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Botswana Copper-Silver Project Update

RNS Number : 7463Q
Metal Tiger PLC
02 March 2016
 

Metal Tiger Plc

02 March 2016

Metal Tiger Plc

("Metal Tiger" or the "Company")

 

 

BOTSWANA COPPER-SILVER PROJECT UPDATE

 

Metal Tiger plc (LON:MTR) the London Stock Exchange AIM listed investor in strategic natural resource opportunities is pleased to announce an update in respect of the Company's Joint Venture ("JV") with MOD Resources (ASX:MOD) ("MOD") in the Kalahari Copper Belt.

 

Highlights:

 

·    Significant widths of visible, disseminated Cu mineralisation intersected in first five reverse circulation ("RC") drill holes completed at Tshimologo Prospect (Target 'T4'), 25km north of Ghanzi Town.

 

·    Tshimologo occurs along the same regional structure that hosts MOD's high grade Mahumo Cu/Ag deposit and Cupric Canyon Capital's >2Mt Cu Zone 5 deposit.

 

·    The widest mineralised interval extends approximately 42m down hole, from 65m to 107m depth in hole MO-A-04R, within an interpreted shear zone.

 

·    Tshimologo is structurally complex and further drilling is required to estimate true widths of the recent intersections.  Cu grades will be reported when assays are received.

 

·    Cu occurs in two distinct zones: Mahumo type sediment hosted contact mineralisation and shear related mineralisation associated with quartz veining. 

 

·    The only outcrop is a 30m to 40m wide area of quartz veining and early prospector pits within the shear zone.  Samples of quartz veins have been sent for precious metal assay.

 

·    Drilling is expected to resume at Tshimologo once initial assays are received.  In the meantime drilling will test two separate targets at T2, 6km east of the Mahumo deposit. 

 

·    Recent soil sampling has also confirmed a Cu anomaly at T3 in the centre of the Mahumo Structural Corridor, ~70km NE of Tshimologo.  Soil sampling is ongoing in several areas.

 

 

Paul Johnson, Chief Executive Officer of Metal Tiger plc commented: "We are extremely pleased to see the progress being made in the drilling programme both in terms of the efficiency of operations by our JV partners and also the extent of visible mineralisation already identified. 

 

Given the progress achieved and the extent of mineralisation identified we are looking forward to receipt and interpretation of the assay results and the completion of the remainder of this stage of the drilling programme.

 

Further updates will be provided to market in due course."

 

 

 

 

 

 

Further Information

 

Metal Tiger is pleased to announce the first five RC drill holes (MO-A-01R to MO-A-05R) completed by MOD and Metal Tiger Plc (MTR) at Tshimologo intersected significant down hole widths (between 5m and 42m) of disseminated copper mineralisation.  Drilling intersected both oxide copper (malachite and chrysocolla) and deeper sulphide copper (chalcocite and bornite) mineralization.  The drilling, logging and sampling is being managed and supervised on the ground by MOD's General Manager Exploration (Africa) Mr Janse van Rensburg (a JORC competent person), with the work carried out in line with exploration best practice.

 

 

Drill Hole ID

Collar

UTM East

Collar

UTM North

Azi

Dip

EOH

M

MO-A-01R

569707

7618720

345

-60

73

MO-A-02R

569731

7618692

345

-60

100

MO-A-03R

570128

7618742

345

-60

100

MO-A-04R

570099

7618675

160

-60

150

MO-A-05R

570133

7618582

340

-60

139

MO-A-06R

569802

7618570

160

-60

120

 

Table 1:  Tshimologo RC drill hole collar coordinates and survey parameters

 

 

Tshimologo is the first target to be drilled by MOD and MTR on the recently acquired DMI licences (MOD:70%; MTR:30%) which cover approximately 200km of the prospective structural contact between the Namibian border and the Mahumo copper/silver deposit.  Tshimologo, which means 'Beginning"in Setswana and was previously named 'Aphrodite' by DMI.  DMI conducted limited, widely spaced drilling at Tshimologo in 2012.

 

The recent holes were drilled on two traverses spaced approximately 400m apart (Figure 1).  Three holes were designed to test the prospective hangingwall/footwall sediment contact and three were designed to follow up previous intersections on an interpreted shear zone 200m south of the contact. 

 

The occurrence of visible copper mineralization in five of the six recent drill holes suggests the potential may extend well outside the area tested to date and that additional mineralized zones may occur within this structurally complex area.  Assays are awaited before drilling resumes to test this potential.  Further details of drill holes MO-A-01R to MO-A-06R will be released when assay results are reported.

 

Previous intersections at Tshimologo (announced by Discovery Metals Ltd on 6 February 2013) include:

 

APRC 2790:  19.0m @ 1.0% Cu & 13g/t Ag, including 4m @ 2.6% Cu & 40g/t Ag

APDD3301:  17.5m @ 0.9% Cu & 13g/t Ag, including 7m @ 1.5% Cu & 23g/t Ag

 

 

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 meets the criteria of a qualified person under the AIM Rules - Note for Mining and Oil & Gas Companies.   Mr O'Reilly is a 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:

 

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 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, Thailand and Tanzania.   In Botswana Metal Tiger has a growing interest in the large and highly prospective Kalahari copper/silver belt.  In Spain Metal Tiger the Company has interests in tungsten and gold interests in the highly mineralised Extremadura region. In Thailand Metal Tiger has expanding interests over 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 may be undertaken by Metal Tiger or by an ISDX or AIM partner with whom the Company is engaged. 

 

Metal Tiger also has an Asset Trading Division that holds various financial instruments for trading purposes including equities, warrants and royalty income.  The aim of the division is to generate profits to reinvest into the Company's project based activities.

                                                                                                                     

 


This information is provided by RNS
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