Botswana Copper/Silver Project Update

RNS Number : 8555T
Metal Tiger PLC
01 April 2016
 

Metal Tiger Plc

1 April 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 update with regard to the receipt of encouraging assay results from the drilling programme 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 sample assay results for the Tshimologo (T4) Prospect and 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

 

 

Terry Grammer, Non-Executive Chairman of Metal Tiger plc commented "The results published today are in line with my expectations for the project in terms of demonstrable mineralisation. This is merely one project in a huge area of licences where we continue to find a significant number of copper anomalies that we intend to investigate.

 

The style of copper mineralisation found in this drilling at T4 is similar to the MOD Mahumo and Cupric Canyon copper deposits. We await drill assay results from T3 which are expected shortly and a further update to market will be provided following receipt."

 

Highlights:

 

•     Following on from the drilling update provided on 23 March, MTR is pleased to provide details of the encouraging assay results received for the Tshimologo (T4) Prospect (previously 'Aphrodite Prospect').  Tshimologo was the first target to be drilled by the current MOD/ MTR JV programme and currently consists six rotary circulation (RC) drill holes.

 

•     Assay results have been received for all six holes (MO-A-01R to MO-A-06R). The results confirm encouraging copper and silver intersections in five holes with the highlight intersection 2m of 6.12% Cu and 111 g/t Ag from 101m to 103m in MO-A-04R. MO-A-04R also included a 1m assay of 0.32g/t gold from 101m.

 

•     Five holes (MO-A-02R to MO-A-06R) intersected narrow intervals >1.4% Cu within wider zones of lower grade Cu/Ag mineralisation (>0.45%Cu cutoff). Drill hole intersections greater than 1.4% Cu are:

Hole MO-A-2R

Ø 2m @ 1.99% Cu & 35.0 g/t Ag from 81m to 83m

Hole MO-A-3R

Ø 2m @ 1.61% Cu & 21.6 g/t Ag from 82m to 84m

Hole MO-A-4R

Ø 2m @ 6.12% Cu & 111.0 g/t Ag from 101m to 103m

Hole MO-A-5R

Ø 4m @ 1.40% Cu & 26.5 g/t Ag from 90m to 94m

Hole MO-A-6R

Ø 1m @ 2.16% Cu & 7.2 g/t Ag from 65m to 66m

•     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 six holes were drilled on two traverses spaced approximately 400m apart, within a copper in soil geochemical anomaly.  Three holes were designed to test the prospective hangingwall/footwall sediment contact and three were designed to follow up previous (historical drill) intersections on an interpreted shear zone 200m south of the contact. Visible copper mineralisation was logged in five (MO-A-02R to MO-A-06R) of the six drill holes, these have now been found to correlate with copper in the assay results.

 

•     An orientation Induced Polarisation (IP) geophysics survey has been conducted along three lines across the T4 copper soil anomaly, detecting several weak to moderate chargeability anomalies. Further drilling is planned at T4 to test potential west of the current drilling and to test the source of these IP anomalies.

 

•     Drilling at T3 resumes today following an Easter break, with two rigs currently onsite.  The RC drill rig will continue to test for strike extensions to the copper mineralisation already drilled along the perceived axis of the T3 dome structure. Whilst the diamond core drill rig will commence its drilling testing deeper T3 targets which include a yet to be tested potential EM conductor interpreted below 200m depth. The drill core will also aide in developing a better understanding of the structural and lithological setting of the copper and silver mineralisation and determining grade intersection relationships.

 

•     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).

 

•     Assays from 4 RC drill holes which intersected significant widths of visible Cu at T3 (announced 17 & 23 March 2016) are expected soon

 

•     MOD outline details of the current exploration procedures being employed on the project (JORC 2012 Table 1) in their news release dated 1 April 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
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