TIDMMTR
Metal Tiger Plc
10 January 2017
Metal Tiger Plc
("Metal Tiger" or the "Company")
Botswana Copper/Silver Project - Licence Extensions and Drill
Results
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 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).
Technical highlights in respect of the T3 Deposit including the
pre-feasibility study programme, progress and drilling updates 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 licences
and the reported infill drill collar locations. This announcement
can be viewed through the following link:
http://search.asx.com.au/s/search.html?query=mod&collection=asx-meta&profile=web
Michael McNeilly Chief Executive Officer of Metal Tiger
commented "
"We are delighted to report that the various Resource extension
and Prefeasibility Study related work streams are now underway
following the field team's well deserved seasonal holiday. Drilling
recommenced with two diamond and one RC rigs tasked with gathering
data for constituent studies including Resource Extensions,
Hydrological and Geotechnical studies and additional Metallurgical
testing.
Whilst the core technical team is focussed on delivering the T3
PFS, we do not lose sight of the significant upside which is
represented by our licence holding over the remainder of the
prospective T3 Dome. We believe that the T3 Deposit may potentially
form part of a much larger sediment hosted copper footprint in the
Kalahari Copper Belt.
To this end the joint venture continues to invest in geochemical
sampling, geophysics and follow-up investigation work in our wider
licence holding. Cognisant that the remainder of the T3 Dome
landholding, and the wider licence portfolio have the potential for
hosting additional T3 type deposits. As such, we look forward to
the prospect of announcing further, encouraging, progress reports
in the near future."
Highlights:
-- The T3 Deposit Prefeasibility Study work has started. Drilling
recommenced 7 January 2017, with two diamond core rigs and one
reverse
circulation drilling rig in operation for the various T3
Prefeasibility Study related work streams.
-- In the wider T3 Project Area an additional 11 drilling targets have
been identified within the 983km2 T3 Dome exploration area.
-- Extensive soil geochemistry programme (circa 11,000 samples) is
currently underway, targeting the 60km strike of the T3 Dome
structure.
-- Three-dimensional Induced Polarisation (3D IP) geophysics survey will
commence today at the T3 Deposit, to characterise the
mineralised host
sequence and aid in the identification of additional or
deeper
drilling targets, along the T3 Dome.
-- Magnetic geophysics modelling including a 3D Inversion of low
altitude, close spaced magnetic data is underway.
-- Resource extension diamond drilling to commence on 100m sections
directly east and west of the planned T3 pit, with 6 holes
currently
planned.
-- Diamond drilling to follow up base metal (Pb/Zn) sulphides intersected
(by previous RC drilling) up to 2km west of T3 planned.
T3 Prefeasibility Study (PFS), Q1 Work Programme Plan
-- Resource Infill diamond drilling will test the extent of high grade
bornite veins within the planned open pit: 5 holes to infill the
high
grade bornite vein zone in the western part of the T3 pit; 6
holes
will be drilled to test extensions 100m east and west of the
current
resource which remains open. Depending on the success of this
infill
and extension drilling, further drilling may be carried out
on
adjacent sections.
-- Geotechnical drilling (at HQ diameter) is planned to aid the open pit
design.
-- Metallurgical drilling will provide more material for testwork of the
three sulphide ore domains.
-- Hydrogeological Studies are scheduled to commence mid-February, with
pump testing for existing and new drill holes planned to
investigate
potential sources of water for the planned mineral
processing
treatment plant.
-- Baseline Environmental Studies and the preparation of an Environmental
Management Plan will commence shortly.
Continuing Exploration
The continuing and planned exploration drilling programme
consists:
-- Reverse Circulation (RC) drilling to test five areas on the T3
Dome; including 3 separate soil anomalies which occur over 5km
along
the northern flank of a distinctive magnetic feature,
approximately
3km northwest of T3. RC drilling will then test a 4km long zone
of
folding of the target sequence interpreted from magnetics
approximately 6km west along strike from T3. There is no
previous
drilling in any of these areas. An additional three RC
drilling
targets have been identified based on existing untested Cu
soil
anomalies along the T3 Dome.
-- Diamond core drilling will initially test down dip for
disseminated base metal sulphides (galena, sphalerite, pyrite
and
chalcopyrite) intersected within the interpreted T3 host
sequence in
widely spaced RC drill holes extending up to 2km west of T3,
and
separately 1km southeast of T3. Most of these RC holes were
drilled in
late 2016. By analogy with the T3 deposit, although the base
metals
are unlikely to generate economic grades, they may be a
pathfinder for
deeper copper mineralisation.
-- T3 IP Anomaly to be tested by further diamond drilling, the
approximately 500m deep IP anomaly is located 1km down-dip of
the T3
Deposit. Assay results received recently for the second diamond
drill
hole MO-3R-02D (previously MO-T3U-02D) to test this target
were
encouraging with disseminated and narrow vein hosted chalcocite
and
bornite mineralisation intersected:
-- Hole MO-3R-02D
-- 8m @ 0.74% Cu & 10g/t Ag from 491m, including:
1.0m @ 1,1% Cu & 15g/t Ag from 498m
This intersection is considered encouraging given the size of
this as-yet poorly defined anomaly and the occurrence of veining
and bornite within the host sequence. Drilling is expected to
resume when results from the 3D IP survey are available.
Location
The T3 Resource 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).
MOD outline details of the current exploration procedures being
employed on the project (JORC 2012 Table 1), in their news release
dated 10 January 2017.
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.
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:
Michael McNeilly (Chief Tel: +44 (0)20 7099 0738
Executive Officer)
Keith Springall (Finance Tel: +44 (0)20 7099 0738
Director
& Company Secretary)
Sean Wyndham-Quin Spark Advisory Partners Tel: +44 (0)
Neil Baldwin Limited 2033 683 555
(Nominated Adviser)
www.sparkadvisorypartners.com
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.
View source version on businesswire.com:
http://www.businesswire.com/news/home/20170110005586/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
January 10, 2017 03:20 ET (08:20 GMT)
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