16 Jul 2018 07:00
Metal Tiger Plc
16 July 2018
Metal Tiger Plc
("Metal Tiger" or the "Company")
Botswana Copper/Silver Project – T3 Indicated Mineral Resource Increase
Metal Tiger plc (LON:MTR), the London Stock Exchange AIM listed investor in strategic natural resource opportunities, is pleased to provide an update regarding the Company’s Joint Venture (“JV”) project with partner MOD Resources Limited (ASX:MOD) (“MOD”) in the Kalahari Copper Belt in Botswana (70% MOD Resources/30% Metal Tiger).
Highlights:
Re-classification of the T3 Mineral Resource Estimate announced on 2 July 2018, by CSA Global, has resulted in a 13% increase in contained copper in the Indicated Resource Category (at a 0.4% Cu cut-off). Total Mineral Resource Estimate remains at 60Mt @ 0.98% Cu & 14g/t Ag (0.4% Cu cut-off) for a contained 590Kt copper and 27Moz silver metal. Indicated Mineral Resource contains 417Kt copper and 18.6Moz silver (0.4% cut-off) representing 70% of contained copper and 61% of the tonnes in the total Mineral Resource. Drilling ongoing to extend high-grade vein underground potential outside of planned T3 Pit and for strike extensions outside the T3 PFS Expansion Case Pit design.Michael McNeilly Chief Executive Officer of Metal Tiger commented:
“Following on from the T3 Mineral Resource Estimate update announced on 2nd July, we are delighted to report that a Resource re-classification review has resulted in a substantial increase of contained copper in the, higher confidence, Indicated category.
The project’s technical team consider that the Resource upgrade may well support an increase in the design throughput of the planned T3 processing plant, and that there is now the potential that the Feasibility Study Ore Reserve could significantly exceed the Ore Reserve used in the PFS.”
This announcement coincides with an update released today by MOD which can be viewed through the following link:
http://search.asx.com.au/s/search.html?query=mod&collection=asx-meta&profile=web
T3 Deposit Resource Classification Upgrade
The underlying Mineral Resource model used by CSA Global for the below Resource re-classification is the same as that used for the previous Mineral Resource update (announced 2 July 2018). Upgraded T3 MRE at 5 different copper cut-offs outlined in Table 1 below:Table 1: T3 Revised Mineral Resource Estimate (16 July update)
| JORC Category | Cut-off Cu% | Tonnes | Grade Cu% | Grade Ag g/t | Contained Cu (Kt) | Contained Ag (Moz) | ||||||||||||
| Indicated | 0.25 | 50,040,000 | 0.92 | 13.00 | 461.3 | 20.95 | ||||||||||||
| 0.40 | 36,631,000 | 1.14 | 16.00 | 417.0 | 18.60 | |||||||||||||
| 0.50 | 27,139,000 | 1.38 | 19.00 | 374.5 | 16.82 | |||||||||||||
| 1.00 | 14,154,000 | 2.06 | 31.00 | 291.9 | 14.30 | |||||||||||||
| 1.50 | 10,962,000 | 2.29 | 36.00 | 250.7 | 12.61 | |||||||||||||
| Inferred | 0.25 | 27,667,000 | 0.68 | 10.00 | 187.3 | 9.18 | ||||||||||||
| 0.40 | 23,524,000 | 0.74 | 11.00 | 173.3 | 8.30 | |||||||||||||
| 0.50 | 19,884,000 | 0.79 | 11.00 | 156.9 | 7.35 | |||||||||||||
| 1.00 | 3,511,000 | 1.58 | 22.00 | 55.6 | 2.46 | |||||||||||||
| 1.50 | 1,640,000 | 2.04 | 29.00 | 33.5 | 1.55 | |||||||||||||
| TOTAL | 0.25 | 77,706,000 | 0.83 | 12.00 | 648.6 | 30.14 | ||||||||||||
| 0.40 | 60,155,000 | 0.98 | 14.00 | 590.4 | 26.90 | |||||||||||||
| 0.50 | 47,023,000 | 1.13 | 16.00 | 531.5 | 24.17 | |||||||||||||
| 1.00 | 17,665,000 | 1.97 | 30.00 | 347.6 | 16.77 | |||||||||||||
| 1.50 | 12,602,000 | 2.25 | 35.00 | 284.2 | 14.16 |
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 acts as the Competent 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 Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Metal Tiger PLC to provide technical support.
In addition to its 30% interest in the JV, Metal Tiger holds 13,880,042 MOD shares, equivalent to 5.996 % of MOD’s issued share capital and 154,167 MOD options each exercisable price of 6 cents (Australian) on or before 15 April 2019.
For further information on the Company, visit: www.metaltigerplc.com:
| Michael McNeilly | (Chief Executive Officer) | Tel: +44(0)20 7099 0738 | ||||
| Keith Springall | (Finance Director & Company Secretary) | Tel: +44 (0)20 7099 0738 | ||||
| Stephen Allen or Bhavesh Patel | RFC Ambrian Ltd (Nominated Adviser) | Tel +44 (0)20 3440 6800 | ||||
| Charlie Cryer | RFC Ambrian Ltd (Joint Broker) | Tel +44 (0)20 3440 6800 | ||||
| Nick Emerson | SI Capital (Joint Broker) | Tel: +44 (0)1483 413 500 | ||||
| Rita Adiani | NRG | Tel: +44 (0)20 3709 4504 | ||||
| Gordon Poole James Crothers | Camarco(Financial PR) | Tel: +44 (0)20 3757 4980 |
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, the Company has tungsten and gold interests in the highly-mineralised Extremadura region. In Thailand, Metal Tiger has interests in two potentially near-production stage silver/lead/zinc mines as well as 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 AIM or NEX Exchange (formerly ISDX) partner with whom the Company is engaged.
Background information on the T3 Project
The T3 Project 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 within the central part of the T3 Dome (approximately 1,000km2), which is the focus of rapidly increasing exploration activity undertaken by the JV. Two significant resources have been discovered to date within the T3 Dome: T1 (Mahumo deposit 100% MOD) and T3 (70% MOD / 30% MTR).
The T3 Deposit was discovered in March 2016 when a reverse circulation (“RC”) drill hole intersected 52m @ 2.0% Cu and 32g/t Ag from shallow depth. The maiden T3 JORC (2012) compliant Mineral Resource was announced on 26 September 2016 with the first Resource upgrade announced on 24 August 2017. The results of a Scoping Study for an open pit mine at T3 with a 2Mtpa processing plant, an indicative mine life of 10 years and an average production rate of 21,800tpa of copper and 665,000oz pa of silver was released on 6 December 2016. Work on a Pre-Feasibility Study (PFS) commenced in January 2017 and additional deeper copper mineralisation was discovered below the T3 Resource in February 2017.
The T3 Prospect geological data and exploration results have been reviewed and approved by Jacques Janse van Rensburg, BSc.(Hons), Business Development Manager and Competent Person for MOD Resources Ltd. Mineral Resource estimation and classification of the T3 Copper/Silver Project was conducted and approved by Mr A.I. Pretorius, MSc. Pri.Sci.Nat. an independent consultant to MOD Resources Ltd.
The Phase 2 drilling at the T3 Copper/Silver Deposit commenced on 7th August 2017, with approval granted for the recommencement of both diamond core (DC) and reverse circulation (RC) drilling at the T3 Project and its vicinity, through to December 2018. This included 90 diamond core drill holes designed to infill the Resource and test for possible extensions. The objective of the infill program is to increase geological confidence and upgrade categorisation of the T3 Resource. The programme also included grid drilling to investigate the potential for an underground Resource down-dip and along strike from the planned open-pit, and to investigate geophysical targets. Drilling approval has been granted for the wider T3 Dome with the acceptance of the T3 Dome EMP announced on 3 April 2018.
The results of the T3 Open Pit Pre-Feasibility Study were announced on 31st January 2018; the revised and upgraded T3 Copper/Silver Deposit Mineral Resource Estimate was announced 2nd July 2018; and a Resource re-classification announced 16th July 2018.
The T3 Open Pit Feasibility Study, towards a decision to mine, is currently underway.
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