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Botswana - Target Drilling Commences

RNS Number : 2933P
Metal Tiger PLC
17 February 2016
 

Metal Tiger Plc

17 February 2016

Metal Tiger Plc

("Metal Tiger" or the "Company")

 

 

Botswana - Target Drilling Commences

 

Metal Tiger plc (LON:MTR) the London Stock Exchange AIM listed investor in strategic natural resource opportunities is pleased to announce target drilling has commenced in the Kalahari Copper Belt Project, Botswana, held with Joint Venture ("JV") partners MOD Resources (ASX:MOD).

 

Readers wishing to understand the background to Metal Tiger's interests in Botswana are advised to review our announcement on 16 December 2015 confirming the acquisition of licence interests.  This announcement can be viewed through the following link:

 

http://www.metaltigerplc.com/index.php/investors/latest-news/418-botswana-kalahari-copper-belt-licences-acquired-20151216t0700

 

 

Highlights:

 

·    MOD and Metal Tiger Plc have commenced Phase 1 drilling at the first target "T4" (Aphrodite Prospect) to be tested on the recently acquired DMI licences;

 

·    The T4 drilling will follow up previous DMI widely spaced intersections including 4m @ 2.6% Cu & 40g/t Ag from 81m depth in drill hole APRC 2790 and 7.0m @1.5% Cu & 23g/t Ag from 69.5m depth in drill hole APDD3301 (Refer to DML ASX Announcement 6.2.13.);

 

·    Drilling is then planned to test other targets including "T2" (Mahumo East), "T3" (Mahumo South), "T6" (Molelo-Ourea), "T9" (New Target) and "T10" (Fold Nose);

 

·    Confirmation surface sampling in the Mahumo region is also progressing well.  Assay results are awaited from infill sampling of two large (>5km) Cu anomalies at T3 and T6.

 

 

Paul Johnson, Chief Executive Officer of Metal Tiger said "we are very pleased to confirm the formal commencement of drilling at the Company's JV with MOD Resources.  Recognising the importance of our Botswana interests, the Company's Chairman Terry Grammer was on site yesterday to review the drilling programme.

 

The scale and potential of the Kalahari Copper Belt are significant and we are particularly enthused by the numerous high priority targets that MOD have identified, certain of which are included in this initial drill programme.

 

We will be working with MOD Resources to receive and interpret the data received from this programme, along with that from the surface sampling being undertaken concurrently.  Results will be released to market at the earliest opportunity."

 

 

Drilling Programme Information:

 

Metal Tiger is pleased to advise that RC drilling has commenced on the first of a number of targets planned to be tested during the March quarter.  Depending on results from this initial drilling phase, certain targets are expected to be selected for deeper diamond drilling. Diamond drilling is also planned to test for resource extensions to 600m depth (Stage Two) below MOD's high grade Mahumo deposit.

 

Concurrent with the Phase 1 drilling, a substantial surface sampling campaign is also underway to infill and potentially extend known Cu anomalies interpreted to occur in a number of structural settings with strong similarities to known deposits elsewhere in the Kalahari Copper Belt.  These targets include T3, T6, T7 and T9 where there is minimal or no drilling to date. 

 

The objective of the infill sampling is to assist in defining specific drill targets below sand cover.  Locations of 10 targets and anomalies are shown in Figure 1 within the MOD Resources ASX announcement, a link to which is provided below.

 

Metal Tiger and MOD Resources are awaiting first assay results from the surface sampling completed at T3 and T6 and will provide an update to shareholders once results are received and interpreted.

 

 

MOD Resources - ASX Announcement:

 

MOD Resources have also released an announcement detailing the above and providing a location map and photograph of the drill site.   This ASX update announcement can be reviewed via the formal ASX news release section at:

 

http://www.asx.com.au/asx/statistics/announcements.do?by=asxCode&asxCode=mod&timeframe=Y&year=2016

 

The ASX announcement can also be reviewed in due course on MOD Resources website at:

 

http://www.modresources.com.au/#!asx-announcements/coaj

 

 

 

For further information on the Company, visit: www.metaltigerplc.com:

 

Paul Johnson (Chief Executive Officer)


Tel: +44 (0)7766 465 617

Terry Grammer (Non- Executive Chairman)


Tel: +44 (0)207 099 0738

Sean Wyndham-Quin

Neil Baldwin

Nick Emerson

Andy Thacker

Spark Advisory Partners Limited

(Nominated Adviser)

SI Capital

(Sole Broker)

 

Tel: +44 (0) 2033 683 555

www.sparkadvisorypartners.com

Tel: +44 (0) 1483 413 500

Notes to Editors:

 

Metal Tiger plc is a natural resources focused investing company quoted on the London Stock Exchange AIM Market ("AIM") with the trading code MTR and two investment divisions, Direct Projects and Direct Equities. 

 

The Direct Projects division invests in mineral exploration projects operated by trusted partners on the ground.  Projects are selected for their strategic significance in terms of commodity, location and commerciality factors.  Key strategic investments to date include Spanish Gold & Tungsten, Thai Gold, Copper & Antimony, and Botswanan Copper & Silver. 

 

The Direct Equities division invests in quoted natural resource explorers and developers, with a combination of shares and warrants and seeks generate trading profits for reinvestment into the Direct Projects division.

 

Metal Tiger'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.

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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