8th Apr 2016 09:32
LONDON (Alliance News) - Metal Tiger PLC shares dropped on Friday after the company published the first set of results from the drilling programme on the company's joint venture project in Botswana over the Kalahari copper belt.
Metal Tiger shares were down 22% to 3.98 pence per share on Friday morning.
Metal Tiger, which owns a 30% stake in the joint venture with Australian-listed MOD Resources, said the first assay results from samples taken from the T3 prospect delivered intersects of 4.0 metres at 0.78% copper from an 88.0 metre downhole and 12.0 metres at 0.76% copper from an 69.0 metre downhole.
The best intersect highlighted by the company was 14.0 metres at 1.97% copper from 86.0 metres downhole, including 7.0 metres at 2.9% copper from 92.0 metres.
In addition, Metal Tiger said five zones of "highly anomalous" lead and zinc sulphide mineralisation over an 84.0 metre interval from 64.0 metres depth. The highest individual zinc assays taken over a 1.0 metre interval graded at 3.43%, 2.07% and 1.07%.
Metal Tiger had previously guided that a significant amount of visible copper mineralisation had been found and intersected during drilling, and said those results are expected shortly.
The company added that two other holes in the east of the area that were drilled about 100.0 metres apart have also both intersected visible zones of disseminated copper, lead and zinc sulphides.
Metal Tiger said two diamond drill rigs are now on site in order to provide higher quality geological and assay data to aide in developing a better understanding of the structural and lithological setting of the copper, lead and zinc mineralisation and determining grade intersection relationships.
By Joshua Warner; [email protected]; @JoshAlliance
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