TIDMMTR
Metal Tiger PLC
("Metal Tiger" or the "Company")
Botswana Copper/Silver Project - T3 Infill Drilling Results
Metal Tiger plc (AIM:MTR), the London Stock Exchange AIM listed
investor in strategic natural resource opportunities, is pleased to
provide an update on the infill drilling results at the T3 Copper
Project ("T3"), held 100% by MOD Resources Limited ("MOD"), in the
Kalahari Copper Belt, Botswana. Metal Tiger currently holds
approximately 10.48% of the issued share capital of MOD.
T3 Infill Drilling Highlights
-- An approximate 60 hole infill drilling programme commenced at T3
during January 2019. Infill drilling is within the boundaries of
the
first two stages of the proposed T3 open pit, with the objective
of
upgrading early production into the higher confidence, JORC
compliant
Measured Resource category.
-- To date 25 holes have been completed utilising up to three drill rigs,
with assay results being received for 11 holes.
-- Remaining 35 infill drill holes are expected to be completed by the
end of the first half of 2019. It is anticipated that the
infill
drilling programme will be completed after both the proposed T3
open
pit Ore Reserve and the Feasibility Study, both of which remain
on
track for completion by the end of March 2019.
-- Significant infill results include:
Hole MO-G-188D
31.50m @ 2.0% Cu and 36g/t Ag from 86m, including
10.0m @ 4.7% Cu & 98g/t Ag from 105m
Hole MO-G-191D
47.0m @ 0.9% Cu and 7g/t Ag from 89m, including
15.3m @ 1.6% Cu & 15g/t Ag from 104m
Hole MO-G-192D
13.7m @ 1.6% Cu and 6g/t Ag from 53m
33.0m @ 2.0% Cu and 14g/t Ag from 88m, including
16.0m @ 3.3% Cu & 36g/t Ag from 99m
Hole MO-G-193D
17.7m @ 1.4% Cu and 21g/t Ag from 98m, including
6.5m @ 2.5% Cu & 36g/t Ag from 108m
Hole MO-G-197D
22.0m @ 1.1% Cu and 10g/t Ag from 95m
Michael McNeilly, Chief Executive Officer of Metal Tiger,
commented:
"We are pleased to report the significant infill drilling
intersections from MOD's T3 project in Botswana. The infill
drilling programme is expected to allow a significant portion of
the Mineral Resource to be categorised as Measured, with these
initial results also providing the prospect of increasing the
current open pit Resource. Standout downhole intersections include
31.5 metres at 2% copper from 86 metres, including 10 metres at
4.7% copper from 105 metres, in hole MO-G-188D.
Based on MOD's current projections the T3 feasibility study is
expected to be completed by the end of March 2019, with the infill
programme completing mid-year."
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
T3 Project Significant Infill Drilling Intersections
-- Assay results from significant drill hole intersections for T3 Project
infill drilling programme:
HOLE_ID SIGNIFICANT DOWNHOLE INTERSECTIONS
MO-G-187D 14.0m @ 1.0% Cu & 7g/t Ag from 48m
9.8m @ 0.8% Cu & 6g/t Ag from 83m
20.2m @ 0.8% Cu & 4g/t Ag from 101m, including
8.2m @ 1.2% Cu & 5g/t Ag from 103m
MO-G-188D 8.1m @ 0.9% Cu & 7g/t Ag from 51m
31.5m @ 2.0% Cu & 36g/t Ag from 86m, including
10m @ 4.7% Cu & 98g/t Ag from 105m
MO-G-189D 5.4m @ 0.6% Cu & 8g/t Ag from 78m
6.0m @ 0.8% Cu & 5g/t Ag from 90m
5.4m @ 0.7% Cu & 2g/t Ag from 106m
MO-G-190D 17m @ 0.9% Cu & 5g/t Ag from 52m, including
8m @ 1.3% Cu & 6g/t Ag from 58m
3.8m @ 0.8% Cu & 6g/t Ag from 77m
7.6m @ 0.7% Cu & 6g/t Ag from 89m
16.0m @ 0.6% Cu & 3g/t Ag from 109m
MO-G-191D 18.3m @ 1.1% Cu & 5g/t Ag from 66m
47.0m @ 0.9% Cu & 7g/t Ag from 89m, including
15.3m @ 1.6% Cu & 15g/t Ag from 104m
MO-G-192D 13.7m @ 1.6% Cu & 6g/t Ag from 53m
33.0m @ 2.0% Cu & 14g/t Ag from 88m, including
16.0m @ 3.3% Cu & 20g/t Ag from 99m
MO-G-193D 6.0m @ 0.7% Cu & 4g/t Ag from 75m
17.7m @ 1.4% Cu & 21g/t Ag from 98m, including
6.5m @ 2.5% Cu & 36g/t Ag from 108m
9.0m @ 0.6% Cu & 4g/t Ag from 119m downhole
MO-G-194D 7.0m @ 1.3% Cu & 5g/t Ag from 97m
8.0m @ 0.8% Cu & 6g/t Ag from 108m
9.8m @ 1.2% Cu & 6g/t Ag from 120m
MO-G-195D 10.8m @ 0.7% Cu & 10g/t Ag from 82m
4.8m @ 0.8% Cu & 5g/t Ag from 102m
MO-G-196D 5.0m @ 1.3% Cu & 6g/t Ag from 80m
7.0m @ 1.3% Cu & 3g/t Ag from 89m
7.0m @ 0.9% Cu & 16g/t Ag from 106m
8.0m @ 0.5% Cu & 9g/t Ag from 122m
MO-G-197D 3.3m @ 1.1% Cu & 6g/t Ag from 85m
22.0m @ 1.1% Cu & 10g/t Ag from 95m
2.7m @ 1.0% Cu & 14g/t Ag from 123m
7.1m @ 0.6% Cu & 11g/t Ag from 128m
NOTES:All down hole intersection 'from depth' rounded.A table of
drill hole parameters and associated JORC Code 2012 Table 1 is
given in the MOD ASX announcement of today, see link above.
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.
Metal Tiger holds a 30% interest in Tshukudu Exploration (Pty)
Ltd, via Metal Capital Exploration Limited, with MOD holding the
remaining 70%. For further information on the JV, please see the
Company's announcements of 18 July 2018 and 16 November 2018. In
addition, the Company currently holds 31,838,393 MOD ordinary
shares, representing approximately 10.48% 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$0.60 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 10.48% 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
1,000km2), 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/20190312005327/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
March 12, 2019 03:00 ET (07:00 GMT)
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