TIDMMTR
Metal Tiger Plc
5 January 2018
Metal Tiger Plc
("Metal Tiger" or the "Company")
Botswana Copper/Silver Project - Record High Grade Intersection
at T3 Deposit
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:
-- Highest grade intersection to date at T3 from latest and final batch
of assay results:
Hole MO-G-94D
18.0m @ 4.3% Cu and 94g/t Ag
from 146m, within
53.9m @ 2.0% Cu and 40g/t Ag from 129m
-- Significant widths of high-grade vein hosted copper and silver
continue to be intersected within the wider resource
drilling
programme.
-- Major Phase 2 drilling programme resumes next week at T3 then
expanding over the wider T3 Dome, with 8 drill rigs in
operation.
Michael McNeilly Chief Executive Officer of Metal Tiger
commented :
"We are pleased to start the New Year with a record high-grade
intersection from the final batch of Phase 2 drilling assays at our
T3 Project. These wide high-grade copper intercepts bode well for
the expected Phase 2 Mineral Resource upgrade expected later this
month and the deeper intersections continue to support the prospect
of an underground mining target below the planned T3 Open pit.
Diamond drilling will resume next week, with 8 rigs turning, as
we continue to test T3 along strike."
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 commended in
August 2017 to test the potential for additional resource
extensions
including high-grade vein mineralisation within and outside
the
planned 10-year open pit mine (T3 Pit Project).
-- Drilling will resume mid-next week with eight drill rigs on various
targets at T3 and the 11km long, shallow plunging conductive
Airborne
Electromagnetic Geophysics (AEM) anomaly which extends 4-5kms
either
side of T3 (MOD have called this target 'T-Rex').
-- Drilling is also planned to test the many AEM targets along the T3
Dome for deposits similar to the T3 Deposit which will commence
in Q1
2018.
-- Latest (and final) batch of assay results include a record
intersection for the T3 Resource Infill Drilling Programme: 18m
@ 4.3%
Cu and 94g/t Ag from 146m downhole depth within a wide zone of
53.9m @
2.0% Cu and 40g/t Ag from 128.5m downhole intersected in
MO-G-94D.
-- MO-G-94D occurs near the middle of the T3 Pit Project and is
approximately 100m above an intersection of 72.6m @ 1.5% Cu and
27g/t
Ag in MO-G-65D from 250m downhole depth (announced 6 March
2017).
-- Recent results include additional significant intersections outside
the planned T3 pit design, supporting the T3 Underground
Project
(announced 7 December 2017) as follows;
MO-G-93D: 20m @ 1.2% Cu and 21g/t Ag from 186mMO-G-95D: 22m @
1.2% Cu and 9g/t Ag from 188mMO-G-96D: 18m @ 1.9% Cu and 14g/t Ag
from 120m downhole depth
(including 6.2m @ 3.0% Cu and 24g/t Ag from 129m)
-- These and previous Phase 2 Infill Programme assay results will feed
into a Mineral Resource upgrade expected later this month.
-- The Mineral Resource upgrade may require a corresponding revision to
the pending Prefeasibility Study, which is currently based on
the 24
August 2017 Mineral Resource Estimate.
-- Key down-hole intersections from the latest (final) batch of diamond
drill hole assay results,
with mineral zone and interpreted vein id
,
include:
-- Hole MO-G-90D
6.0m @ 1.1% Cu & 25g/t Ag from 324m
(Zone 1, V1)
-- Hole MO-G-93D
20.0m @ 1.2% Cu & 21g/t Ag from 186m , including;
(Zone 1,
V1)
6.5m @ 2.0% Cu & 49g/t Ag from 190m, and
(Zone 1, V1)
2.0m @ 2.1% Cu & 46g/t Ag from 227m
(Zone 1, V2)
-- Hole MO-G-94D
53.9m @ 2.0% Cu & 40g/t Ag from 129m, including;
(within
planned T3 pit)18.0m @ 4.3% Cu & 94g/t Ag from 146m
-- Hole MO-G-95D
1.7m @ 4.8% Cu & 81g/t Ag from 175m
(Zone 2, V2)
22.0m @ 1.2% Cu & 9g/t Ag from 188m, including;
(Zone 2, V3)
8.0m @ 2.0% Cu & 6g/t Ag from 201m, and
(Zone 2, V3)
4.0m @ 2.0% Cu & 12g/t Ag from 226m
(Zone 2, V4)
-- Hole MO-G-96D
-- 18.0m @ 1.9 % Cu & 14g/t Ag from 120m, including;
(Zone 1, V1)
6.2m @ 3.0% Cu & 24g/t Ag from 129m, and
(Zone 1, V1)
5.4m @ 1.2% Cu & 9g/t Ag from 144m
(Zone 1, V2)
-- Hole MO-G-97D
4.0m @ 1.0% Cu & 23g/t Ag from 249m
(Zone 1, V1)
1.0m @ 1.6% Cu & 30g/t Ag from 341m
(Zone2, V4)
-- Hole MO-G-99D
34.1m @ 0.8 % Cu & 6g/t Ag from 136m, including;
(within
planned T3 pit)9.0m @ 1.3% Cu & 14g/t Ag from 139m, and7.1m
@ 1.2% Cu & 4g/t Ag from 153m
-- Hole MO-G-100D
9.4m @ 1.0 % Cu & 4g/t Ag from 148m
(Zone 1, V2)
8.0m @ 1.2% Cu & 8g/t Ag from 171m
(Zone 2, V3)
-- Hole MO-G-104D
8.5m @ 0.7 % Cu & 4g/t Ag from 111m
(Zone 1, V2)
-- Hole MO-G-105D
3.0m @ 1.1 % Cu & 8g/t Ag from 108m
(Zone 1, V2)
2.8m @ 1.3% Cu & 6g/t Ag from 119m
(Zone 2, V3)
-- Hole MO-G-107D
21.5m @ 0.8 % Cu & 16g/t Ag from 221m, including;
(Zone 1,
V1)
7.0m @ 1.5% Cu & 32g/t Ag from 231m
(Zone 1, V1)
Background information on the T3 Project
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 1,000km 2 ), 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 7 th 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
104,200,000 MOD shares, equivalent to 5.497% 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.
View source version on
businesswire.com:http://www.businesswire.com/news/home/20180105005251/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
January 05, 2018 03:33 ET (08:33 GMT)
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