TIDMMTR
Metal Tiger plc
("Metal Tiger" or the "Company")
Kalahari Metals Limited: Kitlanya East Update
Metal Tiger plc (AIM: MTR), the London Stock Exchange AIM listed
investor in natural resource opportunities, is pleased to provide
an update in respect of the Kitlanya East Project that is operated
by the Botswana copper focussed explorer, Kalahari Metals Limited
("KML"), in which Metal Tiger currently has a 62.17% equity
interest.
Highlights:
-- Encouraging progress at the Kitlanya East Project, located approximately
25km southeast of the Sandfire Resources T3 and A4 deposits
-- Airborne geophysics and soil sampling results highlight the potential for
the South Fold Target to host Cu-Ag mineralisation in a similar setting
to the T3 and A4 deposits
-- Follow-up stratigraphic drill testing will now be undertaken in the
central portion of the target area
-- KML anticipates that this will confirm the presence of prospective lower
D'Kar Formation stratigraphy, alteration and mineralisation along
structures, suitable trap-sites and associated Cu-Ag mineralisation
Following completion of the first phase of drilling at the North
Fold target, KML has since focused on delineating the potential of
the South Fold Target, considered to have significant potential for
Cu-Ag mineralisation hosted in trap-sites above the
reduction--oxidation ("redox") contact. Regional soil sampling
undertaken in late 2019 identified a Cu-Zn anomaly in the centre of
the target upgrading the target potential.
As such, KML commissioned airborne electromagnetic ("AEM") and
magnetic surveys over the Kitlanya East Project, with a total of
946 line km of detailed AEM data collected over the Southern Fold
Target on a 200m line spacing. This data was reprocessed and
subsequently used to interpret stratigraphic marker conductors,
local folding and discontinuities in conductive units, potentially
related to alteration associated with mineralisation. Following an
independent review of this data, KML is confident in the
prospectivity of the South Fold Target and potential for parallels
to the structural setting at Sandfire Resources' A4 deposit.
In tandem with collection of AEM and magnetic survey data over
Kitlanya East Project, drill chips from several historical reverse
circulation drill holes have been relogged. The results of this
relogging demonstrate correlation between the South Fold Target and
parts of the upper portion of the D'Kar or Mamuno formations,
providing further support that the target is an anticline with the
most prospective (oldest) stratigraphy located in fold hinge, the
shallowest portion.
With airborne geophysics and soil sampling results highlighting
the potential for the South Fold Target to host Cu-Ag
mineralisation in a similar setting to the neighbouring Sandfire
Resources T3 and A4 deposits, follow-up stratigraphic drill testing
will be undertaken in the central portion of the target area. KML
anticipates that this will confirm the presence of prospective
lower D'Kar Formation stratigraphy, alteration and mineralisation
along structures, suitable trap-sites and associated Cu-Ag
mineralisation.
Michael McNeilly, Chief Executive Officer of Metal Tiger,
commented:
"The processed results from the Q4 2020 airborne geophysics
survey and soil sampling programme highlight the potential for the
South Fold Target to host Cu-Ag mineralisation in a similar setting
to the neighbouring Sandfire Resources T3 and A4 deposits as
corroborated by a recently commissioned independent structural
assessment.
"With these encouraging results, in the heart of the rapidly
developing Kalahari Copper Belt, we look forward to providing
details of KML's follow-on drilling activities planned for the
Kitlanya East Project."
As announced on 15 December 2020, KML has signed a Share
Purchase Agreement with Cobre Limited ("Cobre"), which will,
following completion of the transaction and subject to obtaining
change in control approval from the Minister of Mineral, Energy and
Water Resources of the Republic of Botswana, result in Metal Tiger
owning a 59.57% economic interest in KML (comprising a 49% direct
interest and a 20.72% interest in Cobre, which, in turn, will have
a 51% interest in KML) (the "Cobre Transaction"). Cobre is listed
on the Australian Securities Exchange.
Technical Summary
Illustrative figures for viewing in conjunction with this
announcement showing the area concerned (Figure 1) and the below
referenced figures (2-10), can be viewed on the Company's website
at: https://www.metaltigerplc.com/kml-update-march
Airborne Geophysics Survey Results
-- A total of 946 line km of detailed AEM data was collected over the
Southern Fold Target on a 200m line spacing.
-- An independent data review by structural consulting geologist Brett
Davies confirms the prospectivity of the South Target and potential for
parallels to the structural setting at Sandfire Resources' A4 deposit
(Figure 2).
-- AEM results delineate a broad 15km long late-time conductor in the
central part of the South Fold structure, interpreted to be related to
siltstone dominated prospective mid-lower D'Kar stratigraphy (Figure 3).
-- AEM survey data was processed using Geoscience Australia AEM inversion
software to create depth sections and 3D volumes, with results used to
interpret stratigraphic marker conductors, local folding and
discontinuities in conductive units potentially related to alteration
associated with mineralisation (Figure 4, Figure5).
-- Inferred gently-dipping, folded conductors in the southwestern part of
the survey provide support for a southwest plunge to the target.
-- Conductivity depth sections suggest imbricate shear elements (Figure 6),
revealing a complex of smaller folds which appear to increase in
amplitude in the core of the target;
-- Local folds have good continuity, plunge locally, doubly plunge or are
attenuated by shear providing trap-sites for potential mineralisation.
-- A total of 1,834km of detailed magnetic data was collected on 100m spaced
traverse lines over the Southern Fold Target.
-- The detailed magnetic geophysics data has delineated magnetic marker
units in the mid-D'Kar Formation (Figure 7), as well as structural
discontinuities and local folding in the hinge zone of the South Fold
Target (Figure 8). These structural features offer potential pathways and
trap-sites for potential Cu-Ag bearing hydrothermal fluids.
-- Differences in the magnetic expression of the northern and southern limbs
of the macro fold may be indicative of fold asymmetry with a
south-easterly vergence.
Historical Drill Hole Relogging
-- Re-logging of drill chips from several historical reverse circulation
("RC") drill holes located on the northern margin of the South Fold
Target suggest they correlate with the upper portion of the D'Kar or
Mamuno formations, providing further support that the target is an
anticline with the most prospective (oldest) stratigraphy located in fold
hinge. A combined magnetic and AEM interpretation is illustrated in
Figure 9.
Soil Sampling
-- A total of 1,603 geochemical soil samples were collected along 1km
traverses at 50m spacing.
-- Sample results highlight a broad 9km long zone of elevated Cu, Pb, Zn
zone which correlates with the central portion of the South Fold Target
along with local anomalies often associated with interpreted structures
(Figure 10). These support for the possibility of underlying Cu-Ag
mineralisation.
-- All samples were sieved to retain the -90um fraction and analysed using a
NitonTM XL2 pXRF along with appropriate reference samples and blanks for
quality control.
Next Steps
-- Follow-up stratigraphic drill testing will be undertaken in the central
portion of the target area to confirm the presence of prospective lower
D'Kar Formation stratigraphy, alteration and mineralisation along
structures, suitable trap-sites and associated Cu-Ag mineralisation.
Project Background:
Kalahari Metals Limited, which was incorporated in England &
Wales on 3 May 2017, holds interests in 12 highly prospective
exploration licences covering a total area of 8,595km(2) in the
Kalahari Copper Belt of Botswana, comprising two 100% owned
exploration licences, five exploration licences subject to a
binding earn-in agreement with Triprop Holdings (Pty) Limited
(includes the Ngami Copper Project), and five exploration licences
held by 100% owned subsidiary, Kitlanya Limited.
Metal Tiger holds a conditional 2% net smelter royalty over all
KML's wholly owned licences, being seven licences covering, in
aggregate, 6,650km(2) (together, the "Royalties"). On completion of
the Cobre Transaction, it has been agreed that the conditions
attached to the Royalties will fall away. The five exploration
licences owned by Triprop Holdings (Pty) Limited (in which KML has
a 51% interest) do not form part of the Royalties.
Further details are available under the Project Investments
section of the Company's website at:
https://www.metaltigerplc.com/portfolio/project-investments/kalahari-metals.
References
1: Source: Sandfire Resources Tshukudu Operations
https://www.sandfire.com.au/site/Business/sandfire-emea/Tshukudu-Operations
Qualified Person's Statement
The technical information contained in this announcement has
been read and approved by Mr Nick O'Reilly (MSc, DIC, MIMMM,
MAusIMM, FGS), who is a qualified geologist and acts as the
Qualified Person under the AIM Rules - Note for Mining and Oil
& Gas Companies. 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
Enquiries:
Michael McNeilly (Chief Executive Officer) Tel: +44 (0)20 7099 0738
Mark Potter (Chief Investment Officer)
James Dance Strand Hanson Limited Tel +44 (0)20 7409 3494
Jack Botros (Nominated Adviser)
Georgia Langoulant
Paul Shackleton Arden Partners plc (Broker) Tel: +44 (0)20 7614 5900
Steve Douglas
Gordon Poole Camarco (Financial PR) Tel: +44 (0)20 3757 4980
James Crothers
Hugo Liddy
Notes to Editors:
Metal Tiger PLC is admitted to the AIM market of 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. Metal Tiger has two investment divisions: Equity
Investments and Project Investments.
Equity Investments invests in undervalued natural resource
companies. The majority of its investments are listed on AIM, the
TSX and the ASX, which includes its interest in Sandfire Resources
Limited (ASX: SFR). The Company also considers selective
opportunities to invest in private natural resource companies,
typically where there is an identifiable path to IPO. Through the
trading of equities and warrants, Metal Tiger seeks to generate
cash for investment for the Project Investments division.
Project Investments is focused on the development of its key
project interests in Botswana, where Metal Tiger has a growing
interest in the large and highly prospective Kalahari copper/silver
belt through its interest in Kalahari Metals Limited.
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.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20210303006079/en/
CONTACT:
Metal Tiger plc
SOURCE: Metal Tiger plc
Copyright Business Wire 2021
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