13th Jul 2016 09:22
LONDON (Alliance News) - Metal Tiger PLC on Wednesday said new copper targets have been identified at its joint venture project in Botswana with MOD Resources Ltd, following regional soil sampling.
Metal Tiger has a 30% stake in the joint venture, whilst MOD holds the remaining 70%.
The company noted that several copper anomalies have been identified from an ongoing regional soil sampling programme, which it said has increased further the potential of the site, noting that it was regional soil sampling which delineated the current T3 resource project.
Metal Tiger said the copper in the soil anomalies at T2 are more than three times higher than the anomalies that led to the discovery of T3.
"The potential of our Botswana joint venture licences for holding as yet undiscovered copper deposits has increased further with the delineation of these soil geochemistry anomalies. The focussed strategy of identifying potential new deposits, by targeting regional scale structures identified from regional geophysics, with relatively low cost, soil sampling grids and reverse circulation drilling is paying off," said Chief Executive Paul Johnson.
"We commend the progress that our partners are making in the search for new copper deposits across our holdings, and look forward to reporting further developments as these anomalies are tested," Johnson added.
Shares in Metal Tiger were up 6.6% at 3.65 pence on Wednesday.
By Hannah Boland; [email protected]; @Hannaheboland
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
MTR.L