TIDMMTR
Metal Tiger Plc ("Metal Tiger" or the "Company")
Botswana Copper/Silver Project - T3 Progress Update
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 partners MOD Resources (ASX:MOD) in the Kalahari
Copper Belt in Botswana (70% MOD Resources / 30% Metal Tiger).
Metal Tiger also holds 81,102,302 MOD shares, equivalent to 4.4345%
of MOD's issued share capital and 1,541,667 MOD warrants at an
exercise price of 6 cents (Australian). Activities in Botswana are
conducted under the JV's local operating company Tshukudu Metals
Botswana (Pty) Ltd. ("Tshukudu").
Highlights:
-- T3 Environmental Management Plan (EMP) will be lodged within next few
days.
-- Reduced level of environmental assessment to the level of soon to be
lodged Environmental Management Plan, should allow for
earlier
advancement of the next phase of drilling at T3.
-- High priority drill targets include two Induced Polarisation (IP)
geophysics anomalies 800m north of T3 and the Zone 3
mineralisation below the T3 Resource.
-- Airborne Electromagnetics (EM) geophysics survey to start soon to
identify potential new conductors on T3 Dome.
-- Prefeasibility Study (PFS) related hydrological, metallurgical and
geotechnical studies and flora/fauna studies and stakeholder
meetings
progressing well.
-- Regional exploration focussed on large T20 Dome with first
results expected soon.
Michael McNeilly Chief Executive Officer of Metal Tiger
commented:
"We are very pleased to report that following consultation, the
Department of Environmental Affairs has agreed that an
Environmental Management Plan will suffice for permitting further
Resource drilling at T3 and the drill testing of the various
exciting targets in the wider T3 area.
This decision is significant as it should allow drilling to
resume sooner than would have been required if the JV had had to
conduct the more detailed studies of an Environmental Impact
Statement for the drilling permits. Considering the required EMP
public review period we now expect the drilling to resume in
July.In the meantime, work will continue on the T3 Prefeasibility
Study, the airborne EM geophysics survey and continuing soil
sampling programmes.
Whilst drill rigs have been on break, planning work and
feasibility study works have been progressing well and we look
forward to reporting the findings of the T20 soil programme in due
course."
For further images and diagrams that may assist readers in the
visualisation of the mineralisation and the reported drill collar
locations, we would refer to the announcement released today by MOD
Resources. This announcement can be viewed through the following
link:
http://search.asx.com.au/s/search.html?query=mod&collection=asx-meta&profile=web
Shareholders should note that the timing of MOD announcements
are outside the control of MTR, however MTR does its utmost to
announce the drill results and important updates as soon as
practicable after MOD makes its announcement to the ASX. MTR are
only made aware of drill results and important updates immediately
prior to the MOD release.
Environmental Management Plan Update
As announced on 30 March 2017, the Botswana Department of
Environmental Affairs (DEA) had issued notification that the T3
Project would require a completed Environmental Impact Statement
(EIA) in advance of the next phase of planned drilling at T3. The
JV then appointed Botswana based environmental consultants Loci
Environmental to consult with the DEA and manage the permitting
process relating to the ongoing exploration and the T3 PFS with the
objective of down-grading the level of approval required for
activities which have minimal environmental impact (announced on 24
March 2017).
Following this consultation work by Loci, the JV is pleased to
report that it has been notified that the level of environmental
assessment required by the DEA has been decreased from the level of
EIA to the level of an Environmental Management Plan (EMP). As the
key requirements of the EMP process are already complete, the
documentation will be lodged with the authorities within a few
days. This will be followed by a public review period before being
considered for final approval by the DEA, with the drilling
expected to resume in July.
Planned Activities
Following the recent drilling break, the onsite geological team
has been able to catch-up with the backlog of core logging and
interpretation after 12 months of continuous drilling. The Tshukudu
team have also taken the opportunity to improve the efficiency of
the assay turnaround and other support services and have made good
progress on the Prefeasibility Study (PFS) and regional exploration
works.
The planned activities for the next few months include:
-- June
-- Airborne EM geophysics survey along T3 Dome to test potential
for new 'T3 Type' deposits.
-- July
-- T3 Resource estimate upgrade to include Zone 2.
-- Drilling two potentially significant IP geophysics anomalies north of
T3 Resource.
-- Complete T20 Dome soil sampling programme to identify drilling
targets.
-- August
-- Systematic drilling of the Zone 3 mineralised contact, below
the T3 Resource.
-- Third Quarter 2017
-- Finalise metallurgical, mining and processing studies for the T3 PFS.
T3 Resource & Exploration Drilling
The next phase of drilling, as set out in the EMP, will comprise
approximately 30 diamond drill holes, with six drill rigs available
to start as soon as the DEA approves the EMP (see above). The
planned holes will test three high priority targets around T3, two
of which result from the 3D Induced Polarisation (IP) geophysics
survey completed over T3 during Q1 2017:
-- Target 1: Two distinctive three dimensional IP geophysics
anomalies.
-- 800m north of T3 Resource, extending from between 250-500m vertical
depth on interpreted northern limb of syncline within the T3
host
sediment sequence.
-- Previous drill holes (MO-3R-01D and MO-3R-02D) were drilled too far
south to test these anomalies, before the 3D IP data became
available.
-- Target 2: A strong IP geophysics anomaly associated with the T3
Resource.
-- A distinctive 1,500m long IP anomaly interpreted to extend below and
west of the the T3 Resource.
-- Warrants further drilling as supported by hole MO-G-70D (the western
most drill hole to test the Zone 2 mineralisation) which
intersected
vein hosted sulphides (assays awaited).
-- Target 3: Zone 3 mineralisation.
-- Zone 3 is the near horizontal zone of mineralisation
intersected 300m below the top of the T3 Resource (reported 24
April
2017).
-- Zone 3 may occur on the same structural contact that hosts
large copper deposits in the eastern part of the Kalahari Copper
Belt
(KCB), including Cupric Canyon Capital's 'Zone 5' deposit (100Mt
@ 2%
Cu and 20g/t Ag) 120km NE of T3 and MOD's Mahumo (T1) deposit
(20km N
of T3). The KCB extends up to 150km east from T3.
-- Deeper drill holes planned to intersect Zone 3 and test for
areas of potential structural complexity and veining where
copper
grades may be enhanced.
-- Depending on the success of this programme, drilling of the Zone 3
contact may be extended elsewhere along the T3 Dome.
Assay results have also been received from eight geotechnical
holes completed around the perimeter of the proposed T3 open pit.
Results will be released when the data has been compiled and
interpreted.
Regional Exploration Update
-- T20 soil sampling programme covering >40km length of the T20 Dome,
approximately 150km west of T3 is nearing completion, results
expected
in May and June.
-- T20 Dome is interpreted to commence near the town of Ghanzi and
continue 50-60km to the Namibian border. Magnetic geophysics
data
shows major regional structures that appear to be associated
with
deposits in the northeast part of the KCB and that the T3 Dome
may
extend through the T20 Dome.
-- T20 soil sampling programme to be extended circa 10km to NE to overlap
the T4 prospect where previous drilling (prior to the discovery
of T3)
intersected 2m @ 6.12% Cu and 111g/t Ag from 101m depth in
MO-A-4R
(announced 1 April 2016). The T4 prospect remains open at depth
and to
the SW along strike and is regarded as a high priority target,
after
T3.
-- Sedimentary contacts constituting the T20 Dome are also being
targeted by other exploration companies across the border in
Namibia,
directly along strike from the Tshukudu licences. It is
understood
that this work has resulted in significant soil anomalies and
high
grade copper/silver intersections. When verified these findings
will
support the prospectivity of the wider T20 Dome for copper
within the
Tshukudu licences.
Tshukudu has expanded the in-country exploration team and the JV
partners are well funded to continue all the work programmes.
Background
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 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 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 compliant Mineral
Resource was announced on 26 September 2016. 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.
MOD tabulate details of the current exploration procedures being
employed on the project (JORC 2012 Table 1), in the appendix to
their news release dated 24 May 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.
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 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:
Michael McNeilly (Chief Tel: +44(0)20 7099 0738
Executive Officer)
Keith Springall (Finance Tel: +44 (0)20 7099 0738
Director
& Company Secretary)
Sean Wyndham-Quin Spark Advisory Partners Tel: +44 (0)
Neil Baldwin Limited 2033 683 555
(Nominated Adviser)
www.sparkadvisorypartners.com
Nick Emerson SI Capital Tel: +44 (0)1483 413 500
Andy Thacker (Joint Broker)
Andrew Monk VSA Capital Limited Tel: +44 (0)20 3005 5000
Andrew Raca (Joint Broker)
Gordon Poole Camarco Tel: +44 (0)20 3757 4980
James Crothers (Financial PR)
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
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.
View source version on businesswire.com:
http://www.businesswire.com/news/home/20170524005453/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
May 24, 2017 03:13 ET (07:13 GMT)
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