Metal Tiger Plc
17 July 2017
Metal Tiger Plc
("Metal Tiger" or the "Company")
Botswana Copper/Silver Project – T3 Progress 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 91,795,214 MOD shares, equivalent to 4.86% 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”).
- All sample assays received from previous infill / extensional drilling.
- Results from updated Mineral Resource Estimate to include Zones 1 & Zone 2 expected early August.
- Prefeasibility Study elements making good progress, on track for completion Q4 2017.
- T3 drilling targeted to resume in early August following the Environmental Management Plan public review period.
- Ongoing Airborne Electromagnetic geophysics data indicates potential for multiple new targets.
Michael McNeilly Chief Executive Officer of Metal Tiger commented:
“We are pleased to report that with the previously outstanding drill hole assay results now being sent to the project’s resource consultant in South Africa, we anticipate being able to release an updated and enlarged, T3 Mineral Resource Estimate incorporating the results of the infill drilling and the underlying Zone 2 mineralisation during August.
As well as being an important project metric, the updated T3 Resource will feed directly into the mining and geotechnical work streams of the T3 open-pit Pre-Feasibility Study which is progressing well and is expected to be completed around November 2017.”
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:
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.
Resource Infill / Extension Drilling Results
Tshukudu has received the sample assay results for the 11 outstanding drill holes at the T3 Deposit. These include 5 new Resource infill holes (MO-G-67D to MO-G-71D) and 6 previous holes (MO-G-52D to MO-G-59D) which were extended to intersect Zone 2 mineralisation below the southern end of the existing T3 Resource.
Significant widths of both Zone 1 (existing Resource) and underlying Zone 2 mineralisation were intersected in all 5 of the new Resource holes. The extended drill holes appear to show that Zone 2 merges with Zone 1 mineralisation near to the southern boundary of the Resource. Extended holes MO-G-55D and MO-G-56D intersected moderate mineralisation including 10m @ 0.6%Cu & 12g/t Ag from 194m down hole depth (hole MO-G-52D was not assayed).
The intersections from the 8 geotechnical holes drilled around the perimeter of the Scoping Study pit design were announced on 13 June 2017, these included 46.6m @ 2.1% Cu and 32g/t Ag from 96m downhole depth in hole Geotech_7.
Zone 2 remains open to the north and further holes are planned for when T3 drilling resumes (expected August 2017) upon the approval of the Environmental Management Plan.
- Key results for down-hole intersections in the new Resource drill holes include:
- 29.7m @ 1.1% Cu & 11g/t Ag from 145.3m (Zone 1 mineralisation)
- 8.6m @ 0.7% Cu & 9g/t Ag from 453m (Zone 3)
- 19.0m @ 1.2% Cu & 14g/t Ag from 152m (Zone 1)
- 0.5m @ 11.0% Cu & 210g/t Ag from 193.7m (Zone 2 – top part)
- 1.2m @ 2.6% Cu & 3g/t Ag from 213.8m (Zone 2 – bottom part)
- 7.4m @ 0.5% Cu & 7g/t Ag from 450.5m (Zone 3)
- 10.1m @ 0.9% Cu & 7g/t Ag from 151.0m (Zone 1)
- 12.0m @ 1.6% Cu & 33g/t Ag from 165.0m (Zone 1)
- 11.0m @ 1.0% Cu & 22g/t Ag from 201.0m (Zone 1)
- 11.5m @ 0.7% Cu & 10g/t Ag from 216.5m (Zone 2 – top part)
- 5.5m @ 2.1% Cu & 17g/t Ag from 175.6m (Zone 1)
- 24.0m @ 0.7% Cu & 13g/t Ag from 212.0m (Zone 2 – top part)
- 3.8m @ 1.1% Cu & 22g/t Ag from 242.8m (Zone 2 – top part)
- 13.0m @ 1.0% Cu & 11g/t Ag from 302.0m (Zone 2 – bottom part)
- 14.2m @ 1.2% Cu & 16g/t Ag from 192.8m (Zone 1)
- 6.5m @ 2.1% Cu & 38g/t Ag from 224.0m (Zone 1)
All holes were designed to intersect the northerly dipping mineralisation and are orientated with an azimuth of 160deg and dip of 60deg. New Resource diamond drill hole MO-G-67D reached a down hole depth of 493.6m, MO-G-68D reached 484.68m, MO-G-69D reached 366.39m, MO-G-70D reached 373.42m, MO-G-71D reached 451.73m. Existing diamond drill hole MO-G-52D(ext) was extended to 352.67m, MO-G-53D(ext) to 265.47m, MO-G-54D (ext) to 274.57m, MO-G-55D(ext) to 322.52m, MO-G-56D(ext) to 376.51m and MO-G-59D(ext) was extended to 322.50m.
Reported intersection widths may not represent true widths. A graphic illustrating the location of the drill holes with regard to the current open pit design is included in the MOD release and will be available on the Metal Tiger website (http://www.metaltigerplc.com).
T3 Prefeasibility Study (PFS) Progress
The T3 open-pit prefeasibility works are progressing to schedule with the completion of the overall PFS Study expected around November 2017. Mining and processing studies are underway with associated site visits completed.
- Environmental Baseline flora & fauna studies.
- Archaeological Impact assessment.
- Stakeholder engagement planning & policy.
- Digital terrain modelling and imagery available for all consultants.
- Process & Infrastructure Study: Proposed preliminary site layouts completed.
- Mineral Resource Estimate update: All drilling results and assay data now in hands of resource consultants Sphynx Consulting of South Africa. Updated Mineral Resource Estimate expected early August.
- Geotechnical Study: Complete subject to results of the updated Mineral Resource Estimate.
- Mining Study: Preparation work and trade-off studies complete in anticipation of updated Mineral Resource Estimate.
- Hydrogeological Study: Initial testing complete, Phase 2 borehole selection underway for when drilling resumes.
- Metallurgical Testwork: Testwork of composite samples of the three T3 ore domains (chalcopyrite, bornite & chalcocite) underway, early results pleasing.
- Tender Stage
- Tailings Storage Facility: Request for tenders issued, planned design work to commence August.
- Hydrogeological & Site Water Modelling: Request for tenders issued, design work to commence August.
- Environmental Impact Assessment, Scope & Tender process to commence August, work to commence September.
- Market & Smelter Investigation: on hold until production and concentrate specification is available.
- Other updates
- MOD have appointed an Australian consultant to advise on the Resource estimate and other mining aspects of the PFS, specifically the possibility of upgrading the Resource into a potential Reserve.
T3 Dome Airborne Electro-Magnetic Geophysics Survey Update
- Following details of the Airborne Electro-Magnetic (AEM) survey over 50km of the T3 Dome, and confirmation of the T3 anomaly (announced 9 July 2017), initial interpretation of the AEM data by MOD consultants has indicated potential for multiple new targets. Results of this interpretation are expected soon.
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 17 July 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 |
| Spark Advisory Partners Limited |
Tel: +44 (0) 2033 683 555
| Nick Emerson |
| SI Capital |
|Tel: +44 (0)1483 413 500|
| Andrew Monk |
| VSA Capital Limited |
|Tel: +44 (0)20 3005 5000|
| Gordon Poole |
| Camarco |
|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.