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Botswana Copper/Silver Project Update

RNS Number : 1682V
Metal Tiger PLC
14 April 2016
 

Metal Tiger Plc

14 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 "The joint venture partners are making tremendous progress with the exploration campaign and we now have multiple drilling rigs active on the ground. Exploration drilling is a key test of a project's potential and so far we have been delighted with the exceptional results encountered.  Should this drilling success continue, we believe that the joint venture partners will have a very valuable opportunity.

 

I can also advise that the Metal Tiger qualified person is currently onsite with the MOD technical team in Botswana, reviewing the drilling and sampling procedures and the reverse circulation and diamond core drilling programmes underway at T3. The exploration work has been found to comply with industry best practice and is being conducted in an organised and efficient manner.

 

Drilling continues and we are building our knowledge of the subsurface very proactively.  Investors can expect a regular stream of news from Botswana over the coming weeks and months."

 

 

Highlights:

 

Reverse Circulation Drilling Programme:

 

•      Following on from the drilling update provided on 8 April, MTR is pleased to provide details of the second batch of assay results received for the Target 3 (T3) prospect. The results pertain to the third and fourth reverse circulation (RC) drill holes (MO-G-12R & MO-G-13R) of the currently completed nine RC drill holes at T3.

 

•      Drill hole MO-G-12R, the third hole drilled at T3, intersected 52m @ 2.0 % Cu from 78m down hole depth, including 14m @3.4% Cu and 72.7g/t Ag from 116m down hole depth ( with best single sample intersections 1m @ 6.9% Cu from 128m and Ag 156 g/t Ag from 93m). MO-G-13R intersected 3 zones of copper mineralisation starting at 116m down hole, for a composite of 53m @ 1.11% Cu.

Intersection summary by drill hole:

 

Hole MO-G-12R

Ø 52m @ 2.0 % Cu from 78m down hole depth, including;

§ 12m @ 2.7% Cu & 42.7 g/t Ag from 87m

§ 14m @ 3.37% Cu & 72.7 g/t Ag from 116m

 

Hole MO-G-13R

Ø 53m @ 1.11% Cu from 113m down hole depth, including;

§ 13m @ 1.47% Cu from 116m

§ 9m @ 1.87% Cu from 141m

§ 8m @ 1.4% Cu & 23.6 g/t Ag from 158m

 

•      RC drill hole collars MO-G-10R, MO-G-11R, MO-G-12R and MO-G-13R, are arranged on a single drill traverse (Traverse 1) at 60m spacing. A further completed 6 RC holes have intersected significant widths of visible Cu/Pb/Fe sulphides in strike extensions 100m to the west (in MO-G-14R), and through to 300m to the east (MO-G-19R), for a current open strike length of 400m.

 

•      Holes MO-G-14R to MO-G-19R have intersected both vein and disseminated chalcopyrite and bornite. Assays are required to provide an estimate of grade and geometry of these sulphide zones.

 

•      RC drill hole collars MO-G-17R, MO-G-16R and MO-G-18R form Traverse 2 which is parallel and 200m NEE of Traverse 1. Traverse 3 (planned MO-G-20R and MO-G-21R) will be drilled 400m NEE of Traverse 1. If these holes also intersect visible Cu mineralisation, it is likely that future drill hole Traverses will be spaced out 200m along the interpreted strike of the host mineralised sequence.

 

•      Chalcopyrite is intersected at only 20m down hole depth in the latest completed RC drill hole (MO-G-18R).  Initial geological interpretation has shown the RC mineralised sequence to be shallow dipping (circa 20 degrees to NNW).

 

•      Visible sulphide mineralisation is currently open to the north south and west, with an interpreted fault to the east potentially offsetting mineralisation in the south west (to be verified by drilling).

 

Diamond Core Drilling Programme:

 

•      Two diamond drill (DD) rigs are currently drilling on RC programme Traverse 1. They have a target depth of at least 300m. Hole MO-G-01D is currently at a depth of 220m it orientated to cross-cut intersections in MO-G-13R and MO-G-12R.  MO-G-02D is orientated to cross-cut intersections seen in MO-G-11R and MO-G-10R, and is expected to confirm the presence of faulting between those holes.

 

•      Both DD holes have intersected significant chalcopyrite and bornite as both vein hosted and disseminated mineralisation within the mineralised sequence seen in the RC drilling. Furthermore, DD hole MO-G-01D has intersected 41.7m of visible disseminated chalcocite, pyrite, pyrrhotite and galena sulphides from 170m down hole depth, which confirms mineralisation exists below the depths reached by the RC drilling.

 

•      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, silver, lead and zinc mineralisation at T3 whilst 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 14 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 has visited the T3 site and reviewed MOD's drilling and sampling protocols and procedures. 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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