Share Name Share Symbol Market Type Share ISIN Share Description
Metal Tiger LSE:MTR London Ordinary Share GB0030493232 ORD 0.01P
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  +0.00p +0.00% 2.35p 2.30p 2.40p 2.55p 2.35p 2.375p 6,335,193 12:24:23
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 0.0 -0.7 -0.1 - 25.74

Metal Tiger plc Botswana Copper/Silver Project Record High Grade Intersection at T3 Deposit

05/01/2018 8:33am

UK Regulatory (RNS & others)


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Metal Tiger Plc

 

5 January 2018

 

Metal Tiger Plc

 

("Metal Tiger" or the "Company")

 

Botswana Copper/Silver Project - Record High Grade Intersection at T3 Deposit

 

Metal Tiger plc (LON:MTR) is pleased to provide an update regarding the Company's Joint Venture ("JV") project with partner MOD Resources Limited (ASX:MOD) ("MOD") in the Kalahari Copper Belt in Botswana (70% MOD Resources/30% Metal Tiger).

 

Highlights:

 
 
    -- Highest grade intersection to date at T3 from latest and final batch 

of assay results:

Hole MO-G-94D

18.0m @ 4.3% Cu and 94g/t Ag

from 146m, within

53.9m @ 2.0% Cu and 40g/t Ag from 129m

 
    -- Significant widths of high-grade vein hosted copper and silver 

continue to be intersected within the wider resource drilling

programme.

 
    -- Major Phase 2 drilling programme resumes next week at T3 then 

expanding over the wider T3 Dome, with 8 drill rigs in operation.

 

Michael McNeilly Chief Executive Officer of Metal Tiger commented :

 

"We are pleased to start the New Year with a record high-grade intersection from the final batch of Phase 2 drilling assays at our T3 Project. These wide high-grade copper intercepts bode well for the expected Phase 2 Mineral Resource upgrade expected later this month and the deeper intersections continue to support the prospect of an underground mining target below the planned T3 Open pit.

 

Diamond drilling will resume next week, with 8 rigs turning, as we continue to test T3 along strike."

 

This announcement coincides with an update released today by MOD which can be viewed through the following link:

 

http://search.asx.com.au/s/search.html?query=mod&collection=asx-meta&profile=web

 

T3 Drilling Programme Update

 
 
    -- Current T3 Phase 2 Infill & Extension drilling programme commended in 

August 2017 to test the potential for additional resource extensions

including high-grade vein mineralisation within and outside the

planned 10-year open pit mine (T3 Pit Project).

 
    -- Drilling will resume mid-next week with eight drill rigs on various 

targets at T3 and the 11km long, shallow plunging conductive Airborne

Electromagnetic Geophysics (AEM) anomaly which extends 4-5kms either

side of T3 (MOD have called this target 'T-Rex').

 
    -- Drilling is also planned to test the many AEM targets along the T3 

Dome for deposits similar to the T3 Deposit which will commence in Q1

2018.

 
    -- Latest (and final) batch of assay results include a record 

intersection for the T3 Resource Infill Drilling Programme: 18m @ 4.3%

Cu and 94g/t Ag from 146m downhole depth within a wide zone of 53.9m @

2.0% Cu and 40g/t Ag from 128.5m downhole intersected in MO-G-94D.

 
    -- MO-G-94D occurs near the middle of the T3 Pit Project and is 

approximately 100m above an intersection of 72.6m @ 1.5% Cu and 27g/t

Ag in MO-G-65D from 250m downhole depth (announced 6 March 2017).

 
    -- Recent results include additional significant intersections outside 

the planned T3 pit design, supporting the T3 Underground Project

(announced 7 December 2017) as follows;

MO-G-93D: 20m @ 1.2% Cu and 21g/t Ag from 186mMO-G-95D: 22m @ 1.2% Cu and 9g/t Ag from 188mMO-G-96D: 18m @ 1.9% Cu and 14g/t Ag from 120m downhole depth

(including 6.2m @ 3.0% Cu and 24g/t Ag from 129m)

 
 
    -- These and previous Phase 2 Infill Programme assay results will feed 

into a Mineral Resource upgrade expected later this month.

 
    -- The Mineral Resource upgrade may require a corresponding revision to 

the pending Prefeasibility Study, which is currently based on the 24

August 2017 Mineral Resource Estimate.

 
    -- Key down-hole intersections from the latest (final) batch of diamond 

drill hole assay results,

with mineral zone and interpreted vein id

,

include:

 
 
    -- Hole MO-G-90D 

6.0m @ 1.1% Cu & 25g/t Ag from 324m

(Zone 1, V1)

 
    -- Hole MO-G-93D 

20.0m @ 1.2% Cu & 21g/t Ag from 186m , including;

(Zone 1,

V1)

6.5m @ 2.0% Cu & 49g/t Ag from 190m, and

(Zone 1, V1)

2.0m @ 2.1% Cu & 46g/t Ag from 227m

(Zone 1, V2)

 
 
    -- Hole MO-G-94D 

53.9m @ 2.0% Cu & 40g/t Ag from 129m, including;

(within

planned T3 pit)18.0m @ 4.3% Cu & 94g/t Ag from 146m

 
    -- Hole MO-G-95D 

1.7m @ 4.8% Cu & 81g/t Ag from 175m

(Zone 2, V2)

22.0m @ 1.2% Cu & 9g/t Ag from 188m, including;

(Zone 2, V3)

8.0m @ 2.0% Cu & 6g/t Ag from 201m, and

(Zone 2, V3)

4.0m @ 2.0% Cu & 12g/t Ag from 226m

(Zone 2, V4)

 
 
    -- Hole MO-G-96D 
 
 
    -- 18.0m @ 1.9 % Cu & 14g/t Ag from 120m, including; 

(Zone 1, V1)

6.2m @ 3.0% Cu & 24g/t Ag from 129m, and

(Zone 1, V1)

5.4m @ 1.2% Cu & 9g/t Ag from 144m

(Zone 1, V2)

 
 
    -- Hole MO-G-97D 

4.0m @ 1.0% Cu & 23g/t Ag from 249m

(Zone 1, V1)

1.0m @ 1.6% Cu & 30g/t Ag from 341m

(Zone2, V4)

 
 
    -- Hole MO-G-99D 

34.1m @ 0.8 % Cu & 6g/t Ag from 136m, including;

(within

planned T3 pit)9.0m @ 1.3% Cu & 14g/t Ag from 139m, and7.1m @ 1.2% Cu & 4g/t Ag from 153m

 
 
    -- Hole MO-G-100D 

9.4m @ 1.0 % Cu & 4g/t Ag from 148m

(Zone 1, V2)

8.0m @ 1.2% Cu & 8g/t Ag from 171m

(Zone 2, V3)

 
 
    -- Hole MO-G-104D 

8.5m @ 0.7 % Cu & 4g/t Ag from 111m

(Zone 1, V2)

 
    -- Hole MO-G-105D 

3.0m @ 1.1 % Cu & 8g/t Ag from 108m

(Zone 1, V2)

2.8m @ 1.3% Cu & 6g/t Ag from 119m

(Zone 2, V3)

 
    -- Hole MO-G-107D 

21.5m @ 0.8 % Cu & 16g/t Ag from 221m, including;

(Zone 1,

V1)

7.0m @ 1.5% Cu & 32g/t Ag from 231m

(Zone 1, V1)

 

Background information on the T3 Project

 

The T3 Project 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 within the central part of the T3 Dome (approximately 1,000km 2 ), which is the focus of rapidly increasing exploration activity undertaken by the JV. Two significant resources have been discovered to date within the T3 Dome: T1 (Mahumo deposit 100% MOD) and T3 (70% MOD / 30% MTR).

 

The T3 deposit was discovered in March 2016 when a reverse circulation ("RC") drill hole intersected 52m @ 2.0% Cu and 32g/t Ag from shallow depth. The maiden T3 JORC (2012) compliant Mineral Resource was announced on 26 September 2016 with the first Resource upgrade announced on 24 August 2017. The results of a Scoping Study for an open pit mine at T3 with a 2Mtpa processing plant, an indicative mine life of 10 years and an average production rate of 21,800tpa of copper and 665,000oz pa of silver was released on 6 December 2016. Work on a Pre-Feasibility Study (PFS) commenced in January 2017 and additional deeper copper mineralisation was discovered below the T3 Resource in February 2017.

 

The T3 Prospect geological data and exploration results have been reviewed and approved by Jacques Janse van Rensburg, BSc (Hons), Business Development Manager and Competent Person for MOD Resources Ltd. Mineral Resource estimation and classification of the T3 Copper/Silver Project was conducted and approved by Mr A.I. Pretorius, MSc. Pri.Sci.Nat. an independent consultant to MOD Resources Ltd.

 

The current phase of drilling at the T3 Copper/Silver Deposit commenced on 7 th August 2017, with approval granted for the recommencement of both diamond core (DC) and reverse circulation (RC) drilling at the T3 Project and its vicinity, through to December 2018. This includes up to 70 planned diamond core drill holes designed to infill the current Resource and test for possible extensions. The objective of the infill program is to increase geological confidence and upgrade categorisation of the T3 Resource. The programme also includes grid drilling to investigate the potential for an underground Resource down-dip and along strike from the planned open-pit, and to investigate geophysical targets.

 

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 acts as the Competent 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 Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Metal Tiger PLC to provide technical support.

 

In addition to its 30% interest in the JV, Metal Tiger holds 104,200,000 MOD shares, equivalent to 5.497% of MOD's issued share capital and 1,541,667 MOD options each exercisable price of 6 cents (Australian) on or before 15 April 2019.

 

For further information on the Company, visit:www.metaltigerplc.com:

 
Michael McNeilly    (Chief Executive Officer)  Tel: +44(0)20 7099 0738 
Keith Springall     (Finance Director &        Tel: +44 (0)20 7099 0738 
                    Company Secretary) 
Stephen Allen or    RFC Ambrian Ltd            Tel +44 (0)20 3440 6800 
Bhavesh Patel       (Nominated Adviser) 
Jonathan Williams   RFC Ambrian Ltd            Tel +44 (0)20 3440 6800 
                    (Joint Broker) 
Nick Emerson        SI Capital                 Tel: +44 (0)1483 413 500 
                    (Joint Broker) 
Rita Adiani         NRG                        Tel: +44 (0)20 3709 4504 
Gordon Poole        Camarco                    Tel: +44 (0)20 3757 4980 
James Crothers      (Financial PR) 
 
 

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, the Company has tungsten and gold interests in the highly-mineralised Extremadura region. In Thailand, Metal Tiger has interests in two potentially near-production stage silver/lead/zinc mines as well as 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 AIM or NEX Exchange (formerly ISDX) partner with whom the Company is engaged.

 
 
 

View source version on businesswire.com:http://www.businesswire.com/news/home/20180105005251/en/

 
This information is provided by Business Wire 
 
 

(END) Dow Jones Newswires

January 05, 2018 03:33 ET (08:33 GMT)

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