TIDMMTR
Metal Tiger Plc
("Metal Tiger" or the "Company")
Botswana Copper/Silver Project - Drilling Extends New Zone of
Mineralisation 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 4.4345%
of MOD's issued share capital and 1,541,667 MOD warrants at an
exercise price of 6 cents (Australian). Activities in Botswana are
conducted under the JV's local operating company Tshukudu Metals
Botswana (Pty) Ltd.
The T3 infill and extension drilling programme has extended the
substantial new copper zone ("Zone 2") and intersected a third
mineralised zone ("Zone 3"), with significant disseminated copper
mineralisation intersected, directly below the current T3
Resource.
Highlights:
-- Extent of the "Zone 2" disseminated copper mineralisation, located
directly below the current T3 Resource now delineated over an
extended
circa 700m strike length.
-- Central core of Zone 2 includes the 72.6m @ 1.5% Cu & 27g/t Ag
(reported 6 March 2017)
-- Significant disseminated copper intersected within the recently
discovered Zone 2 and Zone 3, grade of these disseminated
intersections will be determined from awaited assay results.
-- Sufficient drilling has now been completed to enable the potential
upgrade of the Resource and to expand the Prefeasibility
Study.
-- ALS Laboratories staffed sample preparation facility to be installed
onsite to accelerate the assay turnaround.
Michael McNeilly Chief Executive Officer of Metal Tiger
commented:
"The T3 drilling programme continues to deliver results and the
programme is demonstrating there exists a further, substantial
copper zone beneath T3. An upgrade to the Resource is highly
possible with the eagerly awaited assay results for the Zone 2
mineralisation and could significantly add to the already positive
economics and de-risk a proposed open pit mining operation.
We look forward to keeping our shareholders updated with
outstanding assay results as they become available for
release."
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.
Zone 2 Copper Mineralisation Extended by Drill Intersections
Further drill hole intersections from the T3 infill and
extension drilling programme have extended the new copper zone of
mineralisation, now called "Zone 2" (initially reported 17 February
2017).
The new drill data is still at an early interpretation stage,
current understanding points to Zone 2:
-- Extending to circa 700m along strike and being centred on a 200m-300m
wide central core comprising wide intervals of locally veined
and
disseminated copper sulphide mineralisation.
-- Currently defined to a maximum vertical depth of approximately 300m.
-- Located directly below existing T3 Resource mineralisation (announced
26 September 2016), now being named "Zone 1" mineralisation.
-- Central core of Zone 2 may be truncated by an east dipping fault which
appears to truncate the overlying T3 Resource at the western end
of
Zone 1.
Zone 3 Copper Mineralisation
Zone 3 is the name which has been given to the lowest
mineralisation which has yet been intersected at the T3
Deposit.
-- Zone 3 comprises multiple intervals of mainly weakly disseminated
copper sulphides located between 485m-499m down-hole depth.
-- Intersected by three deep drill holes (MO-G-66D, MO-G-67D & MO-G-68D),
with intersections between 25m - 34m wide. Partially intersected
by
MO-G-71D which terminated in mineralisation.
-- Situated approximately 200m below Zone 2 and 300m below the top of
Zone 1 (the T3 Resource).
-- Located immediately above an interpreted footwall contact with the Ngwako
Pan Formation, a distinctive red/pink coloured sandstone
sequence
(the "Kalahari Footwall Sandstone").
-- Further drilling planned to test the potential for structurally
related vein hosted mineralisation below and down-dip of the
current
intersection.
-- Existence of this potential Kalahari Footwall Contact at T3
supports the wider exploration strategy to identify the
Kalahari
contact over the circa 50km of T3 Dome in the vicinity.
If Zone 3 is located on the Kalahari Footwall Sandstone contact,
then it may occur on the same contact that hosts large structurally
related deposits in the eastern part of the Kalahari Copper Belt
such as Cupric Canyon Capital's Zone 5, Mango & Zeta deposits
and MOD's T1 Deposit (20km north of T3) and Cupric Canyon Capital's
Chalcocite Deposit (30km NE of T3).
Drilling Progress
Since the discovery of Zone 2, four diamond core drill rigs have
been employed drilling out the deposit on a 100m by 100m grid. This
drilling has included drilling 10 new infill holes as well as
deepening 6 Resource holes drilled in 2016, for a total of 16 holes
completed over six weeks. Holes are orientated with an azimuth of
160deg and dip of 60deg. Attained down-hole depths vary between
265.5m and 499.4m dependant on the down-dip target of the hole. A
table of drilling parameters is set out in the MOD news release, of
today, referenced above.
Currently assay results for two Zone 2 holes have been received
(MO-G-65D & MO-G-64D) with the assay results from MO-G-63D
& MO-G-66D expected soon, followed by results from the other
holes. Due to the rapid rate of drilling and the large number of
mineralised intervals processing and sampling of core is currently
ongoing for 9 of the recent holes.
The infill/deepening drilling results will potentially enable
the upgrade of the T3 Resource and will feed into the enlarged T3
Prefeasibility Study ("PFS") works (as initially announced 10th
January 2017).
Details of the latest drill hole findings for the Zone 2
mineralisation are summarised below. Depths given are down hole
depths:
-- Key results for available Zone 2 down-hole intersections include:
-- Hole MO-G-64D
-- 13.0m @ 1.0% Cu & 16g/t Ag from 271.0m, (vein & disseminated
sulphides) including
6.0m @ 1.6% Cu & 30g/t Ag from 278.0m (quartz/sulphide
veining)
-- Hole MO-G-65D
-- 72.6m @ 1.5% Cu & 27g/t Ag from 250.0m, (vein & disseminated
sulphides) including
18.0m @ 2.7% Cu & 52g/t Ag from 280.0m (multiple bornite
veins)
-- MO-G-71D, drilled to 451.7m
-- Intersected 50m of disseminated sulphides in Zone 2, 100m down-dip
from an intersection of vein and disseminated mineralisation in
hole
MO-G-65D which assayed 72.6m @ 1.5%Cu and 27g/t Ag (announced 6
March
2017), see above.
-- Partially intersected, and terminated, in Zone 3 mineralisation from
445.7m.
-- Assay results for MO-G-71D currently awaited.
-- Zone 2 mineralisation open down-dip of MO-G-71D.
Onsite Sample Preparation Facility
To mitigate the delay involved with having samples prepped in
South Africa and then sent overseas for analysis the JV has elected
to have a sample preparation facility set up at the project base in
Ghanzi. This will be staffed by accredited ALS Global laboratory
staff and so will maintain strict quality control requirements,
whilst reducing shipping volumes, simplifying export procedures and
enabling increased options for the analysing of pulps in the
future. This will have the added benefit of having the capacity to
expand the sample through-put for both exploration and any future
mining.
Botswana Operating Company Appointment
The JV Botswana operating company, Tshukudu Metals Botswana
(Pty) Ltd, has appointed Mr Boikobo Paya as Chairman. Mr Paya is a
well-respected geologist with extensive experience in senior
management positions in Botswana. This includes 14 years with the
Ministry of Minerals Energy & Water Resources (MMEWR) where he
served as Permanent Secretary for 4 years until August 2014. He
currently holds the position of Director, International Linkages
and Partnerships with the Botswana International University of
Science Technology (BIUST) and was previously Acting Deputy Vice
Chancellor at the Office of Research, Development &
Innovation.
Tshukudu Metals Botswana (Pty) Ltd employs all in-country staff
and holds 16 prospecting licences in Botswana including the T3
Project.
Next Steps
The continuing and planned exploration programme consists
of:
Application for Approval for Next Phase of Exploration Drilling
at T3
-- JV company Tshukudu Metals has submitted an application for the
approval for a Next Phase of Exploration Drilling at T3.
Tshukudu Metals has been notified by the Department of
Environmental Affairs that an Environmental Impact
Assessment
(EIA) will be required prior to approval. Components of the EIA
are
already in progress as part of the PFS and will be included into
the
exploration EIA for approval.
Expansion of regional exploration activities
-- The completion of the Zone 2 drilling will enable the exploration team
to focus on other high priority targets in the region.
-- Applications are being prepared to enable an initial expansion of
exploration activities along the main structural corridor
which
extends more than 150km from the T3 Dome to the Namibian
border.
Background
The T3 Project 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 and additional deeper copper
mineralisation was discovered below the T3 Resource in February
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 30 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
interests in two potentially near-production stage silver/lead/zinc
mines as well as 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/20170330005458/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
March 30, 2017 03:26 ET (07:26 GMT)
Metal Tiger (LSE:MTR)
Historical Stock Chart
From Jun 2024 to Jul 2024
Metal Tiger (LSE:MTR)
Historical Stock Chart
From Jul 2023 to Jul 2024