23rd Mar 2016 10:24
LONDON (Alliance News) - Metal Tiger PLC Wednesday said it has decided to accelerate the work programme under its joint venture in the Kalahari copper belt in Botswana, stating further drilling will begin after Easter whilst it awaits the results from the previously drilled holes.
Metal Tiger shares were trading up 9.1% to 2.40 pence per share on Wednesday morning.
Metal Tiger holds a 30% stake in a joint venture with Australian-listed MOD Resources that is looking for opportunities within the copper belt.
"Metal Tiger promised investors it would search for strategic mineral projects with the potential to hold considerable value. There are no guarantees during any stage of the mineral exploration process, but we believe this Kalahari Copper Belt opportunity has the potential to become a significant strategic asset for Metal Tiger and MOD Resources," said Chief Executive Paul Johnson.
"We eagerly await assay data from early drilling however in recognition of the rotary circulation drilling findings to date the joint venture has decided to accelerate the work programme and diamond drilling commences on site shortly, to compliment rotary circulation drilling undertaken," he added.
The fourth rotary circulation hole has been drilled to test Target 3, and intersected 58.0 metres of visible copper sulp[hide mineralisation between 107.0 and 165.0 metres downhole.
That means all four holes have intersected visible copper sulphide mineralisation, delivering a combined strike length of intersected mineralisation of 180.0 metres.
With assay results expected to be received from the laboratory in South Africa shortly, Metal Tiger said a preliminary downhole EM geophysics survey has been undertaken.
Given the encouraging intersection indications, the joint venture has sourced a diamond drilling core rig with a view to obtaining a better understanding of the structural and lithological setting of the copper mineralisation intersected in Target 3, and determining grade intersections.
Core drilling is planned to commence after Easter, Metal Tiger said.
The latest four holes to be drilled on Target 3 are in addition to the nine holes previously drilled on Target 4.
By Joshua Warner; [email protected]; @JoshAlliance
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