TIDMMTR
Metal Tiger Plc
6 March 2017
Metal Tiger Plc
("Metal Tiger" or the "Company")
Botswana Copper/Silver Project - 72.6m New Copper Zone Confirmed
below T3 Resource
Metal Tiger plc (LON:MTR) the London Stock Exchange AIM listed
investor in strategic natural resource opportunities is pleased to
provide an update regarding 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).
Metal Tiger also holds 81,102,302 MOD shares, equivalent to 4.975%
of MOD's issued share capital and 1,541,667 MOD warrants at an
exercise price of 6 cents (Australian).
Results from the on-going T3 infill and extension drilling
programme has confirmed a substantial new copper zone below the
current T3 Resource.
Highlights:
-- Substantial New Copper Zone below the T3 Resource confirmed by drill
hole MO-G-65D assay results.
-- 72.6m @ 1.5% Cu & 27g/t Ag from 250m down hole depth
intersected in MO-G-65D, including high grade zone 18m @ 2.7% Cu
&
52g/t Ag from 280m.
-- New mineralisation extends the Project potential to over 100m below
the current T3 Resource sequence. Mineralisation in MO-G-65D
potentially still open at depth.
-- Hole MO-G-66D intersected separate zone of disseminated Cu,
approximately 250m below the T3 Resource.
-- Currently 4 diamond core drill rigs in operation, testing strike
extent and geometry of new copper zones.
Michael McNeilly Chief Executive Officer of Metal Tiger
commented:
"We are very pleased to report the confirmation of a substantial
new zone of copper mineralisation located directly beneath the T3
Resource.This New Zone consists of over 72m of 1.5% copper,
including over 18m at 2.7% Cu and 52g/t silver.
If this New Zone mineralisation is shown to be laterally
extensive by the continuing deep infill drilling programme, it has
the potential to deliver a significant T3 Resource upgrade and
further improve the potential project economics.Our JV partner,
MOD, will be taking steps to incorporate these new findings into
the ongoing T3 Prefeasibility Study work.
We look forward to keeping our shareholders updated with further
assay results and New Zone intersection details as the Project
advances and becomes further de-risked."
For further images and diagrams that may assist readers in the
visualisation of the mineralisation and the reported drill collar
locations, we would refer to the announcement released today by MOD
Resources. 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.
New Zone of Copper Mineralisation Confirmed by Assay Results
The assay results from the T3 infill and extension drilling
programme have confirmed the existence of a new copper zone of
mineralisation below the T3 Resource, as initially reported 17
February 2017. The confirmation of this New Zone comes exactly one
year after the discovery of the T3 deposit. The infill drilling is
being conducted as part of the T3 Prefeasibility Study ("PFS")
works (as announced 10th January 2017). Details of the drill hole
findings and the New Zone of mineralisation are summarised below.
Depths given are down hole depths:
-- MO-G-65D, the third deep infill hole to be completed,
intersected the T3 Resource sequence and was continued below the
base
of the Resource, where it intersected a 72.6m zone consisting
multiple
intervals of locally disseminated, cleavage, laminated and vein
hosted
mineralisation in green/grey siltstones overlying pink and
grey
sandstones.
-- New Zone copper sulphide mineralisation includes bornite, chalcocite,
covellite and chalcopyrite extending from 250m to 322.6m
(72.6m). True
width remains to be confirmed but estimated to be >50m from
initial
interpretation.
-- New Zone interpreted to be steeply dipping, 65° to north, and
truncated by a shallow dipping, 30° thrust at the base of the
T3
Resource. Initial interpretation needs to be confirmed by
further
drilling.
-- Mineralisation intersected in MO-G-65D remains open at depth and along
strike.
-- Key results for down-hole intersections include:
-- Hole MO-G-65D
-- 22.2m @ 1.6% Cu & 26g/t Ag from 163.0m (existing T3 Resource)
-- 4.0m @ 1.7% Cu & 14g/t Ag from 227.0m (new intermediate
mineralisation)
-- 72.6m @ 1.5% Cu & 27g/t Ag from 250.0m, including
18.0m @ 2.7% Cu & 52g/t Ag from 280.0m
(the New Zone mineralisation)
-- MO-G-66D, located 100m east of MO-G-65D, was initially drilled
to 275m where it cut both the T3 Resource sequence and a new
zone of
mineralisation. The hole has now been extended to 499.4m total
depth.
-- Intersected a deeper zone of disseminated bornite and chalcocite
copper mineralisation between 432m and 468.7m, approximately
250m
below the T3 Resource.
-- Hole has yet to be logged and sampled, but does not include the vein
hosted copper mineralisation seen in the New Zone and in the
T3
Resource.
-- Holes MO-G-60D, MO-G-63D, MO-G-64D, and MO-G-66D have also intersected
varying widths of disseminated and vein hosted bornite and
chalcocite
mineralisation below the T3 Resource. Further infill drilling
assay
results will be released as they become available following
geological
interpretation. These results are expected soon.
Currently 5 deep infill holes have been completed and 3 are in
progress. These are located at 100m centres mainly along a strike
profile in the northern half of the T3 Resource area. They are
orientated with an azimuth of 160deg and dip of 60deg. MO-G-60D
reached a down hole depth of 328.37m, MO-G-63D reached 352.6m,
MO-G-64D reached 355.53m, MO-G-64D reached 349.57m and MO-G-66D
reached 499.42m. MO-G-56D is currently being extended below its
original depth, whilst MO-G-67D and MO-G-68D are also in
progress.
Next Steps
The continuing and planned exploration drilling programme
consists of:
Infill Drilling & New Zone Extension
-- The infill drilling to continue, with the target depths of holes
increased to test for New Zone mineralisation below the T3
Resource.
Four diamond drilling rigs now onsite. This programme is well
funded.
-- Where the New Zone results support a substantial T3 Resource upgrade,
this will be incorporated into the T3 Prefeasibility Study which
is in
progress.
IP Geophysics Anomaly Testing
-- Induced Polarisation ("IP") Geophysics survey work is being conducted
to identify the potential for new sulphide mineralisation
targets near
the T3 Deposit and along the T3 Dome. This survey work has been
making
good progress over the past two months.
-- Preliminary interpretation of the 3D IP data has identified further
exploration drilling targets to the north and adjacent to the
T3
deposit. Further outcomes of the IP survey will be reported
soon.
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 6 March 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
Executive Officer)
Keith Springall (Finance Tel: +44 (0)207099 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 (Joint Broker)
Andrew Monk VSA Capital Limited Tel: +44 (0)20 3005 5000
Andrew Raca (Joint Broker)
Gordon Poole Camarco Tel: +44 (0)203 757 4980
James Crothers (Financial PR)
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 AIM or NEX Exchange (formerly ISDX) partner
with whom the Company is engaged.
View source version on businesswire.com:
http://www.businesswire.com/news/home/20170306005548/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
March 06, 2017 04:38 ET (09:38 GMT)
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