TIDMMTR
6 August 2018
Metal Tiger Plc ("Metal Tiger" or the "Company")
Botswana Copper/Silver Project - A4 Dome Outstanding Drill
Intersection Confirmed
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:
-- Assay results confirm outstanding copper intersection at A4 Dome,
located 8km from T3 Project:
-- Hole MO-A4-003D, down hole intersections:
-- 52m @ 1.5% Cu & 14g/t Ag from 232m, including
15.5m @ 2.9% Cu & 42g/t Ag, from 269m
4.4m @ 5.3% Cu & 90g/t Ag from 280m, and
1.9m @ 2.5% Cu & 39g/t Ag from 367m
-- Individual narrow (<1m) veins occur throughout the 52m intersection,
ranging from 7.8% Cu, up to 15.4% Cu. The highest silver assay
of
476g/t Ag is associated with 15.4% Cu at the base of the 52m
intersection.
-- Mineralisation is stockwork-type, hosted in a sandstone sequence and
remains completely open at depth and along strike.
-- At the A1 Dome 26km east of the A4 Dome, the second hole (MO-A1-002D),
has intersected vein hosted bornite and is currently drilling
through
visible mineralisation.
Michael McNeilly Chief Executive Officer of Metal Tiger
commented:
"We are delighted to announce the outstanding assay results for
hole MO-A4-003D on the A4 Dome. It is particularly exciting that
the 52m intersection is reminiscent of the T3 Deposit discovery
hole, back in March 2016 (52m @2% Cu and 32g/t Ag).
With a pipeline of drill targets identified from aerial
electromagnetic geophysics in addition to those on the A4 Dome and
A1 Dome, within the wider T3 Dome Complex, we are confident we have
the potential for further T3 scale discoveries within the JV
exploration holding".
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 Update
-- The circa 5km long A4 Dome is located 8km from the 60Mt T3 Pit Project
and planned processing plant.
-- The A4 Dome and the A1 Dome, together with the T3 Deposit, form part
of the 700km2 T3 Dome Complex.
-- Additional MO-A4-003D assay results are currently awaited, for a
potentially significant chalcocite zone, consisting a 6.3m
interval of
vein and disseminated chalcocite and bornite mineralisation at
587m
down hole depth, at the prospective NPF contact, circa 290m
below the
vein stockwork.
-- Assay results are also awaited for MO-A4-004D located 150m to the
north of MO-A4-003D.
-- The NPF contact hosts most of the resources in the eastern Kalahari
Copper Belt, including the 100Mt @ 2% Cu 'Zone 5' underground
resource
planned to be developed by Cupric Canyon Capital, along strike
from
the T3 Dome Complex.
-- Four drill rigs are now testing extensions to the vein stockwork and
NPF contact mineralisation, at depth and along strike on 200m
spaced
sections. Additional drill rigs are being sourced to
accelerate
drilling along the axis of the A4 Dome.
A1 Dome Drilling Update
-- MO-A1-002D, the second hole to test the large A1 Dome located 26km
east of A4 Dome, has intersected approximately 4m of visible,
vein
hosted bornite up to the current depth of this hole at 194m.
-- Two drill rigs are currently operating at the A1 Dome.
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.
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; the revised and upgraded T3
Copper/Silver Deposit Mineral Resource Estimate was announced 2nd
July 2018; and a Resource re-classification announced 16th July
2018.
On 18 July 2018, MTR and MOD announced they had entered into a
binding agreement for MOD to acquire MTR's 30% interest in the T3
Project and rights for an option to acquire MTR's interests in any
new JV resource which progresses to a scoping study within 3 years
of completion of the agreement.
The T3 Open Pit Feasibility Study, towards a decision to mine,
is currently underway.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20180805005029/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
August 06, 2018 02:00 ET (06:00 GMT)
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