15 Nov 2018 07:00
Metal Tiger Plc
15 November 2018
Metal Tiger Plc
(“Metal Tiger” or the “Company”)
Botswana Copper/Silver Project – A1 Dome Drilling Results
Metal Tiger plc (AIM: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 partner MOD Resources Limited (“MOD”) (ASX:MOD) in the Kalahari Copper Belt in Botswana (70% MOD Resources/30% Metal Tiger).
Highlights
Six widely spaced diamond drill holes completed in first phase programme at the A1 Dome, approximately 22km from the T3 Copper Project (“T3”) Assay results confirm wide disseminated copper intersections in two drill holes: MO-A1-005D: 130m @ 0.52% Cu & 3.5g/t Ag from 590m (which will be extended to the Ngwako Pan Formation contact (“NPF Contact”) in Q1 2019) MO-A1-006D: 52m @ 0.61% Cu & 4.6g/t Ag from 624m, including 1.4m @ 3.8% Cu & 26g/t Ag from 673m on NPF Contact Drilling confirms exploration model for discovering copper mineralisation associated with structural domes.Michael McNeilly, Chief Executive Officer of Metal Tiger, commented:
“We are very pleased to provide the results of first phase drilling at the A1 Dome. This programme was designed to test the copper potential of a 4km long section of the 12km long A1 prospective structural target identified from our previous airborne geophysics survey. The presence of wide disseminated copper intersections and higher-grade vein mineralisation at the NPF stratigraphic contact have once again confirmed the model for discovering significant copper mineralisation below structural domes. The NPF hosts the majority of the known higher-grade copper mineralisation on the Kalahari Copper Belt and extends over 250km in northwest Botswana.
With drilling and sampling currently ongoing at the T23 Dome, 100km to the west of the A1 Dome, we look forward to providing further assay results in the near future.”
This announcement coincides with an update released today by MOD which can be viewed through the following link:
http://search.asx.com.au/s/search.html?query=mod&collection=asx-meta&profile=web
A1 Dome Background & Drilling Update
The A1 Dome is approximately 12km long and located 22km east of the T3 Pit Deposit, within a 963km2 area forming the wider T3 Expansion Project. A1 Dome is the second stratigraphic dome to be drilled at the T3 Expansion Project and, following reinterpretation of the airborne electromagnetic (EM) geophysics data, comprises the A1, A2, A3, A21 and A27 prospects. Drilling at A1 Dome and A4 Dome (8km west of T3) is part of a strategy to explore for additional resources within transport distance of the planned T3 process plant, potentially adding significant value to the project. Drill holes MO-A1-001D, MO-A1-002D and MO-A1-004D are located on the western end of the A1 Dome and intersected shallower vein style mineralisation. Two holes MO-A1-003D and hole MO-A1-006D, spaced 4.2km apart, were drilled deep enough to intercept the NPF Contact, both intersected up to 3.5% Cu at the contact. Two holes, MO-A1-005D and hole MO-A1-006D, with a 800m strike separation, intersected wide zones of disseminated chalcocite mineralisation. MO-A1-005D was terminated at 590m, before intersecting the NPF Contact and will be extended to intersect the contact. Key down-hole intersections from the diamond drill hole assay results for the A1 Dome drilling programme with mineralisation type and assay status, include: Hole MO-A1-002D 7m @ 0.9% Cu & 14g/t Ag from 190m (Vein, assay complete) Hole MO-A1-003D 19m @ 0.8% Cu & 6g/t Ag from 660m, including (Disseminated, assay complete) 3m @ 2.0% Cu & 15g/t Ag from 676m (NPF Contact)H Hole MO-A1-005D 130m @ 0.52% Cu & 3.5g/t Ag from 590m (Disseminated, assay complete) Hole MO-A1-006D 52m @ 0.61% Cu & 4.6g/t Ag from 624m, including (Disseminated, assay complete) 1.4m @ 3.8% Cu & 26g/t Ag from 673m (NPF Contact)A table detailing the collar coordinates, hole depth, azimuth and dip is given in the appendix of today’s abovementioned MOD release. The targeted NPF Contact hosts most of the resources in the eastern Kalahari Copper Belt, including the 100Mt @ 2% Cu ‘Zone 5’ underground resource planned to be developed by Cupric Canyon Capital, along strike from the T3 Dome Complex. Drilling at the A1 Dome is now on hold while results are being interpreted and a high level conceptual underground mining study is being undertaken on the potential of the NPF Contact.A4 Dome Update
Further assay results from the recently completed 20-hole diamond drilling programme at the A4 Dome are expected to follow, these will increase the understanding of the T3 Expansion Project potential.T20 Exploration Project
Drilling is currently progressing at the T23 Dome within the T20 Exploration Project, approximately 120km west of the T3 Project. Programme is designed to test the potential for shallower depth NPF Contact related copper intersections copper along regional scale copper-belt strike extensions.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 and 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 to provide technical support.
In addition to its 30% interest in the JV, Metal Tiger holds 13,974,220 MOD ordinary shares, representing approximately 6.04% of MOD’s issued share capital and 154,167 options over MOD ordinary shares, each exercisable at AU$0.06 per MOD ordinary share on or before 15 April 2019.
For further information on the Company, visit: www.metaltigerplc.com:
| Michael McNeilly | (Chief Executive Officer) | Tel: +44 (0)20 7099 0738 | ||||
| Mark Potter | (Chief Investment Officer) | |||||
| Richard Tulloch James Dance Jack Botros | Strand Hanson Limited (Nominated Adviser) | Tel +44 (0)20 7409 3494 | ||||
| Nick Emerson | SI Capital (Broker) | Tel: +44 (0)1483 413 500 | ||||
| Gordon Poole James Crothers Monique Perks | Camarco (Financial PR) | Tel: +44 (0)20 3757 4980 |
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 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. The Company’s key strategic objective is to ensure the distribution to shareholders of major returns achieved from disposals. Metal Tiger has two investment divisions, Direct Equities and Direct Projects.
The Direct Equities division invests in undervalued natural resource companies listed on AIM, the ASX and the TSX. Through the trading of equities and warrants, Metal Tiger seeks to generate cash for investment in the Direct Projects division.
Metal Tiger’s Direct 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 lead/zinc/silver mines as well as licences, applications and critical historical data covering antimony, copper, gold, lead, zinc and silver opportunities.
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.
Background information on the T3 Project
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 Complex (approximately 1,000 km2), which is the focus of rapidly increasing exploration activity undertaken by the JV. 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 Estimate 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 Phase 2 drilling at the T3 Copper/Silver Deposit commenced on 7 August 2017, with approval granted for the recommencement of both diamond core (“DC”) and RC drilling at the T3 Project and its vicinity, through to December 2018 (which has subsequently been extended to December 2020). This included 90 DC drill holes designed to infill the Resource and test for possible extensions. The objective of the infill programme is to increase geological confidence and upgrade categorisation of the T3 Resource. The programme also included grid drilling to investigate the potential for an underground Resource down-dip and along strike from the planned open-pit, and to investigate geophysical targets. Drilling approval has been granted for the wider T3 Dome with the acceptance of the T3 Dome EMP announced on 3 April 2018.
The results of the T3 Open Pit Pre-Feasibility Study were announced on 31 January 2018; the revised and upgraded T3 Copper/Silver Deposit Mineral Resource Estimate was announced on 2 July 2018; and a Resource re-classification announced on 16 July 2018.
On 18 July 2018, MTR and MOD announced they had entered into a binding agreement for MOD to acquire MTR’s 30% interest in the T3 Project and rights for an option to acquire MTR’s interests in any new JV which progresses to a scoping study within 3 years of completion of the agreement.
The T3 Open Pit Feasibility Study, towards a decision to mine, is currently underway.
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