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MTR Metal Tiger Plc

9.06
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Metal Tiger Plc LSE:MTR London Ordinary Share GB00BMQC0691 ORD 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 9.06 8.00 10.00 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Metal Tiger plc Botswana Copper/Silver Project - Exploration Budget Agreed

01/09/2017 10:10am

UK Regulatory


Metal Tiger (LSE:MTR)
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TIDMMTR 
 
 

Metal Tiger Plc

 

("Metal Tiger" or the "Company")

 

Botswana Copper/Silver Project - Exploration Budget Agreed

 

Metal Tiger plc (LON:MTR), the London Stock Exchange AIM listed investor in strategic natural resource opportunities, is pleased to provide an update regarding 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). Metal Tiger also holds 95,543,934 MOD shares, equivalent to 5.049% of MOD's issued share capital and 1,541,667 MOD warrants at an exercise price of 6 cents (Australian). Activities in Botswana are conducted under the JV's local operating company Tshukudu Metals Botswana (Pty) Ltd. ("Tshukudu").

 

Highlights:

 
 
    -- JV partners set regional exploration budget at AUD 10M for 12 months 

commencing 1 October 2017, to fast track drilling of district-scale

copper targets.

 
    -- Metal Tiger to contribute 30% of incurred exploration costs, up to GBP 

1.85M at current exchange rates, in line with direct JV holding.

 
    -- Work to focus on 150km corridor within the highly prospective Kalahari 

Copper Belt which hosts T3 and other copper targets.

 
    -- Drilling targets will include airborne electromagnetic geophysics 

anomalies as well as soil copper anomalies.

 

Michael McNeilly Chief Executive Officer of Metal Tiger commented:

 

"The Botswana project has continued at every step to outperform our expectations and this decision to increase the exploration provision has been driven by our growing understanding of the potential of the Botswana Copper Belt, with the many exciting new copper targets identified over the past year and the encouraging results to date. This is against a backdrop of growing copper prices, with copper currently at a 52-week high up almost 50% over the September 2016 low.

 

We are also hugely encouraged by the positive impact of the growth in electric vehicles on copper demand, with the International Copper Association forecasting a 9-fold increase in copper demand in the electric vehicle sector over the next decade."

 

For an image that may assist readers in the visualisation of the T3 Project area and planned exploration targets mentioned in this announcement, we would refer to the announcement released today by MOD Resources. This announcement can be viewed through the following link:

 

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

 

Shareholders should note that the timing of MOD announcements are outside the control of MTR, however, MTR does its utmost to announce the drill results and important updates as soon as practicable after MOD makes its announcement to the ASX. MTR are only made aware of drill results and important updates immediately prior to the MOD release.

 

Botswana Copper Project Planned Exploration Budget

 

Joint venture partners Metal Tiger and MOD Resources have agreed on the Botswana Copper Project annual exploration budget for the 12 months commencing 1 October 2017. Planned exploration expenditure includes:

 
 
    -- Annual regional exploration budget of up to AUD 10M to be allocated 

across JV licences totalling over 8,000km2.

 
    -- Metal Tiger to contribute 30% of incurred exploration costs, up to 

GBP 1.85M at current exchange rates, in line with direct JV

holding.

 
    -- Primary focus remains to bring the T3 Project into production whilst 

continuing to build on its substantial upside.

 
    -- In addition to the current T3 drill programme, the regional 

exploration budget allows for over 160 diamond drill holes and 40

reverse circulation holes with the majority to focus upon targets

along the T3 Dome and T20 Dome.

 
    -- Line items in the budget to include: 
 
 
    -- Funding current T3 drilling programme which includes up to 70 

diamond drill holes.

 
    -- Drill testing up to 19 airborne electromagnetic (EM) geophysics 

targets along the 50km long axis of the T3 Dome. With

Tshukudu currently seeking environmental approval from the Botswana Department

of Environmental Affairs to drill 14 airborne EM and copper soil

targets.

 
    -- Airborne EM survey over large areas of the T20 Dome to 

identify possible conductors which may be associated with soil copper

anomalies.

 
    -- Extending soil geochemical survey coverage from the T20 Dome, 

through the T4 and T22 prospects to the western end of the T3 Dome. This

will serve to increase coverage over a total 150km combined strike

length.

 
    -- Undertake work on western part of T20 Dome within recently 

awarded prospecting licences PL099/2017 and PL189/2017 (totalling

655km2).

 

Background

 

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 1000km2), which is the focus of rapidly increasing exploration activity undertaken by Tshukudu. 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 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.

 

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

 
Michael McNeilly (Chief                         Tel: +44(0)20 7099 0738 
Executive Officer) 
Keith Springall (Finance                        Tel: +44 (0)20 7099 0738 
Director 
& Company Secretary) 
Stephen Allen or           RFC Ambrian Ltd      Tel: +44 (0) 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) 
Andrew Monk                VSA Capital Limited  Tel: +44 (0)20 3005 5000 
Andrew Raca                (Joint Broker) 
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/20170901005200/en/

 
This information is provided by Business Wire 
 
 

(END) Dow Jones Newswires

September 01, 2017 05:10 ET (09:10 GMT)

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