TIDMMTR
Metal Tiger Plc
26 September 2016
Metal Tiger Plc
("Metal Tiger" or the "Company")
Botswana - T3, Substantial Maiden JORC Compliant Mineral
Resource
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 exploration 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).
Details of the JORC compliant maiden Mineral Resource Estimate
for 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. This announcement can
be viewed through the following link:
http://search.asx.com.au/s/search.html?query=mod&collection=asx-meta&profile=web
Paul Johnson Chief Executive Officer of Metal Tiger commented:
"Together with MOD, our JV partners, we are very pleased to report
the maiden Mineral Resource Estimate for our T3 Prospect.
Considering that the deposit was only discovered in March of
this year, in a previously under-explored region, it is a real
credit to our exploration team and contractors that we have been
able to take the project from a grassroots stage, soil anomaly, to
defined JORC compliant Resource in only six months.
The fact that the majority of the Resource has been classified
as Indicated is especially noteworthy, with indicated resource
denoting a higher degree of confidence in the geological knowledge
and being necessary for the consideration of economic
viability.
With the release of this Resource the project has taken a big
step towards our objective of it becoming a low cost, long life
Botswanan copper producer.
As the deposit remains open down-dip and along strike, where it
is being targeted by current drilling, we look forward to the
prospect of increasing and upgrading this initial Resource and to
the results of the open-pit mining scoping study due December.
Furthermore, T3 is only the first of a series of high profile
targets within the highly prospective region covered by the JV
licences. There is significant likelihood of more discoveries to be
made and we look forward to providing further information in this
regard, in the near future."
Highlights:
-- Total (Indicated & Inferred) Mineral Resource Estimate of
28.36Mt @ 1.24% Cu & 15.7g/t Ag for T3 Prospect,
containing
approximately 350,200t copper and 14.27Moz silver (at
0.5% copper cut-off grade). JORC compliant, maiden resource,
resulting from the Phase 1 Resource Drilling Programme.
-- Includes high grade core of 8.48Mt @ 2.16% Cu & 30.6g/t Ag,
containing approximately 182,900t copper and 8.34Moz silver (at
1.5%
Cu cut-off grade), see T3 Resource Table below.
-- 64% of the total resource tonnes classified as Indicated Resource,
remainder Inferred category.
-- Resource potential remains open down dip to the northeast of
the current resource envelope and along strike to the
south-west.
-- Mineral Resource has been defined along a 1.4km long strike length
with the copper and silver sulphide mineralisation best
described as a
sheeted vein deposit dipping at 25 degrees to the north with a
shallow
north east plunge.
-- Sulphide mineralisation dominated by mainly chalcopyrite with
chalcocite and bornite copper sulphides occurring in lesser
amounts,
is very continuous extending from shallow depth (35m depth) to
the
limit of drilling at 274m depth. Minor copper oxide
mineralisation
occurs near surface between 10-25m depth as malachite and
chrysocolla.
-- Geometry of the deposit, with wide zones of continuous shallow dipping
mineralisation provides the potential for low-cost open-pit
mining. If
the deposit is mined the central core of high-grade vein
hosted
mineralisation may provide an opportunity for early payback
of
capital. The high silver content should provide significant
concentrate credits.
-- Drilling is currently testing for potential extensions to high grade
veins north east of the resource and targeting an IP target
approximately 500m down dip from the resource. Exploration will
also
step out along the T3 Dome and surrounding areas to test
potential for
other deposits of this type.
-- T3 Phase One Mineral Resource Table:
JORC Cut-off Tonnes Grade Grade Contained Contained
Category
Cu% Cu% Ag g/t Cu (tonnes) Ag (oz)
Indicated 0.5 18,071,000 1.35 16.7 244,320 9,724,550
1 10,103,000 1.84 24.2 186,198 7,848,794
1.5 6,773,906 2.12 29.6 143,675 6,450,935
Inferred 0.5 10,287,000 1.03 13.7 105,853 4,546,534
1 3,162,296 1.82 26 57,396 2,640,127
1.5 1,706,001 2.3 34.5 39,221 1,892,814
TOTAL 0.5 28,358,000 1.24 15.7 350,221 14,271,083
(Indicated 1 13,265,000 1.84 24.6 243,678 10,488,664
& 1.5 8,479,907 2.16 30.6 182,912 8,343,592
Inferred)
T3 - MINERAL RESOURCE STATEMENT
1.Geology and Geological Interpretation
The copper and silver mineralisation which is the basis for the
T3 Phase One Mineral Resource is interpreted to be a Proterozoic or
early Palaeozoic age, vein related sediment hosted deposit which is
different to other known deposits and mines in the central Kalahari
Copper Belt in Botswana.
The Mineral Resource has been defined along a 1.4km long strike
length at T3 and the copper and silver sulphide mineralisation
occurs in veins and disseminations within mudstone, siltstone,
sandstone and marls as host rocks.
The resource occurs in sediments and veins, considered part of
the D'Kar Formation. The footwall to the resource is generally
defined by lower grade disseminated Pb and Zn mineralisation within
the host rocks, still considered part of the D'Kar Formation.
Mineralisation is very continuous at T3 and is dominated by
mainly chalcopyrite with chalcocite and bornite copper sulphides
occurring in lesser amounts. Mineralisation extends from shallow
depth (35m depth) to the limit of drilling at 274m depth. Minor
malachite and chrysocolla oxide mineralisation occurs near surface
between approximately 10-25m depth.
Mineralisation can be best described as a sheeted vein deposit
dipping at 25 degrees to the north. Interpretation of the drilling
data has defined a shallow north east plunge. The thickness
throughout the deposit may represent multiple stacked, mineralised
horizons, thrusted one upon the other.
This interpretation opens up potential for resource extensions
to the north east and south west, as well as at depth - down
plunge. This potential for extensions to the Stage One Resource
remains undrilled and is likely to be the main focus of the Stage
Two extension drilling.
2.Drilling Technique
The drilling results referred to in this release were drilled by
diamond core drilling rigs. HQ3 diameter drill core was drilled for
all the shallow drill holes and NQ for the deeper drill holes.
Triple tube drilling was used for the shallow drill holes to
maximise core recovery in oxidised sediments. 15 shallow holes were
drilled by Reverse Circulation method, using a 5 inch - 127mm face
sampling bit diameter and 900pfm - 24 bar compressor.
3.Sampling, Sub Sampling and Analytical Techniques
Drill core is logged, split by diamond saw and sampled on site.
Samples of NQ core are taken from half core and sampled at 1m
lengths or less as dictated by lithological contacts, and assayed
for Ag and Cu at Set Point Laboratories in Isando, Johannesburg,
South Africa. Samples of HQ3 core are taken from quarter core
samples and sent for analysis.
Standards, blanks and duplicates are inserted into the sample
stream. The remaining half portion of drill core is retained on
site at MOD's core logging facility in Ghanzi, Botswana.
Samples arriving at the laboratory are crushed using a jaw
crusher to a particle size less than 15 mm and then crushed to a
fineness of 80% less than 2.0mm. The split for analysis is milled
to achieve a fineness of 90% less than 106 µm.
Analytical techniques have been chosen to best characterise
total and non-sulphide copper and silver mineralisation. Analysis
for acid soluble Copper was by method M449 and determined by
sulphuric acid leach followed by ICP-OES (Inductively Coupled
Plasma - Optical Emission Spectrometry) finish. Analysis for total
Silver and Copper is determined by 3 acid digest (HNO3, HClO4 and
HCl) followed by ICP-OES finish.
4.Resource criteria and assumptions
The resource estimate was classified in accordance with the
Australasian Code for Reporting of Exploration results, Mineral
Resources and Ore Reserves (JORC Code, 2012).
Geological interpretation was based on drill hole lithology and
grade data which was completed on 15 cross-sections using Datamine
software. 3D (wireframe) geological modelling was carried out by
Sphynx Consulting CC ('Sphynx') and reviewed by MOD Resources.
Sphynx produced resource tables at a copper cut-off grade of 0.5%
Cu, see T3 Phase One Mineral Resource Table above.
The Mineral Resource Estimate was based on a number of factors
and assumptions:
-- A review of the QAQC data was completed and considered satisfactory
for Inferred and Indicated Resources.
-- Mineralisation was defined by zones identified from downhole
lithological and analytical data.
-- Grade domaining was applied by constructing hard boundaries at 0.5% Cu
and 1.0% Cu respectively.
-- Using parameters derived from modelled variograms, Ordinary Kriging
(OK) was used to estimate average block grades for Cu and
Ag.
-- The estimation was conducted in three passes with the search radius
increasing for each pass.
-- The model was validated visually and statistically using comparison to
sample statistics.
-- Bulk densities were assigned to mineralised domains. The dry bulk
densities were based on immersion measurements from 369 core
samples.
A median bulk density of 2.75 t/m3 was used.
-- The relative accuracy is reflected in the resource classification that
is in line with industry acceptable standards. It is a maiden
global
mineral resource estimate with no production data.
-- This Resource is a maiden mineral resource estimate.
5.Resource Classification and Drill Hole Spacing
The classification of Mineral Resources was completed based on
the geological complexity, estimation performance, number of drill
samples, drill hole spacing and sample distribution. The Competent
Person is satisfied that the result appropriately reflects his view
of the deposit. Continuous zones meeting the following criteria
were used to define the resource class:
Indicated Resource
-- Drill hole spacing up to approximately 100m by 100m
-- Estimation performance: Weighted average between 1.4 and below.
Inferred Resource
-- Drill hole spacing wider than 100m by 100m
-- Estimation performance: Weighted average above 1.4
-- Blocks estimated in the third pass
-- Limited number of drill holes
6.Cut-off Grades
The resource model is constrained by assumptions about economic
cut-off grades. The mineralisation is constrained by a 0.5 % Cu
cut-off and 1.0% Cu cut-off and a 1.5% cut-off. Tabulated resources
are based on cut-off grade starting at 0.5 % Cu.
7.Mining and Metallurgical Parameters and Assumptions
The joint venture is proceeding with a scoping study to evaluate
open pit mining options, metallurgical parameters and potential
on-site processing at T3.
The scoping study includes preliminary open pit modelling based
on the T3 Phase 1 Mineral Resource estimates and models.
The scoping study also includes metallurgical testwork of three
separate ore types being bornite, chalcopyrite and chalcocite
sulphides. Test work is being conducted on drill core samples by
Independent Metallurgical Operations in Perth and results will be
released when they are finalised.
Further Information
Further details of the exploration procedures employed during
the Resource programme including a completed JORC 2012 Table 1, a
drill plan and drill collar table can be viewed in the MOD
Resources news release dated 26 September 2016.
Mineral Resource Estimate Competent Persons
The Mineral Resource estimation and classification of the T3
Copper/Silver Project was conducted and approved by Mr A.I.
Pretorius, MSc. Pri.Sci.Nat. Mr Pretorius is an independent
consultant to MOD Resources Ltd and a member of the South African
Council for Scientific Professionals (SACNASP Membership Number
400060/91). Mr Pretorius has sufficient experience that is relevant
to the style of mineralisation and type of deposit under
consideration and to the activity being undertaken to qualify as a
Competent Person as defined in the 2012 Edition of the
'Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves'.
The T3 Prospect geological data and exploration results have
been reviewed and approved by Jacques Janse van Rensburg, BSc
(Hons), Technical Adviser and Competent Person for MOD Resources
Ltd.
Location
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).
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 Tel: +44 (0)7766 465 617
Executive Officer)
Terry Grammer (Non- Tel: +44 (0)207 099 0738
Executive
Chairman)
Sean Wyndham-Quin Spark Advisory Partners Tel: +44 (0)
Neil Baldwin Limited 2033 683 555
Nick Emerson (Nominated Adviser)
Andy Thacker SI Capital www.sparkadvisorypartners.com
(Sole Broker) 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.
Note: This announcement contains inside information which is
disclosed in accordance with the Market Abuse Regulation.
View source version on businesswire.com:
http://www.businesswire.com/news/home/20160925005061/en/
This information is provided by Business Wire
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