23 Aug 2016 08:16
Metal Tiger Plc
("Metal Tiger" or the "Company")
Botswana T2 West RC Drilling Intersects Wide Copper Intervals
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 further reverse circulation drilling findings at the regional target T2 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 “
“Following quickly on from the announcement of the new copper discovery at T2 West, last week, we are pleased to report that follow-up drilling has succeeding in tracing the visible copper mineralisation down dip. The preliminary findings show that the down-dip intersections contain wider intervals of visible copper mineralisation, with a 29m interval from only 49m depth in MO-G-54R, the third hole drilled at T2 West.
Given that the T2 West copper in soil anomaly consists a 1.5km wide zone, the team are now stepping out on a new drill section 250m to the east, where we are hopeful of intersecting the same mineralised formation. As the drill samples are currently awaiting laboratory assay we are not yet able to report actual copper grades and widths, but look forward to communicating these with our investors once they become available.”
Highlights:
Reverse Circulation Drilling at T2 West
Following on from the discovery of copper mineralisation at T2 West, as reported 15 August 2016, a further 3 holes drilled on the same drill section have intersected wide intervals with potentially significant copper mineralisation. T2 West is the first new JV target to be drilled since the discovery of T3 in March 2016. The first drill section, across the southern part of the T2 West soil anomaly, consists of five RC holes all of which have intersected zones of vein and disseminated copper mineralisation which is interpreted as being associated with folding of host sediments directly above the Kalahari Footwall sediment contact (FW). Following on from the discovery holes MO-G-52R & MO-G-53R which intersected 15m and 10m intervals (respectively) of shallow visible copper oxide and copper sulphides, including the copper minerals chysocolla, malachite, chalcocite and bornite, three further holes MO-G-54R, MO-G-57R & MO-G-58R have targeted the same mineralisation down dip, with the following highlights: MO-G-54R intersected a 29m interval with multiple zones of visible copper sulphide mineralisation from 49m downhole. MO-G-57R intersected a 21m interval with multiple zones of visible copper sulphide mineralisation from 85m downhole. MO-G-58R intersected a 26m interval with multiple zones of disseminated copper sulphide mineralisation from 146m downhole. With the positive visual copper intersections in these five holes, drilling is now continuing 250m along strike to the east. The T2 West drill sample assay results will be reported, in due course, once they have been received and interpreted. Where results deem appropriate the RC drilling will be followed up by diamond drilling. This regional target drilling is in addition to the resource programme at T3. On the same drill section line, but on a separate soil anomaly to the north, two additional RC holes (MO-G-55R and MO-G-56R) were drilled, whilst these holes intersected FW sediments, they failed to determine the source of this northerly soil anomaly. T2 West is located 20km north of the T3 Resource Drilling area and 3.5km west of MOD’s 100% owned high-grade Mahumo copper/silver deposit (T1). It forms part of the T2 Prospect together with the T2 East soil anomaly located approximately 12km to the east. There is no outcrop at T2 and the area is covered by surficial calcrete. T2-West has consistently high copper values up to 87ppm Cu over a circa 1.5km wide zone; T2-East has consistently high copper values up to 83ppm Cu over a circa 1.5km wide zone. Both T2 anomalies are interpreted from magnetic geophysics survey data, to be associated with folding of the prospective Mahumo geological contact and are located directly along strike from the Mahumo deposit.T2 West Drilling Details
All T2 West RC holes are inclined, 320° azimuth/-60° dip, except MO-G-56R which is 160° azimuth/-60° dip. On the first drill section, intercepting mineralisation, MO-G-54R reached 103m, MO-G-57R reached 115m and MO-G-58R reached 182m. These hole collars were drilled at 50m spacing.
MO-G-55R and MO-G-56R the RC holes further to the north reached 60m and 61m respectively. MOD provide a full table of drill coordinates and key parameters in their release of today, together with a preliminary geological section interpretation (see above link).
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160823005556/en/
Copyright Business Wire 2016