TIDMMTR
Metal Tiger Plc
("Metal Tiger" or the "Company")
Botswana - Extension Drilling Underway for Low Cost T3
Discovery
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).
An estimate of the total cost of discovery for the Target 3 (T3)
Resource is provided below, along with details of the T3 extension
drilling which has commenced.
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:
"With the completion of the maiden Resource at T3, the joint
venture has taken the opportunity to take stock of our investment
in T3 to date. The T3 deposit has been taken from a discrete copper
in soil anomaly, through initial RC drilling confirmation, and
subsequent diamond hole drill-out, to a JORC compliant Mineral
Resource Estimate in only 6 months, demonstrating real value for a
relatively modest spend.
As we continue to explore the T3 Dome and extend the T3
Resource, the exploration team will continue to carefully manage
the programme in order to maximise the potential exploration
returns.
This exploration potential includes the current prospect of a
drill hole confirming further significant copper associated with
the strong IP geophysics anomaly located immediately down-dip,
below, the current T3 Resource."
Highlights:
-- Work has commenced on testing possible T3 Resource extensions and on
other targets, prospective for 'T3 vein type' mineralisation,
situated
along the T3 Dome. The first drill target is the large IP
(Induced
Polarisation) anomaly interpreted 500m down dip from the T3
resource
(see below).
-- Total all-in cost of the T3 Deposit, in the 6 months from discovery to
350Kt Cu maiden Resource, calculated at US$1.7M, equivalent to
only
US$0.22 / pound of contained copper in the Mineral Resource
Estimate.
-- The very low discovery cost and relatively modest investment in the T3
Resource definition has generated significant value for the
MOD/MTR
joint venture.
-- 2016 Q4 exploration work will include investigating a number of IP
geophysics targets, soil geochemistry anomalies and structural
targets.
Exploration Detail
-- Drilling has commenced on the first IP geophysics target; a large
anomaly interpreted to be 500m down-dip of the T3 Resource.
This
diamond drill hole will target the same zone as previously
drilled
hole MO-T3U-01D, which failed to intersect the IP target due
to
drill-string deviation, some 200m above the target.
-- MO-T3U-01D previously intersected 20m @ 0.4% Cu & 6g/t Ag, including
0.8m @ 2.5% Cu & 37g/t Ag from 473m down hole depth, within
the same
host sedimentary sequence as the T3 mineralisation.
-- Assays are currently awaited for the 5 in-fill holes drilled within
the high-grade core of the T3 Resource. Regional soil sampling
is
on-going.
Competent Persons
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. 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.
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)
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/20161010005370/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
October 10, 2016 03:39 ET (07:39 GMT)
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