TIDMMTR
Metal Tiger Plc4 October 2018
Metal Tiger Plc("Metal Tiger" or the "Company")
Botswana Copper/Silver Project - A4 Dome Intersection Update
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 partner MOD Resources Limited (ASX:MOD) ("MOD") in the
Kalahari Copper Belt in Botswana (70% MOD Resources/30% Metal
Tiger).
Highlights:
-- Latest batch of assay results confirm further copper intersections at
A4 Dome, located 8km from T3 Project:
Hole MO-A4-008D, down hole intersections:
42.9m @ 1.0% Cu & 19g/t Ag from 258m, including;
9.8m @ 1.4% Cu & 26g/t Ag, from 265m; and
9.1m @ 1.5% Cu & 31g/t Ag, from 282m
Infill drilling has commenced to determine whether
MO-A4-008D
correlates with the 52m @ 1.5% Cu intersection in MO-A4-003D
(reported on 6 August 2018)
Latest assays for the target NPF contact intersected in
three holes (downhole intersections):
Hole MO-A4-003D: 5.0m @ 2.2% Cu & 22g/t Ag from 586m
Hole MO-A4-004D: 4.3m @ 2.3% Cu & 21g/t Ag from 500m
Hole MO-A4-005D: 6.9m @ 1.7% Cu & 16g/t Ag from 471m,
including
3.6m @ 2.4% Cu & 24g/t Ag, from 474m
-- Ten drill holes in the core of the A4 Dome have NPF contact
intersections consisting visible, disseminated, locally bedded
and
locally vein hosted chalcocite mineralisation. Three holes with
assays
received to date, have NPF intersections >2% Cu.
-- Drilling at A4 Dome is now concentrating within a 1,600m long by 800m
wide zone in the centre of the dome, the "Target Zone",
initially at
200m by 200m drill spacing. Targeting vein hosted mineralisation
and
extensions to the NPF contact mineralisation. Further
structural
targets are also being drilled 1 km west of the Target Zone
(MO-A4-17D).
Michael McNeilly Chief Executive Officer of Metal Tiger
commented:
"We are very pleased to provide an update on drilling results at
the A4 Dome, where drilling continues to build out copper
mineralisation within a 1.6km by 800m target area. Whilst we are
still in the early stages of understanding the distribution of
copper within the A4 Dome, we are encouraged by the size and tenor
of the target outlined thus far, and the proximity of the planned
T3 Processing Plant makes the prospect of delineating a new
satellite deposit even more compelling."
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
A4 Dome Background & Drilling Update
-- The circa 5km long A4 Dome is located 8km from the 60 Mt T3 Pit
Project and planned processing plant. The A4 Dome and the A1
Dome,
together with the T3 Deposit, form part of the 700km2 T3
Dome Complex.
-- The NPF contact hosts most of the resources in the eastern Kalahari
Copper Belt, including the 100Mt @ 2% Cu 'Zone 5' underground
resource
planned to be developed by Cupric Canyon Capital, along strike
from
the T3 Dome Complex. The NPF contact is similar to other
geological
contacts which host substantial flat lying sediment hosted
copper
deposits in other global copper belts.
-- The A4 Dome is a test case for the wider potential of the NPF contact
mineralisation which may underly a large part of the T3 Dome
Complex.
-- Mineralisation at the T4 prospect located on the northern margin of
the T20 Dome, 100km west of T3, also occurs above the NPF
contact.
Drilling is planned to commence at the T20 Dome in late
October.
-- The JV core yard is currently processing an average of 180 samples per
day utilising an automated core saw and the onsite sample
preparation
facility. Due to the volume of samples produced, there is
currently a
bottleneck at the assay laboratory in Johannesburg, to alleviate
this
temporary bottleneck samples from key mineralised intersections
are
being prioritised for assay.
-- Key down-hole intersections from the latest batch of diamond drill
hole assay results for the A4 Dome drilling programme with
mineralisation type and assay status, include:
Hole MO-A4-001D
0.7m @ 3.7% Cu & 69g/t Ag from 439m (Vein, assay
complete)Hole MO-A4-002D
1.3m @ 1.3% Cu & 35g/t Ag from 421m (Vein, assay
complete)Hole MO-A4-003D52.0m @ 1.5% Cu & 14g/t Ag from
232m, including (Vein,
assay complete)
15.5m @ 2.9% Cu & 42g/t Ag from 269m
31.2m @ 1.1% Cu & 11g/t Ag from 560m, including (NPF)
5.0m @ 2.2% Cu & 22g/t Ag from 586m
Hole MO-A4-004D
2.8m @ 1.7% Cu & 36g/t Ag from 248m (Vein, assay
complete)19.3m @ 1.0% Cu & 10g/t Ag from 485m, including
(NPF)
4.3m @ 2.3% Cu & 21g/t Ag from 500m
Hole MO-A4-005D
0.5m @ 2.1% Cu & 29g/t Ag from 412m (Vein, assay in
progress)
6.9m @ 1.7% Cu & 16g/t Ag from 471m, including (NPF)
3.6m @ 2.4% Cu & 24g/t Ag from 474m
Hole MO-A4-006D
1.0m @ 2.2% Cu & 32g/t Ag from 159m (Vein, assay in
progress)
1.4m @ 1.5% Cu & 32g/t Ag from 194m, including (NPF)
0.4m @ 3.1% Cu & 67g/t Ag from 195m
Assay data from visible NPF mineralisation awaited.
Hole MO-A4-007D
5.8m @ 1.5% Cu & 35g/t Ag from 329m, including (Vein, assay
in
progress)
1.0m @ 1.4% Cu & 27g/t Ag from 329m, including
0.8m @ 6.2% Cu & 156g/t Ag from 334m
Assay data from visible NPF mineralisation awaited.
Hole MO-A4-008D
0.5m @ 11.2% Cu & 99g/t Ag from 165m (Vein, assay in
progress)
7.4m @ 1.3% Cu & 30g/t Ag from 231m
42.7m @ 1.0% Cu & 19g/t Ag from 258m, including
9.8m @ 1.4% Cu & 26g/t Ag from 265m
9.1m @ 1.5% Cu & 31g/t Ag from 282m
3.4m @ 2.4% Cu & 41g/t Ag from 297m
Assay data from visible NPF mineralisation awaited.
Hole MO-A4-009D
4.5m @ 1.0% Cu & 8g/t Ag from 237m (Vein, assay in
progress)
0.6m @ 3.8% Cu & 49g/t Ag from 241m
Assay data from visible NPF mineralisation awaited.
A table detailing the collar coordinates, hole depth, azimuth
and dip is given in the appendix of the above referenced MOD
release of today.
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
13,974,220 MOD shares, equivalent to 6.1 % of MOD's issued share
capital and 154,167 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
Mark Potter (Chief Investment Officer) Tel: +44 (0)20 7099 0738
Stephen Allen or RFC Ambrian Ltd Tel +44 (0)20 3440 6800
Bhavesh Patel
(Nominated Adviser)
Charlie Cryer 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
James Crothers (Financial PR) Tel: +44 (0)20 3757 4980
Monique Perks
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 base, precious and strategic
metals focus.
The Company's target is to deliver a high return for
shareholders by investing in significantly undervalued and/or high
potential opportunities in the mineral exploration and development
sector. The Company's key strategic objective is to ensure the
distribution to shareholders of major returns achieved from
disposals.
Metal Tiger has two investment divisions, Direct Equities and
Direct Projects.
The Direct Equities division invests in undervalued natural
resource companies listed on London's AIM, the ASX and the TSX.
Through the trading of equities and warrants, Metal Tiger seeks to
generate cash for investment in the Direct Projects division.
Metal Tiger's Direct 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 lead/zinc/silver
mines as well as licences, applications and critical historical
data covering antimony, copper, gold, lead, zinc and silver
opportunities.
The Company actively assesses new investment opportunities on an
on-going basis and has access to a diverse pipeline of new
opportunities in the natural resources and mining sectors. For
pipeline opportunities deemed sufficiently attractive, Metal Tiger
may invest in the project or entity by buying publicly listed
shares, by financing privately and/or by entering into a joint
venture.
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 1,000 km2), 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 Phase 2 drilling at the T3 Copper/Silver Deposit commenced
on 7th 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
included 90 diamond core drill holes designed to infill the
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 included 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. Drilling approval has been granted
for the wider T3 Dome with the acceptance of the T3 Dome EMP
announced on 3 April 2018.
The results of the T3 Open Pit Pre-Feasibility Study were
announced on 31st January 2018; the revised and upgraded T3
Copper/Silver Deposit Mineral Resource Estimate was announced 2nd
July 2018; and a Resource re-classification announced 16th July
2018.
On 18 July 2018, MTR and MOD announced they had entered into a
binding agreement for MOD to acquire MTR's 30% interest in the T3
Project and rights for an option to acquire MTR's interests in any
new JV resource which progresses to a scoping study within 3 years
of completion of the agreement.
The T3 Open Pit Feasibility Study, towards a decision to mine,
is currently underway.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20181003005985/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
October 04, 2018 02:00 ET (06:00 GMT)
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