TIDMMTR
Metal Tiger plc
("Metal Tiger" or the "Company")
Kalahari Metals Limited: Exploration Update
Metal Tiger plc (AIM: MTR, ASX: MTR), the AIM and ASX listed
investor in natural resource opportunities, is pleased to provide
an update in respect of the Botswana Kalahari Copper Belt 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.
At KML's Kitlanya West ("KIT-W") Project, a fixed-wing airborne
magnetic and gravity geophysics survey has been recently completed,
with initial interpretation results helping to further refine
target settings for copper-silver mineralisation. In addition,
diamond drilling has also commenced at Kit-W, testing the first of
the targeted airborne electromagnetic ("AEM") anomalies, with
initial results corroborating the conceptual target model.
The drilling programme at the Kitlanya East ("KIT-E") Project is
ongoing, with a total of 1,742m completed to date, consisting 839m
of reverse circulation ("RC") and 903m of diamond core drilling
(drilling commencement announced 11 May 2021).
Interpretation of important new geophysical data for Kit-W,
along with existing soil sampling and ongoing diamond drilling
results, has further prioritised target areas with a high potential
for hosting Cu-Ag mineralisation. The work to date shows evidence
for a variety of potential deposition styles and mineralisation
trap sites. The scale and distribution of anomalies within the
KIT-W licence area, combined with evidence of prospective
sub-basins, enhances the potential for the project to deliver new
copper-silver discoveries.
A link to Cobre's announcement released today is set out
below:
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02395082-2A1309730?access_token=83ff96335c2d45a094df02a206a39ff4
Kit-W Exploration Highlights
-- Airborne gravity geophysics survey has mapped out an east-northeast
("ENE") trending gravity low, likely related to the development of a
deeper sub-basin in the lower Kalahari Copper Belt ("KCB") basin, the
margins of which are considered prospective sites for Cu-Ag
mineralisation.
-- High-resolution magnetic geophysics data clearly maps out fold targets in
the D'Kar Formation ("DKF") correlating with, and adding further support
for, existing AEM targets.
-- Interpretation of magnetic data further suggests that much of the
previously interpreted Ngwako Pan Formation ("NPF") is covered with thin
DKF -- this would open the possibility for shallow, relatively flat lying
mineralisation along the redox1 contact between these formations.
-- Updated interpretation is further supported by regional soil sampling
traverses with both Cu and Zn anomalies correlating with the position of
the interpreted redox contact between the DKF and NPF.
-- Initial results from the Kit-W diamond drilling confirm the existence of
DKF in the fold structures mapped in the AEM modelling.
Michael McNeilly, Chief Executive Officer of Metal Tiger,
commented:
"We are very pleased to provide details of important advances
being made in defining potential copper-silver deposition sites in
the Kitlanya West Project on the Kalahari Copper Belt.
The results from the recently completed high resolution gravity
and magnetic geophysics surveys provide important new information
in understanding the potential morphology and evolution of the
sedimentary basins and post-depositional folding, faulting and
thrusting which could have focussed hydrothermal fluids and
provided trap-sites for copper deposition. The new data further
enhances the interpretative exploration model, supplementing the
soil geochemistry, AEM targets and drilling data, and provides
important vectors to sites for potential copper deposit
formation.
We look forward to sharing further updates and results as the
concurrent Kit-E and Kit-W programmes progress."
Illustrative figures for viewing in conjunction with this
announcement showing the position of the project areas, airborne
geophysics survey results and KML's interpretation can be viewed on
the Company's website at:
https://www.metaltigerplc.com/kml-kit-w-update
Airborne Magnetic and Gravity Geophysics Details
A total of 9,970 line-km of airborne magnetic and gravity survey
data were collected by New Resolution Geophysics ("NRG") using a
fixed-wing aircraft flown at low-level (approximately 30m survey
height) and 100m line spacing.
Airborne gravity data was collected using NRG's patented
Xtract(TM) gravity system with a GT2A total field gravimeter. The
system employs a laser ring gyro strapdown Inertial Measurement
Unit which does not require the mechanical orientation platform
used in traditional airborne gravimeter designs, allowing for
operation in turbulent conditions typical in low-level tight drape
magnetic surveys. As a result, high-sensitivity gravity data can be
collected concurrently with high-resolution magnetic data. The
combined gravity and magnetic data products provide an effective
combination for mapping and target generation.
Airborne gravity data provides a novel method for mapping the
original basin architecture given that the main density contrast in
the geological section relates to the interface between dense Okwa
Group basement and lower density volcano-sedimentary units of the
Kalahari Copper Belt. Thicker basins and sub-basins are thus
expected to manifest as gravity low anomalies. The margins of these
gravity lows are priority sites for deposit formation.
The presence of sub-basin architecture with basin margins and
intra-basinal highs provide important controls in sedimentary
copper models. Fault controls along these boundaries provide
pathways for mineralising hydrothermal fluids both during basin
formation and again during basin inversion. Importantly, sub-basins
provide closed systems for focussed fluid flow, which can increase
the metal tenor of any deposit.
Results from the airborne survey and KML's interpretation of
data are summarised below (also refer to the, above linked,
illustrative figures on the Company's website):
-- Airborne gravity data map out a prominent 4 mGal, 30 x 7 km, ENE trending
gravity low which is likely related to a deeper sub-basin (see model
results in linked Figure 2).
-- The margins of the sub-basin would provide priority sites for deposit
formation and can be further prioritised when cross referenced with
magnetic, AEM and soil geochemical datasets.
-- Several tight folds in the DKF are clearly mapped in the magnetic data,
where these correlate with historical AEM conductors they form compelling
targets analogous to Sandfire Resources T3 and A4 deposits2.
-- The priority folded conductor, currently being drill tested, also
coincides with the interpreted sub-basin margin.
-- Interestingly, in the central portion of the survey area, potential
exists for thin DKF cover on NPF anticlines which is evidenced by
slightly elevated magnetic susceptibility units with different textural
character to the NPF.
The updated lithological interpretation appears to correlate
well with regional soil sampling traverses collected in 2019. Both
elevated Cu and Zn are often associated with the interpreted
contact between DKF and NPF as would be expected.
Results support the potential for traditional targets on the
NPF-DKF contact on fold limbs as well as under thin DKF cover where
flatter geometry may be possible.
In addition, several tightly folded portions of DKF have been
delineated with corresponding AEM anomalies like those identified
at T3 and A4 with potential for mineralisation to occur higher in
the DKF above the NPF contact in structurally controlled
trap-sites. Linked Figure 4 illustrates these results.
KIT-W Drill Programme
The Kit-W diamond drilling programme (see Table 1 below) has now
commenced testing the first of the AEM conductors with diamond
drill hole ("DDH") KITW-001 currently in progress. A total of 40m
has been drilled into DKF sandstones and siltstones beneath 20m of
Kalahari cover (including 9m of calcrete). Initial drilling results
from KITW-001 thus confirm the target AEM conductor is related to
units in the DKF.
In addition to the ongoing diamond drilling, a short percussion
programme is planned to verify the updated interpretation presented
in this announcement. The percussion drill programme will consist
of a series of short vertical holes to confirm the underlying
geology and cover thickness and provide geochemical samples from
the base of the Kalahari cover deposits in the survey area.
Table 1: Kit-W Planned Drill Programme
Project /Target Drilling Planned Target Rationale
Kitlanya West 2 x DDH (900m) AEM conductive targets
Optional 3 x DDH follow-up associated with soil
(1,300m) anomalies and fold
structures. Potential for
traditional fold limb, redox
targets as well as fold hinge
and structurally controlled
targets above the traditional
contact. Interpreted Kgwebe
Formation geology and
position on the northern
margin of the KCB considered
encouraging vectors for
deposits. AEM conductor
targets developed upon local
anticlines within a broad
synclinal structure supported
by coincident Cu / Zn soil
geochemical survey anomalies.
Anomalies have a similar
geophysical response (in
terms of geological setting,
conductivity, geometry, and
scale) to the Sandfire T3, A4
and A1 targets. KML note the
similarities between the
structural setting of Kit-W
and Sandfire's A4 deposit
where high-grade drilling
intercepts up to 33.0m @ 4.6%
Cu & 74.3 g/t Ag from 109m
down-hole were reported in
December 2020(2) .
Kitlanya West 10 percussion holes (500m) The percussion drill
(Optional follow up percussion programme will consist of a
-- 10 holes 500m) series of short vertical
holes to confirm the
underlying geology as well as
providing estimates of
Kalahari cover thickness and
geochemical samples at the
base of the Kalahari cover.
KIT-E Drill Programme
On the Kit-E Project the drill programme announced 11 May 2021
is ongoing, with a total of 1,742 m completed to date, consisting
839m of RC and 903m of diamond core drilling.
An additional diamond drill rig is scheduled to mobilise onto
this programme to help improve production rates this week.
Provisional results from this programme will be reported in a
forthcoming announcement.
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.
Reference Notes
1: Redox contact: reduction-oxidation ("redox") contacts are
geological boundaries where geochemical interactions can lead to
the deposition of copper-silver mineralisation. In this case the
potential redox contact is at the geological boundary between the
D'Kar Formation and Ngwako Pan Formation rocks.
2: Sandfire Resources ASX announcement 1 December 2020
https://www.sandfire.com.au/site/PDF/8dfc69c6-9a2e-43cc-9079-c9880da7a102/SandfireApprovesDevelopmentofnewLonglifeCopperMine
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
Georgia Langoulant (Nominated Adviser)
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
Rebecca Waterworth
Notes to Editors:
Metal Tiger PLC is admitted to the AIM market of the London
Stock Exchange AIM Market ("AIM") and the ASX Market of the
Australian Securities Exchange Market ("ASX") 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/20210714005475/en/
CONTACT:
Metal Tiger plc
SOURCE: Metal Tiger plc
Copyright Business Wire 2021
(END) Dow Jones Newswires
July 14, 2021 06:28 ET (10:28 GMT)
Metal Tiger (LSE:MTR)
Historical Stock Chart
From Jun 2024 to Jul 2024
Metal Tiger (LSE:MTR)
Historical Stock Chart
From Jul 2023 to Jul 2024