20th May 2016 07:22
LONDON (Alliance News) - Metal Tiger PLC Friday said the latest assay results to come out of the company's joint venture within the Kalahari copper belt in Botswana have been published by its partner, with further results set to be published shortly.
Metal Tiger has partnered up with Australian-listed MOD Resources to conduct a diamond drilling programme in the copper belt in the search for new mining opportunities, and the results published Friday cover the first three holes targeting the T3 prospect.
Metal Tiger owns a 30% stake in the joint venture whilst MOD owns the other 70% and conducts the drilling.
MOD has so far drilled eight of the planned 10 diamond drill holes on the T3 prospect and will also complete 14 reverse circulation holes, with the results published Friday covering the first three diamond drill holes which are situated in Section-1 within the centre of the prospect.
The first diamond drill hole intersected 28.0 metres at 1.76% copper, 22.9 grammes of gold per tonne and 92.4 parts per million molybdenum from 103.0 metres downhole.
The hole also intersected three additional intersections which had an average grade of 1.3% copper, including 2.35 metres at 3.32% copper, 45.8 grammes of gold per tonne of ore and 184.0 parts per million molybdenum from 93.0 metres downhole.
The second hole intersected 4.0 metres at 1.46% copper and 10.0 grammes of gold per tonne from 43.0 metres downhole and 24.0 metres at 0.7% copper from 89.0 metres downhole. That hole was the shallowest diamond drill hole at the T3 prospect and also intersected several zones containing lead and zinc mineralisation from 62.0 metres downhole to 110.0 metres downhole.
The third hole intersected 18.4 metres at 1.06% copper from 174.9 metres downhole and 12.8 metres at 0.68% copper, 12.4 grammes of gold per tonne and 198.5 parts per million molybdenum from 212.2 metres downhole.
Metal Tiger said the results from the first three holes supports its initial interpretation that the vein contained disseminated copper and gold sulphide mineralisation within two shallow-dipping mineralised zones named the Upper zone and the Lower zone, with the results Friday also suggesting there is that zinc and lead mineralisation nearer the surface.
The assay results for the other five diamond drill holes that have already been completed will be published shortly. The soil sampling programme across the 25.0 kilometre-long T3 dome structure is also continuing with the aim of identifying additional targets containing copper, lead and zinc - which if found would be tested using reverse circulation drilling.
The current drilling is housed under a phase one programme targeting a specific area, but if the results support the idea then Metal Tiger and MOD may extend the area, suggesting more drilling would also occur.
"Our partners' work is now focused on demonstrating the size and scale of T3 which will be achieved through the continuing drill programme, receipt of assays and analysis thereof. T3 is building into a project of substance which requires an advanced degree of operational organisation, efficient implementation of the drill programme and delivery of the resultant analysed results to market," said Paul Johnson, chief executive of Metal Tiger.
Metal Tiger shares were down 4.0% to 4.10 pence per share on Friday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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