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Botswana Copper/Silver Project A4 Dome Intersection Update

Botswana Copper/Silver Project A4 Dome Intersection Update

Metal Tiger Plc
4 September 2018

Metal Tiger Plc
("Metal Tiger" or the "Company")

Botswana Copper/Silver Project – A4 Dome Intersection 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 partner MOD Resources Limited (ASX:MOD) (“MOD”) in the Kalahari Copper Belt in Botswana (70% MOD Resources/30% Metal Tiger).

Highlights:

  • Latest batch of assay results confirm further copper intersections at A4 Dome, located 8km from T3 Project:
    • Hole MO-A4-003D, down hole intersections:
      • 31.2m @ 1.1% Cu & 11g/t Ag from 560m, including
        • 5.0m @ 2.2% Cu & 22g/t Ag, from 586m (NPF contact)
      • Previously reported upper intersection: 52m @ 1.5% Cu & 14g/t Ag from 232m, including 15.5m @ 2.9% Cu & 42g/t Ag, from 269m (6 August 2018).
    • Hole MO-A4-004D, down hole intersections:
      • 19.3m @ 1.0% Cu & 10g/t Ag from 485m, including
        • 4.3m @ 2.3% Cu & 21g/t Ag, from 500m (NPF contact)
  • Assays results awaited for two further holes with potentially significant visible chalcocite and bornite vein hosted mineralisation logged:
    • MO-A4-005D (230m south of MO-A4-003D) visible mineralisation from 443m downhole.
    • MO-A4-008D (400m west of MO-A4-003D) wide zone of visible and locally strong mineralisation from 230m downhole.
  • Two stratigraphic zones of mineralisation upper south dipping high grade veins above the lower NPF contact.
  • Nine holes to date at A4 Dome have intersected copper mineralisation, only 1km of 5km long interpreted structural target zone tested to date.

Michael McNeilly Chief Executive Officer of Metal Tiger commented:

“We are very pleased to announce further wide copper intersections on the A4 Dome, where drilling is building out copper mineralisation in a way reminiscent of the T3 Deposit. We are looking forward to determining whether the visibly strong vein hosted mineralisation seen in one of the latest holes, MO-A4-008D, correlates with the high-grade assay intersections in hole MO-A4-003D, which are separated by a strike distance of 400m”.

This announcement coincides with an update released today by MOD which can be viewed through the following link:

http://search.asx.com.au/s/search.html?query=mod&collection=asx-meta&profile=web

A4 Dome Drilling Update

  • The circa 5km long A4 Dome is located 8km from the 60Mt T3 Pit Project and planned processing plant.
  • The A4 Dome and the A1 Dome, together with the T3 Deposit, form part of the ~700km2 T3 Dome Complex.
  • Assay results and infill drilling are required to help determine whether the strong vein hosted mineralisation seen in MO-A4-008D correlates with that intersected in MO-A4-003D.
  • The NPF contact hosts most of the resources in the eastern Kalahari Copper Belt, including the 100Mt @ 2% Cu ‘Zone 5’ underground resource planned to be developed by Cupric Canyon Capital, along strike from the T3 Dome Complex.
  • The NPF contact may underlie a wide area of the T3 Dome Complex, including the T3 Deposit where many holes intersected the NPF mineralisation similar to A4 Dome.
  • Five drilling rigs now on site with more to commence drilling in next few days.

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.

In addition to its 30% interest in the JV, Metal Tiger holds 13,880,042 MOD shares, equivalent to 5.996 % of MOD’s issued share capital and 154,167 MOD options each exercisable price of 6 cents (Australian) on or before 15 April 2019.

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)20 3440 6800
(Nominated Adviser)
 
Charlie Cryer RFC Ambrian Ltd Tel +44 (0)20 3440 6800
(Joint Broker)
Nick Emerson SI Capital Tel: +44 (0)1483 413 500
(Joint Broker)
 
Rita Adiani NRG Tel: +44 (0)20 3709 4504
 
Gordon Poole Camarco Tel: +44 (0)20 3757 4980
James Crothers (Financial PR)

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 base, precious and strategic metals focus.

The Company’s target is to deliver a high return for shareholders by investing in significantly undervalued and/or high potential opportunities in the mineral exploration and development sector. The Company’s key strategic objective is to ensure the distribution to shareholders of major returns achieved from disposals.

Metal Tiger has two investment divisions, Direct Equities and Direct Projects.

The Direct Equities division invests in undervalued natural resource companies listed on London’s AIM, the ASX and the TSX. Through the trading of equities and warrants, Metal Tiger seeks to generate cash for investment in the Direct Projects division.

Metal Tiger’s Direct 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 lead/zinc/silver mines as well as licences, applications and critical historical data covering antimony, copper, gold, lead, zinc and silver opportunities.

The Company actively assesses new investment opportunities on an on-going basis and has access to a diverse pipeline of new opportunities in the natural resources and mining sectors. For pipeline opportunities deemed sufficiently attractive, Metal Tiger may invest in the project or entity by buying publicly listed shares, by financing privately and/or by entering into a joint venture.

Background information on the T3 Project

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 1,000km2), which is the focus of rapidly increasing exploration activity undertaken by the JV. 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 Phase 2 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 included 90 diamond core drill holes designed to infill the 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 included grid drilling to investigate the potential for an underground Resource down-dip and along strike from the planned open-pit, and to investigate geophysical targets. Drilling approval has been granted for the wider T3 Dome with the acceptance of the T3 Dome EMP announced on 3 April 2018.

The results of the T3 Open Pit Pre-Feasibility Study were announced on 31st January 2018; the revised and upgraded T3 Copper/Silver Deposit Mineral Resource Estimate was announced 2nd July 2018; and a Resource re-classification announced 16th July 2018.

On 18 July 2018, MTR and MOD announced they had entered into a binding agreement for MOD to acquire MTR’s 30% interest in the T3 Project and rights for an option to acquire MTR’s interests in any new JV resource which progresses to a scoping study within 3 years of completion of the agreement.

The T3 Open Pit Feasibility Study, towards a decision to mine, is currently underway.

Metal Tiger plc