TIDMMTR
Metal Tiger Plc
25 January 2018
Metal Tiger Plc
("Metal Tiger" or the "Company")
Botswana Copper/Silver Project -T3 Update & Major Regional
Exploration Programme
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) ("MOD") in the
Kalahari Copper Belt in Botswana (70% MOD Resources/30% Metal
Tiger).
Highlights:
-- T3 Open Pit Prefeasibility Study assuming a 2.5Mtpa base case and
4.0Mtpa upside case, on track and due to be completed by end
of
January. The T3 Open Pit and T3 Underground resource drilling
will
continue through H1 2018.
-- Major regional exploration programme commenced, focussed on targets
outside T3 Project area, namely the T3 Dome, T20 Dome and
'T-Rex'
targets.
-- Objective to replicate T3 discovery techniques (soil sampling,
geophysics & drill testing).
-- Environmental Management Plan (EMP) lodged for drill testing of
highest priority T3 Dome airborne electromagnetic (AEM)
geophysics
survey targets, approval expected March.
-- T3 Dome AEM geophysics 193km2 survey-extension completed,
results pending.
-- Trial AEM geophysics survey (circa 787km2) on T20 Dome and
T4 (2m@6.12% Cu & 111g/t Ag) will commence in early
February.
-- Soil anomalies extend >140km along Central Structural Corridor from T3
Dome to T20 Dome, including a 60km long zone with anomalous
copper and
Zinc at T20 Dome.
-- Tshukudu has exercised the Option to acquire two key licences (1,010km2)
over T20 Dome.
Michael McNeilly Chief Executive Officer of Metal Tiger
commented:
"We are pleased to outline the key elements of our comprehensive
strategy to test the copper potential of our tenement holdings
outside of the immediate T3 Project area.
Given the initial findings of the joint venture's regional soil
and geophysics programmes, and the increased knowledge of the
structural controls and mineralisation styles likely linked to the
new copper and zinc anomalies, we feel that the continued
investment through regional drill testing is likely to yield
exciting returns.
Benefiting from the updated knowledge of the distribution and
style of copper deposits in this part of the Kalahari Copper Belt,
we consider it a strong possibility, that one or more of the
regional anomalies, within our extensive tenement package, will
turn out to be an as-yet undiscovered T3 style sediment hosted
copper deposit.
As part of the Mining Indaba week in Cape Town, Metal Tiger and
MOD Resources will be meeting investors and plan to discuss the
results of the Prefeasibility Study at the 121 Mining Investment
event on 5th to 6th February. This will be followed by a T3 site
visit with a number of investors and interested parties."
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
Regional Exploration Programme Update
-- Major exploration campaign now scheduled to commence over joint
venture T3 Dome and T20 Dome.
-- T3 Dome drilling expected to commence in March following approval of
the Environmental Management Plan (EMP). Eight drill rigs
are
operating at T3 (6 diamond rigs, 2 reverse circulation rig) and
are
available to move onto the regional targets when the EMP is
approved.
-- Three further AEM geophysics survey blocks are planned along the T20
Dome and adjacent T4 copper prospect, to commence in early
February.
These will cover areas with strong soil anomalism and
structural
complexity interpreted from magnetics, with a total planned
survey
area of circa 787km2.
-- The soil sampling has defined copper and zinc anomalies with similar
characteristics that led to the discovery of T3, along a circa
140km
long Central Structural Corridor (the CSC). With copper and
zinc
anomalies occurring within a 60km (E-W) by 20km (N-S) area on
the
eastern side of the T20 Dome (part of which will be covered in
the
planned February AEM survey). These soil anomalies appear to
merge
with the T4 anticline to the north.
-- Priority drilling is planned for targets where geophysical anomalies
from the initial T3 Dome AEM survey and elevated soil sample
anomalies
coincide.
-- Only previous drilling near the T20 Dome, is at the adjacent T4 where
reverse circulation drilling on a soil anomaly (hole
MO-A-04R)
intersected 2m@ 6.12% Cu & 111g/t Ag from 101m (announced 1
April
2016). Further drilling at T4 was put on hold when T3 was
discovered.
-- Programme objective is to identify further T3-Style mineralisation
within the extensive portfolio of licences.
-- Drill targets at T3 Dome and T20 Dome will include large (5km to >20km
long) shallow dipping domal structures interpreted from
magnetic
geophysics, copper and zinc soil anomalies, within
prospective
sedimentary sequences.
-- Drilling targeting the 11km long anticlinal structure (centred around
T3) named 'T-Rex', has already started, and will continue, with
first
assay results expected in February.
-- Domal structures considered prime structural traps for sediment hosted
copper mineralisation. Recent examples include the
Kamoa-Kakula
Project (Ivanhoe Mines Ltd.) copper discovery in the
Democratic
Republic of Congo, which is hosted by a series of shallow
domes.
Senyetse Option Agreement Exercised
-- Tshukudu exercised the Senyetse Option Agreement to acquire 100%
interest in exploration licences PL 126/2013 and PL 127/2013
with a
combined area of 1,010km2 over the centre of the T20 Dome,
in mid-January.
-- Widespread anomalous soil results from Tshukudu sampling have
confirmed the prospectivity of the two tenements.
-- Discussions with land holding farmers throughout the T20 Dome are
underway with the Project Brief for an extensive drill
programme planned to be lodged with the Department of
Environmental
Affairs (DEA) in Q1 2018.
Project Timelines, first-half 2018
The planned 2018 first half (H1) schedule for both open pit and
underground T3 workstreams and the regional exploration work
programmes is summarised:
-- T3 Open Pit Project
-- January: Prefeasibility Study (PFS) completion, results expected end
of January
-- February: Commence definitive feasibility study (DFS)
-- T3 Underground Project
-- Mid-January to Mid- April: Resource Drilling
-- Mid-April onwards: Mineral Resource & Scoping Study
-- T-REX Target
-- Ongoing diamond drilling of the structure
-- T3 Dome Regional Programme
-- December 17: AEM survey extension flown over T21, results expected in
February
-- January to mid-March: DEA approval process
-- Mid-March onwards: diamond drilling programme to test highest-ranking
AEM targets
-- T20 Dome & T4 Regional
-- February: AEM geophysics planned
-- Late February to end of April: DEA approval process
-- May onwards: diamond drilling programme to test new targets
Soil Sampling Programme Summary
The interpretation of results from systematic soil sampling
within Tshukudu licences, over the 170km long Central Structural
Corridor (CSC) is outlined below. This includes 31,800 samples
collected by Tshukudu and previous explorers.
-- Copper and Zinc soil anomalies (>15ppm Cu, > 12ppm Zn) extend over
>140km along the CSC.
-- Zn is used as a Cu pathfinder, as Zn more mobile in weathering profile
and more likely to be detected in the surficial calcrete
layer
extensive throughout the CSC.
-- Highest T20 Dome soil Zn value to date 57ppm. Soil anomaly which led
to discovery of T3 Deposit was 27ppm Zn & 28ppm Cu.
-- Largest group of anomalies is in eastern part of T20 Dome, including
T4, extending approximately 60km east-west and up to 20km
north-south.
-- Samples collected immediately outside the CSC generally not anomalous,
significant anomalies exist in different structural domains
(e.g. T17,
50km north of T20 Dome).
-- Highest zinc soil value from CSC to date 57ppm Zn (T20 Dome).
-- Soil sampling over eastern part of T3 Dome is ongoing and is planned
to cover the western part of T20 Dome up to 20-30km west of
current
anomalies.
Airborne Electromagnetic (AEM) Geophysics Update &
Summary
-- During December 2017 AEM geophysics survey coverage was extended by
193km2 to cover the T21 soil anomaly and another structural
dome east of the initial survey area. Results expected
February.
-- EMP application to drill the highest ranking T3 Dome AEM targets was
lodged with the Department of Environmental Affairs in late
December
and is expected to be approved in mid-March.
-- The initial T3 Dome AEM survey has been very effective in defining
numerous drilling targets (announced 21 July 2017). The AEM data
has
also been used to generate a 3D model of the T3 host sequence to
circa
500m depth, further assisting drill targeting.
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 1,000km2), 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 Phase 2 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
108,200,000 MOD shares, equivalent to 5.71% 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/20180124006374/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
January 25, 2018 02:00 ET (07:00 GMT)
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