10th Dec 2018 11:07
LONDON (Alliance News) - Metal Tiger PLC and MOD Resources Ltd said Monday that their Kalahari joint venture intersected "another" shallow copper mineralisation at the T23 Dome.
Shares in Metal Tiger were down 14% at 1.47 pence each. MOD Resources were down 7.6% at 19.40p.
Metal Tiger holds a 30% interest in the Kalahari project located in Botswana, while MOD Resources owns the remaining 70%. Metal Tiger also owns 12.5% stake in MOD Resources.
MOD Resources said the third drill hole at T23 Dome intersected zones of "visible, finely disseminated" copper sulphides.
Metal Tiger said assay results from the same hole, MO-T23-001D, were "low" but showed copper mineralisation with the same sequence at all known deposits in the Kalahari copper belt.
The results included 25.0 metres at 0.36% copper and 4 grammes per tonne silver from 65 metres including 3.0 metres at 0.7% copper and 10 grammes per tonne silver from 65 metres.
Metal Tiger Chief Executive Michael McNeilly said: "We are delighted to report another intersection of shallow copper mineralisation on the T23 Dome, which forms part of the T20 exploration project, 100 kilometres west of the T3 project."
"With further drilling targets identified by the latest geophysics data interpretation and soil sampling results, we have a qualified pipeline of further exploration drilling targets and a good prospect of new discoveries for 2019."
MOD Resources Managing Director Julian Hanna added: "While we are still at an early stage of exploring the T23 Dome, we are very encouraged by the first drilling results. Having confirmed the prospectivity of this area, our exploration team can now start testing the potential for high-grade mineralisation within specific structures defined by the electromagnetic data."
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