TIDMMTR
Metal Tiger plc
("Metal Tiger" or the "Company")
Kalahari Metals Limited - Earn-in Agreement Doubles Exploration
Landholding
Metal Tiger plc (AIM:MTR), the London Stock Exchange AIM listed
investor in strategic natural resource opportunities, is pleased to
provide an update further to its announcement of 20 August 2018
regarding its Kalahari Metals Limited ("KML") joint venture in
Botswana.
Highlights
-- Further to the announcement of 20 August 2018, KML has now completed
due diligence and entered into an earn-in agreement with
Resource
Exploration and Development Ltd ("RED") (the "Agreement") to
acquire
an interest in five recently granted exploration licences (the
"RED
Licences"), with a total area of 4,661km2, in the highly
prospective Kalahari Copper Belt
-- Pursuant to the Agreement, KML
will acquire up to 25% of Kitlanya Ltd ("Kitlanya"), RED's
wholly
owned subsidiary that holds the RED Licences for an immediate
cash
investment of US$100,000
has the option to acquire the remaining 75% of Kitlanya by way
of
an issue of KML shares at a value of US$700,000
the number of KML shares to be issued will be determined at
the time of issue and will be dependent on, inter alia,
the valuation of KML at that time
-- The Agreement more than doubles KML's exploration interests from
4,063km2 to 8,724km2
-- The RED Licences form two contiguous groups
Kitlanya East, consists of three licences located
immediately
south of MOD Resources Limited's T3 Deposit and Cupric
Canyon
Capital's Chalcocite Zone deposit
Kitlanya West, consists of two licences located along strike
of
KML's Ngwako Copper Project and abuts the Namibian border on
the
northern limb of the Kalahari copper belt
-- Kitlanya East will target mineralised redox boundaries proximal to
basin boundaries and basement horst blocks which are interpreted
to
extend through the project area. Soil cover is thin and a first
phase
soil sampling programme is scheduled to commence immediately
-- Kitlanya West has the potential for copper related to structural domes
interpreted from historical airborne electromagnetic ("AEM")
geophysics survey data. These domes will be similar targets to
those
providing exciting copper intersections in the MTR/MOD joint
venture
areas
-- Regional AEM geophysics test lines are planned to be flown over the
PL070-072/2017 Kitlanya East permits during the initial soil
sampling
programme in order to help identify drilling targets for
2019
Michael McNeilly, Chief Executive Officer of Metal Tiger plc,
commented:
"We are pleased to announce the agreement to significantly
increase KML's exploration interests in Botswana.
The earn-in agreement between KML and RED substantially
increases Metal Tiger's exposure to highly prospective ground
within the Kalahari Copper Belt, which across the separate KML and
MOD joint ventures covers an area of around 16,000km2, an
equivalent area to over three quarters the size of Wales.
With the regional soil sampling programme due to commence
immediately over Kitlanya East, and airborne geophysics being
planned, we look forward to keeping shareholders updated on KML's
progress. We commend our KML partners for securing this deal."
Project Background
Following the Agreement, KML now holds interests in 12 highly
prospective exploration licences covering a total area of 8,724km2
in the Kalahari Copper Belt, consisting of two 100% owned
exploration licences, five exploration licences subject to a
binding earn-in agreement with Triprop Holdings (Pty) Limited
("Triprop") and five exploration licences subject to the Agreement.
Under an investment agreement, announced on 6 June 2018, MTR has
the right to acquire up to 50% of KML, providing MTR with further
exposure to largely unexplored area, adjacent to significant recent
discoveries in the highly prospective Kalahari Copper Belt.
Competent Person's Statement
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 is a Principal consultant working for Mining Analyst
Consulting Ltd which has been retained by Metal Tiger PLC to
provide technical support.
For further information on the Company, visit:
www.metaltigerplc.com:
Michael McNeilly (Chief Executive Tel: +44 (0)20 7099 0738
Officer)
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 Tel: +44 (0)20 3757 4980
James Crothers PR)
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.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20181129005752/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
November 30, 2018 02:00 ET (07:00 GMT)
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