TIDMMTR
Metal Tiger Plc3 April 2018
Metal Tiger Plc("Metal Tiger" or the "Company")
Botswana Copper/Silver Project - EMP Approval for Drilling T3
Dome
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 partner MOD Resources Limited (ASX:MOD) ("MOD") in the
Kalahari Copper Belt in Botswana (70% MOD Resources/30% Metal
Tiger).
Highlights:
-- Botswana Department of Environmental Affairs (DEA) has approved the
Environmental Management Plan (EMP) for drilling campaign to
test
numerous high priority targets along the 50km long T3 Dome.
-- T3 Dome EMP is subject to a four-week public review period with
drilling planned to commence in May 2018.
-- T3 Dome EMP will increase the area available for drilling within the
T3 Dome to circa 680km2.
-- Drilling on the T3 Dome is planned to commence with four drill rigs in
addition to the three rigs currently drilling at T3.
-- Drill targets will include an initial 10 high priority untested T3
Dome Airborne Electromagnetic (EM) geophysics anomalies thought
to be
related to lithological formation conductors.
Michael McNeilly Chief Executive Officer of Metal Tiger
commented:
"The approval of the EMP for the T3 Dome is a key development
for the JV, opening up an additional 680km2 of the prospective T3
Dome for drilling.Subject to the public review it is planned that
four drill rigs can start turning in May, with the objective of
testing the numerous anomalies already identified by the previous
airborne geophysics and soil sampling programmes.
These high priority target anomalies represent an opportunity
for the discovery of additional satellite copper deposits which
could augment or supplement the potential offered by developing the
T3 Open Pit Resource and its potential underground extensions.We
look forward to the prospect of an exciting stream of regional
drill results whilst the JV continues to progress the T3
Feasibility Study works."
This announcement coincides with an update released today by MOD
which can be viewed through the following link:
http://search.asx.com.au/s/search.html?query=mod&collection=asx-meta&profile=web
T3 Dome Regional Exploration Programme Target
-- The T3 Dome EMP has been lodged to drill test high priority
geophysical and geochemical anomalies generated by the T3
Dome
airborne EM survey (announced 21 July 2017) and the regional
soil
sampling programmes.
-- Initial interpretation of the geophysics data points to the district
scale T3 Dome being dominated by shallow thrust related
domal
structures including the 11km long T-Rex dome centred on the T3
Open
Pit Resource area.
-- Reinterpretation of the original geophysics data in conjunction with
data from the recent EM Survey extension is ongoing with
preliminary
3D modelling of the interpreted T3 host sequence to
approximately 500m
below surface.
-- It is hoped that 3D modelling of the geology will help target the
lithologies prospective for hosting more high-grade copper
vein
deposits.
-- Approval of the EMP had been briefly delayed due to staffing issues at
the DEA.
Background information on the T3 Project
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 within the central part of the
T3 Dome (approximately 1,000km2), which is the focus of rapidly
increasing exploration activity undertaken by the JV. Two
significant resources have been discovered to date within the T3
Dome: T1 (Mahumo deposit 100% MOD) and T3 (70% MOD / 30% MTR).
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 (2012) compliant Mineral
Resource was announced on 26 September 2016 with the first Resource
upgrade announced on 24 August 2017. 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. Mineral Resource estimation and classification
of the T3 Copper/Silver Project was conducted and approved by Mr
A.I. Pretorius, MSc. Pri.Sci.Nat. an independent consultant to MOD
Resources Ltd.
The Phase 2 drilling at the T3 Copper/Silver Deposit commenced
on 7th August 2017, with approval granted for the recommencement of
both diamond core (DC) and reverse circulation (RC) drilling at the
T3 Project and its vicinity, through to December 2018. This
includes up to 70 planned diamond core drill holes designed to
infill the current Resource and test for possible extensions. The
objective of the infill program is to increase geological
confidence and upgrade categorisation of the T3 Resource. The
programme also includes grid drilling to investigate the potential
for an underground Resource down-dip and along strike from the
planned open-pit, and to investigate geophysical targets.
The results of the T3 Open Pit Pre-Feasibility Study were
announced on 31st January 2018.
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 Principal consultant
working for Mining Analyst Consulting Ltd which has been retained
by Metal Tiger PLC to provide technical support.
In addition to its 30% interest in the JV, Metal Tiger holds
130,912,915 MOD shares, equivalent to 6.049% of MOD's issued share
capital and 1,541,667 MOD options each exercisable price of 6 cents
(Australian) on or before 15 April 2019.
For further information on the Company, visit:
www.metaltigerplc.com:
Michael McNeilly (Chief Executive Officer) Tel: +44(0)20 7099 0738
Keith Springall (Finance Director & Tel: +44 (0)20 7099 0738
Company Secretary)
Stephen Allen or RFC Ambrian Ltd Tel +44 (0)20 3440 6800
Bhavesh Patel
(Nominated Adviser)
Jonathan Williams RFC Ambrian Ltd Tel +44 (0)20 3440 6800
(Joint Broker)
Nick Emerson SI Capital Tel: +44 (0)1483 413 500
(Joint Broker)
Rita Adiani NRG Tel: +44 (0)20 3709 4504
Gordon Poole Camarco Tel: +44 (0)20 3757 4980
(Financial PR)
James Crothers
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,
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.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20180402006001/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
April 03, 2018 02:00 ET (06:00 GMT)
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