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Botswana Copper/Silver Project Update

RNS Number : 6082U
Metal Tiger PLC
08 April 2016
 

Metal Tiger Plc

8 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 further 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 Target 3 (T3) 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://search.asx.com.au/s/search.html?query=mod&collection=asx-meta&profile=web

 

Paul Johnson Chief Executive Officer of Metal Tiger plc commented "I am pleased to present the latest exploration data from our work in Botswana.  We are fortunate to have secured a significant position alongside MOD in what is potentially a significant opportunity.

 

As previously advised the nature and tenor of mineralisation is very interesting and we are rapidly gathering data to better understand and assess the geology. 

 

Let me assure investors that the technical teams involved with Botswana are very enthused by the exploration findings to date.  MOD is gearing up operationally and there are multiple drilling rigs now engaged on the property. 

 

It is exciting times for MOD Resources and Metal Tiger.  Drilling results and operational updates from the team on the ground will continue to flow, with further results expected in the near term."

 

 

Highlights:

 

•      Following on from the drilling update provided on 1 April, MTR is pleased to provide details of the first batch of assay results received for the Target 3 (T3) prospect. The results pertain to the first two rotary circulation (RC) drill holes (MO-G-10R & MO-G-11R) of the currently completed six RC drill holes at T3.

 

•      Drill hole MO-G-11R, the second hole drilled at T3, intersected 14m @ 1.97%Cu from 86m down hole depth, including 7m @2.9% Cu from 92m down hole depth.  MO-G-11R also intersected 5 zones of highly anomalous Pb/Zn sulphide mineralisation over an 84m interval from 64m down hole depth. With the highest individual 1 metre zinc assays grading 3.43%, 2.07% and 1.07% Zn.

 

•      Intersection summary by drill hole:

 

Hole MO-G-10R

Ø 4m @ 0.78% Cu from 88m down hole

Hole MO-G-11R

Ø 12m @ 0.76% Cu from 69m down hole

Ø 14m @ 1.97% Cu from 86m down hole (including 7m @2.9 % Cu from 92m)

Ø 5 separate zones of Pb/Zn mineralisation over 84m from 64m depth.

 

•      Drill hole collars MO-G-10R, MO-G-11R, MO-G-12R and MO-G-13R, are arranged on a single drill traverse at 60m spacing. Although MO-G-10R and MO-G-11R are adjacent, an interpreted WNW trending fault structure crosses between them, accounting for the difference in intersection width and grade.

 

•      As announced on 23 March 2016, significant visible Cu mineralisation was also intersected in MO-G-12R and MO-G-13R which are on the same drill section to the north of MO-G-11R. The logs for these holes bear resemblance to MO-G-11R. The assays for these holes are expected soon.

 

•      Two further RC holes, MO-G-14R & MO-G-15R, placed approximately 100m to the east and west of the current MO-G-10R to MO-G-13R drill section, have also intersected wide zones of visible disseminated Cu/Pb/Fe sulphides.

 

•      Two diamond drill rigs are now on site.  Hole MOG-01D is targeting an inferred electromagnetic conductor below 200m depth.  Diamond drilling will provide higher quality geological and assay data to aide in developing a better understanding of the structural and lithological setting of the copper, lead and zinc mineralisation and determining grade intersection relationships.

 

•      T3 is located approximately 70km NE of the project's Tshimologo (T4) Prospect and is located 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 outline details of the current exploration procedures being employed on the project (JORC 2012 Table 1), a drill plan and section and tabulated assay data in their news release dated 8 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
The company news service from the London Stock Exchange
 
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