26 Mar 2018 07:00
Metal Tiger Plc 26 March 2018
Metal Tiger Plc ("Metal Tiger" or the "Company")
Botswana Copper/Silver Project –T3 Drill Results Build Open Pit Expansion Potential
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 partner MOD Resources Limited (ASX:MOD) (“MOD”) in the Kalahari Copper Belt in Botswana (70% MOD Resources/30% Metal Tiger).
Highlights:
Latest assay results and drill hole intersections support case for expansion of T3 Open Pit. Recent Expansion Case drill intersections include: Hole MO-G-124D 17.9m @ 2.0% Cu and 46g/t Ag from 196m 3.0m @1.3%Cu and 10g/t Ag from 236m 6.0m @1.0%Cu and 20g/t Ag from 242m Hole MO-G-121D 16.0m @ 1.3% Cu and 22g/t Ag from 174m 21.0m @0.7%Cu and 14g/t Ag from 196m T3 Open Pit Phase 2 infill and Expansion Case drilling programme now effectively complete. Assay results awaited for 34 diamond drill holes with revised Resource targeted for early June. With intention to convert additional Inferred Mineral Resources to the Indicated and Measured categories and increase the overall Resource size. Drilling results will also feed into the Feasibility Study to help increase confidence in the T3 Expansion Case model (which assumes ore processing at a rate of 2.5Mtpa for ~3yrs before ramping to 4Mtpa for ~8yrs) and to help with mine schedule modelling.Michael McNeilly Chief Executive Officer of Metal Tiger commented :
“As we continue to make good progress with the T3 Open Pit Feasibility Study we are pleased to report that the preliminary results from the T3 Phase 2 Infill and Expansion Case drilling programme are very encouraging showing the potential that the overall Mineral Resource at T3 can be increased and giving confidence to the Open Pit Expansion Case ore processing model. Preliminary modelling shows that the total mineralisation intersected by drilling to date extends well outside the Resource announced on 24 August 2017 and we are looking forward to the results of the next Resource upgrade scheduled for early June”
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
T3 Drilling Programme Update
T3 Phase 2 Infill & Extension drilling programme commended in August 2017 is now effectively complete. Two drill rigs are currently focussed on defining a potential high-grade vein underground Resource at T3. Key down-hole intersections from the latest batch of diamond drill hole assay results, with Pit Model and interpreted vein id , include: Hole MO-G-101D 10.9m @ 2.1% Cu & 27g/t Ag from 132m (Base Case Pit) 7.0m @ 1.3% Cu & 9g/t Ag from 145m (Expansion Pit) Hole MO-G-103D 16.4m @ 1.1% Cu & 20g/t Ag from 184m, including; (Expansion Pit) 9.0m @ 1.6% Cu & 31g/t Ag from 188m, and 5.0m @ 1.1% Cu & 17g/t Ag from 256m (Zone 2, V3) Hole MO-G-108D 8.3m @ 1.0% Cu & 18g/t Ag from 170m (Expansion Pit) 9.3m @ 1.0% Cu & 23g/t Ag from 202m (Zone 2, V2) Hole MO-G-109D 14.0m @ 1.0% Cu & 5g/t Ag from 109m (Expansion Pit) Hole MO-G-110D 20.4m @ 1.4% Cu & 17g/t Ag from 150m (Base Case Pit) 2.2m @ 1.0% Cu & 26g/t Ag from 195m (Base Case Pit) Hole MO-G-112D 11.0m @ 1.2 % Cu & 15g/t Ag from 170m (Expansion Pit) 2.8m @ 1.5% Cu & 23g/t Ag from 210m (Zone 2, V2) 3.0m @ 1.1% Cu & 21g/t Ag from 220m (Zone 2, V2) Hole MO-G-113D 9.1m @ 1.3 % Cu & 14g/t Ag from 152m (Base Case Pit) 13.0m @ 1.4% Cu & 35g/t Ag from 167m (Base Case Pit) 2.3m @ 1.7% Cu & 42g/t Ag from 228m (Zone2, V4) Hole MO-G-114D 18.3m @ 1.2% Cu & 9g/t Ag from 89m (Base Case Pit) 7.7m @ 1.3% Cu & 9g/t Ag from 135m (Expansion Pit) Hole MO-G-115D 10.0m @ 1.4% Cu & 31g/t Ag from 164m (Expansion Pit) 9.6m @ 0.9% Cu & 20g/t Ag from 196m (Expansion Pit) 4.0m @ 1.2% Cu & 24g/t Ag from 277m (Zone2, V4) Hole MO-G-116D 7.0m @ 1.4% Cu & 23g/t Ag from 170m (Expansion Pit) 6.0m @ 1.2% Cu & 23g/t Ag from 200m (Expansion Pit) 2.4m @ 1.3% Cu & 32g/t Ag from 274m (Zone2, V4) Hole MO-G-119D 9.2m @ 2.3% Cu & 43g/t Ag from 108m (Base Case Pit) Hole MO-G-120D 22.0m @ 1.6 % Cu & 9g/t Ag from 90m (Base Case Pit) Hole MO-G-121D 16.2m @ 1.3% Cu & 22g/t Ag from 174m (Expansion Pit) 21.0m @ 0.7% Cu & 14g/t Ag from 196m (Expansion Pit) Hole MO-G-122D 10.5m @ 1.3 % Cu & 20g/t Ag from 182m (Expansion Pit) 10.0m @ 1.0% Cu & 21g/t Ag from 226m (Expansion Pit) Hole MO-G-124D 17.9m @ 2.0 % Cu & 46g/t Ag from 196m (Expansion Pit) 3.0m @ 1.3% Cu & 10g/t Ag from 236m (Expansion Pit) 6.0m @ 1.0% Cu & 20g/t Ag from 242m (Expansion Pit) Hole MO-G-127D 14.0m @ 1.3 % Cu & 5g/t Ag from 69m (Base Case Pit) 15.0m @ 2.1% Cu & 24g/t Ag from 105m, including; (Base Case Pit) 4.4m @ 5.1% Cu & 73g/t Ag from 106mRegional Exploration Programme Update
On the eastern part of the T-Rex Dome which is centred around T3, three widely spaced drill holes have intersected wide (>20m) zones of lower grade copper mineralisation (0.4-0.5%Cu) directly above the prospective Ngwako Pan Formation (NPF) contact. Key down-hole intersections include: Hole MO-3R-09D 20.0m @ 0.5 % Cu & 6g/t Ag from 520m (NPF Contact) Hole MO-3R-12D 22.6m @ 0.4 % Cu & 5g/t Ag from 455m (NPF Contact) Hole MO-G-118D 21.0m @ 0.5 % Cu & 6g/t Ag from 387m (NPF Contact) Two drill rigs continue to test the structural targets within the T-Rex Dome. Approval of the Environmental Management Plan (EMP) to test high priority electromagnetic (EM) geophysics and soil geochemical anomalies has been delayed apparently due to staffing issues at the Department of Environmental Affairs (DEA).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 (approximately 1,000km 2 ), 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 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 Phase 2 drilling at the T3 Copper/Silver Deposit commenced on 7 th August 2017, with approval granted for the recommencement of both diamond core (DC) and reverse circulation (RC) drilling at the T3 Project and its vicinity, through to December 2018. This includes up to 70 planned diamond core drill holes designed to infill the current Resource and test for possible extensions. The objective of the infill program is to increase geological confidence and upgrade categorisation of the T3 Resource. The programme also includes 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.
The results of the T3 Open Pit Pre-Feasibility Study were announced on 31st January 2018.
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.
In addition to its 30% interest in the JV, Metal Tiger holds 130,912,915 MOD shares, equivalent to 6.049% of MOD’s issued share capital and 1,541,667 MOD options each exercisable price of 6 cents (Australian) 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 | ||
| Keith Springall | (Finance Director & Company Secretary) | Tel: +44 (0)20 7099 0738 | ||
| Stephen Allen or Bhavesh Patel | RFC Ambrian Ltd (Nominated Adviser) | Tel +44 (0)20 3440 6800 | ||
| Jonathan Williams | RFC Ambrian Ltd (Joint Broker) | Tel +44 (0)20 3440 6800 | ||
| Nick Emerson | SI Capital (Joint Broker) | Tel: +44 (0)1483 413 500 | ||
| Rita Adiani | NRG | Tel: +44 (0)20 3709 4504 | ||
| 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 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.
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