zone deposit (47Mt @ 0.56% Cu) is located, on the JV licence boundary, 32km east along strike from the T3 Resource. Both deposits are interpreted to occur close to the contact with the Kalahari footwall sandstone sequence (Ngwako Pan Formation).T3 Resource - Infill Drilling Progress
One diamond drilling rig is in operation within the T3 Resource area. The T3 JORC compliant Mineral Resource Estimate announced 26 September 2016 consists: 28.36Mt@ 1.24%Cu & 15.7g/t Ag for 350kt Cu & 14.27Moz Ag at 0.5% Cu cut-off. Infill drilling is being undertaken to upgrade Inferred Resources to the Indicated Category and to assist in the design of the scoping study open pit. Key results and down-hole intersections for the four recent infill drill holes include: Hole MO-G-52D 48.3m @ 1.4% Cu & 9g/t Ag from 108.0m Hole MO-G-53D 40.1m @ 1.1% Cu & 8g/t Ag from 109.0m 5.2m @ 1.4% Cu & 14g/t Ag from 173.0m Hole MO-G-54D 3.5m @ 1.1% Cu & 3g/t Ag from 107.5m 35.3m@ 1.1% Cu & 12g/t Ag from 116.0m 3.0m@ 1.7% Cu & 29g/t Ag from 173.0m Hole MO-G-55D 33.0m @ 1.2% Cu & 15g/t Ag from 119.0m 3.1m@ 1.1% Cu & 14g/t Ag from 159.9m 2.3m@ 1.7% Cu & 27g/t Ag from 171.7mAll holes were designed to intersect the northerly dipping mineralisation, and are orientated with an azimuth of 160deg and dip of 60deg. MO-G-052D and MO-G-053D reached a down hole depth of 194m, MO-G-54D reached 197m and MO-G-55D reached 185m. The holes are located within the centre of the T3 Resource area. Assay results for a further three infill holes are currently awaited whilst a fourth infill hole (MO-G-59D) is currently in progress. A table of the drill collar locations is provided in the MOD release referenced above.
T3 Scoping Study Update
The scoping study examining the potential of the T3 Resource for open-pit mining is progressing well and on course to be completed by the end of the year. The metallurgical testwork and preliminary environmental and permitting studies have been completed.
The open-pit design optimisation is well advanced and the conceptual plant design work is nearing completion.
Competent Persons
The T3 Prospect geological data and exploration results have been reviewed and approved by Jacques Janse van Rensburg, BSc (Hons), Technical Adviser and Competent Person for MOD Resources Ltd. The Competent Person for the Mineral Resource estimation and classification of the T3 Copper/Silver Project is Mr A.I. Pretorius, MSc. Pri.Sci.Nat.
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).
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:
| Alex Borrelli (Chief Executive Officer) | Tel: +44 (0)7747 020600 | ||||
| Terry Grammer (Non- Executive Chairman) | Tel: +44 (0)20 7099 0738 | ||||
| Sean Wyndham-Quin Neil Baldwin Nick Emerson Andy Thacker | Spark Advisory Partners Limited (Nominated Adviser) SI Capital (Sole Broker) | Tel: +44 (0) 20 3368 3555
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.
Note: This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation.
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