MTR.L Regulatory News (MTR)

12 Apr 2022 07:11

 

Metal Tiger plc

("Metal Tiger" or the "Company")

Kalahari Metals Ltd: Endurance Prospect Targets

Metal Tiger plc (AIM: MTR, ASX: MTR), the AIM and ASX listed investor in natural resource opportunities, is pleased to provide an exploration update in respect of the Botswana Kalahari Copper Belt (“KCB”) discovery focused explorer, Kalahari Metals Limited (“KML”). Metal Tiger holds a 49.0% equity interest in KML, with Cobre Limited (“Cobre”) holding a majority 51% equity interest.

Following completion of the previous phase of drilling on the Kitlanya East Project’s Endurance Prospect (the “Endurance Prospect” or “Endurance”), as announced 20 December 20211, and following a review of final drill core and reverse circulation (“RC”) drilling results, KML’s technical team have outlined new high-priority targets for next phase of drilling.

Highlights:

Positive drill results support KML’s targeting model, increasing confidence in the property.Base metal assays from priority holes corroborate geological logging results and validate the targeting methodology employed with indications of mineralisation consistently occurring below, and along breaks, in folded conductors.A total of 34 drill holes have been designed to test new high-priority targets with an initial 14 holes (approximately 4,000m) prioritised for the next phase of drilling.Next phase drilling, which is subject to approvals under the KML joint venture, forms part of KML’s systematic exploration programme aimed at discovering the next Cu-Ag deposit in the Kalahari Copper Belt.

Decisions around budgets and further drilling are subject to the terms of a joint venture agreement which governs the KML corporate joint venture (the “KML JV”).

A link to Cobre’s announcement released today is set out below:

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02509738-2A1368445?access_token=83ff96335c2d45a094df02a206a39ff4

Michael McNeilly, Chief Executive Officer of Metal Tiger, commented:

“We are very pleased to report that new high priority drilling targets have been identified following a detailed review of the results of the Endurance Prospect drilling on the Kalahari Copper Belt, which was completed at the end of December 2021.

The drill results provided several intersections displaying signs of encouraging alteration and intense veining with accompanying visible trace Cu, Pb and Zn mineralisation all considered important vectors to mineralisation.

Based on drill results to date an expanded programme has been designed to test multiple targets on the Endurance Prospect as the proposed next step in the systematic exploration methodology aimed at discovering the next Cu-Ag deposit in the KCB. ”

Illustrative figures and tables for viewing in conjunction with this announcement can be found on the Company’s website at:

https://www.metaltigerplc.com/kalahari-metals-limited-kit-e-endurance-drilling-april-22

Endurance Prospect Overview

The Endurance Prospect covers an extensive, 25km long, elongated fold structure with numerous smaller doubly plunging anticlinal structures superimposed, offering excellent trap-sites for Cu-Ag mineralisation analogous to Sandfire Resources’ (ASX: SFR) neighbouring T3 and A4 deposits which are situated 5km and 10km north of the prospect area, respectively (Figure 1).

During 2021 KML set out to test a targeting model based on folding, feeder structures and stratigraphy. Drilling was very broadly spaced to provide an initial insight into multiple targets across the large prospect area. A total of 3,345m of diamond and 1,701m of RC drilling were completed on the Endurance Prospect in two stages. The first stage provided important insights into the selected targets and demonstrated key alteration assemblages at Endurance, which are known to be associated with major deposits across the Kalahari Copper Belt. Second stage drilling successfully refined the targeting model and involved an initial test of new targets and broad step out around some first stage holes (aimed at assessing alteration vectors).

Drill results provided several intersections displaying signs of encouraging alteration and intense veining with accompanying visible trace Cu, Pb and Zn mineralisation, all considered important vectors to mineralisation. Selected zones of drill core and RC samples were sent for assay to confirm the logging results and assist with further target generation.

Based on drill results to date, an expanded programme testing multiple targets on the Endurance Prospect has been designed as the next step in the systematic exploration programme aimed at discovering the next Cu-Ag deposit in the KCB.

Updated Targets For Follow-Up Work

KML has prioritised several new targets for follow-up drill testing subject to appropriate approvals by the KML JV. The new targets focus on disruptions and washouts in folded airborne electromagnetic (“AEM”) conductors which, based on the 2021 drilling, appear to relate to hydrothermal fluid activity associated with the introduction of Cu-Ag mineralisation. The 5km x 2km central portion of the Endurance Prospect looks particularly interesting, with evidence for a degree of stratigraphic uplift (Figure 2) in this area supported by magnetic data and drill results to date.

A total of 34 drill holes have been proposed to test these new targets, with an initial 14 holes (approximately 4,000m) prioritised for the proposed next phase of drilling. The targets are illustrated in Figure 2. The exploration process to whittle down the extensive prospective areas into focussed drill targets is schematically illustrated in Figures 3, 4, 5 and 6.

Drill Sample Results

A total of 832 drill core and 115 RC drill samples, along with appropriate duplicates, replicates and control source material, were sent for aqua-regia ICP-AES multi-element analysis at ALS laboratories, Johannesburg. Samples were selected from zones with intense alteration and veining, often with evidence of trace base metal mineralisation in drill core. RC samples with anomalous provisional portable x-ray fluorescence (“pXRF”) analyser results were also included for assay. Results were used to:

Confirm the logging of trace base metal sulphides in drill core;Identify potential element assemblages which could help with identification of alteration halos associated with mineralisation; andPrioritise the multiple targets identified to date and refine the next phase of drilling.

Results:

Base metal assays from priority holes corroborate geological logging results and validate target selection criteria;Mineralisation appears to consistently occur in breaks in folded AEM conductors, as well as below the marker conductor horizon corroborating the structural model used for target generation; andEncouraging Cu results were returned from a doubly plunging fold target identified during progressive review of field observations and refinement of the targeting model during the 2021 drilling programme.

A summary of anomalous drill hole assay results is provided in Table 1 and the locations of the drill collars is provided in Table 2.

Table 1: Down hole drill intersections based on assay results > 2 standard deviations from mean for Cu, Pb, Zn, As, Ag and Mo.

Hole ID	Easting *	Northing *	RL (m)	From (m)	To (m)	Down-hole Intersections
KIT-E-002	642369	7638590	1108	111	112	1.0m @ 81 Cu ppm
KIT-E-002				219	220	1.0m @ 134 Cu ppm
KIT-E-002				211	217	6.0m @ 304 Pb ppm
KIT-E-002				211	217	6.0m @ 632 Zn ppm
KIT-E-002				212	216	4.0m @ 0.7 Ag ppm
KIT-E-002				211	216	5.0m @ 676 As ppm
KIT-E-004	638088	7636645	1117	472	473	1.0m @ 98 Pb ppm
KIT-E-004				472	473	1.0m @ 225 As ppm
KIT-E-004				493	494	1.0m @ 97 Pb ppm
KIT-E-004				493	495	2.0m @ 311 Zn ppm
KIT-E-004				495	496	1.0m @ 2.9 Ag ppm
KIT-E-004				493	496	3.0m @ 272 As ppm
KIT-E-005	626982	7629850	1125.1	179	180	1.0m @ 81 Cu ppm
KIT-E-005				181	182	1.0m @ 82 Cu ppm
KIT-E-005				205	206	1.0m @ 311 Pb ppm
KIT-E-005				209	210	1.0m @ 40 Mo ppm
KIT-E-005				380	381	1.0m @ 99 Pb ppm
KIT-E-005				577	578	1.0m @ 20 Mo ppm
KIT-E-005				596	597	1.0m @ 77 Cu ppm
KIT-E-D020	625697	7629039	1118	123	124	1.0m @ 172 Mo ppm
KIT-E-D020				172	174	2.0m @ 96 Pb ppm
KIT-E-D020				178	179	1.0m @ 85 Cu ppm
KIT-E-D020				196	197	1.0m @ 87 Cu ppm
KIT-E-D020				199	201	2.0m @ 125 Cu ppm
KIT-E-D020				203	205	2.0m @ 91 Cu ppm
KIT-E-D020				249	250	1.0m @ 35 Mo ppm
KIT-E-D020				261	262	1.0m @ 28 Mo ppm
KIT-E-D021	626584	7629504	1098	89	90	1.0m @ 79 Cu ppm
KIT-E-D022	627776	7630229	1132	169	170	1.0m @ 97 Cu ppm
KIT-E-D022				170	171	1.0m @ 101 Pb ppm
KIT-E-D022				248	249	1.0m @ 19 Mo ppm
KIT-E-D023	633446	7633602	1125	34	35	1.0m @ 139 Pb ppm
KIT-E-D023				38	39	1.0m @ 82 Cu ppm
KIT-E-D023				95	96	1.0m @ 593 Pb ppm
KIT-E-D023				211	213	2.0m @ 410 As ppm
KIT-E-D023				213	214	1.0m @ 310 Zn ppm
KIT-E-D023				288	289	1.0m @ 0.6 Ag ppm
KIT-E-D023				312	313	1.0m @ 109 Cu ppm
KIT-E-D024	625901	7629076	1125	102	103	1.0m @ 181 Pb ppm
KIT-E-D024				212	213	1.0m @ 273 As ppm
KIT-E-D025	634219	7634288	1121	38	39	1.0m @ 75 Cu ppm
KIT-E-D025				194	195	1.0m @ 245 Pb ppm
KIT-E-D025				194	195	1.0m @ 6.3 Ag ppm
KIT-E-D027	639167	7637736	1080	47	49	2.0m @ 562 Zn ppm
KIT-E-D027				47	48	1.0m @ 234 As ppm
KIT-E-D027				55	56	1.0m @ 441 As ppm
KIT-E-D027				80	81	1.0m @ 1360 As ppm
KIT-E-D027				132	133	1.0m @ 217 Zn ppm
KIT-E-D028	633425	7633646	1128	140	141	1.0m @ 235 Cu ppm
KIT-E-D028				155	156	1.0m @ 91 Cu ppm
KIT-E-D028				257	258	1.0m @ 261 Zn ppm
KIT-E-D029	633251	7633541	1119	59	60	1.0m @ 135 Pb ppm
KIT-E-D029				59	60	1.0m @ 0.7 Ag ppm
KIT-E-D029				223	224	1.0m @ 413 As ppm
KIT-E-R009	626826	7629541	1139	28	29	1.0m @ 320 Zn ppm
KIT-E-R009				30	31	1.0m @ 75 Cu ppm
KIT-E-R009				108	109	1.0m @ 75 Cu ppm
KIT-E-R012	626124	7627810	1115	89	91	2.0m @ 277 Cu ppm
KIT-E-R012				90	91	1.0m @ 0.9 Ag ppm
KIT-E-R012				140	143	3.0m @ 103 Cu ppm
KIT-E-R013				72	73	1.0m @ 16 Mo ppm

* Coordinates in UTM Zone 34 South, datum WGS84

Table 2. Drill Hole Collar Table

Hole ID	Easting *	Northing *	RL (m)	Dip (degrees)	Azimuth (degrees)	Total depth (m)
KIT-E-002	642369	7638590	1113	-65	135	356.9
KIT-E-004	638088	7636645	1120	-65	135	567.4
KIT-E-005	626982	7629850	1130	-75	135	681.2
KIT-E-D006	656533	7636613	1061	-60	135	403.7
KIT-E-D020	625697	7629039	1130	-70	145	300.0
KIT-E-D021	626584	7629504	1132	-65	145	302.7
KIT-E-D022	627776	7630229	1131	-65	145	251.7
KIT-E-D023	633446	7633602	1124	-65	145	315.2
KIT-E-D024	625901	7629076	1131	-65	145	260.7
KIT-E-D025	634219	7634288	1124	-65	145	300.3
KIT-E-D027	639167	7637736	1120	-65	145	303.0
KIT-E-D028	633425	7633646	1124	-65	145	326.9
KIT-E-D029	633251	7633541	1124	-65	145	287.0
KIT-E-R009	626827	7629541	1132	60	135	187.0
KIT-E-R012	626124	7627810	1124	-60	135	198.0

* Coordinates in UTM Zone 34 South, datum WGS84

Project Background

Kalahari Metals Limited, which was incorporated in England & Wales on 3 May 2017, holds interests in twelve highly prospective exploration licences covering a total area of 8,595km2 in the Kalahari Copper Belt of Botswana, comprising two 100% owned exploration licences, five exploration licences subject to a binding earn-in agreement with Triprop Holdings (Pty) Limited (includes the Ngami Copper Project), and five exploration licences held by 100% owned subsidiary, Kitlanya Limited.

Metal Tiger holds a 2% net smelter royalty over all KML’s wholly owned licences, being seven licences covering, in aggregate, 6,650km2 (together, the “Royalties”) and the main areas. The five exploration licences owned by Triprop Holdings (Pty) Limited (in which KML has a 51% interest) do not form part of the Royalties.

Further details are available under the Project Investments section of the Company’s website at: https://www.metaltigerplc.com/portfolio/project-investments/kalahari-metals.

Qualified Person's Statement

The technical information contained in this announcement has been read and approved by Mr Nick O'Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Qualified Person under the AIM Rules - Note for Mining and Oil & Gas Companies. Mr O'Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Metal Tiger PLC to provide technical support.

Reference note:

Metal Tiger company announcement (AIM) 20 December 2021 ( source: https://polaris.brighterir.com/public/metal_tiger/news/rns/story/x8k805x)

For further information on the Company, visit: https://www.metaltigerplc.com/

Enquiries:

Michael McNeilly	(Chief Executive Officer)	Tel: +44 (0)20 7099 0738
Mark Potter	(Chief Investment Officer)
James Dance James Harris Robert Collins	Strand Hanson Limited (Nominated Adviser)	Tel +44 (0)20 7409 3494
Paul Shackleton Steve Douglas	Arden Partners plc (Broker)	Tel: +44 (0)20 7614 5900
Gordon Poole James Crothers Rebecca Waterworth	Camarco (Financial PR)	Tel: +44 (0)20 3757 4980

Notes to Editors:

Metal Tiger PLC is admitted to the AIM market of the London Stock Exchange AIM Market ("AIM") and the ASX Market of the Australian Securities Exchange Market ("ASX") with the trading code MTR and invests in high potential mineral projects with a base, precious and strategic metals focus.

The Company's target is to deliver a high return for shareholders by investing in significantly undervalued and/or high potential opportunities in the mineral exploration and development sector. Metal Tiger has two investment divisions: Equity Investments and Project Investments.

Equity Investments invests in undervalued natural resource companies. The majority of its investments are listed on AIM, the TSX and the ASX, which includes its interest in Sandfire Resources Limited (ASX: SFR). The Company also considers selective opportunities to invest in private natural resource companies, typically where there is an identifiable path to IPO. Through the trading of equities and warrants, Metal Tiger seeks to generate cash for investment for the Project Investments division.

Project Investments is focused on the development of its key project interests in Botswana, where Metal Tiger has a growing interest in the large and highly prospective Kalahari copper/silver belt through its interest in Kalahari Metals Limited.

The Company actively assesses new investment opportunities on an on-going basis and has access to a diverse pipeline of new opportunities in the natural resources and mining sectors. For pipeline opportunities deemed sufficiently attractive, Metal Tiger may invest in the project or entity by buying publicly listed shares, by financing privately and/or by entering into a joint venture.

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