Metal Tiger PLC Botswana Progress Update & Drilling Commencement (7226O)
February 11 2016 - 2:00AM
UK Regulatory
TIDMMTR
RNS Number : 7226O
Metal Tiger PLC
11 February 2016
Metal Tiger Plc
11 February 2016
Metal Tiger Plc
("Metal Tiger" or the "Company")
Botswana Progress Update & Drilling Commencement
Metal Tiger plc (LON:MTR) the London Stock Exchange AIM listed
investor in strategic natural resource opportunities is pleased to
provide an update with regard to its investing activities in
Botswana and notably progress achieved in country with regard to
licence transfer approvals and the commencement of drilling
operations by our partners MOD Resources (ASX:MOD).
Readers wishing to understand the background to Metal Tiger's
interests in Botswana are advised to review our announcement on 16
December 2015 confirming the acquisition of licence interests. This
announcement can be viewed through the following link:
http://www.metaltigerplc.com/index.php/investors/latest-news/418-botswana-kalahari-copper-belt-licences-acquired-20151216t0700
Highlights:
-- Ministerial consent received to transfer ownership of DMI licences to Tshukudu Metals Botswana (Pty) Ltd, owned
by MOD (70%) and Metal Tiger Plc (30%);
-- All 14 DMI licences with a total area of approximately 6,300km2 in the central and western part of the Kalahari
Copper Belt have been extended to 31 December 2016;
-- Confirmation of the licence extensions enables drilling to proceed on a range of high priority targets.
Application for renewal of key DMI licences is expected later in 2016;
-- MOD and Metal Tiger to commence initial drilling of copper/silver targets starting next week.
Paul Johnson, Chief Executive Officer of Metal Tiger said "we
are delighted to see the rapid progress being achieved in Botswana
by our partners MOD Resources. The acquisition of highly
prospective interests is an important step in the value creation
process, but the real test is the extent of mineralisation as
determined by properly evaluating the ground and drilling.
With drilling to commence next week and with the soil sampling
process ongoing we will begin to discover the true potential of our
interests in Botswana. We expect news updates to flow to market as
and when results are received and interpreted.
This is an exciting time for both MOD Resources and Metal Tiger.
With MOD Resources longstanding experience on the ground, and with
the information available to us with regard to our licence
interests, we look to the future in Botswana with optimism and
underlying confidence."
Botswana General Update:
The Board of Metal Tiger is pleased to announce that formal
transfer of 14 prospecting licences acquired as part of Discovery
Mines (Pty) Ltd (DMI) has been approved by the Minister for
Minerals, Energy and Water Resources, Botswana. The Minister has
also approved extensions to all 14 DMI licences in the area of
MOD's high grade Mahumo Cu/Ag deposit and in the wider Ghanzi
region.
Metal Tiger and MOD Resources have planned a staged, six month
drilling program (Phase 1) to test high priority exploration
targets in the Mahumo area and the potential for resource
extensions at Mahumo onto adjacent DMI and MOD licences.
The initial RC drilling program is due to commence next week and
will be operated from MOD's office and warehouse facility at
Ghanzi. Targets include areas where high grade Cu/Ag mineralisation
has already been intersected in previous widely spaced drilling,
and untested surface Cu anomalies associated with favourable
structural settings interpreted from airborne magnetic data. Recent
evaluation of historical DMI data by MOD's geological team has
highlighted the potential of the targets identified to date.
MOD and MTR are also awaiting first assay results from the
on-going soil sampling campaign to infill and confirm a number of
extensive surface copper anomalies on DMI licences. MOD will
provide an update on these assay results once they are received and
interpreted.
For further information on the Company, visit:
www.metaltigerplc.com:
Paul Johnson Tel: +44 (0)7766
(Chief Executive 465 617
Officer)
Terry Grammer Tel: +44 (0)207
(Non- Executive 099 0738
Chairman)
Sean Wyndham-Quin Spark Advisory Partners Tel: +44 (0) 2033
Neil Baldwin Limited 683 555
Nick Emerson (Nominated Adviser) www.sparkadvisorypartners.com
Andy Thacker SI Capital Tel: +44 (0) 1483
(Sole Broker) 413 500
Notes to Editors:
Metal Tiger plc is a natural resources focused investing company
quoted on the London Stock Exchange AIM Market ("AIM") with the
trading code MTR and two investment divisions, Direct Projects and
Direct Equities.
The Direct Projects division invests in mineral exploration
projects operated by trusted partners on the ground. Projects are
selected for their strategic significance in terms of commodity,
location and commerciality factors. Key strategic investments to
date include Spanish Gold & Tungsten, Thai Gold, Copper &
Antimony, and Botswanan Copper & Silver.
The Direct Equities division invests in quoted natural resource
explorers and developers, with a combination of shares and warrants
and seeks generate trading profits for reinvestment into the Direct
Projects division.
Metal Tiger'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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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