TIDMMTR
8 December 2021
Metal Tiger plc
("Metal Tiger" or the "Company")
Kalahari Metals Limited: Endurance Prospect Provisional Drilling
Results
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 ("KCB")
discovery focused explorer, Kalahari Metals Limited ("KML") and its
ongoing diamond core ("DC") drilling programme at the Kitlanya East
Project's Endurance Prospect (the "Endurance Prospect").
As announced on 18 October 2021(1) , the Endurance Prospect
drilling programme has been designed to evaluate priority targets
associated with airborne electromagnetic ("AEM") geophysical
conductors prospective for copper-silver ("Cu-Ag") mineralisation.
The provisional drilling results, based on detailed geological
logging of the first 8 holes (totalling 2,336m drilled), completed
over the last six weeks, are now available.
Highlights from the drill programme include:
-- Drill holes have intersected significant hydrothermal alteration
including chlorite, albite and sericite alteration along with
multi-generational quartz-carbonate vein stockworks typically associated
with Cu-Ag deposits in the Kalahari Copperbelt;
-- Several intersections of minor Cu-mineralisation have been recorded in
visual logs associated with zones of more intense alteration; and
-- Results have significantly prioritised target areas within the Endurance
Prospect and offer an effective method for vectoring to higher grades of
mineralisation.
Based on these encouraging provisional results and excellent
drill production rates, to complete the exploration programme for
2021, a further two follow-up DC holes have been added to the
current phase of drilling. Core cutting and sampling is currently
ongoing, and laboratory assay results will be reported when
available.
Following the recent approval by the Minister of Mineral
Resources, Green Technology and Energy Security in Botswana to the
application for a change of controlling interest in KML, Metal
Tiger holds a 49.0% interest in KML, with Cobre Limited ("Cobre")
holding the majority 51% of the shareholding.
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/2924-02463874-2A1344508?access_token=83ff96335c2d45a094df02a206a39ff4
Michael McNeilly, Chief Executive Officer of Metal Tiger,
commented:
"We are pleased to provide an update for the diamond core
drilling of compelling targets at the Endurance Prospect on the
Kalahari Copper Belt.
The provisional results based on detailed geological core
logging show alteration, quartz-carbonate veining and sulphide
minerals typically associated with Cu-Ag deposits in the Kalahari
Copper Belt.
Based on the success of this drilling and the extra exploration
vectoring data it has provided, the planned eight hole programme
has been extended by a further two holes, and we look forward to
receiving the sample laboratory assay results and providing further
updates in due course."
Illustrative figures and tables for viewing in conjunction with
this announcement can be viewed on the Company's website at:
https://www.metaltigerplc.com/kml-kit-e-endurance-drilling
Endurance Prospect Drill Targets
The Endurance Prospect has been modelled as an extensive, 25km
long, anticlinorium located in a similar structural setting to ASX
listed Sandfire Resources' (ASX: SFR) T3 and A4 deposits, which are
situated 5km and 10km to the north of the prospect area
respectively (see Figure 1). This extensive prospect area is
notable for: anomalous Cu and Zn soil 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 T3 and
A4.
Stratigraphic drilling completed in 2020 identified trace Cu, Pb
and Zn mineralisation on shear planes along with sericite, albite
and hematite alteration often associated with the distal portions
of mineral deposits in the Kalahari Copper Belt.
All results combined provide evidence for an extensive
mineralising hydrothermal system. Results from reverse circulation
("RC") drilling carried out earlier in the year were utilised to
vector into several priority target areas, which are the focus of
the current phase of diamond drilling (2) .
A total of eight diamond holes totalling 2,336m drilled, have
been completed to date in the current programme (hole name range
KIT-E-D020 to KIT-E-D027).
Geological, structural and alteration logging results are
summarised in Table 1 and illustrated in Figures 2, Figure 3 and
Figure 4. Drill hole details are summarised in Table 2.
Key results from the ongoing drilling include:
-- Target drilling into disruptions in folded AEM conductors related to
lower D'Kar Formation stratigraphy has consistently intersected
significant alteration, multi-generational veins and stockworks further
substantiating the target methodology;
-- Increased Cu mineralisation associated with the more intense portions of
the alteration zones has been identified in several drill holes, most
notably KIT-E-D020, KIT-E-D023, KIT-E-D025 and KIT-E-D026; and
-- By carefully logging alteration intensity and vein architecture along
with sulphide content, composition, and stratigraphy, it has been
possible to generate vectors to potential mineralisation within each of
the targets tested.
Follow-on Drill Programme
Two additional 200m holes have been added to the current work
programme to test the down-dip and lateral extension of promising
alteration and mineralisation intersected in hole KIT-E-D023. These
holes will target (and provide vectors to) potential higher grade
Cu mineralisation. Sections illustrating the location of the
follow-up holes are illustrated in Figure 5.
More detailed follow-up programmes for 2022 will be designed
when assay results are available from the current round of
drilling.
Project Background
Kalahari Metals Limited, which was incorporated in England &
Wales on 3 May 2017, holds interests in twelve 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.
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 note:
1. Metal Tiger company announcement (AIM) 18 October 2021 ( source:
https://polaris.brighterir.com/public/metal_tiger/news/rns/story/w3z9y3r
)
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/20211208005407/en/
CONTACT:
Metal Tiger plc
SOURCE: Metal Tiger plc
Copyright Business Wire 2021
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