TIDMMTR
Metal Tiger Plc
7 August 2017
Metal Tiger Plc
("Metal Tiger" or the "Company")
Botswana Copper/Silver Project - T3 Drilling Resumes
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:
-- Drilling resumes today at the T3 Copper / Silver Project.
-- Approvals granted for 17 months to December 2018
-- Initial Programme includes up to 70 diamond drill holes to test:
-- Potential extensions to east and west of planned open pit
-- Extent of Zone 3 mineralised contact, 300m below current T3 Resource
-- High grade intersections that have potential for underground mining
down-dip from planned open-pit, along >1000m strike.
-- Geophysics anomalies (Induced Polarisation & Electromagnetic)
identified north and northeast of the T3 Resource.
Michael McNeilly Chief Executive Officer of Metal Tiger
commented:
"It is with great pleasure that we are able to report the
resumption of drilling at the T3 Project.With the approval of the
Environmental Management Plan by the Botswana Department of
Environment we have the green light to restart the drilling rigs
today.
The next phase of work includes up to 70 planned holes and
several new targets to test in the T3 area. This includes testing
the potential of high grade vein-hosted copper, down-dip of the
planned open-pit, to support possible underground mining.
We envisage the start of an exciting new period at T3 as the
pace of work ramps up again and we look forward to providing news
of the updated T3 Resource soon."
For an image that may assist readers in the visualisation of the
T3 Project area, targets and planned holes mentioned in this
announcement, 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.
T3 Drilling Programme Update
Tshukudu has received approval of the Environmental Management
Plan (EMP) from the Botswana Department of Environmental Affairs
(DEA). The approval allows for the recommencement of both diamond
core (DC) and reverse circulation (RC) drilling at the T3 Project
and its vicinity, subject to several manageable conditions, for a
period of 18 months to December 2018. Details of the current and
planned programme are as follows:
-- EMP covers an area of 48km2 denoted by the farm block on which the T3
Project occurs, and allows for an unlimited number of diamond
and
reverse circulation drill holes.
-- Initial programme will utilise three diamond rigs and two RC rigs,
with an additional 3 diamond drilling rigs available on standby
at
site.
-- RC rig will be used for pre-collars, hydrological holes and
sterilisation holes beneath planned infrastructure (process
plant,
waste dump & tailings storage facility).
-- Up to 70 diamond drill holes included in current stage of work, the
majority of which are scheduled for completion by end of
2017.
-- EMP allows for a further 12months of drilling during 2018 to follow-up
on any new discoveries or Resource extensions around T3 and
to
complete the hydrological, sterilisation and technical drilling
needed
to complete the current feasibility study.
-- Planned drill programme includes:
-- Resource extensions & infill drilling - upto 200m east &
400m west of planned open-pit.
-- High-grade veins with potential for underground development,
down-dip and below the planned open-pit, along a >1,000m
section up to
360m down-dip of the planned open-pit.
-- Zone 3 mineralised contact located circa 300m below the current
T3 Resource. Widely spaced drilling is planned to define
this
significant contact interpreted across the T3 Dome.
-- Geophysical anomalies:
Two Induced Polarisation (IP) anomalies (Western & Eastern
IP
Targets) 800m north of T3. These are interpreted to dip
south
towards T3 and may occur on the northern limb of a syncline.
Airborne Electomagnetic (AEM) anomaly (A16), approx. 1km NE of
T3.
A16 is a low order target identified by the recent
helicopter
geophysics survey.
High-grade Vein hosted copper/silver Intersections Outside
Planned Ppen-pit Design
-- Further interpretation of previously announced drilling results has
identified many high-grade vein hosted copper/silver
intersections
(>2% Cu) of 4-6m down-hole width (Table 1).
-- High grade veins typically occur within wide lower-grade intervals
within the current T3 Resource and open-pit design.
-- Individual veins display moderate to strong continuity between drill
holes. Average dip of veins 20-30 deg north. Vein strike length
may
extend to 1,000m.
-- Several high-grade veins are interpreted to extend down-dip below the
open-pit and have been intersected in the deepest resource
holes
drilled to date.
-- Apparent consistency and width of higher copper/silver grade veins
could represent a potential underground development target.
The
current drill programme will also test this potential on 50m and
100m
centres initially up to 360m down-pit pf the planned
open-pit.
Table 1:Summary of Vein-hosted High-Grade Copper/Siler
Intersections at T3.
Hole ID High grade vein intersections From (rounded down-hole depth)
MO-G-06D 6.0m @ 1.9% Cu & 38g/t Ag 223m
MO-G-70D 4.0m @ 2.6% Cu & 23g/t Ag 177m
MO-G-36D 4.0m @ 2.3% Cu & 44g/t Ag 224m
3.9m @ 2.7% Cu & 50g/t Ag 297m
MO-G-63D 4.4m @ 2.8% Cu & 39g/t Ag 176m
MO-G-04D 5.0m @ 2% Cu & 49g/t Ag 185m
MO-G-71D 4.0m @ 2.7% Cu & 2.7g/t Ag 195m
5.5m @ 2.5% Cu & 46g/t Ag 225m
GEOTECH-4 4.5m @ 2.2% Cu & 49g/t Ag 175m
MO-G-34D 4.9m @ 2.2% Cu & 42g/t Ag 182m
MO-G-51D 5.0m @ 2.7% Cu & 42g/t Ag 215m
MO-G-49D 5.0m @ 2.2% Cu & 45g/t Ag 278m
4.0m @ 2.0% Cu & 31g/t Ag 294m
MO-G-57D 4.3m @ 2.3% Cu & 24g/t Ag 210m
MO-G-58D 5.6m @ 1.8% Cu & 24g/t Ag 209m
MO-G-13D 5.0m @ 1.9% Cu & 6g/t Ag 179m
Other Updates
-- Further DEA environmental applications are planned for other
high-priority regional drilling targets including the T3 Dome
AEM
anomalies (announced 21 July 2017) and soil anomalies identified
on
the T20 Dome.
-- Both JV partners are well funded to continue the drilling and T3
technical studies, MOD had AUD $15.8M cash at 30 June 2017 and
MTR
recently raised GBP GBP4.85M.
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.
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)
Stephen Allen or RFC Ambrian Ltd Tel: +44 (0) 3440 6800
Bhavesh Patel (Nominated Adviser)
Jonathan Williams RFC Ambrian Ltd Tel: +44 (0)20 3440 6800
(Joint Broker)
Nick Emerson SI Capital Tel: +44 (0)1483 413 500
(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/20170806005058/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
August 07, 2017 02:00 ET (06:00 GMT)
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