TIDMMTR
Metal Tiger Plc
24 October 2017
Metal Tiger Plc
("Metal Tiger" or the "Company")
Botswana Copper/Silver Project - T3 Deposit Drilling Assay
Results - Significant Potential Outside Existing Planned Pit
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 95,543,934 MOD shares, equivalent to 5.049% 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. ("Tshukudu").
Highlights:
-- Drill core assays from 10 recent drill holes confirm mineralisation
extends well outside the planned open-pit.
-- Assays for a further 8 drill holes, including those which intersected
mineralisation at the previous western and eastern limits of
drilling
at T3, are awaited.
-- Potential significant underground targets outlined by stacked high
grade vein assays which are currently interpreted to be
continuous
over at least 1.1km of strike length.
-- Drill hole MO-G-90D, currently in progress, has intersected two
visible bornite/chalcocite vein zones approximately 300m
northeast of
the planned pit.
-- ALS Minerals sample preparation facility arrives on site to expedite
assay turnaround.
-- Power line to be constructed within 12km of T3 by 2020, government
contracts awarded.
Michael McNeilly Chief Executive Officer of Metal Tiger
commented:
"We are excited to report that drill core assays received from
the latest phase of drilling at the T3 Deposit in Botswana, have
confirmed the presence of high-grade stacked vein copper
mineralisation striking over at least 1.1km, which may hold strong
potential for extending the open potential around the currently
planned open-pit.
Given the potential positive impact of this development, to both
mine life and project economics the JV has commissioned an
independent consultancy to examine the scenario of an underground
mine accessed via a decline from the open pit mine.
Further excellent news comes with the confirmation that the
government plans to connect up the Ghanzi District, in which the T3
Project is located, to the Botswana national power grid.Under our
current understanding of the plans this will see a major supply
line pass within 12km of the T3 Project site, bringing potential
significant cost saving benefits to the operation.
We look forward to keeping our shareholders abreast with further
developments on the environmental approvals, T3 Dome drilling and
assay results, as we continue to build on the JV's
achievements."
For images that may assist readers in the visualisation of the
T3 Project area and drill collars mentioned in this announcement,
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.
T3 Drilling Programme Update
The current phase of drilling at the T3 Copper/Silver Deposit
commenced on 7th August 2017, with approval granted for the
recommencement of both diamond core (DC) and reverse circulation
(RC) drilling at the T3 Project and its vicinity, through to
December 2018. This includes up to 70 planned diamond core drill
holes designed to infill the current Resource and test for possible
extensions. The objective of the infill program is to increase
geological confidence and upgrade categorisation of the T3
Resource. The programme also includes grid drilling to investigate
the potential for an underground Resource within several high grade
stacked copper/silver veins below, down-dip and along strike from
the planned open-pit. Additional planned diamond core drill holes
will target the geophysical targets along the structurally complex
T3 Dome.
-- Assay results from the first ten diamond core holes drilled since 7th
August 2017.
-- Assay results from a further 8 holes currently awaited, these include
results for holes MO-G-76D, MO-G-79D and MO-G-80D which
intersected
wide zones of visible copper mineralisation consisting
multiple
intervals of disseminated and vein hosted sulphides located
along
strike at the eastern and western limits of drilling at T3
(reported 3rd
October 2017).
-- Recent assay results show potential for underground mining outside the
planned open-pit, with up to four veins, V1, V2, V3 and V4,
identified
to date (see Figure 2 section image on MTR project webpage
https://www.metaltigerplc.com/index.php/projects-2/botswana-copper-silver
).
-- Veins V1 and V2 occur within the Zone 1 mineralised sequence,
and based on current understanding appear to be continuous
along
approximately 1,100m of T3 strike length.
-- Strike length of V1 and V2 may increase further, with hole MO-G-90D,
currently in progress, intersecting two bornite/chalcocite
vein
intervals approximately 300m northeast of the planned pit.
-- Veins V3 and V4 occur within the Zone 2 mineralised sequence.
-- South African mining consultants have been commissioned to commence a
conceptual study to evaluate the potential to mine these
veins
underground from a decline below the open-pit.
-- New assays include intersections from holes MO-G-57D and MO-G-71D
which were extended to intersect the Zone 3 structural
contact
between the D'Kar formation (which hosts the T3 mineralisation)
and
Ngwako Pan formation, approximately 300m below the top of
T3.
-- MO-G-57D and MO-G-71D both intersected shear hosted chalcocite copper
mineralisation associated with the Zone 3 contact, with
intersection grades ranging 0.7% to 0.8% Cu, in line with
previously
announced Zone 3 widely spaced intersections.
-- Although Zone 3 intersections have not yet given grades which
might support mining outside theT3 open pit, this potential
exists
over the wider T3 Dome area, especially where structural
complexity may have served to upgrade the mineralisation. Zone
3
therefore remains a high priority target, in addition to the
numerous
airborne AEM targets yet to be drilled along the wider T3
Dome.
-- The Zone 3 contact is interpreted to host significant copper
deposits in the eastern part of the Kalahari Copper Belt
including the
2Mt copper Resource at Cupric Canyon's Zone 5 Deposit and
Chalcocite
Zone Deposit as well as the 100% MOD owned T1 Resource
located 20km northeast of T3.
-- Key down-hole intersections from the latest batch of diamond drill
hole assay results, with mineral zone and interpreted vein
id,
include:
-- Hole MO-G-72D
-- 1.7m @ 2.2% Cu & 48g/t Ag from 173m (Zone 1, V2)
-- 1.9m @ 2.4% Cu & 46g/t Ag from 182m (Zone 1, V2)
-- 5.6m @ 1.6% Cu & 16g/t Ag from 196m (Zone 2, V3)
-- Hole MO-G-73D
-- 8.9m @ 1.7% Cu & 36g/t Ag from 219m (Zone 1, V2)
-- Hole MO-G-75D
-- 9.0m @ 1.7% Cu & 30g/t Ag from 210m (Zone 1, V2)
-- 7.0m @ 1.7% Cu & 29g/t Ag from 230m, including;
3.0m @ 2.5% Cu & 41g/t Ag from 234m (Zone 2, V3)
-- Hole MO-G-61D
-- 13.0m @ 1.1% Cu & 14g/t Ag from 200m (Zone 1, V1)
-- 12.0m @ 1.1% Cu & 14g/t Ag from 235m, including;
5.0m @ 1.6% Cu & 31g/t Ag from 234m (Zone 1, V2)
-- Hole MO-G-62D
-- 4.6m @ 2.2 % Cu & 41g/t Ag from 193m (Zone 1, V1)
-- 4.1m @ 2.8% Cu & 44g/t Ag from 226m (Zone 1, V2)
Zone 3 Intersections (from hole extensions):
-- Hole MO-G-71D
-- 8.1m @ 0.7% Cu & 8g/t Ag from 475m (Zone 3)
-- Hole MO-G-57D
-- 5.2m @ 0.8% Cu & 10g/t Ag from 463m (Zone 3)
Correlation of interpreted high-grade copper/silver veins and
zones for previously reported intersections (reported 7 August
2017), with previously unreported results in bold:
Hole ID High grade vein From (rounded Interpreted Zone
intersections down-hole and Vein ID
depth)
MO-G-06D 6.0m @ 1.9% Cu 223m Zone 1, V2
& 38g/t Ag
MO-G-70D 4.0m @ 2.6% Cu 177m Zone 1, V1
& 23g/t Ag 213m Zone 1, V2
4.1m @ 1.7% Cu
& 31g/t Ag
MO-G-36D 4.0m @ 2.3% Cu 224m Zone 1, V2
& 44g/t Ag
MO-G-63D 4.4m @ 2.8% Cu 176m Zone 1, V1
& 39g/t Ag 296m
4.9m @ 2.4% Cu 297m Zone 2, V4
& 43g/t Ag
Including: 3.9m @ 2.7%
Cu & 50g/t Ag
MO-G-04D 5.0m @ 2.0% Cu 185m Zone 1, V1
& 49g/t Ag 226m Zone 1, V2
4.1m @ 1.8% Cu
& 31g/t Ag
MO-G-71D 4.0m @ 2.7% Cu 195m Zone 1, V1
& 44g/t Ag 225m Zone 1, V2
5.5m @ 2.5% Cu
& 46g/t Ag
GEOTECH-4 4.5m @ 2.2% Cu 175m Zone 1, V1
& 49g/t Ag
MO-G-34D 4.9m @ 2.2% Cu 182m Zone 1, V1
& 42g/t Ag
MO-G-51D 8.0m @ 2.0% Cu 212m Zone 1, V1
& 27g/t Ag 215m
Including: 5.0m @ 2.7%
Cu & 42g/t Ag
MO-G-49D 5.8m @ 2.1% Cu 278m Zone 2, V3
& 42g/t Ag 294m Zone 2, V4
4.0m @ 2.0% Cu
& 31g/t Ag
MO-G-57D 12.5m @ 1.4% Cu 202m Zone 1, V1
& 11g/t Ag 210m
Including: 4.3m @ 2.3%
Cu & 24g/t Ag
MO-G-58D 12.0m @ 1.3% Cu 209m Zone 1, V1
& 18g/t Ag 209m
Including: 5.6m @ 1.8%
Cu & 24g/t Ag
MO-G-13D 14.2m @ 1.5% 176m Zone 1, V1
Cu & 6g/t Ag 179m
Including: 5.0m @ 1.9%
Cu & 6g/t Ag
T3 Dome Regional Exploration Update
Current regional exploration targets include the 20 Airborne
Electromagnetic (AEM) geophysics anomalies identified from the
survey completed in July 2017. The AEM anomalies occur within a 8km
wide zone extending along the 50km long strike of the survey area;
together with as yet untested copper geochemical anomalies
identified from the systematic soil sampling programme, including
T21.
-- Environmental approval is expected soon for drilling to commence on
farm block 117NL, an area to the north of T3, which includes
three AEM
anomalies (A15, A18 and recently identified A20).
T20 Dome Regional Exploration
Regional exploration work has continued on the T20 Dome, the
prospective geological structure located 120km to the west of the
T3 Dome.
-- Infill soil sampling results have confirmed several copper/zinc soil
anomalies identified previously and two blocks of AEM geophysics
are
planned to be flown as a trial to identify potential conductors
and
drilling targets in these areas.
Other Updates
-- A sample preparation facility which will be managed by certified
laboratory ALS Minerals, has arrived onsite in Ghanzi and will
be
commissioned soon. In accordance with Tshukudu's employment
policy,
ALS will manage a training programme to build skilled local
employment
which will benefit the community, exploration and future
planned
mining operations.
-- Tshukudu has recently been advised that the Botswana Government has
approved the supply of grid electrical power into Ghanzi
District and
contracts have been awarded for a transmission line to be
constructed
within 12km of T3.
-- Grid power is scheduled to be available during the first quarter 2020.
This is important as it will have a positive impact on T3
process
operating costs.
The 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 within the central part of the
T3 Dome (approximately 1000km2), which is the focus of rapidly
increasing exploration activity undertaken by Tshukudu. Two
significant resources have been discovered to date within the T3
Dome: T1 (Mahumo deposit 100% MOD) and T3 (70% MOD / 30% MTR).
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 (2012) compliant Mineral
Resource was announced on 26 September 2016 with the first Resource
upgrade announced on 24 August 2017. 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 665,000oz pa 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.
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. Mineral Resource estimation and classification of
the T3 Copper/Silver Project was conducted and approved by Mr A.I.
Pretorius, MSc. Pri.Sci.Nat. an independent consultant to 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 Principal 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 Executive Officer) Tel: +44(0)20 7099 0738
Keith Springall (Finance Director & Tel: +44 (0)20 7099 0738
Company Secretary)
Stephen Allen or RFC Ambrian Ltd Tel +44 (0)20 3440 6800
Bhavesh Patel (Nominated Adviser)
Jonathan Williams RFC Ambrian Ltd Tel +44 (0)20 3440 6800
(Joint Broker)
Nick Emerson SI Capital Tel: +44 (0)1483 413 500
(Joint Broker)
Rita Adiani NRG Tel: +44 (0)20 3709 4504
Gordon Poole Camarco Tel: +44 (0)20 3757 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,
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.
LEI: 213800K1IN6M1VCVPA93
Classification: 3.1 Additional regulated information required to
be disclosed under the laws of a Member State
View source version on businesswire.com:
http://www.businesswire.com/news/home/20171023006590/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
October 24, 2017 02:33 ET (06:33 GMT)
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