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Botswana Copper/Silver Project Update

RNS Number : 2994X
Metal Tiger PLC
05 May 2016
 

Metal Tiger Plc

5 May 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 "We are very pleased to provide this latest update which materially extends the strike and has identified significant copper and silver mineralisation in the process.

 

The Metal Tiger and MOD teams are eager to push ahead with an expanding drilling programme and rapidly gather more data. Further assays are awaited and drilling has resumed after a scheduled short break.  Our aim is to build our project knowledge efficiently and ensure a flow of regular project updates to market.

 

It is an exciting time for both teams, however the key to maximising the potential opportunity is to diligently gather and analyse data to build our geological understanding. 

 

As recently outlined within our Quarterly Activities Report Metal Tiger is well funded and able to comfortably pursue its various investments.  The work we are supporting in Botswana is quite unique and the opportunity substantial.  We are in a fortunate position."

 

Highlights:

 

Reverse Circulation Drilling Progress:

 

•      Following on from the drilling update provided on 14 April 2016, MTR is pleased to provide details of the third batch of assay results received for the Target 3 (T3) prospect.  The assay results pertain to five reverse circulation (RC) drill holes (MO-G-14R to MO-G-18R) of the currently completed 14 RC drill holes at T3.

 

•      Significant copper intersections are confirmed in RC holes extending 200m to east of the 52m @ 2.0% Cu in MO-G-12R announced 14 April.  Further assay results are awaited from 6 RC and 4 diamond holes along a 1km strike length. With copper mineralisation intersected over a total strike distance of 800m to date.

 

•      This batch of assays relate to five RC holes located along strike from Section #1, the drill traverse profile containing the previously released intersections. The latest assays confirm significant Cu intersections; to the east of Section #1 at 100m (MO-G-15R) and 200m (MO-G-16R to MO-G-18R) step-outs; and Cu intersections 100m west of Section# 1 (MO-G-14R).

 

•      At 100m east of Section #1 (MO-G-12R); RC hole MO-G-15R has three strong Cu intersections between 56m  and 126m down hole (15m @ 1.8 % Cu from 56m; 5m @ 4.8 % Cu from 95m; 15m @ 1.4 % Cu from 111m) with silver grading 11m @ 31.6g/t Ag from 113m depth.

 

•      At 200m east of Section #1 ; drill holes MO-G-16R to MO-G-18R form a second drill traverse profile ("Section #2"). On Section #2; MO-G-17R is approximately 50m north of MO-G-16R; and MO-G-18R circa 50m south and down-dip of MO-G-16R. MO-G-18R has the shallowest Cu intersection to date at 20m.

 

•      At 100m west of Section #1; RC hole MO-G-14R has three narrower Cu intersections between 76m - 123m down hole depth.

 

•      It is noteworthy that MO-G-17R includes an intersection of 1m @ 994.3g/t Ag (>30 oz/t Ag) from 82m within a 3m wide high grade Copper (2.0% Cu); this assay is approximately nine times higher than any previous Ag assays reported from T3. There is also an anomalous Molybdenum (366ppm Mo) interval from 81m. Diamond drill hole MO-G-05D is in progress to test this high grade Cu/Ag/Mo intersection, approximately 200m down dip from MO-G-17R.

•      Intersection summary by drill hole (all depths measured down-hole, assay grades are rounded-up to nearest decimal):

 

Hole MO-G-14R

Ø 1m @ 3.3 % Cu from 76m

Ø 5m @ 1.1 % Cu from 87m

Ø 2m @ 1.9 % Cu from 121m

 

Hole MO-G-15R

Ø 15m @ 1.8 % Cu from 56m

Ø 5m @ 4.8 % Cu from 95m, including;

§ 3m @ 7.2% Cu from 96m

Ø 15m @ 1.4 % Cu from 111m with;

§ 11m @ 31.6 g/t Ag from 113m

 

Hole MO-G-16R

Ø 9m @ 1.2 % Cu from 53m

Ø 2m @ 1.8% Cu from 89m

 

Hole MO-G-17R

Ø 6m @ 1.5 % Cu from 81m, including;

§ 3m @ 343g/t Ag from 81m

Ø 7m @ 2.0 % Cu from 128m, including;

§ 4m @ 34g/t Ag from 131m                       

 

Hole MO-G-18R

Ø 1m @ 1.8 % Cu at 20m

Ø 2m @ 1.2%  Cu at 48m, however;

§ Hole ended in 1.5 % Cu at 50m.

 

•      Since RC drilling commenced in February 2016, the MOD/MTR joint venture ('JV') has completed a total of 24 RC holes at three JV targets (T3, T4 and T2) for an average cost of circa AUD 6,000 per hole. Only one RC hole MO-G-24R, located 200m west of the main drilling area has thus far failed to intersect copper mineralisation at T3.

 

Diamond Core Drilling Progress:

 

•      Two diamond drill (DD) rigs are currently drilling at T3. Four DD holes have been completed (MO-G-01D to MO-G-04D).   The DD holes MO-G-01D to MO-G-03D are located on Section #1, MO-G-04D is located 200m west of Section #1.

 

•      The two DD holes currently in progress MO-G-05D and MO-G-06D are located 200m east and 400m west of Section #1 respectively The planned target depth of these DD holes is up to 300m vertical depth.

 

Current Exploration Programme Plan

 

Drilling resumed on 4 May after the scheduled one week break for the 35 people working on the Project.

 

The current and planned Phase One Drilling Programme at T3 and exploration on adjacent areas on the interpreted 25km long, T3 Dome consists of four main activities, outlined below.

 

1.    Diamond drilling to test potential extensions of the host Upper Mineralised Sequence ('UMS') down dip from Cu intersections, on a 200m by 200m pattern to a vertical depth of 200m-300m.  Four holes completed (MO-G-01D to MO-G-04D, assays awaited) and two holes in progress (MO-G-05D and MO-G-06D).

 

2.    Diamond drilling on 50m sections to infill around high grade intersections (e.g. 14m @ 3.4% Cu & 72.7g/t Ag and 5m @ 4.8% Cu) within UMS intersected in RC drilling.  Seven hole diamond drilling programme initially to a vertical depth of 150m to 200m depth.

 

3.    RC drilling across four targets including:  Cu soil anomalies 1-2km east along strike from  current drilling, Cu soil anomalies 1.5km southeast of current drilling (south limb of dome?), and a Cu soil anomaly in an area of structural complexity ~3.5km northwest of current drilling.

 

4.    Soil geochemical sampling is in progress to verify the extensive Pb/Zn soil anomalies east of the current drilling and extend soil coverage for Cu and Pb/Zn along the T3 Dome and along another area of interest north of T3 (interpreted from magnetics).

 

As previously announced, there is no outcrop at T3 to determine the geological setting and geometry of the mineralisation. Copper intersections at T3 appear to be related to wide zones (up to 40m estimated true width) of anomalous Pb/Zn with individual 1m assays up to 2.2% Pb and 1.3% Zn. A preliminary interpretation of T3 assay results suggests the occurrence of lead and zinc sulphides higher up in the stratigraphic sequence may be an indicator for underlying copper, consistent with the normal zonation of these elements. The area of current drilling at T3 is located at the western end of an undrilled 4-5km long Pb & Zn soil anomaly identified by previous explorers.

 

Location

 

The T3 Prospect is located on the Kalahari Copper Belt in northern Botswana and is part of the MOD/MTR joint venture Botswana Copper/Silver Project.  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 5 May 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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