TIDMMTR
Metal Tiger Plc
22 August 2016
Metal Tiger Plc
("Metal Tiger" or the "Company")
Botswana - Resource Drilling Nearing Completion at T3
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 the diamond drilling programme at
the Company's Joint Venture ("JV") 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 progress on the Target 3 (T3)
Prospect, Phase 1 Resource Diamond Drilling Programme (the
"Resource Programme") 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
commented
"With the T3 Phase 1 Drill Programme nearing completion, the
latest results continue to show wide intersections of
mineralisation, up to 42m in MO-G-28D. As the drilling element of
the work is almost over, assays are now being sent to the
independent resource consultant; and the joint venture Project is
on schedule to deliver, what we expect to be, a robust maiden
resource estimate at the end of next month.
The end of the Resource drilling at T3 will not signify a lull
in activity for the field teams; with the completion of the Phase 1
drill programme, the exploration team will have the time to
follow-up targets in the wider T3 area, on the T3 Dome.
In addition, reverse circulation drilling continues apace, 20km
north of T3, on the new, shallow, T2 West copper discovery, details
of which we reported 15 August. We look forward to providing
updates on further Project progress in the near future"
Highlights:
-- Two batches of assay results received for seven diamond drill (DD)
holes located in the north-east part of the T3 Phase 1
Resource
Programme area. Results are in line with expectations,
showing
significant copper and silver intersections for six DD holes
(MO-G-26D
to MO-G-31D), including:
-- MO-G-26D intersected 26.4m @ 1.3% Cu & 11g/t Ag from 131.0m
-- MO-G-28D intersected 42.0m @ 1.1% Cu & 11g/t Ag from 127.0m
-- MO-G-29D intersected 34.8m @ 1.2% Cu & 14g/t Ag from 128.0m
-- MO-G-31D intersected 11.9m @ 2.3% Cu & 42g/t Ag from 181.9m and5.0m
@ 1.9% Cu & 51g/t Ag from 211.0m.
-- The seventh hole, MO-G-32D, located 100m outside and east of the Phase
1 Resource area, only intersected minor mineralisation. Key
intersections for all seven holes are outlined below.
-- The Phase 1 Resource Programme drilling, on the 100m by 100m grid, is
nearing completion; the maiden Mineral Resource Estimate is due
to be
finalised by end of September and is being conducted by an
independent
resource consultant based in South Africa.
-- Once the Phase 1 Resource drilling is completed the exploration team
will start focusing on other targets along the T3 Dome,
leveraging
their knowledge gained on geology and mineralisation controls in
the
area.
-- The first deep drill hole at T3, M0-T3U-01D, has completed to a
downhole depth of 532.84m. This hole was designed to test the
source
of an Induced Polarisation ("IP") geophysics anomaly, located
circa
400m down dip, to the north of the Phase 1 Resource Programme
area.
Drill bit deviation caused the hole to lift by 20 degrees and as
a
result the hole cut the target sequence above the level of the
IP
anomaly, a second drill hole is being considered to test the
IP
anomaly.
-- M0-T3U-01D intersected 48m of mudstones and green siltstones with
finely disseminated copper sulphides (chalcocite and bornite)
between
446.7m and 494.8m downhole. Assay results are currently
pending.
T3 Scoping Study Update
Contracts are being finalised for the constituent elements of a
T3 Open Pit Scoping Study including preliminary analysis of mining,
processing and environmental factors.
The metallurgical testwork being undertaken on a range of T3 ore
types is progressing well with the first batch of results expected
during September.
Resource Programme Progress
42 DD holes have now been completed and 4 DD holes are currently
in progress.
-- Key results for latest down-hole intersections include:
-- Hole MO-G-26D
-- 26.4m @ 1.3% Cu & 11g/t Ag from 131.0m
-- 1.0m @ 2.5% Cu & 8g/t Ag from 164.0m
-- 8.0m @ 0.8% Cu & 15g/t Ag from 170.0m
-- Hole MO-G-27D
-- 22.4m @ 1.2% Cu & 10g/t Ag from 129.0m
-- 4.7m @ 0.7% Cu & 10g/t Ag from 168.7m
-- Hole MO-G-28D
-- 42.0m @ 1.1% Cu & 11g/t Ag from 127.0m
-- Hole MO-G-29D
-- 34.8m @ 1.2% Cu & 14g/t Ag from 128.0m
-- 5.0m@ 1.2% Cu & 5g/t Ag from 170.0m
-- Hole MO-G-30D
-- 15.8m @ 0.9% Cu & 12g/t Ag from 121.2m
-- 10.0m @ 1.3% Cu & 10g/t Ag from 140.0m
-- 5.0m @ 1.3% Cu & 6g/t Ag from 161.0m
-- 3.7m @ 2.2% Cu & 17g/t Ag from 176.3m
-- Hole MO-G-31D
-- 3.0m @ 1.1% Cu & 8g/t Ag from 175.0m
-- 11.9m @ 2.3% Cu & 42g/t Ag from 181.9m
-- 5.0m @ 1.9% Cu & 51g/t Ag from 211.0m
-- Hole MO-G-32D
-- 2.0m @ 0.7% Cu & 11g/t Ag from 194.0m
All holes were designed to intersect the northerly dipping
mineralisation at depth, and are orientated with an azimuth of
160deg and dip of 60deg. MO-G-026D reached a down hole depth of
199m, MO-G-27D reached 220m, MO-G-28D reached 221m, MO-G-29D
reached 185m, MO-G-30D reached 188m, MO-G-31D reached 227m and
MO-G-32D reached 215m.
Holes MO-G-26D to MO-G-30D are located on the same E-W profile
at 100m spacing, in the eastern part of the resource area. Hole
MO-G-31D is on the same section as MO-G-30D, on the parallel
profile 100m north. Hole MO-G-32D is located on the same E-W
profile as MO-G-31D, but approximately 300m further east, 100m
outside of the Phase 1 Resource area.
A table of the drill collar locations is provided in the MOD
release referenced above. Results from the continuing drilling
programme will be released as they become available following
geological interpretation.
Current Exploration Programme Plan
The Phase 1 Resource drilling programme at T3 is concentrating
on a 1,000m strike length of the T3 deposit, delineating the upper
(UZ) and lower (LZ) copper/silver mineralisation, from circa 60m
vertical depth to 200m depth. The majority of the resource drill
holes are drilled on a 100m grid spacing, perpendicular to the
mineralisation host sequence dip, therefore the mineralisation
intersections are interpreted to be near to true width.
Location
The T3 Prospect 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 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 drill
collar locations in their news release dated 22 August 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 (Chief Tel: +44 (0)7766 465 617
Executive Officer)
Terry Grammer (Non- Tel: +44 (0)207 099 0738
Executive
Chairman)
Sean Wyndham-Quin Spark Advisory Partners Tel: +44 (0)
Limited 2033 683 555
Neil Baldwin (Nominated Adviser) www.sparkadvisorypartners.com
Nick Emerson SI Capital Tel: +44 (0)
1483 413 500
Andy Thacker (Sole Broker)
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.
Note: This announcement contains inside information which is
disclosed in accordance with the Market Abuse Regulation.
View source version on businesswire.com:
http://www.businesswire.com/news/home/20160822005303/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
August 22, 2016 03:35 ET (07:35 GMT)
Metal Tiger (LSE:MTR)
Historical Stock Chart
From Jun 2024 to Jul 2024
Metal Tiger (LSE:MTR)
Historical Stock Chart
From Jul 2023 to Jul 2024