Metal Tiger Plc
13 July 2016
Metal Tiger Plc
("Metal Tiger" or the "Company")
Regional Soil Sampling in Botswana Identifies New Copper Targets
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 regional exploration results 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).
Details of Technical highlights in respect of regional soil sampling results 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 exploration work being undertaken. This announcement can be viewed through the following link.
Paul Johnson Chief Executive Officer of Metal Tiger commented
“The potential of our Botswana JV Licences for holding as yet undiscovered copper deposits has increased further with the delineation of these soil geochemistry anomalies. The focussed strategy of identifying potential new deposits, by targeting regional scale structures identified from regional geophysics, with relatively low cost, soil sampling grids and RC drilling is paying off. The strategy worked to delineate the current T3 Resource Project and reportedly led to the discovery of MOD’S Mahumo deposit.
It is especially interesting to note that the T2 copper in soil anomalies outlined below are over three times higher than the 28ppm Cu anomalies that led to the discovery of T3.
We commend the progress that our partners are making in the search for new copper deposits across our holdings, and look forward to reporting further developments as these anomalies are tested.”
Regional Exploration Programme Progress
- Several new copper anomalies have been identified from an ongoing regional soil sampling programme being conducted over the wider MOD/MTR JV licence holdings. This regional work is in addition to the ongoing resource drilling programme at T3.
- This soil geochemistry survey work focussed on the regional exploration targets T2, T9 and T10, which are located to the north of the T3 Resource Programme area.
- It is important to note that it was soil sampling that led to the discovery of both the T3 Resource target and the mineralisation drilled at T4 earlier this year. MOD also report that soil geochemistry led to the discovery of their 100% owned high-grade Mahumo copper/silver deposit.
- At T2, two strong copper in soil anomalies are outlined;
- T2-West, consists consistently high copper values up to 85ppm Cu over a circa 1.5km wide zone.
- T2-East, consists consistently high copper values up to 83ppm Cu over a circa 1.5km wide zone.
- T2-West is located 20km north of T3 and 3.5km west of the Mahumo deposit; T2-East is 20km north of T3 and 5.5km east of Mahumo. Both T2 anomalies are interpreted from magnetic geophysics survey data, to be associated with folding of the prospective Mahumo geological contact and are located directly along strike from the Mahumo deposit.
- The T2-West and T2-East soil anomalies will be investigated by reverse circulation (RC) drilling as soon as a RC drill rig becomes available.
- At T9 and T10, approximately 60km north of the T3 prospect, extensive copper soil anomalies coinciding with major regional structures have been identified. Investigation is ongoing.
Regional Exploration Programme
The Regional Exploration Programme is being conducted by two geological survey teams. One team is using the JV’s fourth diamond drill rig and the reverse RC drilling rig to test soil sampling and induced polarisation (IP) geophysics anomalies already identified along the 25km-long T3 Dome as part of the T3 Prospect Expansion. Whilst the other team is conducting soil sampling along structural targets within the joint venture’s extensive regional licence holdings.
The MOD/MTR joint venture Botswana Copper/Silver Project is located on the Kalahari Copper Belt in northern Botswana. 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).
The exploration work is being managed on the ground, in accordance with JORC 2012 best practice, 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||Spark Advisory Partners Limited||Tel: +44 (0) 2033 683 555|
|Neil Baldwin||(Nominated Adviser)|
|Nick Emerson||SI Capital|| |
Tel: +44 (0) 1483 413 500
|Andy Thacker||(Sole Broker)|| |
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