TIDMMTR
RNS Number : 1682V
Metal Tiger PLC
14 April 2016
Metal Tiger Plc
14 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 further 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
Target 3 (T3) 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://search.asx.com.au/s/search.html?query=mod&collection=asx-meta&profile=web
Paul Johnson Chief Executive Officer of Metal Tiger plc
commented "The joint venture partners are making tremendous
progress with the exploration campaign and we now have multiple
drilling rigs active on the ground. Exploration drilling is a key
test of a project's potential and so far we have been delighted
with the exceptional results encountered. Should this drilling
success continue, we believe that the joint venture partners will
have a very valuable opportunity.
I can also advise that the Metal Tiger qualified person is
currently onsite with the MOD technical team in Botswana, reviewing
the drilling and sampling procedures and the reverse circulation
and diamond core drilling programmes underway at T3. The
exploration work has been found to comply with industry best
practice and is being conducted in an organised and efficient
manner.
Drilling continues and we are building our knowledge of the
subsurface very proactively. Investors can expect a regular stream
of news from Botswana over the coming weeks and months."
Highlights:
Reverse Circulation Drilling Programme:
-- Following on from the drilling update provided on 8 April,
MTR is pleased to provide details of the second batch of assay
results received for the Target 3 (T3) prospect. The results
pertain to the third and fourth reverse circulation (RC) drill
holes (MO-G-12R & MO-G-13R) of the currently completed nine RC
drill holes at T3.
-- Drill hole MO-G-12R, the third hole drilled at T3,
intersected 52m @ 2.0 % Cu from 78m down hole depth, including 14m
@3.4% Cu and 72.7g/t Ag from 116m down hole depth ( with best
single sample intersections 1m @ 6.9% Cu from 128m and Ag 156 g/t
Ag from 93m). MO-G-13R intersected 3 zones of copper mineralisation
starting at 116m down hole, for a composite of 53m @ 1.11% Cu.
Intersection summary by drill hole:
o Hole MO-G-12R
Ø 52m @ 2.0 % Cu from 78m down hole depth, including;
-- 12m @ 2.7% Cu & 42.7 g/t Ag from 87m
-- 14m @ 3.37% Cu & 72.7 g/t Ag from 116m
o Hole MO-G-13R
Ø 53m @ 1.11% Cu from 113m down hole depth, including;
-- 13m @ 1.47% Cu from 116m
-- 9m @ 1.87% Cu from 141m
-- 8m @ 1.4% Cu & 23.6 g/t Ag from 158m
-- RC drill hole collars MO-G-10R, MO-G-11R, MO-G-12R and
MO-G-13R, are arranged on a single drill traverse (Traverse 1) at
60m spacing. A further completed 6 RC holes have intersected
significant widths of visible Cu/Pb/Fe sulphides in strike
extensions 100m to the west (in MO-G-14R), and through to 300m to
the east (MO-G-19R), for a current open strike length of 400m.
-- Holes MO-G-14R to MO-G-19R have intersected both vein and
disseminated chalcopyrite and bornite. Assays are required to
provide an estimate of grade and geometry of these sulphide
zones.
-- RC drill hole collars MO-G-17R, MO-G-16R and MO-G-18R form
Traverse 2 which is parallel and 200m NEE of Traverse 1. Traverse 3
(planned MO-G-20R and MO-G-21R) will be drilled 400m NEE of
Traverse 1. If these holes also intersect visible Cu
mineralisation, it is likely that future drill hole Traverses will
be spaced out 200m along the interpreted strike of the host
mineralised sequence.
-- Chalcopyrite is intersected at only 20m down hole depth in
the latest completed RC drill hole (MO-G-18R). Initial geological
interpretation has shown the RC mineralised sequence to be shallow
dipping (circa 20 degrees to NNW).
-- Visible sulphide mineralisation is currently open to the
north south and west, with an interpreted fault to the east
potentially offsetting mineralisation in the south west (to be
verified by drilling).
Diamond Core Drilling Programme:
-- Two diamond drill (DD) rigs are currently drilling on RC
programme Traverse 1. They have a target depth of at least 300m.
Hole MO-G-01D is currently at a depth of 220m it orientated to
cross-cut intersections in MO-G-13R and MO-G-12R. MO-G-02D is
orientated to cross-cut intersections seen in MO-G-11R and
MO-G-10R, and is expected to confirm the presence of faulting
between those holes.
-- Both DD holes have intersected significant chalcopyrite and
bornite as both vein hosted and disseminated mineralisation within
the mineralised sequence seen in the RC drilling. Furthermore, DD
hole MO-G-01D has intersected 41.7m of visible disseminated
chalcocite, pyrite, pyrrhotite and galena sulphides from 170m down
hole depth, which confirms mineralisation exists below the depths
reached by the RC drilling.
-- Diamond drilling will provide higher quality geological and
assay data to aide in developing a better understanding of the
structural and lithological setting of the copper, silver, lead and
zinc mineralisation at T3 whilst determining grade intersection
relationships.
T3 is located approximately 70km NE of the project's Tshimologo
(T4) Prospect and is located 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).
MOD outline details of the current exploration procedures being
employed on the project (JORC 2012 Table 1), a drill plan and
section and tabulated assay data in their news release dated 14
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 has visited the T3 site and reviewed MOD's
drilling and sampling protocols and procedures. 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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