TIDMMTR
30 July 2020
Metal Tiger plc
("Metal Tiger" or the "Company")
Sandfire Resources Update (ASX:SFR)
Metal Tiger plc (AIM:MTR), the London Stock Exchange AIM listed
investor in natural resource opportunities, is pleased to provide
an update in relation to its investment in Sandfire Resources
("Sandfire"), which also relates to the Company's uncapped (with no
buyout provision) 2% Net Smelter Royalty, which it holds over circa
8,000km(2) of prospective ground, held by Tshukudu Exploration (the
"Royalty").
Metal Tiger holds 6,296,990 shares in Sandfire representing
approximately 3.5% of Sandfire's issued share capital. As announced
on 13 July 2020, 2,573,173 of the Sandfire shares the Company holds
are subject to an equity derivative collar financing arrangement
with a global investment bank.
Sandfire has today released the following update in relation to
exploration work at Tshukudu.
https://www.asx.com.au/asxpdf/20200730/pdf/44kz4yv48163jq.pdf
The Company notes that Sandfire has embarked on a substantial
exploration programme with the initial focus on the T3 Expansion
Project, which included the drilling of high-priority targets
identified within a 25km radius of T3. Sandfire has enjoyed
considerable early success with the emerging A4 Dome discovery
located 8km west of the T3 Project, where it has announced
significant wide intercepts of shallow, high-grade vein-hosted
copper-silver mineralisation. As a result, A4 has progressed
rapidly to a resource drill-out.
Drilling accelerated through February and March however all
activities were suspended in late March due to the lockdown imposed
by the Botswana Government in response to the COVID-19
pandemic.
Results were reported within the A4 resource area on 17 April
2020 and 25 May 2020, with many drill-holes delivering significant
high-grade intersections of copper-silver mineralisation. Hole
MO-A4-035D has delivered the best intersection reported from A4 to
date, returning 18m at 5.2% Cu and 124g/t Ag from 77m downhole
(uncut) or 18m at 3.9% Cu and 124g/t Ag from 77m down-hole (top-cut
to 15% Cu).
A4 intersections announced on 25 May 2020 included:
20.5m @ 3.6% Cu and 88g/t Ag from 78.5m down-hole in
MO-A4-045D;
21.8m @ 2.5% Cu and 57g/t Ag from 74.2m down-hole in MO-A4-047D;
and
32.8m @ 1.8% Cu and 32g/t Ag from 94.9m down-hole in
MO-A4-049D.
The results demonstrate the continuity of high-grade vein-hosted
mineralisation along strike within the A4 resource area and have
increased the known strike length of the mineralisation to 800m
with the deposit remaining open both to the north-east and
south-west.
Drilling resumed at A4 in early June with up to six drill rigs
drilling on 50m spaced sections with the objective to define a
maiden mineral resource by the end of September.
In addition, Sandfire has reported that re-interpretation of AEM
data over the A4 Dome suggests that the area of current drilling
appears to have tested only part of the host structure (Zone A)
which may continue north-east. In addition, the Zone B structure
600m south of Zone A, and two interpreted structures within the T3
Dome east of the planned T3 mine, are also high priority targets
planned to be drilled during the next phase of drilling.
Furthermore, AEM sections across A1 Dome show several important
similarities to AEM sections across A4 Dome. Similarities include
the interpreted southward thrusting of the copper host sequence
over the top of the domes and steep north dipping structures
extending along the axis of the domes. The potential at A1 is
supported by drill-hole MO-A1-002D drilled by the MOD in 2018.
MO-A1-002D intersected 7m @ 0.9% Cu and 4g/t Ag from 190m and 0.4m
@ 5.7% Cu and 95g/t Ag from 209.2m down-hole depth within a wide
zone of veining similar to A4.
Michael McNeilly, Chief Executive Officer of Metal Tiger plc,
commented:
"We are very pleased to see Sandfire's recent progress with
respect to its aggressive exploration programme in the Kalahari
Copper Belt where Metal Tiger has a direct royalty interest. We are
delighted to see that we can expect the delivery of a maiden
mineral resource at A4 by the end of September, a very important
milestone that we believe will substantially increase the value of
our Royalty. We are further encouraged that Sandfire is targeting
the A1 area which is in an area also covered by our Royalty."
Sandfire has also today released the following updates (links to
the announcements below):
-- June 2020 Quarterly Report
https://www.asx.com.au/asxpdf/20200730/pdf/44kz4yv48163jq.pdf
-- June 2020 Quarterly Report Presentation
https://www.asx.com.au/asxpdf/20200730/pdf/44kz54k4ck3hcv.pdf
For further information on the Company, visit:
www.metaltigerplc.com
Enquiries:
Michael McNeilly (Chief Executive Officer) Tel: +44 (0)20 7099 0738
Mark Potter (Chief Investment Officer)
Richard Tulloch Strand Hanson Limited (Nominated Tel +44 (0)20 7409 3494
James Dance Adviser)
Jack Botros
Paul Shackleton Arden Partners plc (Broker) Tel: +44 (0)20 7614 5900
Steve Douglas
Gordon Poole Camarco (Financial PR) Tel: +44 (0)20 3757 4980
James Crothers
Hugo Liddy
Notes to Editors:
Metal Tiger PLC is admitted to the AIM market of 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. Metal Tiger has two investment divisions: Equity
Investments and Project Investments.
Equity Investments invests in undervalued natural resource
companies. The majority of its investments are listed on AIM, the
TSX and the ASX, which includes its interest in Sandfire Resources
Limited (ASX: SFR). The Company also considers selective
opportunities to invest in private natural resource companies,
typically where there is an identifiable path to IPO. Through the
trading of equities and warrants, Metal Tiger seeks to generate
cash for investment for the Project Investments division.
Project Investments is focused on the development of its key
project interests in Botswana, where Metal Tiger has a growing
interest in the large and highly prospective Kalahari copper/silver
belt through its interest in Kalahari Metals Limited.
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/20200730005380/en/
CONTACT:
Metal Tiger plc
SOURCE: Metal Tiger plc
Copyright Business Wire 2020
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