TIDMMTR
Metal Tiger Plc
4 October 2016
Metal Tiger Plc
("Metal Tiger" or the "Company")
Botswana - T3 Deposit, Excellent Metallurgical Results
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).
The preliminary results of metallurgical testwork on composite
samples of mineralisation from the Target 3 (T3) Resource project
are provided below, along with an update on the T3 drilling
status.
In addition, we would refer to the announcement released today
by MOD Resources which contains images, graphs and diagrams that
may assist readers in an understanding of the project. 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 report very positive preliminary
metallurgical testwork results for the copper and silver ore types
constituting our T3 Mineral Resource.
These results bode well for the potential economics of the T3
Deposit, which is currently being assessed as part of our on-going
scoping study; as well as showing very respectable copper and
silver recoveries and concentrate grades the tests show the
potential for relatively low power requirements to grind the
ores.
Additional exploration work continues and we will be updating
the market in the near term with a further update in this
regard."
Highlights:
Metallurgical Testwork
-- Preliminary metallurgical testwork results received for composite
samples of diamond drill core taken as part of the Phase 1
Resource
Drilling Programme at T3.
-- Testwork has been undertaken by Independent Metallurgical Operations
based in Perth, Australia. Results will be used as a key input
into
the Scoping Study being completed on the T3 deposit.
-- Results show that high copper concentrate grades (between 33% -
60.6% Cu) can be achieved at high copper recoveries (ranging
93.8%
- 98.7% of Cu) for all three copper sulphide domains
(Chalcopyrite
dominant, Bornite dominant, and Chalcocite dominant) in
near-resource-grade and high-grade mineralisation within the T3
JORC
Resource.
-- High-grade samples (>4%Cu) gave copper recoveries up to 98.7% Cu
and silver recoveries up to 97.5% Ag, to produce a high
grade
copper/silver concentrate up to 60.6% Cu & 1,304ppm Ag.
-- Near-resource-grade samples gave copper recoveries up to 96.5% Cu and
silver recoveries up to 90.2% Ag for a copper/silver concentrate
of up
to 47.3% Cu & 1,101ppm Ag.
-- The copper/silver concentrates are low in deleterious elements
(Arsenic up to 279ppm As) and generally well below smelter
penalty
levels.
-- Tests also provide an early indication of relatively low power
requirements for grinding the T3 ore types, with a course
primary
grind size (P80 = 150µm) and low Bond Ball Mill Work
Indices (12.3 - 14.5 kWh/t).
-- Remainder of the preliminary metallurgical testwork programme,
including optimisation tests on representative composite
samples, is
on schedule to deliver results to be incorporated into the T3
Scoping
Study due for completion in December.Details of the
testwork parameters are outlined below.
T3 Drilling Update
-- Five infill drill holes have been completed along a E-W traverse
across the high-grade core of the T3 Resource. Assay results
are
awaited.
-- Two holes have been completed to test for possible depth extensions to
the Resource envelope, 100m NE of the current resource
boundary.
Assays are awaited.
-- Further announcement to follow covering drilling and exploration
activities.
Metallurgical Testwork Parameters
The T3 Testwork Programme comprises rougher and cleaner
flotation tests on composite drill core samples at varying grind
sizes (between 75 and 212 microns). The testwork results will be
used as a key input into the Scoping Study being completed on the
T3 deposit.
The T3 sulphide mineralisation includes three main interpreted
ore domains: Chalcopyrite dominant, Bornite dominant, and
Chalcocite dominant. Testwork was carried out on composites that
represented each of these domains, from core taken from a total of
6 diamond drill holes.
Composites for near-resource-grade testwork were prepared from ¼
HQ drill core with head grades ranging from 1.26 - 1.54% Cu, and 7
- 38ppm Ag. The near-resource-grade composites are approximately
similar to the T3 resource grade estimated between a 0.5%-1.0% Cu
cut-off grade, announced 26 September 2016 (see Table 1 below).
Additional high-grade composites were prepared from ¼ HQ drill
core with head grades ranging from 4.09 - 6.86% Cu and 40 - 149ppm
Ag. The high-grade composites were selected from drill core
intersections with a grade >4% Cu.
The testwork completed to date includes testing the amenability
of the composites to conventional copper sulphide flotation
techniques and included preliminary grind sensitivity testing,
rougher-cleaner batch flotation testing and Bond Ball Work Index
tests.
The concentrates generated from the chalcopyrite and bornite
composites were low in non-copper base metal contents. The
concentrate from the chalcocite composite contained 4.6% Zn which
will be considered in future testwork.
Table 1: T3 Phase One, JORC Compliant Mineral Resource Table
JORC Cut-off Tonnes Grade Grade Contained Contained
Category
Cu% Cu% Ag g/t Cu (tonnes) Ag (oz)
Indicated 0.5 18,071,000 1.35 16.7 244,320 9,724,550
1 10,103,000 1.84 24.2 186,198 7,848,794
1.5 6,773,906 2.12 29.6 143,675 6,450,935
Inferred 0.5 10,287,000 1.03 13.7 105,853 4,546,534
1 3,162,296 1.82 26 57,396 2,640,127
1.5 1,706,001 2.3 34.5 39,221 1,892,814
TOTAL 0.5 28,358,000 1.24 15.7 350,221 14,271,083
(Indicated 1 13,265,000 1.84 24.6 243,678 10,488,664
& 1.5 8,479,907 2.16 30.6 182,912 8,343,592
Inferred)
See announcement of 26th September for full results statement.
Total JORC (Indicated & Inferred) Mineral Resource Estimate
28.36Mt @ 1.24% Cu & 15.7g/t Ag, containing 350,200t copper and
14.27Moz silver (at 0.5% copper cut-off grade).
Competent Persons
The Competent Person responsible for the interpretation of the
metallurgical test work results from the T3 Project is Mr Daryl
Evans, who is a full-time employee of Independent Metallurgical
Operations and a fellow of AusIMM.
The Competent Person for the Mineral Resource estimation and
classification of the T3 Copper/Silver Project is Mr A.I.
Pretorius, MSc. Pri.Sci.Nat. Mr Pretorius is an independent
consultant to MOD Resources Ltd and a member of the South African
Council for Scientific Professionals (SACNASP Membership Number
400060/91).
The T3 Prospect geological data and exploration results have
been reviewed and approved by Jacques Janse van Rensburg, BSc
(Hons), Technical Adviser and Competent Person for MOD Resources
Ltd.
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 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.
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/20161004005626/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
October 04, 2016 03:31 ET (07:31 GMT)
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