TIDMMTR
Metal Tiger plc
("Metal Tiger" or the "Company")
Kalahari Metals Ltd: Endurance Prospect Targets
Metal Tiger plc (AIM: MTR, ASX: MTR), the AIM and ASX listed
investor in natural resource opportunities, is pleased to provide
an exploration update in respect of the Botswana Kalahari Copper
Belt ("KCB") discovery focused explorer, Kalahari Metals Limited
("KML"). Metal Tiger holds a 49.0% equity interest in KML, with
Cobre Limited ("Cobre") holding a majority 51% equity interest.
Following completion of the previous phase of drilling on the
Kitlanya East Project's Endurance Prospect (the "Endurance
Prospect" or "Endurance"), as announced 20 December 2021(1) , and
following a review of final drill core and reverse circulation
("RC") drilling results, KML's technical team have outlined new
high-priority targets for next phase of drilling.
Highlights:
-- Positive drill results support KML's targeting model, increasing
confidence in the property.
-- Base metal assays from priority holes corroborate geological logging
results and validate the targeting methodology employed with indications
of mineralisation consistently occurring below, and along breaks, in
folded conductors.
-- A total of 34 drill holes have been designed to test new high-priority
targets with an initial 14 holes (approximately 4,000m) prioritised for
the next phase of drilling.
-- Next phase drilling, which is subject to approvals under the KML joint
venture, forms part of KML's systematic exploration programme aimed at
discovering the next Cu-Ag deposit in the Kalahari Copper Belt.
Decisions around budgets and further drilling are subject to the
terms of a joint venture agreement which governs the KML corporate
joint venture (the "KML JV").
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/2924-02509738-2A1368445?access_token=83ff96335c2d45a094df02a206a39ff4
Michael McNeilly, Chief Executive Officer of Metal Tiger,
commented:
"We are very pleased to report that new high priority drilling
targets have been identified following a detailed review of the
results of the Endurance Prospect drilling on the Kalahari Copper
Belt, which was completed at the end of December 2021.
The drill results provided several intersections displaying
signs of encouraging alteration and intense veining with
accompanying visible trace Cu, Pb and Zn mineralisation all
considered important vectors to mineralisation.
Based on drill results to date an expanded programme has been
designed to test multiple targets on the Endurance Prospect as the
proposed next step in the systematic exploration methodology aimed
at discovering the next Cu-Ag deposit in the KCB. "
Illustrative figures and tables for viewing in conjunction with
this announcement can be found on the Company's website at:
https://www.metaltigerplc.com/kalahari-metals-limited-kit-e-endurance-drilling-april-22
Endurance Prospect Overview
The Endurance Prospect covers an extensive, 25km long, elongated
fold structure with numerous smaller doubly plunging anticlinal
structures superimposed, offering excellent trap-sites for Cu-Ag
mineralisation analogous to Sandfire Resources' (ASX: SFR)
neighbouring T3 and A4 deposits which are situated 5km and 10km
north of the prospect area, respectively (Figure 1).
During 2021 KML set out to test a targeting model based on
folding, feeder structures and stratigraphy. Drilling was very
broadly spaced to provide an initial insight into multiple targets
across the large prospect area. A total of 3,345m of diamond and
1,701m of RC drilling were completed on the Endurance Prospect in
two stages. The first stage provided important insights into the
selected targets and demonstrated key alteration assemblages at
Endurance, which are known to be associated with major deposits
across the Kalahari Copper Belt. Second stage drilling successfully
refined the targeting model and involved an initial test of new
targets and broad step out around some first stage holes (aimed at
assessing alteration vectors).
Drill results provided several intersections displaying signs of
encouraging alteration and intense veining with accompanying
visible trace Cu, Pb and Zn mineralisation, all considered
important vectors to mineralisation. Selected zones of drill core
and RC samples were sent for assay to confirm the logging results
and assist with further target generation.
Based on drill results to date, an expanded programme testing
multiple targets on the Endurance Prospect has been designed as the
next step in the systematic exploration programme aimed at
discovering the next Cu-Ag deposit in the KCB.
Updated Targets For Follow-Up Work
KML has prioritised several new targets for follow-up drill
testing subject to appropriate approvals by the KML JV. The new
targets focus on disruptions and washouts in folded airborne
electromagnetic ("AEM") conductors which, based on the 2021
drilling, appear to relate to hydrothermal fluid activity
associated with the introduction of Cu-Ag mineralisation. The 5km x
2km central portion of the Endurance Prospect looks particularly
interesting, with evidence for a degree of stratigraphic uplift
(Figure 2) in this area supported by magnetic data and drill
results to date.
A total of 34 drill holes have been proposed to test these new
targets, with an initial 14 holes (approximately 4,000m)
prioritised for the proposed next phase of drilling. The targets
are illustrated in Figure 2. The exploration process to whittle
down the extensive prospective areas into focussed drill targets is
schematically illustrated in Figures 3, 4, 5 and 6.
Drill Sample Results
A total of 832 drill core and 115 RC drill samples, along with
appropriate duplicates, replicates and control source material,
were sent for aqua-regia ICP-AES multi-element analysis at ALS
laboratories, Johannesburg. Samples were selected from zones with
intense alteration and veining, often with evidence of trace base
metal mineralisation in drill core. RC samples with anomalous
provisional portable x-ray fluorescence ("pXRF") analyser results
were also included for assay. Results were used to:
-- Confirm the logging of trace base metal sulphides in drill core;
-- Identify potential element assemblages which could help with
identification of alteration halos associated with mineralisation; and
-- Prioritise the multiple targets identified to date and refine the next
phase of drilling.
Results:
-- Base metal assays from priority holes corroborate geological logging
results and validate target selection criteria;
-- Mineralisation appears to consistently occur in breaks in folded AEM
conductors, as well as below the marker conductor horizon corroborating
the structural model used for target generation; and
-- Encouraging Cu results were returned from a doubly plunging fold target
identified during progressive review of field observations and refinement
of the targeting model during the 2021 drilling programme.
A summary of anomalous drill hole assay results is provided in
Table 1 and the locations of the drill collars is provided in Table
2.
Table 1: Down hole drill intersections based on assay results
> 2 standard deviations from mean for Cu, Pb, Zn, As, Ag and
Mo.
RL To Down-hole
Hole ID Easting * Northing * (m) From (m) (m) Intersections
KIT-E-002 642369 7638590 1108 111 112 1.0m @ 81 Cu ppm
KIT-E-002 219 220 1.0m @ 134 Cu ppm
KIT-E-002 211 217 6.0m @ 304 Pb ppm
KIT-E-002 211 217 6.0m @ 632 Zn ppm
KIT-E-002 212 216 4.0m @ 0.7 Ag ppm
KIT-E-002 211 216 5.0m @ 676 As ppm
KIT-E-004 638088 7636645 1117 472 473 1.0m @ 98 Pb ppm
KIT-E-004 472 473 1.0m @ 225 As ppm
KIT-E-004 493 494 1.0m @ 97 Pb ppm
KIT-E-004 493 495 2.0m @ 311 Zn ppm
KIT-E-004 495 496 1.0m @ 2.9 Ag ppm
KIT-E-004 493 496 3.0m @ 272 As ppm
KIT-E-005 626982 7629850 1125.1 179 180 1.0m @ 81 Cu ppm
KIT-E-005 181 182 1.0m @ 82 Cu ppm
KIT-E-005 205 206 1.0m @ 311 Pb ppm
KIT-E-005 209 210 1.0m @ 40 Mo ppm
KIT-E-005 380 381 1.0m @ 99 Pb ppm
KIT-E-005 577 578 1.0m @ 20 Mo ppm
KIT-E-005 596 597 1.0m @ 77 Cu ppm
KIT-E-D020 625697 7629039 1118 123 124 1.0m @ 172 Mo ppm
KIT-E-D020 172 174 2.0m @ 96 Pb ppm
KIT-E-D020 178 179 1.0m @ 85 Cu ppm
KIT-E-D020 196 197 1.0m @ 87 Cu ppm
KIT-E-D020 199 201 2.0m @ 125 Cu ppm
KIT-E-D020 203 205 2.0m @ 91 Cu ppm
KIT-E-D020 249 250 1.0m @ 35 Mo ppm
KIT-E-D020 261 262 1.0m @ 28 Mo ppm
KIT-E-D021 626584 7629504 1098 89 90 1.0m @ 79 Cu ppm
KIT-E-D022 627776 7630229 1132 169 170 1.0m @ 97 Cu ppm
KIT-E-D022 170 171 1.0m @ 101 Pb ppm
KIT-E-D022 248 249 1.0m @ 19 Mo ppm
KIT-E-D023 633446 7633602 1125 34 35 1.0m @ 139 Pb ppm
KIT-E-D023 38 39 1.0m @ 82 Cu ppm
KIT-E-D023 95 96 1.0m @ 593 Pb ppm
KIT-E-D023 211 213 2.0m @ 410 As ppm
KIT-E-D023 213 214 1.0m @ 310 Zn ppm
KIT-E-D023 288 289 1.0m @ 0.6 Ag ppm
KIT-E-D023 312 313 1.0m @ 109 Cu ppm
KIT-E-D024 625901 7629076 1125 102 103 1.0m @ 181 Pb ppm
KIT-E-D024 212 213 1.0m @ 273 As ppm
KIT-E-D025 634219 7634288 1121 38 39 1.0m @ 75 Cu ppm
KIT-E-D025 194 195 1.0m @ 245 Pb ppm
KIT-E-D025 194 195 1.0m @ 6.3 Ag ppm
KIT-E-D027 639167 7637736 1080 47 49 2.0m @ 562 Zn ppm
KIT-E-D027 47 48 1.0m @ 234 As ppm
KIT-E-D027 55 56 1.0m @ 441 As ppm
KIT-E-D027 80 81 1.0m @ 1360 As ppm
KIT-E-D027 132 133 1.0m @ 217 Zn ppm
KIT-E-D028 633425 7633646 1128 140 141 1.0m @ 235 Cu ppm
KIT-E-D028 155 156 1.0m @ 91 Cu ppm
KIT-E-D028 257 258 1.0m @ 261 Zn ppm
KIT-E-D029 633251 7633541 1119 59 60 1.0m @ 135 Pb ppm
KIT-E-D029 59 60 1.0m @ 0.7 Ag ppm
KIT-E-D029 223 224 1.0m @ 413 As ppm
KIT-E-R009 626826 7629541 1139 28 29 1.0m @ 320 Zn ppm
KIT-E-R009 30 31 1.0m @ 75 Cu ppm
KIT-E-R009 108 109 1.0m @ 75 Cu ppm
KIT-E-R012 626124 7627810 1115 89 91 2.0m @ 277 Cu ppm
KIT-E-R012 90 91 1.0m @ 0.9 Ag ppm
KIT-E-R012 140 143 3.0m @ 103 Cu ppm
KIT-E-R013 72 73 1.0m @ 16 Mo ppm
* Coordinates in UTM Zone 34 South, datum WGS84
Table 2. Drill Hole Collar Table
RL Dip Azimuth Total depth
Hole ID Easting * Northing * (m) (degrees) (degrees) (m)
KIT-E-002 642369 7638590 1113 -65 135 356.9
KIT-E-004 638088 7636645 1120 -65 135 567.4
KIT-E-005 626982 7629850 1130 -75 135 681.2
KIT-E-D006 656533 7636613 1061 -60 135 403.7
KIT-E-D020 625697 7629039 1130 -70 145 300.0
KIT-E-D021 626584 7629504 1132 -65 145 302.7
KIT-E-D022 627776 7630229 1131 -65 145 251.7
KIT-E-D023 633446 7633602 1124 -65 145 315.2
KIT-E-D024 625901 7629076 1131 -65 145 260.7
KIT-E-D025 634219 7634288 1124 -65 145 300.3
KIT-E-D027 639167 7637736 1120 -65 145 303.0
KIT-E-D028 633425 7633646 1124 -65 145 326.9
KIT-E-D029 633251 7633541 1124 -65 145 287.0
KIT-E-R009 626827 7629541 1132 60 135 187.0
KIT-E-R012 626124 7627810 1124 -60 135 198.0
* Coordinates in UTM Zone 34 South, datum WGS84
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) 20 December 2021 ( source:
https://polaris.brighterir.com/public/metal_tiger/news/rns/story/x8k805x)
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/20220412005564/en/
CONTACT:
Metal Tiger plc
SOURCE: Metal Tiger plc
Copyright Business Wire 2022
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