TIDMMTR
Metal Tiger Plc
15 May 2018
Metal Tiger Plc
("Metal Tiger" or the "Company")
Botswana Copper/Silver Project - Major Drilling Campaign
Commences at 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:
-- Major drilling campaign commences at T3 Dome Complex, following
completion of the public review of the Environmental Management
Plan
announced 4 April 2018.
-- T3 Dome now described as a 'Complex' due to number targets being
identified within its circa 1,000km2.
-- Airborne electromagnetic (AEM) geophysics interpretation points to a
series of large conductive domes, spread over a wide area.
Similar
geometries and internal structures to T-Rex Dome which underlies
the
T3 Deposit.
-- Seven buried domes to be drilled initially, circa 60 diamond drill
holes planned for Phase 1.
-- Drilling underway at A4 Dome, 8km west of T3 Deposit and at A1 Dome,
20km NE of T3.
Michael McNeilly Chief Executive Officer of Metal Tiger
commented:
"Using the latest data processing and interpretation techniques
the JV's geophysical contractors have identified a series of
prospective structural dome targets within the, 1,000km2, T3 Dome
complex.With cross-sectional profiles similar to the T-Rex Dome,
the feature associated with the T3 Deposit, these new domes will
now be drill tested to confirm they coincide with the favourable
geological units and structures associated with the T3
mineralisation.This new drilling programme has the potential to
deliver a pipeline of exciting results and hopefully additional T3
Type deposits."
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 Complex
-- Processing and interpretation of AEM data to the 500m depth limit of
the EM data has identified at least seven conductive domes
within the
T3 Dome Complex.
-- Domes are generally >5km long, 1-2km wide and interpreted to be
associated with shallow angle thrusting and stacking of
prospective
copper belt sediments. Interpretation appears to have defined
not only
the conductive shell but also the internal structure of several
domes.
-- Tops of several domes interpreted to start from 50-100m below surface,
other domes start at 200-300m depth and are less well
defined.
-- At the T3 Deposit a distinctive EM conductor, the 'T3 Marker Unit',
appears to be associated with a 40m thick, locally carbonaceous
shale
unit with varying degrees of alteration and veining intersected
in
many of the T3 drill holes.
-- Cross sections of interpreted AEM data for five domes are given with
initial planned drill hole traces in the MOD announcement of
today
(see above link).
T3 Dome Complex Planned Drilling Programme
-- Approximately 60 diamond core drill holes have been budgeted during
the Phase 1 drilling along the T3 Dome Complex, with 4 drill
rigs
deployed.
-- The objective of the planned drilling is to confirm the prospective
geological sequence and structures occur within the interpreted
domes.
-- Holes to be drilled in areas of structural complexity to test for vein
hosted deposits of the 'T3 Type', and to test the underlying
prospective Ngwako Pan Formation (NPF) contact which hosts
other
substantial copper deposits in the eastern part of the Kalahari
Copper
Belt.
-- A total of 8 diamond core rigs are or will be deployed on the JV
licences, in addition to the 4 rigs planned for the T3 Dome
Complex, 1
drill rig is working at the T3 Underground Resource and 3 rigs
on
geotechnical and sterilisation drilling for the T3 Pit
Project.
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. Drilling
approval has been granted for the wider T3 Dome with the acceptance
of the T3 Dome EMP announced on 3 April 2018.
The results of the T3 Open Pit Pre-Feasibility Study were
announced on 31st January 2018. The T3 Open Pit Feasibility Study,
towards a decision to mine, is currently underway.
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
138,800,415 MOD shares, equivalent to 5.996 % 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 Tel: +44(0)20 7099 0738
Officer)
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)
Charlie Cryer 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
James Crothers (Financial 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,
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/20180514006541/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
May 15, 2018 02:41 ET (06:41 GMT)
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