TIDMMTR
Metal Tiger Plc
24 April 2017
Metal Tiger Plc
("Metal Tiger" or the "Company")
Botswana Copper/Silver Project - T3 Drilling & IP Geophysics
Results
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.
Assay results from a further 4 diamond drill holes (MO-G-63D,
MO-G-64D, MO-G-66D & MO-3R-07D) have confirmed intersections of
the recently discovered Zone 2 and Zone 3 copper mineralisation
which is directly below the current T3 Resource (Zone 1). Assays
are awaited from an additional 11 T3 Resource holes and 8
geotechnical holes.
Highlights:
-- Assay results from a further 4 drill holes received, confirming
significant intersections from all three zones of copper
mineralisation at T3
-- Zone 3 (300m below the current T3 Resource) may be part of a
more extensive mineralised contact.
-- Induced Polarisation (IP) geophysics study has identified two
significant anomalies north of T3, now high priority drill
targets.
-- Airborne Electromagnetics (EM) geophysics survey to target other
potential T3 type deposits along T3 Dome.
-- Soil surveying underway over extensive regional areas including >40km
long T20 Dome.
Michael McNeilly Chief Executive Officer of Metal Tiger
commented:
"With the closing of the GBP4.85m fund raising last week, and
the institutional support for our Botswana JV, Metal Tiger is now
in a strong position to move the T3 project and the surrounding
exploration portfolio up the value curve.
The recent drill assays continue to build out potential depth
extensions to the T3 deposit whilst the findings of the recent IP
geophysics study have identified a further two geophysical
anomalies worthy of high priority drill testing.
We are also excited by the prospect of trialling
helicopter-borne electromagnetics geophysics to rapidly delineate
conductive sulphide and structural related drill targets in the
wider T3 Dome."
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
Assay results (see below) from the T3 infill and extension
drilling programme have yielded 3 new significant intersections in
Zone 2 and have confirmed the lateral extent of the Zone 2 copper
mineralisation, located directly beneath the T3 Resource (initially
reported 17 February 2017).
Note, the 3 new Zone 2 intersections are from MO-G-63D &
MO-G-66D, the Zone 2 intersection in hole MO-G-64D was announced on
30 March 2017.
Current understanding at Zone 2:
-- Current assay data confirms the continuity of the Zone 2 mineralisation,
comprising wide intervals of locally veined and disseminated
copper
sulphide mineralisation, over a 300m strike length.
-- Preliminary interpretation of core from 11 additional drill holes
drilled along 3 long sections at Zone 2 suggest Zone 2
extends along 700m strike length and is centred around a central
core
of veined and disseminated copper sulphides. Assays are awaited
to
confirm this interpretation.
-- Located directly below existing T3 Resource mineralisation (Zone 1).
-- Currently defined to a maximum vertical depth of approximately 300m.
-- Several previous T3 Resource holes (Zone 1) will be deepened to
potentially extend the area of Zone 2 and the underlying
Zone
3 mineralisation.
-- Once sufficient drill hole assay data is available it is anticipated
that a Resource will be estimated for Zone 2. With that Zone
2 Resource being fed into the T3 Prefeasibility Study (PFS),
with
a view to enhancing the project economics.
Zone 3 Copper Mineralisation
Zone 3 is the lowest (deepest) copper mineralisation which has
yet been intersected at the T3 Deposit. It is circa 300m below the
current T3 (Zone 1) Resource.
-- Zone 3 has now been intersected by 7 deep drill holes to date
including 4 recent holes (MO-G-66D, MO-G-67D, MO-G-68D,
MO-G-71D).
Assays for MO-G-66D and MO-3R-07D are outlined below.
-- Zone 3 intersections consist reasonable consistent,
disseminated copper mineralisation consisting chalcocite and
bornite
up to 1% Cu.
-- Interpreted to extend >800m across strike (north to south), to be flat
lying and remaining completely open.
-- Interpretation suggests that Zone 3 is associated with a near
horizontal, regional scale, structural contact.
-- The structural contact may extend well beyond the T3 deposit and
constitutes an exploration target elsewhere along the T3
Dome,
especially where this contact is coincident with structures
identified
from ground and airborne geophysics.
-- Zone 3 may represent the same contact that hosts the large
structurally related deposits in the eastern part of the
Kalahari
Copper Belt, up to 150km east from T3.
-- Further drilling and higher copper grades are required to determine
the significance of Zone 3.
Drilling Progress & Assay Results
Recent assay results from Zone 2 and Zone 3 comprise significant
intersections from 3 holes (MO-G-63D, MO-G-66D & MO-3R-07D)
drilled on 100m spacing along strike from previous drill hole
MO-G-65D which intersected vein and disseminated mineralisation and
assayed 72.6m @ 1.5% Cu & 27g/t Ag (reported 6 March 2017). The
Zone 2 intersection for MO-G-64D was previously reported, its Zone
1 intersection is outlined below.
MO-G-66D is located 100m east of MO-G-65D, MO-G-63D is 200m to
the west of MO-G-65D and MO-G-64D is 100m to the west of
MO-G-65D.
Details of the latest drill hole assays are summarised below.
Depths given are down hole depths.
-- Key assay results for new down-hole intersections include:
-- Hole MO-G-63D
-- 8.4m @ 1.9% Cu & 22g/t Ag from 173.0m (Zone 1, vein
mineralisation)
-- 5.6m @ 1.4% Cu & 20g/t Ag from 242.5m (Zone 2, vein
mineralisation)
-- 8.9m @ 1.7% Cu & 29g/t Ag from 292.0m (Zone 2, vein
mineralisation)
-- Hole MO-G-64D
-- 23.0m @ 0.9% Cu & 11g/t Ag from 169.0m (Zone 1, vein
mineralisation)
-- Hole MO-G-66D
-- 33.0m @ 1.1% Cu & 11g/t Ag from 149.0m (Zone1, disseminated
sulphides)
-- 13.0m @ 1.0% Cu & 18g/t Ag from 220.0m, (Zone 2, disseminated
sulphides)
-- 13.0m @ 0.8% Cu & 9 g/t Ag from 460.0m including
6.0m @ 1.0% Cu & 11g/t Ag from 417.7m (Zone 3,
disseminated
& vein)
-- Hole MO-3R-07D
-- 5.3m @ 1.0% Cu & 11g/t Ag from 417.7m (Zone 3, disseminated
sulphides)
Assays are currently awaited from 11 resource holes.
The infill/deepening drilling results will potentially enable
the upgrade of the T3 Resource (Zone 1) as well as a new Resource
estimate for Zone 2; both of which will feed into an enlarged T3
Prefeasibility Study ("PFS").
Drill holes are orientated with an azimuth of 160deg and dip of
60deg (except MO-3R-07D with azimuth 340deg / dip 60deg). Attained
down-hole depths are MO-G-63D: 352.6m, MO-G-65D: 349.6m, MO-G-66D:
499.4m, MO-G-67D: 493.6m, MO-G-68D: 484.7m, MO-G-71D: 451.17m and
MO-3R-07D: 478.5m. A table of drilling parameters is set out in the
MOD news release, of today, referenced above.
Geophysics Survey Updates
The results of the 3D Induced Polarisation (IP) geophysics
survey completed over T3 during Q1 2017 have now been
interpreted.
-- Spectral Geophysics of Gabaronne, Botswana have issued a report
on their interpretation of the 3D IP survey data collected over
the T3
Resource area with extensions to the NW and SE.
-- Distinctive IP chargeability anomalies correlate well with the known
T3 Resource mineralisation.
-- Two additional IP chargeability anomalies have been identified to the
north of T3, these will be drill tested as soon as approvals
are
granted.
Airborne Electromagnetics
-- MOD's consulting geophysicist is optimistic that a body with similar
IP characteristics to the T3 Resource should be easily
detectable to a
depth of >400m below surface using airborne Electromagnetic
("EM" or
"AEM") geophysics.
-- A trial airborne EM survey is planned to commence in May 2017. This
will be flown by helicopter and will cover 100km2, equivalent to
10%
of the T3 Dome. The trial survey will seek to establish that AEM
is a
viable technique for the rapid identification of T3 type
targets.
-- If successful, the AEM survey will be extended over the entire T3 Dome.
Airborne EM surveying is an active detection method which
measures the conductivity of underlying ground. Through modelling
of the conductivity data 3D models of the differential
conductivities can be created, helping to locate metallic
conductors, such as copper sulphides, located within the less
conductive bed-rock. The technique provides information of the
geological structure and arrangement of potential deposits at
depth, thus helping in the rapid recognition of potential drilling
targets.
T3 Prefeasibility Study (PFS) Progress
The T3 open-pit prefeasibility study works are progressing to
schedule.
-- Geotechnical drilling complete.
-- Metallurgical testwork samples in transit.
-- Stakeholder engagement process underway.
-- Pump testing for process water expected to commence soon.
Next Steps
The continuing and planned exploration programme consists
of:
Environmental Permitting
-- Botswana based environmental consultants Loci Environmental
have now been appointed to consult with the Department of
Environmental Affairs (DEA) and manage the permitting
process
relating to the ongoing exploration and the T3 PFS. Meetings
are
scheduled with the objective of down-grading the level of
approval
required for activities with have minimal environmental impact
(i.e.
drilling).
Expansion of regional exploration activities
-- DEA have recently approved a substantial soil sampling programme
across an area which has been called the T20 Dome, this
structural
feature is located 150km south-west of T3. The soil sample
collection
is currently circa 40% complete.
-- Once the T20 sample collection is complete the sampling teams will
move to cover the 60km long T3 Dome (DEA approval granted). The
T3
deposit was discovered directly below a subtle soil anomaly
(28ppm Cu)
in March 2016, and minimal exploration was been carried out on
the
surrounding 1,000km2 of T3 Dome.
Tshukudu Licence Holding Status
-- As part of the Sprott Capital Partners fund raising due diligence, the
Botswana Department of Mines conducted a review of the status of
14
prospecting licences held by Tshukudu Metals and 2
prospecting
licences which Tshukudu has an option to acquire. The
Department
confirmed in writing on 13 April 2017 that all these licences
are in
good standing.
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 24 April 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 acts as the Competent 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)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 (Joint Broker)
Andrew Monk VSA Capital Limited Tel: +44 (0)20 3005 5000
Andrew Raca (Joint Broker)
Gordon Poole Camarco Tel: +44 (0)20 3757 4980
James Crothers (Financial PR)
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
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/20170424005628/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
April 24, 2017 05:09 ET (09:09 GMT)
Metal Tiger (LSE:MTR)
Historical Stock Chart
From Sep 2024 to Oct 2024
Metal Tiger (LSE:MTR)
Historical Stock Chart
From Oct 2023 to Oct 2024