TIDMMTR
Metal Tiger Plc
7 September 2016
Metal Tiger Plc
("Metal Tiger" or the "Company")
Botswana - Further Positive Results from T3 Resource
Drilling
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
"We are pleased that with the receipt of these two batches of
assay results, comprising a further 8 significant copper
intercepts, and with all remaining sample assays currently pending
at the laboratory, the T3 Resource Estimate is on track to deliver.
Preliminary floatation studies on composite samples from T3 have
also proved encouraging, leading to further flotation work as part
of the metallurgical testwork on the T3 deposit.
We will continue to provide further results as they become
available ahead of releasing details of the maiden Resource
Estimate due end of September."
Highlights:
-- Two batches of assay results received for seven diamond drill (DD)
holes in the T3 Phase 1 Resource Programme area. Results are in
line
with expectations, showing significant copper and silver
intersections
for five DD holes (MO-G-33D to MO-G-37D), mainly in the north of
the
resource area, are summarised below. All assay data has been
forwarded
on to the South Africa based independent consultant who is
conducting
the Mineral Resource Estimate for T3.
-- Two holes, (MO-G-38D & MO-G-39D), located near the south-west boundary
of the Resource drilling area, targeting the shallow up-dip
portion of
the deposit, failed to intersect significant mineralisation.
MO-G-39D
the most south westerly DD hole only intersected oxidised
sediments,
whilst MO-G-38D intersected part oxidised sediments.
-- The last three holes drilled in the completed 51-hole Phase 1 Resource
Drilling Programme were sited 100m north of the previous
north-eastern
border of the drilling area, with the intention of further
testing the
down-dip resource potential at depth. Copper sulphide
mineralisation
was intersected in all three holes (MO-G-49D, MO-G-50D and
MO-G-51D)
with assay results for the last 13 resource holes currently
awaited.
-- Key results for latest down-hole intersections include:
-- Hole MO-G-33D
-- 9.3m @ 1.1% Cu & 6g/t Ag from 163.7m
-- 16.5m @ 1.3% Cu & 22g/t Ag from 177.0m
-- Hole MO-G-34D
-- 22.0m @ 1.0% Cu & 12g/t Ag from 170.0m
-- Hole MO-G-35D
-- 13.4m @ 1.4% Cu & 19g/t Ag from 174.0m
-- 3.0m@ 2.5% Cu & 48g/t Ag from 193.0m
-- Hole MO-G-36D
-- 10.8m @ 1.0% Cu & 12g/t Ag from 187.0m
-- 11.0m@ 1.2% Cu & 23g/t Ag from 223.0m
-- Hole MO-G-37D
-- 5.0m @ 1.4% Cu & 11g/t Ag from 109.0m
All holes were designed to intersect the northerly dipping
mineralisation, and are orientated with an azimuth of 160deg and
dip of 60deg. MO-G-033D reached a down hole depth of 221m, MO-G-34D
reached 227m, MO-G-35D reached 233m, MO-G-36D reached 248m,
MO-G-37D reached 134m, MO-G-38D reached 160m and MO-G-39D reached
110m.
Holes MO-G-33D to MO-G-36D are located on the same E-W profile
at 200m spacing, in the northern part of the resource area. Holes
MO-G-37D, MO-G-38D and MO-G-39D are located in the south-western
corner of the resource area, with MO-G-39D the most southerly hole,
MO-G-37D 100m to the north and MO-G-38D 100m east of MO-G-37D. A
table of the drill collar locations is provided in the MOD release
referenced above. The remaining assay results will be released as
they become available following geological interpretation.
Resource Programme Status
As announced 30 August 2016, the Resource drilling at T3
completed ahead of schedule, with a total of 51 diamond drill holes
completed on a 100m by 100m grid within a 4-month period. The
resource estimate is scheduled to be completed by end
September.
T3 Scoping Study Update
Preliminary metallurgical testwork results for the rough
flotation of composite samples of different T3 ore types has been
received by MOD. With these initial results proving encouraging,
cleaner floatation studies are currently being undertaken and the
results will be published when the process is finalised.
T3 Resource Programme Summary
The Phase 1 Resource Estimate work at T3 is concentrating on a
1,000m strike length of the T3 deposit, delineating the upper (UZ)
and lower (LZ) copper/silver mineralisation, between circa 60m
vertical depth to 200m depth. The majority of the 51 resource drill
holes were 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 7 September 2016. The
Resource work has been 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)
Neil Baldwin Limited 2033 683 555
Nick Emerson (Nominated Adviser)
Andy Thacker SI Capital www.sparkadvisorypartners.com
(Sole Broker) Tel: +44 (0)
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.
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/20160907005695/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
September 07, 2016 03:03 ET (07:03 GMT)
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