TIDMMTR
Metal Tiger Plc
14 November 2017
Metal Tiger Plc
("Metal Tiger" or the "Company")
Botswana Copper/Silver Project - T3 Deposit Drilling Assay
Results - Growing 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 partner MOD Resources Limited (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
5.044% of MOD's issued share capital and 1,541,667 MOD warrants at
an exercise price of 6 cents (Australian).
Highlights:
-- Drill core assays along strike from planned T3 open pit confirm
high-grade vein intersections and build confidence in the
conceptual
underground mining potential.
-- Mineralised veins now appear to be continuous over an enlarged 1,400m
strike length.
-- Headline intersections from the 6 holes received include:
Hole MO-G-80D
4.5m @ 4.0% Cu & 65 g/t Ag from 254m near western limit
of drilling.Hole MO-G-81D
11.0m @ 1.5% Cu & 19 g/t Ag from 186m near eastern
limit of drilling.
-- Re-interpretation of Airborne Electromagnetic (AEM) geophysics data
with three-dimensional (3D) modelling suggests the 200-300m
thick T3
mineralisation host sequence may continue along strike for up to
11km.
Drilling to test the model has commenced.
Michael McNeilly Chief Executive Officer of Metal Tiger
commented:
"The latest batch of drill core assays from our T3 Copper/Silver
project continue to build on the potential of the deposit.With all
six holesreturning significant intersections and higher-grade
zones, from outside the confines and along strike of the current
pit shell, the potential for future mining, be that open-pit or
open-pit and underground, continues to grow.
The reinterpretation of airborne geophysics in conjunction with
the latest understanding of the geology derived from drilling
results has generated a three-dimensional model of the T3
mineralisation host sequence for drill testing.With a potential
11km of resulting 3D model strike length to be tested, we are
excited by the potential of finding further, as-yet hidden, copper
mineralisation.
We look forward to providing further exciting updates as the
various work streams continue towards the scheduled Prefeasibility
Study findings in December."
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
Limited ("MOD"). 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
-- Assay results received from a further 6 diamond drill holes located
outside and along strike from the eastern and western limits
of
planned T3 Open Pit (MO-G-74D, MO-G-76D, MO-G-78D, MO-G-79D,
MO-G-80D
and MO-G-81D).
-- Assays confirm significant mineralisation continues, and remains open,
along strike from planned T3 Open Pit mine. Total strike length
of
mineralisation now circa 1,400m.
-- Four holes MO-G-74D, MO-G-76D, MO-G-79D and MO-G-80D, were reported as
having visual copper mineralisation intersections in the
announcement
of 3rd October 2017.
-- High-grade copper veins, intersected by the 4 holes, are interpreted
to correlate with extensive shallow-dipping veins (V1 to V4)
identified within, below and down-dip of the planned T3 Open
Pit.
-- High-grade veins commonly occur above significant widths of Zone 3
generally lower grade but potentially widespread disseminated
copper
mineralisation. Zone 3 is approximately 200m below Zone 2
and 300m below the top of the Zone 1 T3 Resource.
-- Latest high-grade copper/silver intersections build on the existing
high-grade vein intersections which are being assessed as a
potential
underground mining target complimentary to the open pit, in
the
ongoing conceptual underground mining study.
-- 36 of the 70 diamond holes scheduled for the current Phase 2 drilling
programme have now been completed.
-- Key down-hole intersections from the latest batch of diamond drill
hole assay results, with interpreted mineral zone and vein
id,
include:
-- Hole MO-G-74D
4.0m @ 0.8% Cu & 17g/t Ag from 265m (Zone 1 / V1)
5.0m @ 0.9% Cu & 20g/t Ag from 292m (Zone 1 / V2)
5.0m @ 0.7% Cu & 14g/t Ag from 303m (Zone 1 / V2)
-- Hole MO-G-76D
8.2m @ 0.7% Cu & 15g/t Ag from 292m (Zone 1 / V1)
1.0m @ 5.8% Cu & 87g/t Ag from 346m (Zone 1 / V2)
50.0m @ 0.5% Cu & 6g/t Ag from 431m (Zone 3)
-- Hole MO-G-78D
5.8m @ 1.5% Cu & 28g/t Ag from 235m (Zone 1 / V2)
-- Hole MO-G-79D
9.0m @ 0.9% Cu & 20g/t Ag from 332m (Zone 1 / V1)
3.1m @ 1.4% Cu & 12g/t Ag from 418m (Zone 2 / V3)
52.5m @ 0.6% Cu & 7g/t Ag from 448m (Zone 3)
-- Hole MO-G-80D
3.9m @ 1.6 % Cu & 36g/t Ag from 239m (Zone 1 / V1)
4.5m @ 4.0% Cu & 65g/t Ag from 254m (Zone 1 / V2)
2.2m @ 1.9% Cu & 31g/t Ag from 264m (Zone 2 / V3)
6.0m @ 1.8% Cu & 41g/t Ag from 272m (Zone 2 / V4)
10.0m @ 0.7% Cu & 7g/t Ag from 492m (Zone 3)
-- Hole MO-G-81D
11.0m @ 1.5% Cu & 19g/t Ag from 186m (Zone 1 / V2)
T3 Dome Regional Exploration & Geophysics Update
Current T3 Dome regional exploration targets include Airborne
Electromagnetic (AEM) geophysics anomalies identified from the
survey completed in July 2017. The AEM anomalies occur within an
8km wide zone extending along the 50km long strike of the survey
area; together with copper geochemical anomalies identified by
systematic soil sampling.
-- Re-interpretation of the AEM geophysics survey data for the T3 Dome
has been completed. This has confirmed the potential of many of
the
individual AEM targets for drill testing (as announced 21 July
2017).
-- Systematic interpretation of the AEM data on 100m spaced T3 Dome cross
sections, appears to have defined the 3D structural geometry of
the T3
host sequence, to approximately 500m below surface.
-- A sixth diamond drill rig has arrived onsite and drilling has
commenced to determine the source of a 11km long, canoe
shaped,
shallow west plunging conductive anomaly which extends 4-5kms
either
side of the current T3 deposit. With the first hole circa 2km
east of
T3.
-- Drilling has commenced to test the first AEM anomaly 'A16' (hole
MO-G-106D) circa 1km north of T3. A16 is located near to the new
3D
conductive anomaly and may provide further structural
information to
refine the model.
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 1,000km2), which is the focus of rapidly
increasing exploration activity undertaken by the JV. 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 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 down-dip and along strike
from the planned open-pit, and to investigate geophysical
targets.
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/20171113006540/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
November 14, 2017 02:19 ET (07:19 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