TIDMMTR
Metal Tiger Plc2 July 2018
Metal Tiger Plc("Metal Tiger" or the "Company")
Botswana Copper/Silver Project - T3 Resource Major Increase
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:
-- Total Mineral Resource Estimate for T3 now upgraded to 60Mt @ 0.98%
Cu & 14g/t Ag (0.4% Cu cut-off) for a contained 590Kt
copper
and 27Moz silver metal.
-- 44% increase in contained copper verses previous Resource (24th
August 2017), at a 0.4% Cu cut-off.
-- 46% of revised Total Resource now classified as higher confidence Indicated
Mineral Resource (0.4% Cu cut-off).
-- At 0.5% Cu cut-off, 31% increase in Total Resource tonnes to 47Mt with
30% increase in contained copper (total 531.5Kt Cu), compared
to
previous Resource.
-- Significant increase in copper grades at higher cut-offs; revised
Resource has increased from 1.43% Cu to 1.97% Cu at 1.0% Cu
cut-off.
-- Upgraded Resource appears to support (or potentially exceed) the
Expansion Case Open Pit model in the Prefeasibility Study (31
January
2018).
-- Drilling ongoing to extend high-grade underground potential outside of
planned T3 Pit.
Michael McNeilly Chief Executive Officer of Metal Tiger
commented:
"We are delighted to report a substantial Resource upgrade for
the T3 Open Pit deposit. The revised Resource prepared by CSA
Global, the well-respected independent resource consultants, has
exceeded the JV expectations.The T3 Project Team is now assessing
how the Resource increase will impact on the T3 Open Pit mine
economics, with potential that mine life and production could be
extended beyond the, 28ktpa Cu over 12 years, US$1.1B EBITDA,
Expansion Case Open Pit model from the Prefeasibility Study.
With drilling continuing within the wider T3 Dome Complex we are
hopeful that further significant copper deposits might be
discovered within similar buried domes, and we look forward to
reporting further exciting results."
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 Deposit Resource Upgrade
-- T3 Mineral Resource Estimate (MRE) upgrade follows on from a 90-hole
infill and extensional diamond core drilling programme around
and
within the planned T3 (Motheo) Open Pit. Programme also included
holes
to test for underground mining potential outside of the planned
open
pit.
-- MRE prepared by independent resource consultants CSA Global.
-- Increase in revised Resource combined with the greater proportion in
the Indicated Resource category is expected to impact both T3
life of
mine and annual production rate compared with current
Prefeasibility
Study model (announced 31 January 2018).
-- Design through-put of T3 Process Plant will be reviewed ahead of
commencing Feasibility Study process engineering. T3 Project
Feasibility Study remains on-track for completion at the end of
Q1
2019.
-- Revised T3 MRE at 4 different copper cut-offs outlined in Table 1
below:
Table 1: T3 Revised Mineral Resource Estimate
JORC Category Cut-off Tonnes Grade Grade Contained Contained
Cu% Cu% Ag g/t Cu (Kt) Ag (Moz)
Indicated 0.25 34,544,000 1.13 16.00 391.5 17.39
0.40 27,897,000 1.32 18.00 369.3 16.46
0.50 22,636,000 1.53 22.00 345.8 15.68
1.00 14,004,000 2.07 32.00 290.1 14.25
1.50 10,949,000 2.29 36.00 250.5 12.60
Inferred 0.25 43,163,000 0.60 9.00 257.1 12.75
0.40 32,259,000 0.69 10.00 221.0 10.43
0.50 24,388,000 0.76 11.00 185.7 8.48
1.00 3,661,000 1.57 21.00 57.4 2.52
1.50 1,654,000 2.04 29.00 33.7 1.55
TOTAL 0.25 77,706,000 0.83 12.00 648.6 30.14
0.40 60,155,000 0.98 14.00 590.4 26.90
0.50 47,023,000 1.13 16.00 531.5 24.17
1.00 17,665,000 1.97 30.00 347.6 16.77
1.50 12,602,000 2.25 35.00 284.2 14.16
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
included 90 diamond core drill holes designed to infill the
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 included 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 and the revised and upgraded T3
Copper/Silver Deposit Mineral Resource Estimate was announced 2nd
July 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
13,880,042 MOD shares, equivalent to 5.996 % of MOD's issued share
capital and 154,167 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)
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/20180701005098/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
July 02, 2018 02:00 ET (06:00 GMT)
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