30 Aug 2016 08:09
Metal Tiger Plc
30 August 2016
Metal Tiger Plc
("Metal Tiger" or the "Company")
Botswana T2 West: First RC Drill Assays
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 regional exploration results 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).
Details of Technical highlights in respect of the first batch of assay results from the reverse circulation drilling at the regional target T2 West 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 exploration work 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 are pleased to announce the first batch of laboratory assay results for reverse circulation drilling at T2 West, the first new drill target since we discovered the T3 deposit. Initial findings look promising with up to 5m @ 2.3% Cu and with intersections bearing a strong similarity to the widths and grades at MOD’s 100 % owned high-grade Mahumo (T1) copper/silver deposit, which lies only 3.5km to the east. Ongoing soil sampling between T2 West and Mahumo has also outlined a new anomaly, and drilling target, midway between T2 West and Mahumo.
At T3 the Resource drilling has now been completed with a total of 51 holes drilled ahead of the planned schedule. We commend MOD’s exploration manager, Jacques Janse van Rensburg, and his 80 strong Project team as well drill contractor Discovery Drilling for completing this phase of work in such a timely manner. We will report the remaining assay results and provide further updates on progress as the project moves towards the scheduled end of September completion date for the T3 maiden Resource Estimate.”
Highlights:
Reverse Circulation Drilling at T2 West
Assay results received for the first three reverse circulation (RC) drill holes, on the first drill section, at T2 West. This first drill section crosses the southern part of the T2 West soil anomaly, and consists of five RC holes all of which have intersected zones of visible vein and disseminated copper mineralisation. Drill holes MO-G-52R and MO-G-54R intersected a higher grade zone of copper/silver mineralisation associated with veining within a wider, lower grade, zone associated with disseminated copper mineralisation. MO-G-53R, the shallowest and most northerly drill hole on the first drill section, intersected highly weathered sediments hosting oxidised and copper leached mineralisation from a depth of 4m, resulting in a lower grade of 8m @ 0.3% Cu. Key downhole intersections include: MO-G-52R intersected 7m @ 1.7% Cu & 35g/t Ag from 61m, including 5m @ 2.3% Cu & 42g/t Ag from 61m MO-G-54R intersected 6m @ 1.7% Cu & 24g/t Ag from 61m MO-G-52R intersected a 24m wide zone of disseminated and vein hosted mineralisation from a downhole depth of 51m. With lower grade disseminated mineralisation (ranging from 0.1% to 0.5% Cu) surounding higher grade vein hosted copper (7m @ 1.7% Cu & 35g/t Ag) from 61m depth. MO-G-54R intersected a 28m wide zone of disseminated and vein hosted mineralisation from a downhole depth of 49m. With lower grade disseminated mineralisation (ranging from 0.1% to 0.7% Cu) surounding higher grade vein hosted copper (6m @ 1.7% Cu & 24g/t Ag) from 61m depth. The MO-G-52R and MO-G-54R drill hole mineralisation intersections compare well with the copper and silver grades and widths that MOD outlined during their Mahumo Stage One Resource drilling, 3.5km to the east. Here resource widths range 2-4m at an average 2.0% Cu and 50g/t Ag. Mahumo remains open below the current limit of drilling along a 2.4km strike length. Drilling is currently testing for continuity of mineralisation along strike from the first drill section and will then seek to target the mineralisation at depth in this complexly folded area. Assay results from the two remaining holes (MO-G-57 and MO-G-58R) on the first drill section at T2 West are currently awaited.Geological Setting
T2 West is a soil anomaly (up to 87ppm Cu over a circa 1.5km wide zone) located 20km north of the T3 Resource Drilling area and 3.5km west of MOD’s 100% owned high-grade Mahumo (T1) copper/silver deposit (Resource: 2.68Mt @ 2.0% Cu & 50g/t Ag). It forms part of the T2 Prospect together with the T2 East soil anomaly (up to 83ppm Cu over a circa 1.5km wide zone) located approximately 12km to the east. There is no outcrop at T2 and the area is covered by surficial calcrete. T2 West, T2 East and Mahumo sit on the same regional structure and interpreted zone of Kalahari ‘prospective contact’ folding, that is thought to host Cupric Canyon Capital’s Zone 5 resource (Resource: 100Mt @ 1.95% Cu & 20g/t Ag).Soil Sampling Results
Soil sampling results have been received from further geochemical survey on 500m spaced traverses extending eastwards from the T2 East anomaly, and from the T2 West anomaly, eastwards, towards MOD’S 100% owned Mahumo (T1) deposit. These latest soil results have yielded a new drill target, with a standout value of 99ppm Cu midway between T2 West and Mahumo.T2 West Drilling Details
The T2 West RC holes, on the first drill section, are inclined 320° azimuth/-60° dip. MO-G-53R reached 55m, MO-G-52R reached 135m and MO-G-54R reached 103m. Hole collars are drilled at 50m spacing. MOD provide a full table of drill coordinates and key parameters in their release of today (see above link).
The first drill section, commenced on 10th August, crosses the southern part of the T2 West soil anomaly and consists a total of five RC holes all of which have intersected zones of vein and disseminated copper mineralisation, including the copper minerals chysocolla, malachite, chalcocite and bornite. Drilling is currently testing potential for mineralisation along strike to the east and west of the first section.
T3 Phase One Resource Programme Update
The Resource drilling at T3 has completed ahead of schedule, with a total of 51 diamond drill holes completed on a 100m by 100m grid within a 4-month period. All outstanding mineralised intersections are either in the laboratory or samples are being prepared for transport to the laboratory with the objective to get all assay results finalised for the resource estimate scheduled to be completed by end September. All 80 Project personnel will now take a well-earned break for 1 week.
The T3 scoping study is progressing to plan with preliminary results from metallurgical test work of different sulphide ores starting to be received. Results will be announced when results are finalised.
Project Location
The MOD/MTR joint venture Botswana Copper/Silver Project is located on the Kalahari Copper Belt in northern Botswana. The T3 Phase 1 Resource Drilling area 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 T2 Prospect is located directly along strike from the Mahumo Project and approximately 20km north of T3.
The exploration work is being managed on the ground, in accordance with JORC 2012 best practice, 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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