TIDMMTR
Metal Tiger Plc9 July 2018
Metal Tiger Plc("Metal Tiger" or the "Company")
Botswana Copper/Silver Project - A4 Dome Visible Copper
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:
-- Significant visible copper sulphides logged in MO-A4-003D the latest
diamond drill hole testing the A4 Dome. Hole is targeting the
core of
A4 Dome, 1.8km west of MO-A4-001D which intersected a wide zone
of
trace mineralisation (announced 12 June 2018).
-- Strong visible copper mineralisation intersected in veins currently
over a 67m downhole interval commencing from 232m to 299m
downhole
depth.
-- Dominant copper vein mineralisation is chalcopyrite, with localised
bornite and chalcocite increasing with depth in the vein
zone.
-- Drilling of MO-A4-003D continues with current depth circa 334m and a
target depth of >600m to test deeper geophysical targets
defined from
airborne electromagnetic (EM) data and to test the prospective
Ngwako
Pan Formation (NPF) contact inferred below the target
sequence.
-- Mineralised core from MO-A4-003D is being processed through the JV's
sample preparation facility in Ghanzi and will be assayed as
soon as
possible.
-- A third drill rig has commenced drilling at A4 Dome with three holes
now in progress (MO-A4-002D, MO-A4-003D, MO-A4-004D).
-- A4 Dome is first of seven 'buried domes' to be drilled in T3 Dome
Complex as part of a major drilling campaign, with five drill
rigs now
operating.
Michael McNeilly Chief Executive Officer of Metal Tiger
commented:
"We are delighted to report that the latest drill hole testing
the core of the A4 Dome has intersected what looks to be
significant copper sulphide mineralisation.The onsite geologists
are particularly excited by the stockwork morphology of the
mineralisation which is a style previously unseen by the JV
drilling. This has further implications in that the A4 Dome appears
to be an intact dome, so any vein hosted mineralisation deposited
within the dome should still be there. Everyone is looking forward
to receiving the assay 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
A4 Dome Drilling Summary
-- A4 Dome is the first of many 'buried domes' planned to be drilled
within the 700km2 T3 Dome Complex (see below).
-- MO-A4-003D is continuing to a target depth of >600m to test deeper
conductive zones defined from airborne EM geophysics data and to
test
the prospective NPF contact inferred below the target
sequence.
-- Drill hole status at A4 Dome, by start date:
1st hole - MO-A4-001D: eastern end of the A4 Dome.
Hole terminated at 518m as it would not intersect the core
of
the dome interpreted from EM data.
Intersected wide interval with quartz/carbonate veins, many
with traces of fine to coarse copper sulphides, from
approximately 360m down hole depth (announced 12 June 2018).
2nd hole - MO-A4-002D: collar 1.0km west of MO-A4-001D;
Current depth 328m, drilling underway, testing the core of
A4
Dome.
3rd hole - MO-A4-003D: collar 1.8km west of MO-A4-001D;
Current depth 334m, drilling underway, testing the core of
A4
Dome.
Intersected the top of the A4 Dome at the depth interpreted
from the EM data, and then intersected numerous
quartz/carbonate veins in a zone starting from approximately
232m down hole depth.
4th hole - MO-A4-004D: collar 150m up-dip (north) of
MO-A4-003D;
Drilling underway, designed to test the core of A4 Dome.
PROPOSED 5th hole is 150m down-dip (south) of
MO-A4-003D.
T3 Dome Complex Programme Background
-- T3 Dome Complex Drilling Programme is a major drilling campaign to
test numerous geophysical targets along the T3 Dome Complex
(announced
on 15 May 2018).
-- Approximately 60 diamond core drill holes have been budgeted during
the Phase 1 drilling along the T3 Dome Complex.
-- The objective of the planned drilling is to confirm the prospective
geological sequence and structures occur within the initial
seven
interpreted domes.
-- Holes are being drilled in areas of structural complexity to test for
vein hosted deposits of the 'T3 Type', and to test the
underlying
prospective Ngwako Pan Formation (NPF) contact which hosts
other
substantial copper deposits in the eastern part of the Kalahari
Copper
Belt.
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, comprising 60Mt @
0.98% Cu and 14 g/t Ag (containing 590.4Kt Cu and 26.9Moz Ag), 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
(Financial PR)
James Crothers
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/20180708005058/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
July 09, 2018 02:00 ET (06:00 GMT)
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