Metal Tiger Plc
7 August 2017
Metal Tiger Plc
("Metal Tiger" or the "Company")
Botswana Copper/Silver Project – T3 Drilling Resumes
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”).
- Drilling resumes today at the T3 Copper / Silver Project.
- Approvals granted for 17 months to December 2018
- Initial Programme includes up to 70 diamond drill holes to test:
- Potential extensions to east and west of planned open pit
- Extent of Zone 3 mineralised contact, 300m below current T3 Resource
- High grade intersections that have potential for underground mining down-dip from planned open-pit, along >1000m strike.
- Geophysics anomalies (Induced Polarisation & Electromagnetic) identified north and northeast of the T3 Resource.
Michael McNeilly Chief Executive Officer of Metal Tiger commented:
“It is with great pleasure that we are able to report the resumption of drilling at the T3 Project.With the approval of the Environmental Management Plan by the Botswana Department of Environment we have the green light to restart the drilling rigs today.
The next phase of work includes up to 70 planned holes and several new targets to test in the T3 area. This includes testing the potential of high grade vein-hosted copper, down-dip of the planned open-pit, to support possible underground mining.
We envisage the start of an exciting new period at T3 as the pace of work ramps up again and we look forward to providing news of the updated T3 Resource soon.”
For an image that may assist readers in the visualisation of the T3 Project area, targets and planned holes mentioned in this announcement, 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.
T3 Drilling Programme Update
Tshukudu has received approval of the Environmental Management Plan (EMP) from the Botswana Department of Environmental Affairs (DEA). The approval allows for the recommencement of both diamond core (DC) and reverse circulation (RC) drilling at the T3 Project and its vicinity, subject to several manageable conditions, for a period of 18 months to December 2018. Details of the current and planned programme are as follows:
- EMP covers an area of 48km2 denoted by the farm block on which the T3 Project occurs, and allows for an unlimited number of diamond and reverse circulation drill holes.
- Initial programme will utilise three diamond rigs and two RC rigs, with an additional 3 diamond drilling rigs available on standby at site.
- RC rig will be used for pre-collars, hydrological holes and sterilisation holes beneath planned infrastructure (process plant, waste dump & tailings storage facility).
- Up to 70 diamond drill holes included in current stage of work, the majority of which are scheduled for completion by end of 2017.
- EMP allows for a further 12months of drilling during 2018 to follow-up on any new discoveries or Resource extensions around T3 and to complete the hydrological, sterilisation and technical drilling needed to complete the current feasibility study.
- Planned drill programme includes:
- Resource extensions & infill drilling – upto 200m east & 400m west of planned open-pit.
- High-grade veins with potential for underground development, down-dip and below the planned open-pit, along a >1,000m section up to 360m down-dip of the planned open-pit.
- Zone 3 mineralised contact located circa 300m below the current T3 Resource. Widely spaced drilling is planned to define this significant contact interpreted across the T3 Dome.
- Geophysical anomalies:
- Two Induced Polarisation (IP) anomalies (Western & Eastern IP Targets) 800m north of T3. These are interpreted to dip south towards T3 and may occur on the northern limb of a syncline.
- Airborne Electomagnetic (AEM) anomaly (A16), approx. 1km NE of T3. A16 is a low order target identified by the recent helicopter geophysics survey.
High-grade Vein hosted copper/silver Intersections Outside Planned Ppen-pit Design
- Further interpretation of previously announced drilling results has identified many high-grade vein hosted copper/silver intersections (>2% Cu) of 4-6m down-hole width (Table 1).
- High grade veins typically occur within wide lower-grade intervals within the current T3 Resource and open-pit design.
- Individual veins display moderate to strong continuity between drill holes. Average dip of veins 20-30 deg north. Vein strike length may extend to 1,000m.
- Several high-grade veins are interpreted to extend down-dip below the open-pit and have been intersected in the deepest resource holes drilled to date.
- Apparent consistency and width of higher copper/silver grade veins could represent a potential underground development target. The current drill programme will also test this potential on 50m and 100m centres initially up to 360m down-pit pf the planned open-pit.
Table 1:Summary of Vein-hosted High-Grade Copper/Siler Intersections at T3.
|Hole ID||High grade vein intersections||From (rounded down-hole depth)|
|MO-G-06D||6.0m @ 1.9% Cu & 38g/t Ag||223m|
|MO-G-70D||4.0m @ 2.6% Cu & 23g/t Ag||177m|
|MO-G-36D||4.0m @ 2.3% Cu & 44g/t Ag||224m|
|3.9m @ 2.7% Cu & 50g/t Ag||297m|
|MO-G-63D||4.4m @ 2.8% Cu & 39g/t Ag||176m|
|MO-G-04D||5.0m @ 2% Cu & 49g/t Ag||185m|
|MO-G-71D||4.0m @ 2.7% Cu & 2.7g/t Ag||195m|
|5.5m @ 2.5% Cu & 46g/t Ag||225m|
|GEOTECH-4||4.5m @ 2.2% Cu & 49g/t Ag||175m|
|MO-G-34D||4.9m @ 2.2% Cu & 42g/t Ag||182m|
|MO-G-51D||5.0m @ 2.7% Cu & 42g/t Ag||215m|
|MO-G-49D||5.0m @ 2.2% Cu & 45g/t Ag||278m|
|4.0m @ 2.0% Cu & 31g/t Ag||294m|
|MO-G-57D||4.3m @ 2.3% Cu & 24g/t Ag||210m|
|MO-G-58D||5.6m @ 1.8% Cu & 24g/t Ag||209m|
|MO-G-13D||5.0m @ 1.9% Cu & 6g/t Ag||179m|
- Further DEA environmental applications are planned for other high-priority regional drilling targets including the T3 Dome AEM anomalies (announced 21 July 2017) and soil anomalies identified on the T20 Dome.
- Both JV partners are well funded to continue the drilling and T3 technical studies, MOD had AUD $15.8M cash at 30 June 2017 and MTR recently raised GBP £4.85M.
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.
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|
|Stephen Allen or Bhavesh Patel|| RFC Ambrian Ltd |
|Tel: +44 (0) 3440 6800|
|Jonathan Williams|| RFC Ambrian Ltd |
|Tel: +44 (0)20 3440 6800|
|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.