TIDMMTR
Metal Tiger Plc
15 November 2018
Metal Tiger Plc
("Metal Tiger" or the "Company")
Botswana Copper/Silver Project - A1 Dome Drilling Results
Metal Tiger plc (AIM: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 ("MOD") (ASX:MOD) in the
Kalahari Copper Belt in Botswana (70% MOD Resources/30% Metal
Tiger).
Highlights
-- Six widely spaced diamond drill holes completed in first phase
programme at the A1 Dome, approximately 22km from the T3
Copper
Project ("T3")
-- Assay results confirm wide disseminated copper intersections in two
drill holes:
MO-A1-005D: 130m @ 0.52% Cu & 3.5g/t Ag from 590m
(which will be extended to the Ngwako Pan Formation contact
("NPF
Contact") in Q1 2019)
MO-A1-006D: 52m @ 0.61% Cu & 4.6g/t Ag from 624m,
including
1.4m @ 3.8% Cu & 26g/t Ag from 673m on NPF Contact
-- Drilling confirms exploration model for discovering copper
mineralisation associated with structural domes.
Michael McNeilly, Chief Executive Officer of Metal Tiger,
commented:
"We are very pleased to provide the results of first phase
drilling at the A1 Dome. This programme was designed to test the
copper potential of a 4km long section of the 12km long A1
prospective structural target identified from our previous airborne
geophysics survey. The presence of wide disseminated copper
intersections and higher-grade vein mineralisation at the NPF
stratigraphic contact have once again confirmed the model for
discovering significant copper mineralisation below structural
domes.The NPF hosts the majority of the known higher-grade copper
mineralisation on the Kalahari Copper Belt and extends over 250km
in northwest Botswana.
With drilling and sampling currently ongoing at the T23 Dome,
100km to the west of the A1 Dome, we look forward to providing
further assay results in the near future."
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
A1 Dome Background & Drilling Update
-- The A1 Dome is approximately 12km long and located 22km east of the T3
Pit Deposit, within a 963km2 area forming the wider T3
Expansion Project.
-- A1 Dome is the second stratigraphic dome to be drilled at the T3
Expansion Project and, following reinterpretation of the
airborne
electromagnetic (EM) geophysics data, comprises the A1, A2, A3,
A21
and A27 prospects.
-- Drilling at A1 Dome and A4 Dome (8km west of T3) is part of a strategy
to explore for additional resources within transport distance of
the
planned T3 process plant, potentially adding significant value
to the
project.
-- Drill holes MO-A1-001D, MO-A1-002D and MO-A1-004D are located on the
western end of the A1 Dome and intersected shallower vein
style
mineralisation.
-- Two holes MO-A1-003D and hole MO-A1-006D, spaced 4.2km apart, were
drilled deep enough to intercept the NPF Contact, both
intersected up
to 3.5% Cu at the contact.
-- Two holes, MO-A1-005D and hole MO-A1-006D, with a 800m strike
separation, intersected wide zones of disseminated
chalcocite
mineralisation. MO-A1-005D was terminated at 590m, before
intersecting
the NPF Contact and will be extended to intersect the
contact.
-- Key down-hole intersections from the diamond drill hole assay results
for the A1 Dome drilling programme withmineralisation type
and
assay status, include:
Hole MO-A1-002D
7m @ 0.9% Cu & 14g/t Ag from 190m (Vein, assay complete)Hole
MO-A1-003D
19m @ 0.8% Cu & 6g/t Ag from 660m, including
(Disseminated,
assay complete)
3m @ 2.0% Cu & 15g/t Ag from 676m (NPF Contact)H
Hole MO-A1-005D
130m @ 0.52% Cu & 3.5g/t Ag from 590m (Disseminated,
assay complete)Hole MO-A1-006D
52m @ 0.61% Cu & 4.6g/t Ag from 624m, including
(Disseminated,
assay complete)
1.4m @ 3.8% Cu & 26g/t Ag from 673m (NPF Contact)A
table detailing the collar coordinates, hole depth,
azimuth and dip is given in the appendix of today's
abovementioned MOD release.
-- The targeted NPF Contact hosts most of the resources in the eastern
Kalahari Copper Belt, including the 100Mt @ 2% Cu 'Zone 5'
underground
resource planned to be developed by Cupric Canyon Capital,
along
strike from the T3 Dome Complex.
-- Drilling at the A1 Dome is now on hold while results are being
interpreted and a high level conceptual underground mining study
is
being undertaken on the potential of the NPF Contact.
A4 Dome Update
-- Further assay results from the recently completed 20-hole diamond
drilling programme at the A4 Dome are expected to follow, these
will
increase the understanding of the T3 Expansion Project
potential.
T20 Exploration Project
-- Drilling is currently progressing at the T23 Dome within the T20
Exploration Project, approximately 120km west of the T3
Project.
-- Programme is designed to test the potential for shallower depth NPF
Contact related copper intersections copper along regional
scale
copper-belt strike extensions.
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 and 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 to provide technical support.
In addition to its 30% interest in the JV, Metal Tiger holds
13,974,220 MOD ordinary shares, representing approximately 6.04% of
MOD's issued share capital and 154,167 options over MOD ordinary
shares, each exercisable at AU$0.06 per MOD ordinary share 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
Mark Potter (Chief Investment Officer)
Richard Tulloch Strand Hanson Limited Tel +44 (0)20 7409 3494
James Dance (Nominated Adviser)
Jack Botros
Nick Emerson SI Capital (Broker) Tel: +44 (0)1483 413 500
Gordon Poole Camarco (Financial PR) Tel: +44 (0)20 3757 4980
James Crothers
Monique Perks
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 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. The Company's key strategic objective is to ensure the
distribution to shareholders of major returns achieved from
disposals. Metal Tiger has two investment divisions, Direct
Equities and Direct Projects.
The Direct Equities division invests in undervalued natural
resource companies listed on AIM, the ASX and the TSX. Through the
trading of equities and warrants, Metal Tiger seeks to generate
cash for investment in the Direct Projects division.
Metal Tiger's Direct 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 lead/zinc/silver
mines as well as licences, applications and critical historical
data covering antimony, copper, gold, lead, zinc and silver
opportunities.
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.
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 Complex (approximately 1,000 km2), 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 Estimate 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 Phase 2 drilling at the T3 Copper/Silver Deposit commenced
on 7 August 2017, with approval granted for the recommencement of
both diamond core ("DC") and RC drilling at the T3 Project and its
vicinity, through to December 2018 (which has subsequently been
extended to December 2020). This included 90 DC drill holes
designed to infill the Resource and test for possible extensions.
The objective of the infill programme is to increase geological
confidence and upgrade categorisation of the T3 Resource. The
programme also included 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 31 January 2018; the revised and upgraded T3
Copper/Silver Deposit Mineral Resource Estimate was announced on 2
July 2018; and a Resource re-classification announced on 16 July
2018.
On 18 July 2018, MTR and MOD announced they had entered into a
binding agreement for MOD to acquire MTR's 30% interest in the T3
Project and rights for an option to acquire MTR's interests in any
new JV which progresses to a scoping study within 3 years of
completion of the agreement.
The T3 Open Pit Feasibility Study, towards a decision to mine,
is currently underway.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20181114005963/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
November 15, 2018 02:00 ET (07:00 GMT)
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