TIDMMTR
Metal Tiger Plc
("Metal Tiger" or the "Company")
Botswana Copper/Silver Project - T3 Deposit: Underground Study
Update
Metal Tiger plc (LON:MTR), is pleased to provide an update
regarding the Company's Joint Venture ("JV") project with partner
MOD Resources Limited (ASX:MOD) ("MOD") in the Kalahari Copper Belt
in Botswana (70% MOD Resources/30% Metal Tiger).
Highlights:
-- Encouraging early results of T3 Underground Project mining
study supports the initiation of a 30-hole Resource drilling
programme
targeting high-grade veins with underground mining
potential.
-- T3 Underground Scoping Study aimed for completion by Q3 2018.
-- Assay results from a further 8 diamond drill holes received.
Highlights from the latest down-hole intersections include:
Hole MO-G-82D
7.2m @ 1.9% Cu and 39g/t Ag from 219m
Hole MO-G-84D
5.9m @ 1.7% Cu and 8g/t Ag from 213m
Hole MO-G-88D
9.7m @ 1.5% Cu and 31g/t Ag from 168M
-- To date 45 holes at T3 have returned significant vein hosted copper
mineralisation intersections below, down-dip and along strike
from
planned T3 Open Pit.
Michael McNeilly Chief Executive Officer of Metal Tiger
commented:
"We are very encouraged by the initial findings of the T3
Underground Project investigations and the prospect that
room-and-pillar underground mining of the high-grade copper/silver
veins, developed simultaneously to the planned T3 Open-Pit mine
could make a substantial contribution to the T3
profitability.Sharing a planned central scalable processing plant
at T3 between both the T3 surface and underground mining operations
and possible neighbouring deposits is an attractive proposition in
the precursory modelling.
With the current drilling programme yielding reliably consistent
vein intersections the JV has agreed to initiate a 30-hole infill
drill programme targeting an underground mine resource project and
to work towards the release of a T3 Underground Project
scoping-study by mid-2018."
This announcement coincides with an update released today by MOD
which can be viewed through the following link:
http://search.asx.com.au/s/search.html?query=mod&collection=asx-meta&profile=web
T3 Drilling Programme Update
-- Current T3 Phase 2 Infill & Extension drilling programme and
Prefeasibility Study nearing completion, results expected in
January
2018.
-- Results to date show that 45 holes have intersected significant
high-grade copper/silver mineralisation within four shallow
dipping
veins (V1-V4) outside of the planned T3 open pit shell.
-- Further assay results are awaited for visual intersections from
mineralised veins in additional holes.
-- 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-82D
15.0m @ 1.4% Cu & 27g/t Ag from 215m , including;
7.2m @ 1.9% Cu & 39g/t Ag from 219m (Zone 1, V2)
4.4m @ 2.0% Cu & 35g/t Ag from 241m (Zone 2, V3)
-- Hole MO-G-84D
5.9m @ 1.7% Cu & 8g/t Ag from 213m (Zone 1, V1)
8.2m @ 1.7% Cu & 24g/t Ag from 301m (Zone 2, V4)
-- Hole MO-G-85D
7.0m @ 1.2% Cu & 9g/t Ag from 152m (Zone 2, V3)
1.4m @ 1.9% Cu & 21g/t Ag from 161m (Zone 2, V4)
-- Hole MO-G-86D
2.2m @ 2.1% Cu & 45g/t Ag from 332m (Zone 2, V3)
-- Hole MO-G-87D
5.2m @ 1.0 % Cu & 18g/t Ag from 149m (Zone 1, V2)
7.6m @ 1.0% Cu & 9g/t Ag from 159m (Zone 2, V3)
-- Hole MO-G-88D
9.7m @ 1.5% Cu & 31g/t Ag from 168m (Zone 1, V2)
7.0m @ 1.5% Cu & 34g/t Ag from 200m (Zone2, V3)
3.0m @ 1.8% Cu & 21g/t Ag from 216m (Zone 2, V4)
-- Hole MO-G-89D
3.2m @ 1.8 % Cu & 37g/t Ag from 245m (Zone 1, V1)
4.0m @ 1.9% Cu & 38g/t Ag from 295m (Zone 2, V3)
T3 Underground Project
South African mining consultants have been conducting initial
investigations into the potential viability of a T3 Underground
Project with the underground mining of the high-grade veins below
and along strike from the planned T3 Open Pit. They are also
researching the potential economic benefits that underground mining
would add to the open-pit.
The initial T3 Underground Project concept includes:
-- Room-and-pillar mining of the good continuity, shallow-dipping,
high-grade veins, with in-ore development.
-- Developing T3 Underground simultaneously with T3 Open-pit production.
-- Use of shared infrastructure including the planned scalable T3
Processing Plant (as reported on 3 October 2017 the current
Planned
Process Plant design is for 2.5Mtpa but will allow for a
possible
future expansion of up to 4.0 Mtpa).
-- Targeting ore production and margin rather than extending overall mine
life (modelled at 10 years).
T3 Underground Resource Drilling Programme is now planned based
on underground potential:
-- Planned 30 diamond hole programme will drill-out an underground
Resource.
-- Drilling with 3 rigs over a 1.7km strike length on 100m spacing with
50m infill where required, is expected to commence early
2018.
-- Results will feed into a T3 Underground Project scoping study,
targeted for release by Q3 2018.
Regional exploration will continue throughout H1 2018 with
numerous geophysical and geochemical anomalies targeted for drill
testing, within the circa 1,000km2 T3 Dome area surrounding the T3
Deposit.
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.
In addition to its 30% interest in the JV, Metal Tiger holds
99,200,000 MOD shares, equivalent to 5.2% of MOD's issued share
capital and 1,541,667 MOD options each exercisable price of 6 cents
(Australian) on or before 15 April 2019.
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: 213800K1IN6M1VCVPA93Classification: 3.1
View source version on businesswire.com:
http://www.businesswire.com/news/home/20171206006474/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
December 07, 2017 02:02 ET (07:02 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