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Botswana Copper/Silver Project Update

RNS Number : 0082T
Metal Tiger PLC
23 March 2016
 

Metal Tiger Plc

23 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 a further update with regard to positive 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 "I am delighted to announce a further positive exploration update from our Joint Venture project in the Kalahari Copper Belt.  The nature and tenor of mineralisation identified in the early exploration work has the Metal Tiger and MOD Resources teams very excited and enthused.

 

Given the extremely positive findings to date, our Chairman Terry Grammer is actively engaged in Perth with MOD Resources, in assessing findings and planning the follow on work.

 

We eagerly await assay data from early drilling however in recognition of the RC drilling findings to date the joint venture has decided to accelerate the work programme and diamond drilling commences on site shortly, to compliment RC drilling undertaken.

 

Metal Tiger promised investors it would search for strategic mineral projects with the potential to hold considerable value.  There are no guarantees during any stage of the mineral exploration process, but we believe this Kalahari Copper Belt opportunity has the potential to become a significant strategic asset for Metal Tiger and MOD Resources.

 

Further updates to follow shortly, including assay data and interpretation."

 

 

Highlights:

 

•      Following on from the drilling update provided on 17 March, Metal Tiger is pleased to announce that drill hole MO-G-13R, the fourth rotary circulation (RC) drill hole to test Target 3 (T3), has intersected 58m of visible copper sulphide mineralisation between 107m-165m downhole.

 

•      All four RC holes at T3 have intersected visible copper sulphides. With the drill collars, MO-G-10R, MO-G-11R, MO-G-12R and MO-G-13R, arranged on a single drill traverse at 60m spacing, the combined strike length of interested mineralisation is currently 180m, open at both ends. The holes are drilled along the perceived axis of a dome structure interpreted from geophysics data.

 

•      Visual inspection and logging of the drilled rock chips from holes MO-G-10R to MO-G-13R indicates a mineralised downhole intersection width varying from  41m between 65m to 106m in hole MO-G-11R, to 58m between 107m-165m in MO-G-13R; preliminary interpretation suggests a shallow dipping mineralised body. 

 

•      The mineralised intersections include potentially significant sediment and quartz vein hosted sulphide mineralisation, consisting the copper sulphide mineral, chalcopyrite, bornite (copper & iron sulphide) and pyrite. Samples have been sent to the laboratory in South Africa and assay results are awaited and will be reported in due course.

 

•      A preliminary downhole EM (DHEM) geophysics survey has been undertaken at T3 by a South African based geophysical consultant and modelling of the data is in progress. 

 

•      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).

 

•      MOD is still at an early stage of interpreting the geological setting of the mineralization intersected in the four RC drill holes at T3.  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, MO-G-12R and MO-G-13R 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, 130m and 173m respectively. 

 

•      The Joint Venture has now completed 13 holes, 9 on Target 4 (T4) and 4 holes on Target 3 (T3).  T3 relates to a perceived Cu/Pb/Zn in soil anomaly over an interpreted elongated dome structure.

 

•      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.

 

•      Details of the mineralised intersection grades 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 23 March 2016.  The work is being managed on the ground by MOD's Competent Person, Mr Jacques Janse van Rensburg, BSc (Hons), General Manager Exploration (Africa).

 

 

 

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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