TIDMMTR
13 October 2021
Metal Tiger plc
("Metal Tiger" or the "Company")
Kalahari Metals Limited: Drilling 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
focused explorer, Kalahari Metals Limited ("KML"), who have
recently completed drilling programme at the Kitlanya East
("KIT-E") Project's Endurance Prospect.
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.
The Kit-E Endurance Prospect (the "Endurance Prospect") focused
drill programme entailed a total 2,098m completed, comprising
1,701m reverse circulation ("RC") and 397m diamond core ("DC")
drilling. The drill findings have been combined with the results
from the stratigraphic diamond drilling (1,731m) completed in 2020
to generate a set of compelling targets for follow-up work.
Based on the encouraging results to date and a thorough ranking
of targets and budget discussions considering multiple factors, a
follow-up programme including a further 2,400m of DC drilling has
been approved for additional budget by the joint venture and will
commence shortly. KML has awarded a new drill contract to Mitchell
Drilling International with plans in place to start drilling
following completion of active holes on the KIT-E Perseverance
Prospect.
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/2924-02434777-2A1330569?access_token=83ff96335c2d45a094df02a206a39ff4
Endurance Prospect Drill Programme Highlights
-- Five of the 11 holes drilled have intersected significant hydrothermal
pyrite-pyrrhotite sulphide mineralisation along with trace base metal
sulphides, alteration and quartz-carbonate veining indicating the
existence of an active mineralised hydrothermal system.
-- Drill results show folded conductors modelled from airborne
electromagnetic ("AEM") results is an effective targeting tool for
testing potential mineralisation trap-sites in the prospective lower
portions of the D'Kar Formation stratigraphy.
-- Further work will focus on testing for copper-silver ("Cu-Ag")
mineralisation in trap-site targets which share similarities to
discoveries on neighbouring Sandfire Resources' licences.
-- Based on the encouraging results, a follow-up 2,400m diamond drilling
programme is planned.
Michael McNeilly, Chief Executive Officer of Metal Tiger,
commented:
"The 2021 drilling programme was designed to test compelling
structural targets identified by the AEM geophysics, following up
from previous soil sampling and stratigraphic drilling.
Encouragingly, five of the eleven holes drilled have returned
significant sulphide intersections within the target rock
formations and alteration signatures indicative of a potential
mineralising system.
The results provide important vectors towards potential
trap-sites for base metal enrichment, and KML will soon commence
additional drilling based on the approved increased budget.
We look forward to sharing further updates in due course."
Illustrative figures and tables for viewing in conjunction with
this announcement showing the location of the Endurance Prospect,
the drill hole locations, drill hole interpretations and results
can be viewed on the Company's website at:
https://www.metaltigerplc.com/kml-kit-e-update
Endurance Prospect 2021 Programme Overview
The Endurance Prospect has been modelled as an extensive, 25km
long anticlinorium located in a similar structural setting to
Sandfire Resources T3 and A4 deposits situated 5km and 10km to the
north respectively.
The Endurance Prospect is notable for: anomalous copper ("Cu")
and zinc ("Zn") soil sample results; prospective stratigraphy
including lower D'Kar Formation units which host Cu-Ag
mineralisation at T3 and A4; and folded conductors related to
carbonaceous marker units which share similarities to both T3 and
A4.
KML's stratigraphic drilling programme was completed in 2020 and
identified trace Cu, lead ("Pb") and Zn mineralisation on shear
planes, along with sericite, albite and haematite alteration, often
associated with the distal portions of mineral deposits in the KCB,
providing further evidence for an extensive mineralising
hydrothermal system.
A locality map illustrating the position of the Endurance
Prospect is provided in Figure 1.
A total of eleven 200m deep RC holes were planned to test for
potential shallow extensions of mineralisation at the Endurance
Prospect. These holes were designed to test a variety of targets
including folded conductors, soil anomalies and fold structures
identified in magnetic and remote sensing data.
Due to numerous mechanical delays on the RC rig, the final two
holes were completed using DC. The location of the completed drill
holes is illustrated in Figure 2 and detailed in Table 1.
Detailed logging was undertaken on all the drill chips and core
with a view to understanding stratigraphic position, hydrothermal
alteration, and mineralisation trap-site potential. Composite
samples from RC holes were collected at 1m intervals and analysed
with a portable X-ray fluorescence analyser onsite. Anomalous
samples will be sent for laboratory assay.
Figure 3 illustrates the methodology used to evaluate and
compare drill results.
Drill Programme Results
A colour coded summary of results for the 2021 drilling is
presented in the linked Table 2. Additional figures illustrating
highlights from the programme are provided in the linked Figures 4
to 6.
-- Drilling of folded conductors modelled from AEM results has proven to be
an effective targeting tool with several holes intersecting potential
trap-sites in the prospective lower portions of the D'Kar Formation
stratigraphy.
-- Drilling of folded targets from magnetic data and / or remote sensing has
typically intersected Mid D'Kar stratigraphy.
-- Pyrite and pyrrhotite content typically increases in the lower
stratigraphy with several drill holes returning up to 5% overall
sulphides. The high sulphide content is considered favourable for
trap-sites.
-- Alteration and abundant quartz-carbonate veining intersected in several
holes demonstrates the existence of an active hydrothermal system.
-- Trace intersections of base metal sulphides (in the current programme and
previous stratigraphic drilling programme) in combination with anomalous
soil results highlight the potential for deposit formation.
Follow-on Drill Programme
The Endurance Prospect has been subdivided into a series of
targets which have been ranked using the results from drilling
along with AEM and soil sample programmes. The ranking has
highlighted several priority areas for follow-up drill testing,
along with additional target areas which remain untested (Figure
7).
Based on these results a further 2,400m of DC drilling is
planned to test for mineralisation in priority and newly identified
targets.
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 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 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: 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:
https://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
James Harris (Nominated Adviser)
Robert Collins
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/20211012006274/en/
CONTACT:
Metal Tiger plc
SOURCE: Metal Tiger plc
Copyright Business Wire 2021
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