TIDMMTR
Metal Tiger Plc24 May 2018
Metal Tiger Plc("Metal Tiger" or the "Company")
Botswana Copper/Silver Project - T3 Drilling Update
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 (Motheo) Pit Resource Infill and Extension Programme drilling
complete. Assay results for all holes to be included in the
revised
Mineral Resource Estimate have been received.
-- Programme objective is to convert current Inferred Resources to the
Indicated and Measured Resource category and extend the total
Mineral
Resource to support the Expansion Case model in the
Prefeasibility
Study (announced 31 January 2018).
-- Assays received to date in line with expectation, with significant
intersections outlined below, including:
Hole MO-G-130D
35.0m @ 2.0% Cu and 34g/t Ag from 102m (within Base Case
Pit)
Hole MO-G-131D
16.0m @ 1.1% Cu and 10g/t Ag from 76m (within Base Case Pit)
Hole MO-G-146D
31.9m @ 1.0% Cu and 9g/t Ag from 183m (below Expansion Case
Pit)
Hole MO-G-132D
11.5m @ 1.8% Cu and 36g/t Ag from 243m (outside Pit - V2)
Hole MO-G-145D
6.2m @ 1.9% Cu and 40g/t Ag from 268m (outside Pit - V2)
Hole MO-G-161D
13.8m @ 2.3% Cu and 60g/t Ag from 248m (below Expansion
Case Pit)
-- Consultants CSA Global have completed a site visit as part of their
engagement to complete the revised Mineral Resource Estimate for
the
T3 Project which is expected during June 2018.
Michael McNeilly Chief Executive Officer of Metal Tiger
commented:
"We are delighted to report that all assay results required for
the Mineral Resource upgrade work at our T3 Project have been
received, our consultants CSA Global have completed their site
visit review and will now be transferring the assay data into their
Resource models.Concurrently we can also report that with 50 holes
completed to date for the Underground Resource Extension Drilling
Programme the JV will soon be in a position to start estimating a
T3 Underground Resource."
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 (Motheo) Pit Update
-- Geotechnical drilling programme for the Expansion Case has commenced,
with 8 geotechnical holes planned.
-- Sterilisation drilling is underway below the planned T3 plant and
other surface infrastructure.
-- Four diamond drill rigs are active at T3 with three rigs being used to
expedite the geotechnical and sterilisation programmes which
are
critical path items for the ongoing T3 Pit Feasibility
Study.
-- Consultants CSA Global have completed a site visit as part of their
engagement to complete the revised Mineral Resource Estimate for
the
T3 Project.
T3 Underground Resource Extension Programme
-- Approximately 50 diamond core drill holes in the T3 Underground
Resource Programme have been completed.
-- Continuity of two high grade veins V1 and V3 has been demonstrated by
drilling to date along a 1,500m strike length at T3.
-- Significant intersections for veins (V1 - V4) outside of the open pit
shells are included in the results list below.
T3 (Motheo) Pit Resource Infill and Extension Drill
intersections
-- Key down-hole intersections from the latest batch of diamond drill
hole assay results for the T3 Phase 2 Infill & Extension
drilling
programme with Pit Model and interpreted vein id, include:
-- Hole MO-G-125D
7.0m @ 1.0% Cu & 25g/t Ag from 277m (Zone 2, V2)
5.0m @ 0.9% Cu & 11g/t Ag from 368m (Zone 2, V4)
35.0m @ 0.3% Cu & 3g/t Ag from 395m (NPF Contact)
2.0m @ 2.9% Cu & 19g/t Ag from 432m (NPF Contact)
20.5m @ 0.3% Cu & 3g/t Ag from 434m (NPF Contact)
-- Hole MO-G-128D
2.7m @ 1.7% Cu & 43g/t Ag from 320m (Zone 2, V1)
-- Hole MO-G-129D
8.0m @ 1.2% Cu & 9g/t Ag from 101m (Base Case Pit)
-- Hole MO-G-130D
4.0m @ 1.3% Cu & 6g/t Ag from 67m (Base Case Pit)
12.0m @ 1.1% Cu & 4g/t Ag from 85m (Base Case Pit)
35.0m @ 2.0% Cu & 34g/t Ag from 102m (Base Case Pit)
5.0m @ 1.0% Cu & 7g/t Ag from 151m (Base Case Pit)
1.7m @ 1.4% Cu & 17g/t Ag from 159m (Base Case Pit)
10.5m @ 1.2% Cu & 19g/t Ag from 208m (Expansion Pit)
3.0m @ 1.2% Cu & 17g/t Ag from 301m
-- Hole MO-G-131D
16.0m @ 1.1% Cu & 10g/t Ag from 76m (Base Case Pit)
-- Hole MO-G-132D
10.7m @ 1.2 % Cu & 18g/t Ag from 203m (Zone 2, V1)
11.5m @ 1.8% Cu & 36g/t Ag from 243m (Zone 2, V2)
-- Hole MO-G-133D
2.2m @ 2.0% Cu & 22g/t Ag from 294m (Zone 2, V2)
7.0m @ 0.5% Cu & 7g/t Ag from 366m (NPF Contact)
1.7m @ 1.4% Cu & 19g/t Ag from 389m (NPF Contact)
7.6m @ 0.5% Cu & 6g/t Ag from 392m (NPF Contact)
-- Hole MO-G-134D
16.0m @ 0.9 % Cu & 5g/t Ag from 55m (Base Case Pit)
-- Hole MO-G-135D
4.7m @ 0.6% Cu & 6g/t Ag from 47m (Base Case Pit)
5.1m @ 1.1% Cu & 6g/t Ag from 55m (Base Case Pit)
19.0m @ 0.8% Cu & 26g/t Ag from 254m (Expansion Pit)
-- Hole MO-G-139D
6.0m @ 1.5 % Cu & 38g/t Ag from 294m (Zone 2, V2)
3.0m @ 1.1% Cu & 13g/t Ag from 360m (Zone 2, V4)
28.0m @ 0.4% Cu & 5g/t Ag from 455m (NPF Contact)
-- Hole MO-G-143D
7.0m @ 1.3% Cu & 27g/t Ag from 183m (Zone 2, V2)
-- Hole MO-G-144D
17.6m @ 0.9% Cu & 5g/t Ag from 145m (Expansion Pit)
3.5m @ 1.1% Cu & 27g/t Ag from 194m (Zone 2, V3)
-- Hole MO-G-145D
6.2m @ 1.9 % Cu & 40g/t Ag from 268m (Zone 2, V1)
-- Hole MO-G-146D
31.9m @ 1.0 % Cu & 9g/t Ag from 183m (Below Expansion
Pit)
11.0m @ 1.1% Cu & 25g/t Ag from 218m (Zone 2, V2)
9.8m @ 0.8% Cu & 19g/t Ag from 259m (Zone 2, V3)
-- Hole MO-G-147D
10.0m @ 0.7 % Cu & 3g/t Ag from 231m (Zone 2, V1)
5.0m @ 1.2% Cu & 28g/t Ag from 261m (Zone 2, V2)
-- Hole MO-G-151D
8.0m @ 1.4% Cu & 10g/t Ag from 115m (Base Case Pit)
-- Hole MO-G-152D
10.0m @ 0.9% Cu & 21g/t Ag from 276m (Zone 2, V1)
-- Hole MO-G-153D
6.0m @ 1.5 % Cu & 12g/t Ag from 176m (Expansion Pit)
-- Hole MO-G-154D
18.0m @ 1.0 % Cu & 16g/t Ag from 204m (Expansion Pit)
10.1m @ 0.9% Cu & 16g/t Ag from 235m (Expansion Pit)
-- Hole MO-G-155D
17.7m @ 1.1 % Cu & 6g/t Ag from 108m (Base Case Pit)
24.8m @ 1.3% Cu & 4g/t Ag from 152m (Base Case Pit)
-- Hole MO-G-156D
12.6m @ 0.9 % Cu & 9g/t Ag from 186m (Expansion Pit)
14.0m @ 1.0% Cu & 21g/t Ag from 235m (Expansion Pit)
-- Hole MO-G-157D
16.8m @ 0.9 % Cu & 14g/t Ag from 206m (Expansion Pit)
8.0m @ 0.5% Cu & 19g/t Ag from 237m (Zone 2, V2)
-- Hole MO-G-158D
11.0m @ 1.4 % Cu & 22g/t Ag from 192m (Expansion Pit)
10.0m @ 0.9% Cu & 19g/t Ag from 315m (Zone 2, V4)
-- Hole MO-G-159D
15.0m @ 1.1 % Cu & 13g/t Ag from 164m (Zone 2, V2)
-- Hole MO-G-160D
2.0m @ 1.1 % Cu & 6g/t Ag from 134m (Base Case Pit)
12.0m @ 0.7% Cu & 3g/t Ag from 140m (Base Case Pit)
1.3m @ 5.9% Cu & 134g/t Ag from 168m (Base Case Pit)
2.3m @ 1.4% Cu & 17g/t Ag from 198m (Zone 2, V3 / Base
Case
Pit)
-- Hole MO-G-161D
17.9m @ 1.1 % Cu & 13g/t Ag from 193m (Expansion Pit)
22.3m @ 1.6% Cu & 39g/t Ag from 248m, including
13.8m @ 2.3% Cu & 60g/t Ag from 248m (Below Expansion
Pit)
-- Hole MO-G-162D
4.2m @ 0.7 % Cu & 23g/t Ag from 138m (Zone 2, V2)
1.5m @ 6.3% Cu & 106g/t Ag from 156m (Zone 2, V2)
-- Previous assay results were announced 26 March 2018.
T3 Dome Complex
-- Two rigs have commenced drilling at the T3 Dome complex, as part of
the major drilling campaign to test numerous geophysical targets
along
the T3 Dome Complex (announced on 15 May 2018).
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. Drilling
approval has been granted for the wider T3 Dome with the acceptance
of the T3 Dome EMP announced on 3 April 2018.
The results of the T3 Open Pit Pre-Feasibility Study were
announced on 31st January 2018. The T3 Open Pit Feasibility Study,
towards a decision to mine, is currently underway.
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
138,800,415 MOD shares, equivalent to 5.996 % 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 Tel: +44(0)20 7099 0738
Officer)
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)
Charlie Cryer 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:
https://www.businesswire.com/news/home/20180523006632/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
May 24, 2018 02:07 ET (06:07 GMT)
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