TIDMMTR
RNS Number : 8555T
Metal Tiger PLC
01 April 2016
Metal Tiger Plc
1 April 2016
Metal Tiger Plc
("Metal Tiger" or the "Company")
Botswana Copper/Silver Project Update
Metal Tiger plc (LON:MTR) the London Stock Exchange AIM listed
investor in strategic natural resource opportunities is pleased to
provide a update with regard to the receipt of encouraging assay
results from the drilling programme at the Company's Joint Venture
project with partners MOD Resources (ASX:MOD) in the Kalahari
Copper Belt in Botswana (70% MOD Resources / 30% Metal Tiger).
Technical highlights in respect of sample assay results for the
Tshimologo (T4) Prospect and drilling programme progress are
provided below. In addition we would refer to the announcement
released today by MOD Resources which contains images and diagrams
that may assist readers in an understanding of the project and the
drilling being undertaken. This announcement can be viewed through
the following link:
http://www.modresources.com.au/#!asx-announcements/coaj
Terry Grammer, Non-Executive Chairman of Metal Tiger plc
commented "The results published today are in line with my
expectations for the project in terms of demonstrable
mineralisation. This is merely one project in a huge area of
licences where we continue to find a significant number of copper
anomalies that we intend to investigate.
The style of copper mineralisation found in this drilling at T4
is similar to the MOD Mahumo and Cupric Canyon copper deposits. We
await drill assay results from T3 which are expected shortly and a
further update to market will be provided following receipt."
Highlights:
-- Following on from the drilling update provided on 23 March,
MTR is pleased to provide details of the encouraging assay results
received for the Tshimologo (T4) Prospect (previously 'Aphrodite
Prospect'). Tshimologo was the first target to be drilled by the
current MOD/ MTR JV programme and currently consists six rotary
circulation (RC) drill holes.
-- Assay results have been received for all six holes (MO-A-01R
to MO-A-06R). The results confirm encouraging copper and silver
intersections in five holes with the highlight intersection 2m of
6.12% Cu and 111 g/t Ag from 101m to 103m in MO-A-04R. MO-A-04R
also included a 1m assay of 0.32g/t gold from 101m.
-- Five holes (MO-A-02R to MO-A-06R) intersected narrow
intervals >1.4% Cu within wider zones of lower grade Cu/Ag
mineralisation (>0.45%Cu cutoff). Drill hole intersections
greater than 1.4% Cu are:
o Hole MO-A-2R
Ø 2m @ 1.99% Cu & 35.0 g/t Ag from 81m to 83m
o Hole MO-A-3R
Ø 2m @ 1.61% Cu & 21.6 g/t Ag from 82m to 84m
o Hole MO-A-4R
Ø 2m @ 6.12% Cu & 111.0 g/t Ag from 101m to 103m
o Hole MO-A-5R
Ø 4m @ 1.40% Cu & 26.5 g/t Ag from 90m to 94m
o Hole MO-A-6R
Ø 1m @ 2.16% Cu & 7.2 g/t Ag from 65m to 66m
-- Tshimologo occurs along the same regional structure that
hosts MOD's high grade Mahumo Cu/Ag deposit and Cupric Canyon
Capital's >2Mt Cu Zone 5 deposit. The six holes were drilled on
two traverses spaced approximately 400m apart, within a copper in
soil geochemical anomaly. Three holes were designed to test the
prospective hangingwall/footwall sediment contact and three were
designed to follow up previous (historical drill) intersections on
an interpreted shear zone 200m south of the contact. Visible copper
mineralisation was logged in five (MO-A-02R to MO-A-06R) of the six
drill holes, these have now been found to correlate with copper in
the assay results.
-- An orientation Induced Polarisation (IP) geophysics survey
has been conducted along three lines across the T4 copper soil
anomaly, detecting several weak to moderate chargeability
anomalies. Further drilling is planned at T4 to test potential west
of the current drilling and to test the source of these IP
anomalies.
-- Drilling at T3 resumes today following an Easter break, with
two rigs currently onsite. The RC drill rig will continue to test
for strike extensions to the copper mineralisation already drilled
along the perceived axis of the T3 dome structure. Whilst the
diamond core drill rig will commence its drilling testing deeper T3
targets which include a yet to be tested potential EM conductor
interpreted below 200m depth. The drill core will also aide in
developing a better understanding of the structural and
lithological setting of the copper and silver mineralisation and
determining grade intersection relationships.
-- T3 is located approximately 70km NE of T4 though 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).
-- Assays from 4 RC drill holes which intersected significant
widths of visible Cu at T3 (announced 17 & 23 March 2016) are
expected soon
-- MOD outline details of the current exploration procedures
being employed on the project (JORC 2012 Table 1) in their news
release dated 1 April 2016. The work is being managed on the ground
by MOD's Competent Person, Mr Jacques Janse van Rensburg, BSc
(Hons), General Manager Exploration (Africa).
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 meets the criteria of a qualified
person under the AIM Rules - Note for Mining and Oil & Gas
Companies. 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:
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 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
expanding interests over 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 ISDX or AIM partner with whom the Company is
engaged.
Metal Tiger also has an Asset Trading Division that holds
various financial instruments for trading purposes including
equities, warrants and royalty income. The aim of the division is
to generate profits to reinvest into the Company's project based
activities.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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