TIDMMTR
Metal Tiger Plc
11 September 2018
Metal Tiger Plc
("Metal Tiger" or the "Company")
Botswana Copper/Silver Project - Environmental Approval forA20
Dome Complex Drilling
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:
-- Botswana Department of Environmental Affairs has approved
Environmental Management Plan (EMP) for drilling part of T20
Dome
Complex.
-- EMP covers drilling within a circa 700km2 area in the
northern part of the T20 Dome Complex, approximately 80km west
of the
T3 Dome Complex.
-- Diamond core drilling planned to commence in Q4 2018 subject to a
four-week public review period starting 21 September 2018.
-- First planned drill targets are:
T4 Dome, T4 Prospect where previous reverse circulation
drilling intersected 2m @ 6% Cu & 111g/t Ag from 101m
depth
(announced 1 April 2016) and soil sampling and airborne
electromagnetic (EM) geophysics data has defined a
conductive
structure coincident with a 5-6km long copper anomaly
(announced
16 April 2018); and
T23 Dome, 15km west of T4 Prospect, the interpreted
continuation of the EM conductive structure extending from
T4
through the interpreted T23 Dome.
-- Current 940km2 airborne EM survey over the T20 Dome
(announced 4 September 2018) linking three previously flown EM
blocks,
is also extending over the T17 and T7 target areas, north and
south of
T20 respectively.
-- 6 drilling rigs are now operating at the A4 Dome with assay results
awaited from several significant intersections.
Michael McNeilly Chief Executive Officer of Metal Tiger
commented:
"We are very pleased to announce the receipt of the
Environmental Management Plan (EMP) approval for the planned drill
programme within the A20 Dome Complex. Subject to a statutory
four-week public review period, this approval will allow for
diamond drilling to commence over the T4 Prospect, a strong copper
anomaly, where previous RC drilling in early 2016 intersected
shallow high-grade copper and silver mineralisation, only
superseded by the discovery of T3.
We are excited at the prospect that T4 and the wider T20 Dome
Complex will yield further high-grade intersections and are eager
to apply the team's technical knowledge to the discovery of further
copper deposits in this part of the emerging copper belt".
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
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
13,974,220 MOD shares, equivalent to 6.1 % 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 base, precious and strategic
metals focus.
The Company's target is to deliver a high return for
shareholders by investing in significantly undervalued and/or high
potential opportunities in the mineral exploration and development
sector. The Company's key strategic objective is to ensure the
distribution to shareholders of major returns achieved from
disposals.
Metal Tiger has two investment divisions, Direct Equities and
Direct Projects.
The Direct Equities division invests in undervalued natural
resource companies listed on London's AIM, the ASX and the TSX.
Through the trading of equities and warrants, Metal Tiger seeks to
generate cash for investment in the Direct Projects division.
Metal Tiger's Direct 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 lead/zinc/silver
mines as well as licences, applications and critical historical
data covering antimony, copper, gold, lead, zinc and silver
opportunities.
The Company actively assesses new investment opportunities on an
on-going basis and has access to a diverse pipeline of new
opportunities in the natural resources and mining sectors. For
pipeline opportunities deemed sufficiently attractive, Metal Tiger
may invest in the project or entity by buying publicly listed
shares, by financing privately and/or by entering into a joint
venture.
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/20180910005961/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
September 11, 2018 02:35 ET (06:35 GMT)
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