20th Jun 2017 08:29
Metal Tiger Plc ("Metal Tiger" or the "Company")
Botswana Copper/Silver Project – Regional Exploration Update
Metal Tiger plc (LON:MTR) the London Stock Exchange AIM listed investor in strategic natural resource opportunities is pleased to provide an update regarding the Company’s Joint Venture (“JV”) project with partners MOD Resources (ASX:MOD) in the Kalahari Copper Belt in Botswana (70% MOD Resources / 30% Metal Tiger). Metal Tiger also holds 91,121,626 MOD shares, equivalent to 4.88% of MOD’s issued share capital and 1,541,667 MOD warrants at an exercise price of 6 cents (Australian). Activities in Botswana are conducted under the JV’s local operating company Tshukudu Metals Botswana (Pty) Ltd. (“Tshukudu”).
Highlights:
T20 Dome soil sampling yields encouraging results: 5 new copper anomalies identified to date. Airborne geophysics commenced : trial helicopter electro-magnetic survey over 30km section of the T3 Dome, which hosts the T3 deposit.Michael McNeilly Chief Executive Officer of Metal Tiger commented:
“Yesterday the joint venture successfully started a new chapter in the exploration of the western Kalahari Copper Belt. As far as we are aware Tshukudu is the first company to employ a high resolution airborne Electro-Magnetic survey technique to look for copper in this part of Botswana. As this is a new approach, the work is initially being run as a trial over and around the known T3 Resource, using the data gathered to fine tune the system with the aim of detecting other as-yet unknown copper deposits along the prospective T3 Dome. We anticipate that, where the technique is proved successful, it will have the potential to greatly accelerate the rate of new target generation over what is a very extensive licence holding.
Also, we are delighted to report that the initial soil sampling programme conducted on the T20 Dome, 100km west of T3, has borne fruit. Five new copper anomalies have been outlined with further infill sampling currently progressing to help constrain targets for follow-up drill testing in due course. It was a similar soil anomaly which first led to the discovery of the T3 Deposit, so we look forward to receiving the infill results.”
For further images and diagrams that may assist readers in the visualisation of the mineralisation and the reported drill collar locations, we would refer to the announcement released today by MOD Resources. This announcement can be viewed through the following link:
http://search.asx.com.au/s/search.html?query=mod&collection=asx-meta&profile=web
Shareholders should note that the timing of MOD announcements are outside the control of MTR, however MTR does its utmost to announce the drill results and important updates as soon as practicable after MOD makes its announcement to the ASX. MTR are only made aware of drill results and important updates immediately prior to the MOD release.
T20 Dome Soil Sampling Programme
Initial, 6km line spaced, soil sampling programme over part of the T20 Dome now completed. Soil sample assay results show an initial five potentially significant surface copper (and zinc) anomalies to date. At least two of the five anomalies coincide with regional ENE trending structures interpreted from magnetics. Five soil anomalies consist peak copper at 23ppm Cu, 22ppm, 18ppm, 17ppm & 16ppm respectively with associated zinc values ranging up to 45ppm Zn. Follow up infill soil sampling traverses now conducted around each of the anomalies. Infill samples will confirm the findings of the initial results and help constrain targets for follow-up drill testing in due course. To date no drilling has been conducted at T20. T20 Dome soil sampling programme also being extended to the east and north of Ghanzi to overlap the existing soil anomalies at T4 and T22. This will lead to near continuous coverage of soil sampling data over >100km within Tshukudu licences. Tshukudu has also recently applied for an additional prospecting licence along the southern part of the T20 Dome. A map depicting the locations of the five initial T20 soil anomalies is included in the MOD release of today.The T20 Dome is 100km west of the T3 Dome, both are located within the same structural corridor as interpreted from magnetic geophysics survey data. It is noteworthy that the T20 Dome has extensive surface calcrete deposits, similar to the T3 Dome.
It has been shown at T3, that surface calcrete can suppresses the soil copper signature, so that even low order copper anomalies may be significant. The soil sample that led to the discovery of the, shallow depth, T3 deposit was only 28ppm Cu with 27ppm Zn.
The T20 Dome is interpreted to be underlain by shallow dipping sediments including the prospective D’Kar Formation and Ngwako Pan Formation contact which hosts the large structurally related copper deposits in the eastern part of the Kalahari Copper Belt.
T4 is the nearest known copper occurrence to the T20 Dome, being approximately 20km to the northeast of the T20 Dome. T4 is associated with a 2km long soil anomaly and was the first anomaly to be drilled by the MTR/MOD JV. On the 1 April 2016 MTR announced an intersection of 2m @ 6.12% Cu and 111g/t Ag from 101m down hole depth in drill hole MO-A-04R. Due to the discovery of T3 in March 2016, attention switched focus, and no further drilling has yet been conducted at T4.
T3 Dome Airborne Electro-Magnetic Geophysics Survey
Trial, high resolution, airborne Electro-Magnetic (AEM) survey successfully commenced yesterday. AEM survey provides an opportunity to fast track exploration within this very prospective region. South African geophysical contractors NRG are using a helicopter-borne 18m transmitter loop at 30-40m survey altitude, with 200m spaced flight lines to achieve high resolution survey data. It is understood this is the first time a high-resolution AEM technique has been used in this area of the Kalahari Copper belt and the Company looks forward to reporting first results soon.The trial will initially seek to confirm that the AEM geophysical technique can detect the distinctive IP chargeability anomaly associated with the T3 copper deposit (announced 24 May 2017). With the objective of identifying possible other, new, targets along the wider T3 Dome structure. If the trial is positive, it will be extended into two blocks covering >30km along the axis of the T3 Dome. Depending on results, the survey may be extended further west and east along the T3 Dome.
Other Updates
Tshukudu presented at the Botswana Resource Sector Conference (BRSC) in Gaborone on 13 June. Metal Tiger Technical Director, Alastair Middleton, who attended the conference noted strong interest in the Tshukudu presentation and a good delegate footfall at the conference booth, including both the Minister and the Director of Mines. Other planned Project activities currently remain on schedule as set out in the release of 13 June 2017.Background
The T3 Project is located on the Kalahari Copper Belt in northern Botswana and is part of the MOD/MTR joint venture Botswana Copper/Silver Project. T3 is located parallel to the same structural trend known as the Mahumo Structural Corridor, that hosts MOD’s Mahumo Project (circa 20km NE of T3) and Cupric Capitals’ Banana Zone Deposit (60km NE) and Zone 5 Project (120km NE).
The T3 deposit was discovered in March 2016 when a reverse circulation (“RC”) drill hole intersected 52m @ 2.0% Cu and 32g/t Ag from shallow depth. The maiden T3 JORC compliant Mineral Resource was announced on 26 September 2016. The results of a Scoping Study for an open pit mine at T3 with a 2Mtpa processing plant, an indicative mine life of 10 years and an average production rate of 21,800tpa of copper and 665,000oz pa of silver was released on 6 December 2016. Work on a Pre-Feasibility Study (PFS) commenced in January 2017 and additional deeper copper mineralisation was discovered below the T3 Resource in February 2017.
MOD tabulate details of the current exploration procedures being employed on the project (JORC 2012 Table 1), in the appendix to their news release dated 20 June 2017.
The T3 Prospect geological data and exploration results have been reviewed and approved by Jacques Janse van Rensburg, BSc (Hons), Business Development Manager and Competent Person for MOD Resources Ltd.
The technical information contained in this disclosure has been read and approved by Mr Nick O'Reilly (MSc, DIC, MAusIMM, FGS), who is a qualified geologist who acts as the Competent Person under the AIM Rules - Note for Mining and Oil & Gas Companies. Mr O'Reilly has visited the T3 site and reviewed MOD’s drilling and sampling protocols and procedures. Mr O'Reilly is a consultant working for Mining Analyst Consulting Ltd which has been retained by Metal Tiger PLC to provide technical support.
For further information on the Company, visit: www.metaltigerplc.com:
| Michael McNeilly (Chief Executive Officer) | Tel: +44(0)20 7099 0738 | ||||
| Keith Springall (Finance Director & Company Secretary) | Tel: +44 (0)20 7099 0738 | ||||
| Sean Wyndham-Quin Neil Baldwin | Spark Advisory Partners Limited (Nominated Adviser) | Tel: +44 (0) 2033 683 555
www.sparkadvisorypartners.com | |||
| Nick Emerson Andy Thacker | SI Capital (Joint Broker) | Tel: +44 (0)1483 413 500 | |||
| Andrew Monk Andrew Raca | VSA Capital Limited (Joint Broker) | Tel: +44 (0)20 3005 5000 | |||
| Gordon Poole James Crothers | Camarco (Financial PR) | Tel: +44 (0)20 3757 4980 |
Notes to Editors:
Metal Tiger plc is listed on the London Stock Exchange AIM Market (“AIM”) with the trading code MTR and invests in high potential mineral projects with a precious and strategic metals focus.
The Company’s target is to deliver a very high return for shareholders by investing in significantly undervalued and/or high potential opportunities in the mineral exploration and development sector timed to coincide, where possible, with a cyclical recovery in the exploration and mining markets. The Company’s key strategic objective is to ensure the distribution to shareholders of major returns achieved from disposals.
Metal Tiger’s Metal Projects Division is focused on the development of its key project interests in Botswana, Spain and Thailand. In Botswana Metal Tiger has a growing interest in the large and highly prospective Kalahari copper/silver belt. In Spain Metal Tiger the Company has tungsten and gold interests in the highly-mineralised Extremadura region. In Thailand Metal Tiger has interests in two potentially near-production stage silver/lead/zinc mines as well as licences, applications and critical historical data covering antimony, copper, gold, silver, lead and zinc opportunities.
The Company has access to a diverse pipeline of new opportunities focused on the natural resource sector including physical resource projects, new natural resource centred technologies and resource sector related fintech opportunities. Pipeline projects deemed commercially viable may be undertaken by Metal Tiger or by an AIM or NEX Exchange (formerly ISDX) partner with whom the Company is engaged.
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