TIDMMTR
Metal Tiger Plc
30 August 2016
Metal Tiger Plc
("Metal Tiger" or the "Company")
Botswana T2 West: First RC Drill Assays
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 regional exploration results 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).
Details of Technical highlights in respect of the first batch of
assay results from the reverse circulation drilling at the regional
target T2 West 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 exploration work 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
"
"We are pleased to announce the first batch of laboratory assay
results for reverse circulation drilling at T2 West, the first new
drill target since we discovered the T3 deposit. Initial findings
look promising with up to 5m @ 2.3% Cu and with intersections
bearing a strong similarity to the widths and grades at MOD's 100 %
owned high-grade Mahumo (T1) copper/silver deposit, which lies only
3.5km to the east. Ongoing soil sampling between T2 West and Mahumo
has also outlined a new anomaly, and drilling target, midway
between T2 West and Mahumo.
At T3 the Resource drilling has now been completed with a total
of 51 holes drilled ahead of the planned schedule. We commend MOD's
exploration manager, Jacques Janse van Rensburg, and his 80 strong
Project team as well drill contractor Discovery Drilling for
completing this phase of work in such a timely manner. We will
report the remaining assay results and provide further updates on
progress as the project moves towards the scheduled end of
September completion date for the T3 maiden Resource Estimate."
Highlights:
Reverse Circulation Drilling at T2 West
-- Assay results received for the first three reverse circulation (RC)
drill holes, on the first drill section, at T2 West. This first
drill
section crosses the southern part of the T2 West soil anomaly,
and
consists of five RC holes all of which have intersected zones
of
visible vein and disseminated copper mineralisation.
-- Drill holes MO-G-52R and MO-G-54R intersected a higher grade zone of
copper/silver mineralisation associated with veining within a
wider,
lower grade, zone associated with disseminated copper
mineralisation.
MO-G-53R, the shallowest and most northerly drill hole on the
first
drill section, intersected highly weathered sediments hosting
oxidised
and copper leached mineralisation from a depth of 4m, resulting
in a
lower grade of 8m @ 0.3% Cu.
-- Key downhole intersections include:
-- MO-G-52R intersected 7m @ 1.7% Cu & 35g/t Ag from 61m, including
5m @ 2.3% Cu & 42g/t Ag from 61m
-- MO-G-54R intersected 6m @ 1.7% Cu & 24g/t Ag from 61m
-- MO-G-52R intersected a 24m wide zone of disseminated and vein
hosted mineralisation from a downhole depth of 51m. With
lower
grade disseminated mineralisation (ranging from 0.1% to 0.5%
Cu)
surounding higher grade vein hosted copper (7m @ 1.7% Cu &
35g/t Ag)
from 61m depth.
-- MO-G-54R intersected a 28m wide zone of disseminated and vein
hosted mineralisation from a downhole depth of 49m. With
lower
grade disseminated mineralisation (ranging from 0.1% to 0.7%
Cu)
surounding higher grade vein hosted copper (6m @ 1.7% Cu &
24g/t Ag)
from 61m depth.
-- The MO-G-52R and MO-G-54R drill hole mineralisation intersections
compare well with the copper and silver grades and widths that
MOD
outlined during their Mahumo Stage One Resource drilling, 3.5km
to the
east. Here resource widths range 2-4m at an average 2.0% Cu and
50g/t
Ag. Mahumo remains open below the current limit of drilling
along a
2.4km strike length.
-- Drilling is currently testing for continuity of mineralisation along
strike from the first drill section and will then seek to target
the
mineralisation at depth in this complexly folded area.
-- Assay results from the two remaining holes (MO-G-57 and MO-G-58R) on
the first drill section at T2 West are currently awaited.
Geological Setting
-- T2 West is a soil anomaly (up to 87ppm Cu over a circa 1.5km wide
zone) located 20km north of the T3 Resource Drilling area and
3.5km
west of MOD's 100% owned high-grade Mahumo (T1) copper/silver
deposit
(Resource: 2.68Mt @ 2.0% Cu & 50g/t Ag). It forms part of
the T2
Prospect together with the T2 East soil anomaly (up to 83ppm Cu
over a
circa 1.5km wide zone) located approximately 12km to the east.
There
is no outcrop at T2 and the area is covered by surficial
calcrete.
-- T2 West, T2 East and Mahumo sit on the same regional structure and
interpreted zone of Kalahari 'prospective contact' folding, that
is
thought to host Cupric Canyon Capital's Zone 5 resource
(Resource:
100Mt @ 1.95% Cu & 20g/t Ag).
Soil Sampling Results
-- Soil sampling results have been received from further geochemical
survey on 500m spaced traverses extending eastwards from the T2
East
anomaly, and from the T2 West anomaly, eastwards, towards MOD'S
100%
owned Mahumo (T1) deposit.
-- These latest soil results have yielded a new drill target, with a
standout value of 99ppm Cu midway between T2 West and
Mahumo.
T2 West Drilling Details
The T2 West RC holes, on the first drill section, are inclined
320° azimuth/-60° dip. MO-G-53R reached 55m, MO-G-52R reached 135m
and MO-G-54R reached 103m. Hole collars are drilled at 50m spacing.
MOD provide a full table of drill coordinates and key parameters in
their release of today (see above link).
The first drill section, commenced on 10th August, crosses the
southern part of the T2 West soil anomaly and consists a total of
five RC holes all of which have intersected zones of vein and
disseminated copper mineralisation, including the copper minerals
chysocolla, malachite, chalcocite and bornite. Drilling is
currently testing potential for mineralisation along strike to the
east and west of the first section.
T3 Phase One Resource Programme Update
The Resource drilling at T3 has completed ahead of schedule,
with a total of 51 diamond drill holes completed on a 100m by 100m
grid within a 4-month period. All outstanding mineralised
intersections are either in the laboratory or samples are being
prepared for transport to the laboratory with the objective to get
all assay results finalised for the resource estimate scheduled to
be completed by end September. All 80 Project personnel will now
take a well-earned break for 1 week.
The T3 scoping study is progressing to plan with preliminary
results from metallurgical test work of different sulphide ores
starting to be received. Results will be announced when results are
finalised.
Project Location
The MOD/MTR joint venture Botswana Copper/Silver Project is
located on the Kalahari Copper Belt in northern Botswana. The T3
Phase 1 Resource Drilling area 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). The T2 Prospect is located directly along strike from the
Mahumo Project and approximately 20km north of T3.
The exploration work is being managed on the ground, in
accordance with JORC 2012 best practice, 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)
Neil Baldwin Limited 2033 683 555
Nick Emerson (Nominated Adviser) www.sparkadvisorypartners.com
Andy Thacker SI Capital Tel: +44 (0)
(Sole Broker) 1483 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.
View source version on businesswire.com:
http://www.businesswire.com/news/home/20160830005479/en/
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