TIDMMTR
11 May 2021
Metal Tiger plc
("Metal Tiger" or the "Company")
Kalahari Metals Limited: Commencement of Drilling
Metal Tiger plc (AIM: MTR), the London Stock Exchange AIM listed
investor in natural resource opportunities, is pleased to provide
an update in respect of the Botswana copper discovery focussed
explorer, Kalahari Metals Limited ("KML"). As announced on 12 April
2021, Metal Tiger currently holds a 50.01% interest in KML, with
Cobre Limited ("Cobre") holding the remainder of the
shareholding.
Further to its announcement of 19 April 2021, Metal Tiger is
pleased to announce that drilling has now commenced on the Kitlanya
East ("KIT-E") Project area in Botswana, following the successful
mobilisation of both the reverse circulation ("RC") and diamond
core ("DC") drilling rigs to site. As detailed in the announcement
of 19 April 2021, the joint venture board of KML has approved a
major new drilling programme focussed on the discovery of
copper/silver deposits on the Kalahari Copper Belt ("KCB").
The drilling programme targets structurally controlled
trap-sites for prospective copper/silver deposits, identified in
airborne electromagnetic ("AEM") and detailed magnetic geophysics,
soil sampling and stratigraphic drilling, which share commonalities
to the Sandfire Resources (ASX:SFR) T3 and A4 deposits located
immediately north of the KIT-E Project boundary.
The KIT-E drill programme (see linked figures) will include
:
-- Stratigraphic DC drilling (circa 800m) into the core of the 'Perseverance
Prospect' (previously named the South Target) designed to test for
prospective lower D'Kar Formation stratigraphy, alteration,
mineralisation and the potential underlying mineralised
reduction--oxidation ("redox") contact with the Ngwako Pan Formation; and
-- Focussed RC drilling (circa 4,000m) designed to test for mineralisation
associated with several structurally controlled targets starting at the
'Endurance Prospect' (previously named the North Target).
The illustrative figures and photographs for viewing in
conjunction with this announcement can be viewed on the Company's
website at: https://www.metaltigerplc.com/kml-update-drilling
Michael McNeilly, Chief Executive Officer of Metal Tiger,
commented:
"We are very pleased to report that following the efficient
mobilisation of equipment and personnel to the KIT-E Project site,
drilling has now commenced at the start of an exciting new drilling
programme, focussed on the discovery of new copper/silver deposits,
located in close vicinity to existing mine infrastructure, which is
currently under construction and commissioning, in the Kalahari
Copper Belt.
This drilling program will significantly enhance our
understanding of the Kit-E licence area and drive significant value
for shareholders.
We are hopeful that this work will continue Metal Tiger's
successful track record investing in copper discoveries in Botswana
and we look forward to sharing further updates and results as the
programme progresses."
Project Background:
Kalahari Metals Limited, which was incorporated in England &
Wales on 3 May 2017, holds interests in 12 highly prospective
exploration licences covering a total area of 8,595km(2) in the
Kalahari Copper Belt of Botswana, comprising two 100% owned
exploration licences, five exploration licences subject to a
binding earn-in agreement with Triprop Holdings (Pty) Limited
(includes the Ngami Copper Project), and five exploration licences
held by 100% owned subsidiary, Kitlanya Limited.
As announced on 15 December 2020, KML signed a Share Purchase
Agreement with Cobre, which will, following completion of the
transaction and subject to obtaining change in control approval
from the Minister of Mineral, Energy and Water Resources of the
Republic of Botswana, result in Metal Tiger owning a 59.57%
economic interest in KML (comprising a 49% direct interest and a
20.72% interest in Cobre, which, in turn, will have a 51% interest
in KML) (the "Cobre Transaction").
The completion of Cobre's purchase of 49.99% of KML occurred on
12 April 2021, resulting in Metal Tiger holding a 50.01% interest
in KML. As announced on 15 December 2020, subject to obtaining
change in control approval from the Minister of Mineral Energy and
Water Resources of the Republic of Botswana (the "Botswana
Consent") in respect of the KML group, Metal Tiger's shareholding
in KML will reduce to 49.00%.
Metal Tiger holds a 2% net smelter royalty over all KML's wholly
owned licences, being seven licences covering, in aggregate,
6,650km(2) (together, the "Royalties") and the main areas. The five
exploration licences owned by Triprop Holdings (Pty) Limited (in
which KML has a 51% interest) do not form part of the
Royalties.
Further details are available under the Project Investments
section of the Company's website at:
https://www.metaltigerplc.com/portfolio/project-investments/kalahari-metals.
Qualified Person's Statement
The technical information contained in this announcement has
been read and approved by Mr Nick O'Reilly (MSc, DIC, MIMMM,
MAusIMM, FGS), who is a qualified geologist and acts as the
Qualified 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
Enquiries:
Michael McNeilly (Chief Executive Officer) Tel: +44 (0)20 7099 0738
Mark Potter (Chief Investment Officer)
James Dance Strand Hanson Limited Tel +44 (0)20 7409 3494
Jack Botros (Nominated Adviser)
Georgia Langoulant
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/20210510006071/en/
CONTACT:
Metal Tiger plc
SOURCE: Metal Tiger plc
Copyright Business Wire 2021
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