17th Mar 2016 08:52
LONDON (Alliance News) - Metal Tiger PLC Thursday said its joint venture partner working in the Kalahari copper belt in Botswana has made "extremely positive progress" with the drilling programme as the company awaits to receive the test results.
Metal Tiger holds a 30% stake in the venture alongside the operator, Australian-listed MOD Resources, which holds the other 70% stake.
"I am delighted to report the extremely positive progress in the conduct of the drilling programme and in respect of the early findings achieved by project operators and partners MOD Resources. The nature and extent of mineralisation identified thus far is extremely encouraging and we eagerly await the results from sample analysis being conducted in the laboratory," said Paul Johnson, chief executive of Metal Tiger.
Metal Tiger said a total of 12 holes have been drilled on the project, of which 9 holes were drilled on Target 4, whilst the remaining three holes were conducted on Target 3, which is a copper, zinc and lead anomaly.
The company said visible sulphide mineralisation has been logged in the first three holes on Target 3, intersecting "potentially significant" sediment and quartz vein hosted sulphide mineralisation, consisting the copper sulphide mineral, chalcopyrite, bornite and pyrite.
"Samples from the first three T3 holes, and samples from the previous 9 holes drilled at Target 4 are currently undergoing analysis at a laboratory in South Africa so it is too early to make an proper assessment of the intersection grades and thicknesses," said Metal Tiger.
"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 and determining grade intersections. Core drilling is planned to commence after Easter," the company added.
MOD Resources also plans to conduct downhole electromagnetic geophysical surveys in the area to try to find new targets for future drilling.
Details of the grade intersections and geological interpretation from the existing holes will be provided once assay data has been received and processed.
Metal Tiger shares were up 5.5% to 2.82 pence per share on Thursday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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