TIDMMTR
Metal Tiger Plc
("Metal Tiger" or the "Company")
Botswana Copper/Silver Project - Exploration Budget Agreed
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 95,543,934 MOD shares, equivalent to 5.049%
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:
-- JV partners set regional exploration budget at AUD 10M for 12 months
commencing 1 October 2017, to fast track drilling of
district-scale
copper targets.
-- Metal Tiger to contribute 30% of incurred exploration costs, up to GBP
1.85M at current exchange rates, in line with direct JV
holding.
-- Work to focus on 150km corridor within the highly prospective Kalahari
Copper Belt which hosts T3 and other copper targets.
-- Drilling targets will include airborne electromagnetic geophysics
anomalies as well as soil copper anomalies.
Michael McNeilly Chief Executive Officer of Metal Tiger
commented:
"The Botswana project has continued at every step to outperform
our expectations and this decision to increase the exploration
provision has been driven by our growing understanding of the
potential of the Botswana Copper Belt, with the many exciting new
copper targets identified over the past year and the encouraging
results to date. This is against a backdrop of growing copper
prices, with copper currently at a 52-week high up almost 50% over
the September 2016 low.
We are also hugely encouraged by the positive impact of the
growth in electric vehicles on copper demand, with the
International Copper Association forecasting a 9-fold increase in
copper demand in the electric vehicle sector over the next
decade."
For an image that may assist readers in the visualisation of the
T3 Project area and planned exploration targets 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.
Botswana Copper Project Planned Exploration Budget
Joint venture partners Metal Tiger and MOD Resources have agreed
on the Botswana Copper Project annual exploration budget for the 12
months commencing 1 October 2017. Planned exploration expenditure
includes:
-- Annual regional exploration budget of up to AUD 10M to be allocated
across JV licences totalling over 8,000km2.
-- Metal Tiger to contribute 30% of incurred exploration costs, up to
GBP 1.85M at current exchange rates, in line with direct JV
holding.
-- Primary focus remains to bring the T3 Project into production whilst
continuing to build on its substantial upside.
-- In addition to the current T3 drill programme, the regional
exploration budget allows for over 160 diamond drill holes and
40
reverse circulation holes with the majority to focus upon
targets
along the T3 Dome and T20 Dome.
-- Line items in the budget to include:
-- Funding current T3 drilling programme which includes up to 70
diamond drill holes.
-- Drill testing up to 19 airborne electromagnetic (EM) geophysics
targets along the 50km long axis of the T3 Dome. With
Tshukudu currently seeking environmental approval from the
Botswana Department
of Environmental Affairs to drill 14 airborne EM and copper
soil
targets.
-- Airborne EM survey over large areas of the T20 Dome to
identify possible conductors which may be associated with soil
copper
anomalies.
-- Extending soil geochemical survey coverage from the T20 Dome,
through the T4 and T22 prospects to the western end of the T3
Dome. This
will serve to increase coverage over a total 150km combined
strike
length.
-- Undertake work on western part of T20 Dome within recently
awarded prospecting licences PL099/2017 and PL189/2017
(totalling
655km2).
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 within the central part of the
T3 Dome (approximately 1000km2), which is the focus of rapidly
increasing exploration activity undertaken by Tshukudu. 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 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.
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,
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/20170901005200/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
September 01, 2017 05:10 ET (09:10 GMT)
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