TIDMMTR
Metal Tiger Plc
17 February 2017
Metal Tiger Plc
("Metal Tiger" or the "Company")
Botswana Copper/Silver Project - 75m Zone of Mineralisation
Intersected below T3
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 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).
Shareholders should note that in addition to the 30% holding in the
JV, MTR holds 81,102,302 MOD shares, equivalent to 5.1% of MOD's
issued share capital and 1,541,667 MOD warrants at an exercise
price of 6p.
Technical highlights in respect of the T3 Project including the
discovery of a new mineralised zone and pre-feasibility study
programme progress 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 the visualisation of
the mineralisation and the reported infill drill collar locations.
This announcement can be viewed through the following link:
http://search.asx.com.au/s/search.html?query=mod&collection=asx-meta&profile=web
Shareholders should note that the timing of MOD announcements
are outside the control of MTR, however MTR does its utmost to
announce the drill results and important updates as soon as
practicable after MOD makes its announcement to the ASX. MTR are
only made aware of drill results and important updates immediately
prior to the MOD release.
Michael McNeilly Chief Executive Officer of Metal Tiger
commented:
"It is a great pleasure to be able to report the discovery of an
exciting new zone of mineralisation located directly beneath the T3
Resource.This new zone consists of multiple intervals of copper
sulphide mineralisation over 75m.Whilst sampling and assays are
still in progress, we anticipate that the results could be the most
significant since the T3 discovery hole last March, 52m @ 2% copper
and 32g/t silver.
This previously unknown new zone of mineralisation was
discovered during the T3 Resource infill drilling being conducted
as part of the current Prefeasibility Study works. The decision to
extend the second and third drill holes to a depth well below the
current T3 Resource base seems to have really paid off and we think
that this new discovery has the potential to significantly improve
the dynamics and economics of the T3 Deposit.
Concurrent to the infill drilling, the ongoing IP geophysics
survey work has identified several new anomalies that could be
related to sulphide mineralisation in the vicinity of the T3
Deposit. The first of these new deep anomalies is currently being
drilled and we look forward to the findings.
Shareholders should note that assay results are required before
precise copper grades can be determined. We expect to provide a
further update once the assay results become available."
Highlights:
-- New mineralised zone below the T3 Resource confirmed by infill diamond
drilling
-- Diamond drill hole MO-G-65D intersected 75m zone with multiple
intervals of copper sulphides
-- New mineralisation bears important similarities to the T3 Resource
sequence
-- Existing drill holes in the area are being deepened to test for
lateral extensions of the new mineralisation zone
-- Drilling also underway at new targets identified by IP geophysics
New Zone of Mineralisation outlined by Infill Drilling
Three diamond drill holes (MO-G-63D, MO-G-64D and MO-G-65D)
which are part of the T3 Resource infill drilling have been
completed. Two of these holes, MO-G-64D and MO-G-65D, were
terminated at a depth significantly below the current T3 Resource
and have identified a new mineralised zone. The infill drilling is
being conducted as part of the T3 Prefeasibility Study ("PFS")
works (as announced 10th January 2017) to improve the definition of
the high-grade bornite and chalcocite mineralisation within the T3
Resource.
Details of the drill hole findings and the new zone of
mineralisation are summarised below. Depths given are down hole
depths:
-- MO-G-63D, the first infill drill hole to be completed
intersected the T3 Resource mineralisation as expected and was
then
terminated at a depth of 253m. In light of the findings MO-G-63D
will
be extended to test for the new zone mineralisation. Assay
results for
MO-G-63D are currently awaited.
-- MO-G-64D, the second infill drill hole, intersected the T3
Resource mineralisation and was then continued significantly
below the
base of the Resource, where it intersected a previously unknown
circa
12m wide zone of disseminated and vein hosted chalcocite
mineralisation approximately 60m below the base of the Resource,
from
approximately 272m depth.The previous MO-G-64D end of hole
depth was 293m, this hole is now being deepened to a planned
>320m
depth. Assay results are currently awaited.
-- MO-G-65D, the third infill hole to be completed, intersected
the T3 Resource sequence and was continued below the base of
the
Resource, where it intersected a circa 75m zone consisting
multiple
intervals of locally disseminated, vein hosted and cleavage
hosted
visible chalcocite, bornite, chalcopyrite and local covellite,
copper
sulphides from 247m to 322m down hole depth.This new zone
of mineralisation starts 35m below the base of the T3 Resource
and the
Scoping Study Ultimate Pit. The base of the new zone is an
interpreted
thrust faulted contact with underlying footwall sandstones at
322m
depth.The drill core indicates that the host sediments,
individual sulphide intervals and quartz veins within the
mineralised
zone, are locally folded and therefore the true width of the
new
mineralised zone is unknown. Further drilling is required to
estimate
the geometry and width of this zone.The top of the
resource sequence in MO-G-65D was intersected at circa 166m and
the
base of the new zone was intersected approximately 156m deeper
in the
hole, at circa 322m.MO-G-65D was terminated at 349.6m depth
on
15 February 2017. Detailed geological logging of drill core has
just
commenced. Mineralised core samples will be sent for assay as
soon as
possible. Assays results are required before any estimate can be
made
of copper grades for the visible sulphide intervals in
MO-G-65D.
The three infill holes are located at 100m centres on the same
profile line in the northwest quadrant of the T3 Resource area.
They are orientated with an azimuth of 160deg and dip of 60deg.
Hole MO-G-63D is located 200m west of MO-G-65D and 100m west of
MO-G-64D. MO-G-63D reached a down hole depth of 252.7m, MO-G-64D
reached 292.5m (and will be extended to 320m) and MO-G-65D reached
349.6m.
Results from the continuing drilling programme will be released
as they become available following geological interpretation.
Next Steps
The continuing and planned exploration drilling programme
consists of:
Infill Drilling & New Zone Extension
-- Planned infill drilling work to continue, with the target depths of
holes increased to test for the new zone mineralisation below
the T3
Resource.
-- Additional drilling rig deployed to the infill drilling programme to
increase the rate of drilling and to delineate the extent of the
new
mineralised zone. Deploying the additional diamond drill rig
will
allow the overall infill programme schedules to be maintained,
given
the time required to attain the deeper planned target depths of
the
upcoming infill drill holes.
IP Geophysics Anomaly Testing
-- Induced Polarisation ("IP") Geophysics survey work is being conducted
to identify the potential for new sulphide mineralisation
targets in
the vicinity of the T3 Deposit and along the T3 Dome. This
survey work
has identified several anomalies to date and deep drill hole
MO-3R-07D
is the first of a planned series of holes to test these new
targets
around T3.
-- Deep drill hole MO-3R-07D currently in progress to test IP
Geophysics anomaly located immediately south and below the
T3
Resource. This hole is currently planned to continue to 600m
depth to
test for deeper mineralisation controls and to assist in the
geological interpretation of the deposit. MO-3R-07D is
orientated with
an azimuth of 340deg and dip of 60deg.
Background
The T3 Resource 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 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 T3 deposit was discovered in March 2016 when a reverse
circulation ("RC") drill hole intersected 52m @ 2.0% Cu and 32g/t
Ag from shallow depth. The maiden T3 JORC compliant Mineral
Resource was announced on 26 September 2016. The results of a
Scoping Study for an open pit mine at T3 with a 2Mtpa processing
plant, an indicative mine life of 10 years and an average
production rate of 21,800tpa of copper and 665,000tpa of silver was
released on 6 December 2016. Work on a Pre-Feasibility Study (PFS)
commenced in January 2017.
MOD tabulate details of the current exploration procedures being
employed on the project (JORC 2012 Table 1), in the appendix to
their news release dated 17 February 2017.
The T3 Prospect geological data and exploration results have
been reviewed and approved by Jacques Janse van Rensburg, BSc
(Hons), Business Development Manager and Competent Person for MOD
Resources Ltd.
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:
Michael McNeilly (Chief Tel: +44 (0)20 7099 0738
ExecutiveOfficer)
Keith Springall (Finance Tel: +44 (0)20 7099 0738
Director
&Company Secretary)
Sean Wyndham-Quin Spark Advisory Partners Tel: +44 (0)
Neil Baldwin Limited 2033 683 555
(Nominated Adviser)
www.sparkadvisorypartners.com
Nick Emerson SI Capital Tel: +44 (0)1483 413 500
Andy Thacker (Sole Broker)
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/20170216006403/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
February 17, 2017 02:00 ET (07:00 GMT)
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