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Metal Tiger Plc17 July 2017
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 91,795,214 MOD shares, equivalent to 4.86%
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:
-- All sample assays received from previous infill / extensional drilling.
-- Results from updated Mineral Resource Estimate to include Zones 1
& Zone 2 expected early August.
-- Prefeasibility Study elements making good progress, on track for
completion Q4 2017.
-- T3 drilling targeted to resume in early August following the Environmental
Management Plan public review period.
-- Ongoing Airborne Electromagnetic geophysics data indicates potential
for multiple new targets.
Michael McNeilly Chief Executive Officer of Metal Tiger
commented:
"We are pleased to report that with the previously outstanding
drill hole assay results now being sent to the project's resource
consultant in South Africa, we anticipate being able to release an
updated and enlarged, T3 Mineral Resource Estimate incorporating
the results of the infill drilling and the underlying Zone 2
mineralisation during August.
As well as being an important project metric, the updated T3
Resource will feed directly into the mining and geotechnical work
streams of the T3 open-pit Pre-Feasibility Study which is
progressing well and is expected to be completed around November
2017."
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.
Resource Infill / Extension Drilling Results
Tshukudu has received the sample assay results for the 11
outstanding drill holes at the T3 Deposit. These include 5 new
Resource infill holes (MO-G-67D to MO-G-71D) and 6 previous holes
(MO-G-52D to MO-G-59D) which were extended to intersect Zone 2
mineralisation below the southern end of the existing T3
Resource.
Significant widths of both Zone 1 (existing Resource) and
underlying Zone 2 mineralisation were intersected in all 5 of the
new Resource holes. The extended drill holes appear to show that
Zone 2 merges with Zone 1 mineralisation near to the southern
boundary of the Resource. Extended holes MO-G-55D and MO-G-56D
intersected moderate mineralisation including 10m @ 0.6%Cu &
12g/t Ag from 194m down hole depth (hole MO-G-52D was not
assayed).
The intersections from the 8 geotechnical holes drilled around
the perimeter of the Scoping Study pit design were announced on 13
June 2017, these included 46.6m @ 2.1% Cu and 32g/t Ag from 96m
downhole depth in hole Geotech_7.
Zone 2 remains open to the north and further holes are planned
for when T3 drilling resumes (expected August 2017) upon the
approval of the Environmental Management Plan.
-- Key results for down-hole intersections in the new Resource drill
holes include:
MO-G-67D
29.7m @ 1.1% Cu & 11g/t Ag from 145.3m (Zone 1
mineralisation)
8.6m @ 0.7% Cu & 9g/t Ag from 453m (Zone 3)MO-G-68D
19.0m @ 1.2% Cu & 14g/t Ag from 152m (Zone 1)
0.5m @ 11.0% Cu & 210g/t Ag from 193.7m (Zone 2 - top
part)
1.2m @ 2.6% Cu & 3g/t Ag from 213.8m (Zone 2 - bottom
part)
7.4m @ 0.5% Cu & 7g/t Ag from 450.5m (Zone 3)MO-G-69D
10.1m @ 0.9% Cu & 7g/t Ag from 151.0m (Zone 1)
12.0m @ 1.6% Cu & 33g/t Ag from 165.0m (Zone 1)
11.0m @ 1.0% Cu & 22g/t Ag from 201.0m (Zone 1)
11.5m @ 0.7% Cu & 10g/t Ag from 216.5m (Zone 2 - top
part)MO-G-70D
5.5m @ 2.1% Cu & 17g/t Ag from 175.6m (Zone 1)
24.0m @ 0.7% Cu & 13g/t Ag from 212.0m (Zone 2 - top
part)
3.8m @ 1.1% Cu & 22g/t Ag from 242.8m (Zone 2 - top
part)
13.0m @ 1.0% Cu & 11g/t Ag from 302.0m (Zone 2 - bottom
part)MO-G-71D
14.2m @ 1.2% Cu & 16g/t Ag from 192.8m (Zone 1)
6.5m @ 2.1% Cu & 38g/t Ag from 224.0m (Zone 1)
All holes were designed to intersect the northerly dipping
mineralisation and are orientated with an azimuth of 160deg and dip
of 60deg. New Resource diamond drill hole MO-G-67D reached a down
hole depth of 493.6m, MO-G-68D reached 484.68m, MO-G-69D reached
366.39m, MO-G-70D reached 373.42m, MO-G-71D reached 451.73m.
Existing diamond drill hole MO-G-52D(ext) was extended to 352.67m,
MO-G-53D(ext) to 265.47m, MO-G-54D (ext) to 274.57m, MO-G-55D(ext)
to 322.52m, MO-G-56D(ext) to 376.51m and MO-G-59D(ext) was extended
to 322.50m.
Reported intersection widths may not represent true widths. A
graphic illustrating the location of the drill holes with regard to
the current open pit design is included in the MOD release and will
be available on the Metal Tiger website
(http://www.metaltigerplc.com).
T3 Prefeasibility Study (PFS) Progress
The T3 open-pit prefeasibility works are progressing to schedule
with the completion of the overall PFS Study expected around
November 2017. Mining and processing studies are underway with
associated site visits completed.
-- Completed
Environmental Baseline flora & fauna studies.
Archaeological Impact assessment.
Stakeholder engagement planning & policy.
Digital terrain modelling and imagery available for all
consultants.
Process & Infrastructure Study: Proposed preliminary site
layouts
completed.
-- Underway
Mineral Resource Estimate update: All drilling results and
assay
data now in hands of resource consultants Sphynx Consulting
of
South Africa. Updated Mineral Resource Estimate expected
early
August.
Geotechnical Study: Complete subject to results of the
updated
Mineral Resource Estimate.
Mining Study: Preparation work and trade-off studies complete
in
anticipation of updated Mineral Resource Estimate.
Hydrogeological Study: Initial testing complete, Phase 2
borehole
selection underway for when drilling resumes.
Metallurgical Testwork: Testwork of composite samples of the
three
T3 ore domains (chalcopyrite, bornite & chalcocite)
underway,
early results pleasing.
-- Tender Stage
Tailings Storage Facility: Request for tenders issued,
planned
design work to commence August.
Hydrogeological & Site Water Modelling: Request for
tenders
issued, design work to commence August.
Environmental Impact Assessment, Scope & Tender process
to
commence August, work to commence September.
-- On-hold
Market & Smelter Investigation: on hold until production
and
concentrate specification is available.
-- Other updates
MOD have appointed an Australian consultant to advise on the
Resource estimate and other mining aspects of the PFS,
specifically the possibility of upgrading the Resource into
a
potential Reserve.
T3 Dome Airborne Electro-Magnetic Geophysics Survey Update
-- Following details of the Airborne Electro-Magnetic (AEM) survey over
50km of the T3 Dome, and confirmation of the T3 anomaly
(announced 9
July 2017), initial interpretation of the AEM data by MOD
consultants
has indicated potential for multiple new targets. Results of
this
interpretation are expected soon.
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 17 July 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/20170716005041/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
July 17, 2017 02:00 ET (06:00 GMT)
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