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Metal Tiger Plc19 September 2016
Metal Tiger Plc
("Metal Tiger" or the "Company")
Botswana - On Track for T3 Maiden Resource
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 exploration 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.
Paul Johnson Chief Executive Officer of Metal Tiger
commented:
"Whilst the maiden mineral resource estimate remains on schedule
to be completed by the end of this month, preliminary grade
contouring of the assay data shows a high-grade core extends over
500m in the southern-central part of the resource area. Further
encouragement is provided by the most recent deep drilling results,
outlined below, which confirm the copper mineralisation remains
open down-dip to the north, as well as to the east of the current
resource drilling.
As we progress to infill drilling on the high-grade core of the
deposit, and make good progress with the T3 scoping study, we are
pleased to note the interest shown by the Botswana Department of
Mines who recently conducted a site visit and reviewed the joint
venture's exploration and development appraisal plans."
Highlights:
-- Assay results from the three deep holes (MO-G-49D to MO-G-51D) at the
northern boundary of the T3 Resource Area have confirmed
significant
copper and silver intersections, including 23m @ 1.2% Cu and
22g/t Ag
in MO-G-49D and 10m @ 1.7% Cu and 21g/t Ag in MO-G-51D.
-- The deep intersections effectively extend the boundary of the
potential T3 resource envelope 100m further north and also
confirm
that the mineralisation remains open down dip to the north, as
well as
to the east of current drilling. Further drilling is planned to
test
the potential for high-grade vein hosted mineralisation down dip
from
these intersections.
-- The independent resource consultant in South Africa has all available
assay data and is on track to complete the maiden Mineral
Resource
Estimate for T3 by the end of September.
-- Infill drilling of the higher-grade core of the deposit has commenced
on 100m by 50m spacing, the first two holes of this infill
programme,
MO-G-52D and MO-G-53D, have completed to over 194m and have
both
intersected significant copper mineralisation. The assay results
are
awaited.
-- Key results for latest down-hole intersections include:
-- Hole MO-G-44D
-- 23.9m @ 1.0% Cu & 5g/t Ag from 33.1m
-- 16.0m @ 0.6% Cu & 7g/t Ag from 62.0m
-- Hole MO-G-49D
-- 9.6m @ 1.1% Cu & 4g/t Ag from 205.5m
-- 23.0m @ 1.2% Cu & 22g/t Ag from 275.0m
-- Hole MO-G-50D
-- 6.0m @ 1.4% Cu & 8g/t Ag from 214.0m
-- 8.0m@ 0.8% Cu & 19g/t Ag from 253.0m
-- Hole MO-G-51D
-- 10.0m @ 1.7% Cu & 21g/t Ag from 210.0m
-- 18.2m@ 0.6% Cu & 11g/t Ag from 241.0m
A further four drill holes (MO-G-45D to MO-G-48D) on the
southern, up-dip, edge of the Phase 1 resource area did not
intersect significant widths of copper or silver mineralisation.
Assay results for holes MO-G-40D to MO-G-43D are currently
awaited.
All holes were designed to intersect the northerly dipping
mineralisation, and are orientated with an azimuth of 160deg and
dip of 60deg. MO-G-44D reached a down hole depth of 92m, MO-G-45D
reached 116m, MO-G-46D reached 92m, MO-G-47D reached 92m, MO-G-48D
reached 80m, MO-G-49D reached 302m, MO-G-50D reached 266m and
MO-G-51D reached 274m.
Holes MO-G-44D to MO-G-48D are located on the same E-W profile
at 100m spacing, on the southern edge of the resource area. Holes
MO-G-49D, MO-G-50D and MO-G-51D are located on the northern edge of
the resource area at 100m spacing. A table of the drill collar
locations will be provided in a separate MOD release. The remaining
assay results will be released as they become available following
geological interpretation.
Resource Programme Status & Planned Work
Whilst the resource estimate is scheduled to be completed at the
end of September, preliminary contouring of the available assays
has been undertaken to highlight trends in the T3
mineralisation.
Plotting copper equivalent (CuEq) intersections for each hole, a
function of copper and silver value and intersection width
(metre/%), has shown that a high-grade core extends >500m in the
southern-central part of the resource area.
Once the T3 Resource is finalised, IP geophysics will be
conducted along strike and down-dip from T3, whilst drilling will
focus on testing the existing copper/zinc anomalies in the vicinity
of the T3 deposit.
Further drilling is also planned to commence at the T2 West and
T2 East prospects (20km north of the T3 Resource Drilling area),
once the recent reverse circulation drilling and soil assay results
have been interpreted.
T3 Scoping Study Update
The T3 scoping study is progressing to plan with the aim of
being completed before the end of December, so that a decision on
progressing to a pre-feasibility study can be made early in the New
Year.
Indicative cost estimates for open-pit mining and plant are
currently being provided, by mining consultants and
design/construct firms, to feed into the T3 scoping study.
Preliminary environmental and social impact studies have also
commenced. The final metallurgical testwork results are expected
soon.
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).
The Resource work is conducted in line with the JORC 2012 Code
and is reviewed 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/20160919005966/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
September 19, 2016 10:58 ET (14:58 GMT)
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