7 February 2019
Metal Tiger plc
("Metal Tiger" or the "Company")
Kalahari Metals Limited – High-Resolution Geophysics Identifies Drill-Ready Targets
This version of the news release includes images not available on the RNS release. There are no other material differences.
Metal Tiger plc (AIM:MTR), the London Stock Exchange AIM listed investor in strategic natural resource opportunities, is pleased to provide an update regarding Kalahari Metals Limited’s (“KML”) copper-silver exploration progress.
- Drill-ready targets identified through Phase-2 high resolution aerial electromagnetic (“AEM”) and helicopter-borne magnetic geophysics surveys over the Ngami Copper Project (“NCP”) and Okavango Copper Project (“OCP”) licence areas, significantly advancing the exploration potential of both projects.
- Phase-2 geophysical surveys identified high-interest targets including ‘dome style’ exploration targets, analogous to the MOD Resources Limited (“MOD”) T3 Deposit (60Mt @ 0.98% Cu & 14 g/t Ag) (initially identified in the Phase-1 AEM survey as announced on 31 October 2018).
- Layered Earth (“LE”) inversion modelling of the high-resolution data has identified compelling targets for follow-up:
- At the NCP, three anticline fold-hinge (“dome”) targets are considered to be ready to be drill tested; and
- At the OCP, the marker conductors associated with potentially mineralised contacts have been mapped from the Zone 5 (100 Mt @ 1.95% Cu & 19.9 g/t Ag) and Zone5 North (17 Mt @ 2.27% Cu & 43.4 g/t Ag) deposits (Figure 1), both held by Cupric Canyon Capital (“Cupric”), into the OCP licences with a prominent fold closure target considered drill ready.
Michael McNeilly, Chief Executive Officer of Metal Tiger plc, commented:
“The increased resolution provided by the Phase-2 Airborne Electromagnetic and Magnetic survey data combined with Layered Earth inversion modelling has provided compelling structural and lithological targets for drill-testing.
We are actively reviewing KML’s proposed diamond and reverse circulation drilling targets against the strong likelihood of adding significant value to the project through drilling. KML is awaiting sign off or feedback on the Environmental Management Plan (“EMP”) shortly for the Ngami licence and further updates will be provided to shareholders in due course.”
We recommend that readers also refer to the below linked version of this news release which includes informative images showing the geophysical interpretations:
Phase-2 Airborne Geophysics Survey Details
- AEM surveys were undertaken using New Resolution Geophysics XCiteTM system flown at 400m line spacing over priority areas identified in the Phase 1 regional programme.
- AEM data has been run through LE modelling software and interpreted in a 3D environment in order to map out the base of Kalahari Group (“KG”) cover and marker conductors above the potentially mineralised D’Kar Formation (“DKF”): Ngwako Pan Formation contact (“NPF”).
- The more detailed AEM coverage provided the resolution necessary to further constrain structural settings with potential for hosting high-grade copper-silver mineralisation for follow-up drill testing.
- Further 75m helicopter-borne magnetic data was collected to complete the high-resolution magnetic data coverage on the northern portion of the NCP.
NCP Geophysics Survey Details and Interpretation
- A total of 1,498 line km of AEM and 1,830 line km of heliborne magnetic data were collected in the NCP area.
- Work targeted encouraging results from the Phase-1 regional AEM survey which identified a number of compelling fold structures which may present ideal trap-sites for high-grade copper-silver mineralisation analogous to the MOD T3 Deposit.
- LE inversion modelling of the new AEM data further refined the 3-dimensional structure of the prospective fold-hinges, delineating three compelling drill-ready targets.
- In each target, interpreted conductive reduced lower DKF units are preserved in northeast-plunging anticlinal structures overlying oxidised NPF units with mineralisation expected in proximity to the redox contact.
- A combination of diamond drill holes have been proposed to confirm the DKF-NPF contact horizon in each target, in order to corroborate the model results and vector-in on potential mineralisation.
- Modelling, interpretation and proposed drill plans are illustrated in Figure 2 and Figure 3
OCP Geophysics Survey Interpretation
- A total of 885 line km of AEM data were collected in two blocks in the OCP.
- Modelling of the new AEM data has successfully:
- Mapped the marker conductor above the DKF-NPF contact, extending from Cupric’s neighbouring Zone 5, Zone 5 North and Zone 6 deposits into the OCP licence area, under conductive KG cover; and
- Extended coverage of the Phase-1 identified fold-closure target in the southwest of the OCP (“SW Target”) to the western licence border.
- The SW Target is considered a high priority for proposed diamond drill testing as a potential host for copper/silver mineralisation.
- Further potential for mineralisation is associated with several tens of kilometres of modelled NPF-DKF contact zone extending out over a series of anticline limbs to the northwest of the SW Target. These have been proposed as reverse circulation drilling targets.
- Modelling, interpretation and proposed drill plans are illustrated in Figure 4, Figure 5 and Figure 6 below.
Figure 1: Location of the KML’s NCP and OCP licence areas on the Kalahari Copper Belt of Botswana, showing location of neighbouring copper/silver Resources.
Figure 2: AEM processing and layered earth (‘LE’) inversion results (above) clearly highlight a series of NE plunging, fault-bounded, fold structures.
Figure 3: The interpreted position of the NPF-DKF contact below the conductive lower D’Kar units has been modelled in 3D (above). Selected sections illustrating the 3 fold-hinge targets A, B and C are illustrated.
Figure 4: Mid-time AEM image correlated with historical AEM data. Note the success in mapping marker conductors from significant deposits into the OCP project.
Figure 5: Results of 3D modelling (above) of the base of KG (contoured by cover thickness) and interpreted DKF-NPF contact. Section line A-A’ (below) illustrates the LE model results with contacts highlighted.
Figure 6: 150m depth slice through conductivity-depth-image (‘CDI’) with modelled 3D DKF-NPF contact overlain and coloured by height (i.e. red = shallow, blue = deep). Recommended drill positions are highlighted.
KML holds interests in 12 highly prospective exploration licences covering a total area of 8,724km2 in the Kalahari Copper Belt, consisting of two 100% owned exploration licences, five exploration licences subject to a binding earn-in agreement (“Agreement”) with Triprop Holdings (Pty) Limited and five exploration licences subject to the Agreement.
Under an investment agreement, announced on 6 June 2018, Metal Tiger has the right to acquire up to 50% of KML, providing Metal Tiger with further exposure to a largely unexplored area, adjacent to significant recent discoveries in the highly prospective Kalahari Copper Belt.
Competent Person's Statement
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 and acts as the Competent Person under the AIM Rules - Note for Mining and Oil & Gas Companies. 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:
(Chief Executive Officer)
Tel: +44 (0)20 7099 0738
(Chief Investment Officer)
Strand Hanson Limited (Nominated Adviser)
Tel +44 (0)20 7409 3494
SI Capital (Broker)
Tel: +44 (0)1483 413 500
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 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, through its 12.5% interest in MOD Resources Limited and related JV, 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.