Metal Tiger plc Drilling/Production Report

 
TIDMMTR 
 
 

Metal Tiger Plc

7 August 2017

Metal Tiger Plc

("Metal Tiger" or the "Company")

Botswana Copper/Silver Project - T3 Drilling Resumes

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 91,795,214 MOD shares, equivalent to 4.86% 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:

 
 
    -- Drilling resumes today at the T3 Copper / Silver Project. 
 
    -- Approvals granted for 17 months to December 2018 
 
    -- Initial Programme includes up to 70 diamond drill holes to test: 
 
 
    -- Potential extensions to east and west of planned open pit 
 
    -- Extent of Zone 3 mineralised contact, 300m below current T3 Resource 
 
    -- High grade intersections that have potential for underground mining 

down-dip from planned open-pit, along >1000m strike.

 
    -- Geophysics anomalies (Induced Polarisation & Electromagnetic) 

identified north and northeast of the T3 Resource.

Michael McNeilly Chief Executive Officer of Metal Tiger commented:

"It is with great pleasure that we are able to report the resumption of drilling at the T3 Project.With the approval of the Environmental Management Plan by the Botswana Department of Environment we have the green light to restart the drilling rigs today.

The next phase of work includes up to 70 planned holes and several new targets to test in the T3 area. This includes testing the potential of high grade vein-hosted copper, down-dip of the planned open-pit, to support possible underground mining.

We envisage the start of an exciting new period at T3 as the pace of work ramps up again and we look forward to providing news of the updated T3 Resource soon."

For an image that may assist readers in the visualisation of the T3 Project area, targets and planned holes 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.

T3 Drilling Programme Update

Tshukudu has received approval of the Environmental Management Plan (EMP) from the Botswana Department of Environmental Affairs (DEA). The approval allows for the recommencement of both diamond core (DC) and reverse circulation (RC) drilling at the T3 Project and its vicinity, subject to several manageable conditions, for a period of 18 months to December 2018. Details of the current and planned programme are as follows:

 
 
    -- EMP covers an area of 48km2 denoted by the farm block on which the T3 

Project occurs, and allows for an unlimited number of diamond and

reverse circulation drill holes.

 
    -- Initial programme will utilise three diamond rigs and two RC rigs, 

with an additional 3 diamond drilling rigs available on standby at

site.

 
    -- RC rig will be used for pre-collars, hydrological holes and 

sterilisation holes beneath planned infrastructure (process plant,

waste dump & tailings storage facility).

 
    -- Up to 70 diamond drill holes included in current stage of work, the 

majority of which are scheduled for completion by end of 2017.

 
    -- EMP allows for a further 12months of drilling during 2018 to follow-up 

on any new discoveries or Resource extensions around T3 and to

complete the hydrological, sterilisation and technical drilling needed

to complete the current feasibility study.

 
    -- Planned drill programme includes: 
 
 
    -- Resource extensions & infill drilling - upto 200m east & 

400m west of planned open-pit.

 
    -- High-grade veins with potential for underground development, 

down-dip and below the planned open-pit, along a >1,000m section up to

360m down-dip of the planned open-pit.

 
    -- Zone 3 mineralised contact located circa 300m below the current 

T3 Resource. Widely spaced drilling is planned to define this

significant contact interpreted across the T3 Dome.

 
    -- Geophysical anomalies: 

Two Induced Polarisation (IP) anomalies (Western & Eastern IP

Targets) 800m north of T3. These are interpreted to dip south

towards T3 and may occur on the northern limb of a syncline.

Airborne Electomagnetic (AEM) anomaly (A16), approx. 1km NE of T3.

A16 is a low order target identified by the recent helicopter

geophysics survey.

High-grade Vein hosted copper/silver Intersections Outside Planned Ppen-pit Design

 
 
    -- Further interpretation of previously announced drilling results has 

identified many high-grade vein hosted copper/silver intersections

(>2% Cu) of 4-6m down-hole width (Table 1).

 
    -- High grade veins typically occur within wide lower-grade intervals 

within the current T3 Resource and open-pit design.

 
    -- Individual veins display moderate to strong continuity between drill 

holes. Average dip of veins 20-30 deg north. Vein strike length may

extend to 1,000m.

 
    -- Several high-grade veins are interpreted to extend down-dip below the 

open-pit and have been intersected in the deepest resource holes

drilled to date.

 
    -- Apparent consistency and width of higher copper/silver grade veins 

could represent a potential underground development target. The

current drill programme will also test this potential on 50m and 100m

centres initially up to 360m down-pit pf the planned open-pit.

Table 1:Summary of Vein-hosted High-Grade Copper/Siler Intersections at T3.

 
Hole ID    High grade vein intersections From (rounded down-hole depth) 
MO-G-06D   6.0m @ 1.9% Cu & 38g/t Ag     223m 
MO-G-70D   4.0m @ 2.6% Cu & 23g/t Ag     177m 
MO-G-36D   4.0m @ 2.3% Cu & 44g/t Ag     224m 
           3.9m @ 2.7% Cu & 50g/t Ag     297m 
MO-G-63D   4.4m @ 2.8% Cu & 39g/t Ag     176m 
MO-G-04D   5.0m @ 2% Cu & 49g/t Ag       185m 
MO-G-71D   4.0m @ 2.7% Cu & 2.7g/t Ag    195m 
           5.5m @ 2.5% Cu & 46g/t Ag     225m 
GEOTECH-4  4.5m @ 2.2% Cu & 49g/t Ag     175m 
MO-G-34D   4.9m @ 2.2% Cu & 42g/t Ag     182m 
MO-G-51D   5.0m @ 2.7% Cu & 42g/t Ag     215m 
MO-G-49D   5.0m @ 2.2% Cu & 45g/t Ag     278m 
           4.0m @ 2.0% Cu & 31g/t Ag     294m 
MO-G-57D   4.3m @ 2.3% Cu & 24g/t Ag     210m 
MO-G-58D   5.6m @ 1.8% Cu & 24g/t Ag     209m 
MO-G-13D   5.0m @ 1.9% Cu & 6g/t Ag      179m 
 
 

Other Updates

 
 
    -- Further DEA environmental applications are planned for other 

high-priority regional drilling targets including the T3 Dome AEM

anomalies (announced 21 July 2017) and soil anomalies identified on

the T20 Dome.

 
    -- Both JV partners are well funded to continue the drilling and T3 

technical studies, MOD had AUD $15.8M cash at 30 June 2017 and MTR

recently raised GBP GBP4.85M.

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 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 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 compliant Mineral Resource was announced on 26 September 2016. 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.

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 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: [phone] 
Executive Officer) 
Keith Springall (Finance                        Tel: [phone] 
Director 
& Company Secretary) 
Stephen Allen or           RFC Ambrian Ltd      Tel: [phone] 
Bhavesh Patel              (Nominated Adviser) 
Jonathan Williams          RFC Ambrian Ltd      Tel: [phone] 
                           (Joint Broker) 
Nick Emerson               SI Capital           Tel: [phone] 
                           (Joint Broker) 
Andrew Monk                VSA Capital Limited  Tel: [phone] 
Andrew Raca                (Joint Broker) 
Gordon Poole               Camarco              Tel: [phone] 
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 Metal Tiger 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/20170806005058/en/

 
This information is provided by Business Wire 
 
 

(END) Dow Jones Newswires

August 07, 2017 02:00 ET (06:00 GMT)