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Metal Tiger plc - Botswana Copper/Silver Project – T3 Deposit Drilling Assay Results

Metal Tiger Plc

24 October 2017

Metal Tiger Plc

("Metal Tiger" or the "Company")

Botswana Copper/Silver Project – T3 Deposit Drilling Assay Results – Significant Potential Outside Existing Planned Pit

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 95,543,934 MOD shares, equivalent to 5.049% 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:

  • Drill core assays from 10 recent drill holes confirm mineralisation extends well outside the planned open-pit.
  • Assays for a further 8 drill holes, including those which intersected mineralisation at the previous western and eastern limits of drilling at T3, are awaited.
  • Potential significant underground targets outlined by stacked high grade vein assays which are currently interpreted to be continuous over at least 1.1km of strike length.
  • Drill hole MO-G-90D, currently in progress, has intersected two visible bornite/chalcocite vein zones approximately 300m northeast of the planned pit.
  • ALS Minerals sample preparation facility arrives on site to expedite assay turnaround.
  • Power line to be constructed within 12km of T3 by 2020, government contracts awarded.

Michael McNeilly Chief Executive Officer of Metal Tiger commented:

“We are excited to report that drill core assays received from the latest phase of drilling at the T3 Deposit in Botswana, have confirmed the presence of high-grade stacked vein copper mineralisation striking over at least 1.1km, which may hold strong potential for extending the open potential around the currently planned open-pit.

Given the potential positive impact of this development, to both mine life and project economics the JV has commissioned an independent consultancy to examine the scenario of an underground mine accessed via a decline from the open pit mine.

Further excellent news comes with the confirmation that the government plans to connect up the Ghanzi District, in which the T3 Project is located, to the Botswana national power grid.Under our current understanding of the plans this will see a major supply line pass within 12km of the T3 Project site, bringing potential significant cost saving benefits to the operation.

We look forward to keeping our shareholders abreast with further developments on the environmental approvals, T3 Dome drilling and assay results, as we continue to build on the JV’s achievements.”

For images that may assist readers in the visualisation of the T3 Project area and drill collars mentioned in this announcement, 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.

T3 Drilling Programme Update

The current phase of drilling at the T3 Copper/Silver Deposit commenced on 7th August 2017, with approval granted for the recommencement of both diamond core (DC) and reverse circulation (RC) drilling at the T3 Project and its vicinity, through to December 2018. This includes up to 70 planned diamond core drill holes designed to infill the current Resource and test for possible extensions. The objective of the infill program is to increase geological confidence and upgrade categorisation of the T3 Resource. The programme also includes grid drilling to investigate the potential for an underground Resource within several high grade stacked copper/silver veins below, down-dip and along strike from the planned open-pit. Additional planned diamond core drill holes will target the geophysical targets along the structurally complex T3 Dome.

  • Assay results from the first ten diamond core holes drilled since 7th August 2017.
  • Assay results from a further 8 holes currently awaited, these include results for holes MO-G-76D, MO-G-79D and MO-G-80D which intersected wide zones of visible copper mineralisation consisting multiple intervals of disseminated and vein hosted sulphides located along strike at the eastern and western limits of drilling at T3 (reported 3rd October 2017).
  • Recent assay results show potential for underground mining outside the planned open-pit, with up to four veins, V1, V2, V3 and V4, identified to date (see Figure 2 section image on MTR project webpage https://www.metaltigerplc.com/index.php/projects-2/botswana-copper-silver ).
  • Veins V1 and V2 occur within the Zone 1 mineralised sequence, and based on current understanding appear to be continuous along approximately 1,100m of T3 strike length.
  • Strike length of V1 and V2 may increase further, with hole MO-G-90D, currently in progress, intersecting two bornite/chalcocite vein intervals approximately 300m northeast of the planned pit.
  • Veins V3 and V4 occur within the Zone 2 mineralised sequence.
  • South African mining consultants have been commissioned to commence a conceptual study to evaluate the potential to mine these veins underground from a decline below the open-pit.
  • New assays include intersections from holes MO-G-57D and MO-G-71D which were extended to intersect the Zone 3 structural contact between the D’Kar formation (which hosts the T3 mineralisation) and Ngwako Pan formation, approximately 300m below the top of T3.
  • MO-G-57D and MO-G-71D both intersected shear hosted chalcocite copper mineralisation associated with the Zone 3 contact, with intersection grades ranging 0.7% to 0.8% Cu, in line with previously announced Zone 3 widely spaced intersections.
  • Although Zone 3 intersections have not yet given grades which might support mining outside theT3 open pit, this potential exists over the wider T3 Dome area, especially where structural complexity may have served to upgrade the mineralisation. Zone 3 therefore remains a high priority target, in addition to the numerous airborne AEM targets yet to be drilled along the wider T3 Dome.
  • The Zone 3 contact is interpreted to host significant copper deposits in the eastern part of the Kalahari Copper Belt including the 2Mt copper Resource at Cupric Canyon’s Zone 5 Deposit and Chalcocite Zone Deposit as well as the 100% MOD owned T1 Resource located 20km northeast of T3.
  • Key down-hole intersections from the latest batch of diamond drill hole assay results, with mineral zone and interpreted vein id, include:
  • Hole MO-G-72D
  • 1.7m @ 2.2% Cu & 48g/t Ag from 173m (Zone 1, V2)
  • 1.9m @ 2.4% Cu & 46g/t Ag from 182m (Zone 1, V2)
  • 5.6m @ 1.6% Cu & 16g/t Ag from 196m (Zone 2, V3)
  • Hole MO-G-73D
  • 8.9m @ 1.7% Cu & 36g/t Ag from 219m (Zone 1, V2)
  • Hole MO-G-75D
  • 9.0m @ 1.7% Cu & 30g/t Ag from 210m (Zone 1, V2)
  • 7.0m @ 1.7% Cu & 29g/t Ag from 230m, including;
    • 3.0m @ 2.5% Cu & 41g/t Ag from 234m (Zone 2, V3)
  • Hole MO-G-61D
  • 13.0m @ 1.1% Cu & 14g/t Ag from 200m (Zone 1, V1)
  • 12.0m @ 1.1% Cu & 14g/t Ag from 235m, including;
    • 5.0m @ 1.6% Cu & 31g/t Ag from 234m (Zone 1, V2)
  • Hole MO-G-62D
  • 4.6m @ 2.2 % Cu & 41g/t Ag from 193m (Zone 1, V1)
  • 4.1m @ 2.8% Cu & 44g/t Ag from 226m (Zone 1, V2)

Zone 3 Intersections (from hole extensions):

  • Hole MO-G-71D
  • 8.1m @ 0.7% Cu & 8g/t Ag from 475m (Zone 3)
  • Hole MO-G-57D
  • 5.2m @ 0.8% Cu & 10g/t Ag from 463m (Zone 3)

Correlation of interpreted high-grade copper/silver veins and zones for previously reported intersections (reported 7 August 2017), with previously unreported results in bold:

Hole ID   High grade vein intersections   From (rounded down-hole depth)   Interpreted Zone and Vein ID
MO-G-06D 6.0m @ 1.9% Cu & 38g/t Ag 223m Zone 1, V2
MO-G-70D 4.0m @ 2.6% Cu & 23g/t Ag

4.1m @ 1.7% Cu & 31g/t Ag

177m

213m

Zone 1, V1

Zone 1, V2

MO-G-36D 4.0m @ 2.3% Cu & 44g/t Ag 224m Zone 1, V2
MO-G-63D 4.4m @ 2.8% Cu & 39g/t Ag

4.9m @ 2.4% Cu & 43g/t Ag

Including: 3.9m @ 2.7% Cu & 50g/t Ag

176m

296m

297m

Zone 1, V1

 

Zone 2, V4

MO-G-04D 5.0m @ 2.0% Cu & 49g/t Ag

4.1m @ 1.8% Cu & 31g/t Ag

185m

226m

Zone 1, V1

Zone 1, V2

MO-G-71D 4.0m @ 2.7% Cu & 44g/t Ag

5.5m @ 2.5% Cu & 46g/t Ag

195m

225m

Zone 1, V1

Zone 1, V2

GEOTECH-4 4.5m @ 2.2% Cu & 49g/t Ag 175m Zone 1, V1
MO-G-34D 4.9m @ 2.2% Cu & 42g/t Ag 182m Zone 1, V1
MO-G-51D 8.0m @ 2.0% Cu & 27g/t Ag

Including: 5.0m @ 2.7% Cu & 42g/t Ag

212m

215m

Zone 1, V1
MO-G-49D 5.8m @ 2.1% Cu & 42g/t Ag

4.0m @ 2.0% Cu & 31g/t Ag

278m

294m

Zone 2, V3

Zone 2, V4

MO-G-57D 12.5m @ 1.4% Cu & 11g/t Ag

Including: 4.3m @ 2.3% Cu & 24g/t Ag

202m

210m

Zone 1, V1
MO-G-58D 12.0m @ 1.3% Cu & 18g/t Ag

Including: 5.6m @ 1.8% Cu & 24g/t Ag

209m

209m

Zone 1, V1
MO-G-13D 14.2m @ 1.5% Cu & 6g/t Ag

Including: 5.0m @ 1.9% Cu & 6g/t Ag

176m

179m

Zone 1, V1

T3 Dome Regional Exploration Update

Current regional exploration targets include the 20 Airborne Electromagnetic (AEM) geophysics anomalies identified from the survey completed in July 2017. The AEM anomalies occur within a 8km wide zone extending along the 50km long strike of the survey area; together with as yet untested copper geochemical anomalies identified from the systematic soil sampling programme, including T21.

  • Environmental approval is expected soon for drilling to commence on farm block 117NL, an area to the north of T3, which includes three AEM anomalies (A15, A18 and recently identified A20).

T20 Dome Regional Exploration

Regional exploration work has continued on the T20 Dome, the prospective geological structure located 120km to the west of the T3 Dome.

  • Infill soil sampling results have confirmed several copper/zinc soil anomalies identified previously and two blocks of AEM geophysics are planned to be flown as a trial to identify potential conductors and drilling targets in these areas.

Other Updates

  • A sample preparation facility which will be managed by certified laboratory ALS Minerals, has arrived onsite in Ghanzi and will be commissioned soon. In accordance with Tshukudu’s employment policy, ALS will manage a training programme to build skilled local employment which will benefit the community, exploration and future planned mining operations.
  • Tshukudu has recently been advised that the Botswana Government has approved the supply of grid electrical power into Ghanzi District and contracts have been awarded for a transmission line to be constructed within 12km of T3.
  • Grid power is scheduled to be available during the first quarter 2020. This is important as it will have a positive impact on T3 process operating costs.

The 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 within the central part of the T3 Dome (approximately 1000km2), which is the focus of rapidly increasing exploration activity undertaken by Tshukudu. Two significant resources have been discovered to date within the T3 Dome: T1 (Mahumo deposit 100% MOD) and T3 (70% MOD / 30% MTR).

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 (2012) compliant Mineral Resource was announced on 26 September 2016 with the first Resource upgrade announced on 24 August 2017. 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. Mineral Resource estimation and classification of the T3 Copper/Silver Project was conducted and approved by Mr A.I. Pretorius, MSc. Pri.Sci.Nat. an independent consultant to 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 Principal 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

(Nominated Adviser)

Tel +44 (0)20 3440 6800
Jonathan Williams RFC Ambrian Ltd

(Joint Broker)

Tel +44 (0)20 3440 6800
Nick Emerson SI Capital

(Joint Broker)

Tel: +44 (0)1483 413 500
Rita Adiani NRG Tel: +44 (0)20 3709 4504
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, 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.

LEI: 213800K1IN6M1VCVPA93

Classification: 3.1 Additional regulated information required to be disclosed under the laws of a Member State