TIDMMTR
20 December 2021
Metal Tiger plc
("Metal Tiger" or the "Company")
Kalahari Metals Limited: Completion of Drilling at Endurance
Prospect
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") upon
the completion of the ten hole diamond core ("DC") drilling
programme (totalling 2,948m) at the Kitlanya East Project's
Endurance Prospect (the "Endurance Prospect").
As announced 8 December 2021(1) , the original eight hole
drilling programme was extended to include two follow-up DC holes
to test the lateral and vertical extent of alteration and copper
mineralisation intersected in the central portion of the Endurance
Prospect. Provisional results from the follow-up holes are
summarised in this announcement.
Highlights from the two follow-up DC drill holes include:
-- Both follow-up holes have intersected alteration zones with visible
Cu-mineralisation demonstrating lateral and vertical continuity to the
target hydrothermal system (see Figure 1 linked);
-- In addition to the previously identified vein-hosted chalcopyrite
mineralisation, further fine-grained copper sulphide mineralisation has
been noted in hydrothermally altered sandstone host-rocks, indicative of
a more proximal position to a potential Cu-Ag mineral deposit;
-- Both follow-up holes display an increase in the quantity of visible
Cu-mineralisation, and alteration associated with stockworks and veins.
This ten hole, 2,948m, DC drill programme was designed to test a
range of targets based on earlier reverse circulation ("RC") and
stratigraphic drilling results(2) . Encouraging results from this
phase of work provide an important exploration milestone as
targeting moves from a regional assessment of the extensive 25km
long Endurance Prospect, to testing of focussed mineralised
targets.
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/2924-02468962-2A1347208?access_token=83ff96335c2d45a094df02a206a39ff4
Michael McNeilly, Chief Executive Officer of Metal Tiger,
commented:
"We are very pleased to report the 2021 Endurance Prospect
drilling on the Kalahari Copper Belt has now completed with further
encouraging results.
The drill core intersection of both hydrothermal alteration and
visible copper mineralisation in several positions underpins the
potential for finding economic mineralisation at Endurance.
Over the course of 2021, KML has completed 7,700m of drilling
across its properties, allowing for a regional evaluation of
several prospects and the generation of a number of exciting
targets for testing during 2022.
In the meantime, we look forward to receiving the core sample
laboratory assay results from Endurance 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-drilling2
Endurance Prospect 2021 Overview
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. The recently completed drill programme has focussed
on structurally related breaks in folded airborne electromagnetic
("AEM") geophysics conductors supported by detailed magnetic data,
stratigraphic information from earlier RC and DC drilling
programmes and soil sampling results (see Figure 2).
Several of the recently drilled holes have intersected
alteration and complex vein stockworks often with associated
(minor) Cu-mineralisation demonstrating the effectiveness of the
targeting process and exploration potential of the prospect.
This announcement focusses on a target area in the central
portion of the prospect (Figure 3) where two additional diamond
holes (KIT-E-D028 and KIT-E-D029), totalling 614m, were drilled to
test the lateral and vertical extent and distribution of alteration
and mineralisation intersected in drill hole KIT-E-D023.
-- Both follow-up DC holes intersected hydrothermal alteration, complex
quartz-carbonate veins and stockworks with an increase in the quantity of
visible Cu-mineralisation (Figure 1).
-- Mineralisation intersected includes both vein-hosted chalcopyrite as well
as fine grained disseminated copper sulphide mineralisation along parting
planes.
-- In addition to chalcopyrite, rare bornite was noted in KIT-E-D029.
-- Quartz-carbonate veining styles and associated alteration minerals
including dolomite, chlorite, haematite, sericite, and K-feldspar along
with zones of bleaching and albitisation (Figure 4) provide significant
encouragement given the similarity in setting to known deposits on the
KCB.
A summary tables comparing alteration and sulphide
mineralisation between recent drill holes is illustrated in the
linked Table 1 whilst Table 2 summarises the drill hole details.
Northwest-Southeast AEM conductivity cross sections through
KIT-E-D023, KIT-E-D028 and KIT-E-D029 are provided in Figure 5.
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) 8 December 2021 ( source:
https://polaris.brighterir.com/public/metal_tiger/news/rns/story/rd7p88r
)
2. Metal Tiger company announcement (AIM) 13 October 2021 ( source:
https://polaris.brighterir.com/public/metal_tiger/news/rns/story/w950e1r
)
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/20211220005318/en/
CONTACT:
Metal Tiger plc
SOURCE: Metal Tiger plc
Copyright Business Wire 2021
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