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Botswana Copper/Silver Project Update

RNS Number : 4068S
Metal Tiger PLC
17 March 2016
 

Metal Tiger Plc

17 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 provide an update with regard to drilling programme progress achieved at the Company's Joint Venture project with partners MOD Resources (ASX:MOD) in the Kalahari Copper Belt in Botswana (70% MOD Resources / 30% Metal Tiger).

 

Technical highlights in respect of the drilling programme progress are provided below.  In addition we would refer to the announcement released today by MOD Resources which contains images and diagrams that may assist readers in an understanding of the project and the drilling being undertaken.  This announcement can be viewed through the following link:

 

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

 

 

Paul Johnson Chief Executive Officer of Metal Tiger plc commented "The Kalahari Copper Belt project represents a major strategic project interest within the Company's Metal Projects Division. Therefore I am delighted to report the extremely positive progress in the conduct of the drilling programme and in respect of the early findings achieved by project operators and partners MOD Resources. The nature and extent of mineralisation identified thus far is extremely encouraging and we eagerly await the results from sample analysis being conducted in the laboratory.

 

In addition to our project level interest Metal Tiger holds 58,333,333 shares and 29,166,666 A$0.01 01.05.18 expiry warrants in MOD Resources (ASX:MOD) in the Company's Asset Trading Division.  This interest was acquired as announced on 13th January 2016 for a total of A$350,000 or approximately £170,000.

 

Following release of the Botswanan update today the share price of MOD resources on the ASX increased by 350% to A$0.0018 per share. As at close of ASX business today the market value of the MOD shares held by Metal Tiger (at A$0.0018 per share) had increased to A$1,050,000 or approximately £556,500

 

We look forward to providing further updates to market with regard to laboratory test results, continuing drilling progress and operational and strategic plans for our Botswanan interests, at the earliest opportunity."

 

 

Highlights:

 

•       Visible sulphide mineralisation has been logged in the first three rotary circulation (RC) drill holes to test Target 3 (T3).  These holes have intersected potentially significant sediment and quartz vein hosted sulphide mineralisation, consisting the copper sulphide mineral, chalcopyrite, bornite (copper & iron sulphide) and pyrite.

 

•       Samples from the first three T3 holes, and samples from the previous 9 holes drilled at Target 4 are currently undergoing analysis at a laboratory in South Africa so it is too early to make an proper assessment of the intersection grades and thicknesses.  Though visual inspection and logging of the drilled rock chips from holes MO-G-10R, MO-G-11R and MO-G-12R   indicates a mineralised downhole intersection width of upto 41m between 65m to 106m in hole MO-G-11R, with sulphides recorded over similar depths in holes MO-G-10R and MO-G-12R. 

 

•       T3 is located approximately 70km NE of T4 though parallel to the same structural trend known as the Mahumo Structural Corridor, that hosts MOD's Mahumo Project (circa 20km NE of T3) and Cupric Capitals' Banana Zone Deposit (60km NE) and Zone 5 Project (120km NE).

 

•       The Joint Venture has now completed 12 holes, 9 on Target 4 (T4) and 3 holes on Target 3 (T3).  T3 relates to a perceived Cu/Pb/Zn in soil anomaly over an interpreted elongated dome structure identified from geophysics. 

 

•       MOD is still at an early stage of interpreting the geological setting of the mineralization intersected in the three RC drill holes at T3 to date.  These holes were drilled along a single traverse across part of the T3 soil anomaly.  Drill hole collars for RC drill holes MO-G-10R, MO-G-11R and MO-G-12R were spaced 60m apart along one drill traverse and were collared at an inclination of -60 degrees and an azimuth of 335 degrees NNW. Down hole depths were 150m, 199m and 130m respectively.  A fourth drill hole is in progress 60m north of MO-G-12R on the same traverse testing for a continuation of the mineralisation.

 

•       Given the encouraging intersection indications the JV has sourced a diamond drilling core rig with a view to obtaining a better understanding of the structural  and lithological setting of the copper mineralisation and determining grade intersections. Core drilling is planned to commence after Easter. MOD also plan to conduct downhole electromagnetic (EM) geophysical surveys to test for additional conductive targets.

 

•       Details of the grade intersections and geological interpretation will be provided once assay data has been received and processed.  MOD outline details of the current exploration procedures being employed on the project (JORC 2012 Table 1) in their news release dated 17 March 2016.

 

 

 

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 and Thailand.   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 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 viable 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
The company news service from the London Stock Exchange
 
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