TIDMMTR
RNS Number : 7227L
Metal Tiger PLC
21 July 2017
Metal Tiger Plc
21 July 2017
Metal Tiger Plc
("Metal Tiger" or the "Company")
Botswana Copper/Silver Project - AEM Geophysics Anomalies
Metal Tiger plc (LON:MTR) the London Stock Exchange AIM listed
investor in strategic natural resource opportunities is pleased to
provide an update regarding the Company's Joint Venture ("JV")
project with partners MOD Resources (ASX:MOD) in the Kalahari
Copper Belt in Botswana (70% MOD Resources / 30% Metal Tiger).
Metal Tiger also holds 91,795,214 MOD shares, equivalent to 4.86%
of MOD's issued share capital and 1,541,667 MOD warrants at an
exercise price of 6 cents (Australian). Activities in Botswana are
conducted under the JV's local operating company Tshukudu Metals
Botswana (Pty) Ltd. ("Tshukudu").
Highlights:
-- Airborne Electromagnetic (AEM) geophysics preliminary
interpretation has identified 19 potential targets on the T3
Dome.
-- Targets include discrete, formational and deeper conductive anomalies.
-- Several anomalies (A1-A3 & A4) show similarities to the ground EM signature at T3.
-- A1, A2 and A3 are located directly along strike from the
large Banana Zone copper resources owned by Cupric Canyon
Capital.
-- Anomalies now being systematically verified and prioritised for drill testing.
Michael McNeilly Chief Executive Officer of Metal Tiger
commented:
"We are delighted to report on the findings of a provisional
interpretation of the Airborne Electromagnetic survey data. The AEM
data will prove an important tool to help focus exploration efforts
on the discovery of further T3 Type copper/silver deposits along
the T3 Dome. Whilst it is too early to determine whether these 19
anomalies are directly related to copper mineralisation, the large
number and variety of these anomalies provides exciting
possibilities. Each anomaly will now be evaluated in conjunction
with existing ground survey data, including soil geochemistry and
the geological team will be prioritising each target for drill
testing."
For an image that may assist readers in the visualisation of the
location of the geophysical anomalies mentioned in this
announcement, we would refer to the announcement released today by
MOD Resources. This announcement can be viewed through the
following link:
http://search.asx.com.au/s/search.html?query=mod&collection=asx-meta&profile=web
Shareholders should note that the timing of MOD announcements
are outside the control of MTR, however MTR does its utmost to
announce the drill results and important updates as soon as
practicable after MOD makes its announcement to the ASX. MTR are
only made aware of drill results and important updates immediately
prior to the MOD release.
T3 Dome Airborne Electromagnetic Geophysics Survey Update
Tshukudu has received a preliminary interpretation of the
high-resolution Airborne Electromagnetic (AEM) geophysics data
collected along 50km of the T3 Dome, it is the first time AEM has
been trialled in this area of the Kalahari Copper Belt. The
interpretation has been undertaken by Botswana based consultants
Spectral Geophysics, with the helicopter survey was flown by New
Resolution Geophysics (NRG) of South Africa (see announcement
20(th) June 2017).
The AEM survey has been flown to help fast track exploration for
potential 'T3 type' vein hosted and 'structural contact type'
copper/silver deposits, along the highly prospective and largely
unexplored T3 Dome structure. Similar surveys were reportedly flown
over the Boseto mine area, 120km north east of T3 during the late
1990's and successfully detected several of the large structural
contact type copper deposits in that area.
-- Spectral Geophysics have identified 19 geophysical anomalies
as potential exploration targets.
-- Anomalies initially ranked A1 - A19 based on the geophysical
characteristics of each anomaly in association with its interpreted
geological setting, with further classification based on an
approximate depth (shallow / mid-depth / deep) of the potential
conductive source.
-- Tshukudu's geological team is now prioritising targets and
preparing a drilling programme to test selected anomalies.
-- T3 Environmental Management Plan (EMP) public review period
is due to end in early August and subject to final DEA sign off,
four diamond rigs should commence drilling, initially in the
immediate T3 Project area.
-- Figure 1 in the MOD release referenced above shows the EM
channel 21 (early to mid-time delay) processed image to illustrate
potential shallow to moderate depth conductive responses.
-- Summary of selected anomalies:
o A1 to A4 ranked highest by Spectral Geophysics partly by
association with large, deeper formation, EM anomalies which are
5km long and may represent 'domes' of conductive sediments.
o A1, A2 & A3, located on the eastern end of the survey
area, are directly along strike from the large Banana Zone copper
resources owned by Cupric Canyon Capital. The Banana Zone deposits
occur around the margins of a large basement dome.
o T3 Deposit EM anomaly is surrounded by a 10km long canoe
shaped anomaly which is interpreted to represent a conductive dome
below the deposit's interpreted Zone 3 mineralised thrust
contact.
o A3 & A5 interpreted to occur at the intersection of fold
noses.
o A4, A9, A10, A15, & A18 are interpreted from magnetic data
to occur adjacent to east-west structures which include a
cross-cutting dolerite dyke and fault off-sets of various
geological contacts. One of these structures appears to off-set the
western end of the T3 Deposit and drilling is planned to test an IP
target in this area.
o Anomalies can also be subdivided into three broad types:
Ø Discrete Anomalies possibly associated with large, deeper
anomalies (e.g. A1, A2, A3, A4 & A16)
Ø Discrete Anomalies, not related to obvious geological contacts
(e.g. A5, A6, A7, A9)
Ø Formational anomalies, related to geological contacts or
structures (e.g. A14, A17, A18)
Background
The T3 Project is located on the Kalahari Copper Belt in
northern Botswana and is part of the MOD/MTR joint venture Botswana
Copper/Silver Project. T3 is located parallel to the same
structural trend known as the Mahumo Structural Corridor, that
hosts MOD's Mahumo Project (circa 20km NE of T3) and Cupric
Capitals' Banana Zone Deposit (60km NE) and Zone 5 Project (120km
NE).
The T3 deposit was discovered in March 2016 when a reverse
circulation ("RC") drill hole intersected 52m @ 2.0% Cu and 32g/t
Ag from shallow depth. The maiden T3 JORC compliant Mineral
Resource was announced on 26 September 2016. The results of a
Scoping Study for an open pit mine at T3 with a 2Mtpa processing
plant, an indicative mine life of 10 years and an average
production rate of 21,800tpa of copper and 665,000oz pa of silver
was released on 6 December 2016. Work on a Pre-Feasibility Study
(PFS) commenced in January 2017 and additional deeper copper
mineralisation was discovered below the T3 Resource in February
2017.
The T3 Prospect geological data and exploration results have
been reviewed and approved by Jacques Janse van Rensburg, BSc
(Hons), Business Development Manager and Competent Person for MOD
Resources Ltd.
The technical information contained in this disclosure has been
read and approved by Mr Nick O'Reilly (MSc, DIC, MAusIMM, FGS), who
is a qualified geologist who acts as the Competent Person under the
AIM Rules - Note for Mining and Oil & Gas Companies. Mr
O'Reilly has visited the T3 site and reviewed MOD's drilling and
sampling protocols and procedures. Mr O'Reilly is a consultant
working for Mining Analyst Consulting Ltd which has been retained
by Metal Tiger PLC to provide technical support.
For further information on the Company, visit:
www.metaltigerplc.com:
Michael McNeilly (Chief Tel: +44(0)20 7099
Executive Officer) 0738
Keith Springall (Finance Tel: +44 (0)20 7099
Director & Company 0738
Secretary)
Stephen Allen or Bhavesh RFC Ambrian Tel +44 (0)20 3440
Patel Ltd (nominated 6800
adviser)
Jonathan Williams RFC Ambrian Tel +44 (0)20 3440
Ltd (joint 6800
broker)
Nick Emerson SI Capital Tel: +44 (0)1483
Andy Thacker (Joint Broker) 413 500
Andrew Monk VSA Capital Tel: +44 (0)20 3005
Andrew Raca Limited 5000
(Joint Broker)
Gordon Poole Camarco Tel: +44 (0)20 3757
James Crothers (Financial 4980
PR)
Notes to Editors:
Metal Tiger plc is listed on the London Stock Exchange AIM
Market ("AIM") with the trading code MTR and invests in high
potential mineral projects with a precious and strategic metals
focus.
The Company's target is to deliver a very high return for
shareholders by investing in significantly undervalued and/or high
potential opportunities in the mineral exploration and development
sector timed to coincide, where possible, with a cyclical recovery
in the exploration and mining markets. The Company's key strategic
objective is to ensure the distribution to shareholders of major
returns achieved from disposals.
Metal Tiger's Metal Projects Division is focused on the
development of its key project interests in Botswana, Spain and
Thailand. In Botswana Metal Tiger has a growing interest in the
large and highly prospective Kalahari copper/silver belt. In Spain
Metal Tiger the Company has tungsten and gold interests in the
highly-mineralised Extremadura region. In Thailand Metal Tiger has
interests in two potentially near-production stage silver/lead/zinc
mines as well as licences, applications and critical historical
data covering antimony, copper, gold, silver, lead and zinc
opportunities.
The Company has access to a diverse pipeline of new
opportunities focused on the natural resource sector including
physical resource projects, new natural resource centred
technologies and resource sector related fintech opportunities.
Pipeline projects deemed commercially viable may be undertaken by
Metal Tiger or by an AIM or NEX Exchange (formerly ISDX) partner
with whom the Company is engaged.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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