TIDMMTR
Metal Tiger Plc
("Metal Tiger" or the "Company")
Botswana Copper/Silver Project - T23 Dome Shallow Copper
Mineralisation Intersected
Metal Tiger plc (AIM:MTR), the London Stock Exchange AIM listed
investor in strategic natural resource opportunities, is pleased to
provide an update regarding the exploration activities of the
Company's new Joint Venture ("New JV"), Tshukudu Exploration (Pty)
Ltd ("Tshukudu Exploration"), in the Kalahari Copper Belt in
Botswana. The Company holds a 30% interest in Tshukudu Exploration
via Metal Capital Exploration Limited, with MOD Resources Limited
("MOD") (ASX:MOD) holding the remaining 70%. For further
information on the New JV, please see the Company's announcements
of 18 July 2018 and 16 November 2018.
Highlights
-- Diamond drilling in the first two widely spaced holes at the T23 Dome
has intersected visible copper mineralisation at very shallow
depth
that may be of significant potential
-- T23 Dome is the first drilling target on the T20 Exploration Project,
located 100km west of the T3 Project, since T4
-- T23 is the sixth significant copper mineralisation find on MTR/MOD
joint venture licences, over the last 3 years
-- Holes MO-T23-001D and MO-T23-002D both intersected:
Near surface, copper oxide mineralisation including narrow
veins
and fracture zone hosted malachite and chrysocolla
Primary copper sulphides including disseminated chalcocite,
chalcopyrite and bornite hosted within typical D'Kar
Formation
sediments, from 50m depth above a red sandstone interpreted to
be
within the Ngwako Pan Formation (NPF)
Finely disseminated chalcocite has also been reported
locally
within the NPF
-- Assay results for these holes are currently awaited whilst drilling is
being stepped up to test specific structural targets elsewhere
on the
previously unexplored T23 Dome
Michael McNeilly, Chief Executive Officer of Metal Tiger,
commented:
"We are delighted to report the intersection of shallow copper
mineralisation on the T23 Dome, which forms part of T20 Exploration
Project, 100km west of the T3 Project, and is held within the New
JV.
Whilst Metal Tiger now holds an indirect interest in the T3
Project through our shareholding in MOD, we continue to explore the
wider Kalahari Copper Belt in order to generate significant upside
potential through the new, directly held, Tshukudu Exploration
joint venture.
With drilling at the T23 Dome returning potentially significant
visible copper intersections and rigs being mobilised to follow-up
on the previous high-grade intersections at T4, we are looking
forward to a potentially exciting new chapter of Kalahari copper
discoveries."
This announcement coincides with an update released today by MOD
which can be viewed through the following link:
https://www.asx.com.au/asx/share-price-research/company/MOD
T20 Exploration Project & T23 Dome Background
-- T23 is a large, structurally complex dome within a regional shear
zone, that may extend at least to T4. Identified from
airborne
magnetic survey data, it is the first new target to be drilled
in the
northern part of the T20 Exploration Project
-- The T20 Exploration Project covers an area of approximately 3,350km2,
within the approximately 200km long, Central Structural Corridor
(CSC)
which hosts both the T3 Project and T1 Resource as well as the
large
A4 and A1 Domes which have both delivered outstanding recent
copper
intersections
-- The T23 Dome is around 15km west of T4 where reverse circulation
drilling in February 2016 intersected 2m @ 6% Cu and 111 g/t Ag
from
101m depth, before activities were put on hold in order to focus
on T3
-- Additional drilling rigs are currently being mobilised to extend the
drilling at the T23 Dome and to re-start at T4
-- The T23 Dome, like the T3, A4 and A1 Domes, is covered by a surface
layer of sand and calcrete, which has masked the underlying
copper
mineralisation
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 and 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 to provide technical support.
Following the sale of the Company's interest in the T3 Project
(announced 16 November 2018), in addition to its 30% interest in
the New JV, Metal Tiger holds: 31,064,220 MOD ordinary shares,
representing approximately 12.5% of MOD's issued share capital;
40,673,566 unquoted options with a nil exercise price expiring on
15 November 2021; and 154,167 options over MOD ordinary shares,
each exercisable at AU$0.06 per MOD ordinary share 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
Mark Potter (Chief Investment Officer)
Richard Tulloch Strand Hanson Limited Tel +44 (0)20 7409 3494
James Dance (Nominated Adviser)
Jack Botros
Nick Emerson SI Capital (Broker) Tel: +44 (0)1483 413 500
Gordon Poole Camarco (Financial PR) Tel: +44 (0)20 3757 4980
James Crothers
Monique Perks
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 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, through its 12.5% interest in
MOD Resources Limited and related JV, 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 a Copper/Silver Project. T3 is located
within the central part of the T3 Dome Complex (approximately 1,000
km2), which is the focus of rapidly increasing exploration activity
undertaken by MOD. Two significant resources have been discovered
to date within the T3 Dome: T1 (Mahumo deposit 100% MOD) and T3
(100% MOD).
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 Estimate 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 Phase 2 drilling at the T3 Copper/Silver Deposit commenced
on 7 August 2017, with approval granted for the recommencement of
both diamond core ("DC") and RC drilling at the T3 Project and its
vicinity, through to December 2018 (which has subsequently been
extended to December 2020). This included 90 DC drill holes
designed to infill the Resource and test for possible extensions.
The objective of the infill programme 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 31 January 2018; the revised and upgraded T3
Copper/Silver Deposit Mineral Resource Estimate was announced on 2
July 2018; and a Resource re-classification announced on 16 July
2018.
The T3 Open Pit Feasibility Study, towards a decision to mine,
is currently underway.
Outside of the T3 Project licence area, Tshukudu Exploration,
the Metal Tiger (30%) and MOD (70%) joint venture, continues to
conduct regional exploration on the highly prospective Kalahari
Copper Belt.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20181120005623/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
November 21, 2018 02:00 ET (07:00 GMT)
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