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Botswana Copper/Silver Project Environmental Approval for A20 Dome Complex Drilling

Botswana Copper/Silver Project Environmental Approval for A20 Dome Complex Drilling

Metal Tiger Plc

11 September 2018

Metal Tiger Plc

("Metal Tiger" or the "Company")

Botswana Copper/Silver Project – Environmental Approval forA20 Dome Complex Drilling

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:

  • Botswana Department of Environmental Affairs has approved Environmental Management Plan (EMP) for drilling part of T20 Dome Complex.
  • EMP covers drilling within a circa 700km2 area in the northern part of the T20 Dome Complex, approximately 80km west of the T3 Dome Complex.
  • Diamond core drilling planned to commence in Q4 2018 subject to a four-week public review period starting 21 September 2018.
  • First planned drill targets are:
    • T4 Dome, T4 Prospect where previous reverse circulation drilling intersected 2m @ 6% Cu & 111g/t Ag from 101m depth (announced 1 April 2016) and soil sampling and airborne electromagnetic (EM) geophysics data has defined a conductive structure coincident with a 5-6km long copper anomaly (announced 16 April 2018); and
    • T23 Dome, 15km west of T4 Prospect, the interpreted continuation of the EM conductive structure extending from T4 through the interpreted T23 Dome.
  • Current 940km2 airborne EM survey over the T20 Dome (announced 4 September 2018) linking three previously flown EM blocks, is also extending over the T17 and T7 target areas, north and south of T20 respectively.
  • 6 drilling rigs are now operating at the A4 Dome with assay results awaited from several significant intersections.

Michael McNeilly Chief Executive Officer of Metal Tiger commented:

“We are very pleased to announce the receipt of the Environmental Management Plan (EMP) approval for the planned drill programme within the A20 Dome Complex. Subject to a statutory four-week public review period, this approval will allow for diamond drilling to commence over the T4 Prospect, a strong copper anomaly, where previous RC drilling in early 2016 intersected shallow high-grade copper and silver mineralisation, only superseded by the discovery of T3.

We are excited at the prospect that T4 and the wider T20 Dome Complex will yield further high-grade intersections and are eager to apply the team’s technical knowledge to the discovery of further copper deposits in this part of the emerging copper belt”.

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

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 13,974,220 MOD shares, equivalent to 6.1 % 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

(Nominated Adviser)

Tel +44 (0)20 3440 6800
Charlie Cryer 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 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