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Botswana Copper/Silver Project Update

RNS Number : 0032A
Metal Tiger PLC
02 June 2016
 

Metal Tiger Plc

2 June 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 ("JV") 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 pleased to confirm that the JV partnership with MOD resources has now moved to a more advanced level with an agreement that resource drilling should be undertaken at the T3 prospect.

 

Resource identification and development companies should be focused on commercial development, and with the findings from our work to date at T3 we are very much focused on obtaining the best commercial outcome.  This requires the JV to quantify a Mineral Resource at T3 and it is good to see this being undertaken, particularly as this work is occurring at such an early stage in our exploration of the Kalahari Copper Belt.

 

The JV has multiple significant targets to pursue within its licence area, however advancement of T3 is a justifiable commercial focus. We look forward to bringing the results of our work to market in the near future."

 

Highlights:

 

•     MTR is pleased to announce that the Resource drilling programme has commenced at the MTR/MOD JV T3 Prospect, with the objective of delineating a maiden Mineral Resource as the first step towards supporting a conceptual open pit mining study. The completion date is planned for Q3 2016.

 

•     Resource drilling will concentrate on the current 800m strike length of the T3 deposit, delineating the upper (UZ) and lower (LZ) copper/silver mineralization, from circa 60m vertical depth to 200m depth.  Additional samples will be taken to enable metallurgical testwork on the copper/silver mineralisation. The planned programme consists 29 diamond core drill holes at 100m collar spacing.

 

•     Geophysical survey work has helped delineate further drill targets in the vicinity of T3.  The survey consisted a 5km long Induced Polarization (IP) geophysics traverse across the T3 Dome.  This has been successful in identifying a number of extensive, shallow dipping, chargeability anomalies that could be linked to mineralised ground. The central chargeability anomaly appears to correlate with the copper/silver sulphide mineralisation already intersected by the drilling at T3.  

 

•     The IP drill targets are located to the north and south of the current T3 drill area, and range between 250m to 350m below surface.

 

•     The core drilling continues to provide encouraging results, the eastern most diamond drill hole to date (MO-G-09D) appears to be one of the most mineralised holes.  Assay results will be released 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), proposed Resource drill plan and supporting sections in their news release dated 2 June 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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