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Botswana Copper/Silver Project Update

RNS Number : 8336Y
Metal Tiger PLC
20 May 2016
 

Metal Tiger Plc

20 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 diamond 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 the Target 3 (T3) Prospect diamond drilling programme progress and preliminary geological observations, 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 commented "We are extremely pleased to see the latest assay data from the Kalahari Copper Belt Joint Venture.  The positive results received, when added to previous assay data, continues to build our understanding and demonstrate the potential of T3.

 

Our partners' work is now focused on demonstrating the size and scale of T3 which will be achieved through the continuing drill programme, receipt of assays and analysis thereof.  T3 is building into a project of substance which requires an advanced degree of operational organisation, efficient implementation of the drill programme and delivery of the resultant analysed results to market.

 

As sentiment in the mineral sector grows into a recovery phase Metal Tiger is in an exciting position having a project of this nature at the core of our interests."

 

Highlights:

 

Diamond Core Drilling Progress:

 

•      Following on from the drilling update provided on 5 May 2016, MTR is pleased to provide details of the first batch of diamond drill hole assay results constituting the fourth batch of assay results received for the Target 3 (T3) prospect. The assay results pertain to the first three diamond drill (DD) holes (MO-G-01D to MO-G-03D) of the current 10 DD holes (8 completed) and 14 Reverse Circulation (RC) drill holes at T3.

 

•      The three DD holes are situated on T3 Section #1 in the centre of the prospect, they are orientated to test the down dip continuation of the target mineralisation with MO-G-02D 100m up-dip of MO-G-01D and MO-G-03 200m down-dip from MO-G-01D.  

 

•      The first diamond drill hole at T3, MO-G-01D, intersected 28m @ 1.76%Cu, 22.9g/t Ag & 92.4ppm Mo (estimated true width) from 103.0m down hole.  MO-G-01D intersected three additional intersections which average >1.30% Cu, including 2.35m @ 3.32% Cu, 45.8g/t Ag & 184ppm Mo from 93.0m down hole depth.

 

•      MO-G-03D intersected 18.4m @ 1.06% Cu from 174.9m down hole depth and 12.8m @ 0.68% Cu, 12.4g/t Ag and 198.5ppm Mo from 212.2m down hole depth.

 

•      MO-G-02D intersected 4.0m @1.46% Cu & 10g/t Ag from 43m down hole depth and 24m @ 0.7% Cu from 89.0m down hole depth.  MO-G-02D is the shallowest diamond hole at T3 and intersected several zones of highly anomalous Pb/Zn from 62.0m to 110.0m down hole depth.

 

•      Key results for down-hole intersections include:

Hole MO-G-01D

Ø 2.35m @ 3.32% Cu, 45.8g/t Ag and 184ppm Mo from 93m

Ø 28m @ 1.76% Cu, 22.9g/t Ag and 92.4ppm Mo from 103m

Ø 1.7m @ 1.59% Cu and 23.4g/t Ag from 132.95m

Ø 5.8m @ 1.36% Cu and 24.8g/t Ag from 141m

 

Hole MO-G-02D

Ø 4.0m @ 1.46% Cu & 10.0 g/t Ag from 43m

Ø 24m @ 0.70 % Cu from 89.0m

 

Hole MO-G-03D

Ø 18.4m @ 1.06% Cu from 174.9m

Ø 19.5m @ 157.6ppm Mo from 182.5m

Ø 1m @ 1,094ppm Mo from 210m

Ø 12.8m @ 0.68% Cu, 12.4g/t Ag and 198.5ppm Mo from 212.2m

 

•      The results from the first three diamond drill holes support the preliminary interpretation that the vein hosted and disseminated Cu/Ag sulphide mineralisation is defined by two shallow dipping mineralised zones, the Upper Zone ("UZ") and Lower Zone ("LZ"), hosted within a distinctive 40-50m wide sequence of green siltstones, marl units and intercalated sandstone units (the 'Target Sequence').  There appears to a zonation of sulphides with Pb/Zn near the surface and Cu/Ag (chalcopyrite, bornite/chalcocite, chalcocite) down dip. The significance of the anomalous Mo associated with Cu/Ag intersections is still being interpreted.  

•      The assay results for the next 5 diamond drill holes are currently awaited.

•      The soil sampling programme is continuing across the (circa 25km long) T3 Dome structure identified by geophysics, with the purpose of identifying additional Cu/Pb/Zn targets. These will be tested by the Reverse Circulation drilling.

Current Exploration Programme Plan

 

The current Phase One Drilling Programme at T3 is testing the Target Sequence in an area 800m along strike and 300m-350m down-dip. With the objective of completing sufficient drilling to enable the determination of a maiden Mineral Resource estimate. The programme includes infill drilling on a 50m by 50m pattern to ~150m vertical depth and deeper drilling to test potential depth extensions to ~200-250m vertical depth.  Depending on results, the Phase 1 area may be extended further along strike and down dip in due course. 

 

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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