Kalahari Metals Limited: Project Update

13 Jul 2020 10:49

Metal Tiger plc

("Metal Tiger" or the "Company")

Kalahari Metals Limited: Project Update

Metal Tiger plc (AIM: MTR), the London Stock Exchange AIM listed investor in natural resource opportunities, is pleased to provide an update in respect of the Botswana copper focussed explorer, Kalahari Metals Limited (“KML”), in which Metal Tiger has a 62.2% equity interest.

Phase 1 drilling operations at KML’s Kitlanya East (“KIT-E”) Project have now resumed. The drill rig is now drilling hole KIT-E_03 which is designed to test a disruption in marker conductors delineated from detailed airborne electromagnetic data (“AEM”) along an interpreted, locally developed, anticlinal structure which may provide a trapsite for mineralisation in a similar setting to Sandfire’s A4 deposit to the north.

Follow-on drill hole KIT-E_04 has been designed to test for Cu-Ag on the interpreted Ngwako Pan – D’Kar Formation contact on an interpreted anticline limb (analogous to Cupric Canyon Capital’s Banana Zone and Zone 5 deposit settings), whilst planned holes KIT-E_05 and KIT-E_06, aim to test for mineralisation in small structurally bounded folds which may present trapsites for mineralisation.

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

“We are pleased to report that drilling has now resumed at KML’s Kitlanya East Project on the Kalahari Copper Belt. The Phase 1 drilling programme is testing stratigraphic, structural and geophysical targets prospective for hosting copper-silver mineralisation analogous to the Sandfire Resources T3 and A4 deposits situated 3km and 8km to the north respectively. We look forward to providing further drill programme updates in due course.”

Illustrative figures showing the location of the KIT-E drilling programme planned hole collars and a three dimensional section of the KIT-E_03 AEM target can be viewed at: https://www.metaltigerplc.com/kml-update-july

Project Background

Kalahari Metals Limited, which was incorporated in England & Wales on 3 May 2017, holds interests in 12 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.

As announced on 14 February 2020, Metal Tiger holds approximately 62.2% of KML together with a conditional 2% net smelter royalty over all KML’s wholly owned licences, being seven licences covering, in aggregate, 6,650km2 (together, the “Royalties”). 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.

This announcement contains inside information for the purposes of the market abuse regulation (EU No. 596/2014) (“MAR”).

Qualified Person's Statement

The technical information contained in this announcement has been read and approved by Mr Nick O'Reilly (MSc, DIC, 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.

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

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Notes to Editors:

Metal Tiger PLC is admitted to the AIM market of the London Stock Exchange AIM Market ("AIM") 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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