Botswana Copper/Silver Project Update
22 June 2016 09:25
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 an 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 progress on the Target 3 (T3) Prospect, Phase 1 Resource Diamond Drilling Programme (the “Resource Programme”) 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:
Paul Johnson Chief Executive Officer of Metal Tiger commented “We are delighted to provide a further market update highlighting considerable progress in Botswana.
As shareholders will note below the JV has so far identified a zone of soil anomalies for over 12km along the T3 Dome and the assay results now received from three diamond holes have confirmed very high silver and copper grades up to 363g/t silver and 21.5% copper.
The JV will shortly have five rigs on site and the march towards resource definition continues apace. More exploration updates will flow as we continue to build our understanding of this substantial Kalahari Copper Belt opportunity.
Last week the MTR team attended the Botswana Resource Conference in Gaborone and were extremely pleased with the positive reception and the enthusiasm for the JV’s work in Botswana. It is a pleasure to invest in Botswana and receive such support. Moreover a further project site visit was conducted and the MTR team were particularly impressed by the dramatic progress on the ground in recent months and the professionalism of the MOD team in-country.
Without question this is a remarkable opportunity for Metal Tiger and MOD Resources. We eagerly await the next set of assay data as the JV continues to grow and develop this project.”
T3 Prospect Expansion
- Following the announcement of the delineation of the 3km long copper/zinc anomaly (to the east of the Phase 1 Resource Programme area in the last RNS release. MTR is pleased to report that further soil samples received last week, have identified a new 4km long copper/zinc anomaly to the west of the Phase 1 Resource Programme area. This currently extends the zone of soil anomalies to >12km along the T3 Dome, and the soil sampling programme is ongoing.
- A reverse circulation (“RC”) drilling rig has commenced testing the eastern 3km long copper/zinc anomaly, at a location approximately 3km east of the Resource drilling area. A 4th diamond drill (“DD”) rig is being mobilised to site to work in conjunction with the RC rig to test the burgeoning new targets in the wider T3 area, this will run concurrent to the Resource drilling programme.
Resource Programme Progress
- Assay results have been received for a further three DD holes (MO-G-07D to MO-G-09D) within the Resource Programme area. The assays show wide intersections of 1-2% copper mineralisation.
- 21 DD holes have now been completed or are in progress within the Resource Programme. All holes completed to date (MO-G-01D to MO-G-18D) have intersected significant copper mineralisation within the target sequence. A further 13 holes are currently planned to establish the initial resource estimate dataset, with the work on track to complete a maiden Resource in Q3 2016.
- Geological interpretation of the core has identified two copper mineralisation styles; vein and disseminated chalcopyrite; and vein hosted, high tenor copper sulphides, bornite and covellite associated with high silver grades.
- In hole MO-G-09D mineralised veins carrying very high individual silver assays (including 199g/t, 244g/t and 363g/t Ag) are generally associated with very high individual copper assays (including 8.36%, 10.2% and 21.5% Cu). MO-G-09D is located at the eastern end of the current Resource Programme area and further drilling is required to determine the extent of these high grade Cu/Ag veins.
- Key results for down-hole intersections include:
- Hole MO-G-07D
- 7.90m @ 1.03% Cu & 11g/t Ag from 260.60m
- 5.60m @ 1.05% Cu and 21.5g/t Ag from 290.4m
- Hole MO-G-08D
- 41.00m @ 1.55% Cu & 21g/t Ag from 132.00m, including:
- 22.00m @ 2.29% Cu & 29g/t Ag from 141.00m
- Hole MO-G-09D
- 21.61m @ 1.66% Cu & 24g/t Ag from 165.00m, including:
- 12.00m @ 2.31% Cu & 41g/t Ag from 174.00m
- 3.37m @ 6.08% Cu & 113g/t Ag from 213.63m, including:
- 1.37m @ 13.26% Cu & 244g/t Ag from 213.63m
The three holes were designed to intersect the northerly dipping mineralisation at depth, and are orientated with a azimuth of 160deg and dip of 60deg. MO-G-07D reached a down hole depth of 329m, MO-G-08D reached 215m and MO-G-09D reached 269m. A table of the drill collar locations is provided in the MOD release referenced above. Results from the continuing drilling programme will be released as they become available following geological interpretation.
Current Exploration Programme Plan
The Resource drilling programme at T3 is concentrating 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. The planned programme currently consists 34 diamond core drill holes at 100m collar spacing (subject to assay results additional holes may be added to enlarge the Resource area envelope). Additional samples are to be taken to enable metallurgical testwork on the copper/silver mineralisation. The completion of the maiden Mineral Resource estimate for T3 is planned for Q3 2016.
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 15 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|
|Spark Advisory Partners Limited
|Tel: +44 (0) 2033 683 555
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.
Copyright Business Wire 2016