TIDMMTR
19 April 2021
Metal Tiger plc
("Metal Tiger" or the "Company")
Kalahari Metals Limited: Major Drilling Programme Approved by
Joint Venture Board
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 Botswana copper discovery focussed
explorer, Kalahari Metals Limited ("KML"). As of this date, Metal
Tiger holds a 50.01% interest in KML(1) with Australian listed
Cobre Limited ("Cobre") holding the remainder of the shareholding,
as announced 12 April 2021.
Highlights:
-- Total of 5,700m of diamond core drilling and reverse circulation drilling
approved by Joint Venture Board
-- Additional 1,300m available for optional follow-up diamond
drilling dependant on results
-- Drilling to focus on Kitlanya East and Kitlanya West projects
-- Kitlanya East drilling to target both North and South targets
-- Drilling expected to commence early May at Kitlanya East
Metal Tiger is pleased to announce that the joint venture ("JV")
board of KML has approved a major new drilling programme focussed
on compelling conductive geophysics and structural targets that are
considered prospective for the discovery of copper/silver deposits
on the Kalahari Copper Belt ("KCB"). The KML technical team has
also been supplemented with additional members experienced in
sediment-hosted copper and drill programme management as the
project now moves into the next stage of exploration.
KML holds prospective ground in close vicinity to major copper
deposits and mining infrastructure including Sandfire Resources' T3
(Motheo) Copper-Silver Project which is scheduled for open-pit mine
construction in 2021(2) and Cupric Canyon Capital's Khoemacau
Copper Project which is targeting 60ktpa copper and 2Mozpa silver
underground mine production following the 2021 commissioning(3)
.
Following the completion of a comprehensive review of KML's
exploration work to date, which includes airborne electromagnetic
("AEM") and magnetic surveys with geophysical inversion modelling
and detailed structural analysis, supported by soil geochemical
sampling and stratigraphic drilling, a JV decision has been made to
embark on a 7,000m drilling programme.
The drilling programme consists a planned combined total of
5,700m of diamond core drilling and reverse circulation ("RC")
drilling with an additional 1,300m available for optional follow-up
diamond drilling depending on results. The drilling will focus on
two of KML's four project areas, namely Kitlanya East Project
("Kit-East") and Kitlanya West Project ("Kit-West"), as set out in
Table 1 and in the images linked below.
Discovery Drilling (Pty) Ltd ("Discovery Drilling"), an
experienced drilling contractor, has been awarded the contract and
drilling rigs will be mobilised to commence drilling at Kit-East,
expected the first week of May.
Michael McNeilly, Chief Executive Officer of Metal Tiger,
commented:
"We are delighted to report the approval of a major new drilling
programme focussed on leading the joint venture to the discovery of
new copper/silver deposits in close vicinity to mine infrastructure
under construction and commissioning on the Kalahari Copper
Belt.
At the inaugural JV meeting between KML's new technical team,
comprising representatives from Metal Tiger and its new partner,
Cobre, it was agreed to approve a 7,000m drilling programme,
consisting of both diamond and RC drilling focussed on compelling
structural and conductive targets.
With experienced drilling contractor, Discovery Drilling,
preparing to mobilise drilling rigs to site at the end of this
month, KML is embarking on an exciting new phase of work.
We are hopeful that the hard work and diligent studies that the
KML technical team have put into the exploration and drill
targeting to date will bear fruit. We look forward to updating
shareholder when drilling commences at Kit-W where we are very
excited to put some drill holes into the A4-analogues at the Kit-W
project, as well as the southern fold target at Kit-E. Neither of
these areas have been historically drill tested.
We look forward to providing further updates as the drilling
commences."
Illustrative figures for viewing in conjunction with this
announcement showing the area concerned (Figure 1) and the below
referenced figures (2-6), can be viewed on the Company's website
at: https://www.metaltigerplc.com/kml-update-drilling
Table 1: KML Planned Drill Programme
Project /Target Drilling Planned Target Rationale
Kit-East / North Target 12 x RC (2,400m) Located less than 25km
southeast of the Sandfire
Resources T3 (53.3 Mt at
0.9 % Cu and 12.7 g/t Ag)
and A4 (6.5Mt at 1.5% Cu
and 24g/t Ag)
copper/silver deposits(2)
and approximately 25km
southwest of the
Khoemacau Copper Project
Banana Zone deposit (155
Mt @ 0.85% Cu 11 g/t Ag)
(3) . Focussed on testing
for mineralisation
associated with
structural trap-sites
analogous to the setting
of T3 and A4 deposits
(Figure 4). Prospective
D'Kar Formation geology
with potential for the
development of
reduction--oxidation
("redox") contacts and
related mineralisation.
Structural targets
include fold / shear
potential mineral fluid
trap sites identified
from detailed magnetic
and AEM layered earth
inversion modelling
(Figure 5), remote
sensing studies and with
Cu / Zn soil geochemical
anomalies. Further
drilling supported by the
findings of the 2020
stratigraphic drilling
programme.
Kit-East / South Target 2 x DDH (800m)
8 RC (1,600m)
See Figure 2
Kit-West 2 x DDH (900m) Optional 3 AEM conductive targets
x DDH follow-up (1,300m) associated with soil
See Figure 3 anomalies and fold
structures. Potential for
traditional fold limb,
redox targets as well as
fold hinge and
structurally controlled
targets above the
traditional contact.
Interpreted Kgwebe
Formation geology and
position on the northern
margin of the KCB
considered encouraging
vectors for deposits. AEM
conductor targets
developed upon local
anticlines within a broad
synclinal structure
supported by coincident
Cu / Zn soil geochemical
survey anomalies.
Anomalies have a similar
geophysical response (in
terms of geological
setting, conductivity,
geometry, and scale) to
the Sandfire T3, A4 and
A1 targets. KML note the
similarities between the
structural setting of
Kit-West and Sandfire's
A4 deposit where
high-grade drilling
intercepts up to 33.0m @
4.6% Cu & 74.3 g/t Ag
from 109m down-hole were
reported in December
2020(4) . See Figure 6.
Given the early stage exploratory nature of most of the planned
drilling, the planned holes will be reviewed and potentially
modified as the programme progresses and as new data becomes
available.
KML Technical Team
The KML technical team will provide oversight on the next phase
of drill-focused exploration and includes sediment-hosted copper
specialists along with exploration project management experience.
The technical team members consists of:
-- Adam Wooldridge is a geophysicist and geologist with over 20 years'
experience in Africa and Europe. In addition to several project
generation initiatives, he has worked as a consultant on a variety of
commodity-types specialising in large-scale multi-disciplinary target
generation. He was a founding partner and executive director for Kalahari
Metals and has managed exploration activities to present. He is a
registered Professional Scientist (SACNASP) and Member of the Australian
Society of Exploration Geophysicists.
-- Dave Catterall is a geologist with over 36 years' operational and
field-based experience in mineral exploration throughout Africa and
Europe in a wide range of commodities but specialising in structurally
controlled precious and base metals deposits. He has worked extensively
on the Congo-Zambia Copperbelt and Kalahari Copper Belt, both in Namibia
and Botswana having gained first-hand experience on several of the known
deposits of Boseto and Zone 5 along with belt-scale expertise. He is a
Registered Professional Geologist, Chartered Engineer, Fellow of the
Geological Society of London and Fellow of the Society of Economic
Geologists.
-- Dr Ross McGowan is the founder of the Resource Exploration & Development
Group ("RED") and has been involved corporately, technically and
academically with the mining industry in Africa for over 20 years. He was
a member of the original Kamoa (DRC) discovery team, with Ivanhoe Mines,
and is a co-recipient of the 2015 PDAC Thayer Lindsley Award for an
international Mineral Discovery. He conducted his PhD research on the
sediment-hosted copper deposits of the Zambian Copperbelt and is a Fellow
of the Geological Society of London and a Fellow of the Society of
Economic Geologists.
-- Thomas Rogers is the lead generative geologist for RED with over 20
years' of operational multi-commodity experience across Africa and was
also part of the team that generated the Kitlanya East and West project
areas prior to their acquisition by Kalahari Metals. He was a member of
the original Kamoa (DRC) discovery team, with Ivanhoe Mines, and is a
co-recipient of the 2015 PDAC Thayer Lindsley Award for an international
Mineral Discovery. He is a Member of the Geological Society of South
Africa and Society of Economic Geologists.
-- Dr. Wesley Hall is the owner and principal geologist of High-Grade
Geological Consulting Services Ltd. and brings nearly 15 years of mineral
exploration experience that spans several commodities and deposit classes
across the globe. He specialises in basin-hosted mineral systems with
emphasis on tectonics and basin development, basin analysis and sequence
stratigraphy, and geophysical data interpretation. He is considered an
expert on the sedimentary rock-hosted copper-silver deposits of the
Kalahari Copperbelt in Botswana and Namibia having completed M.Sc. and
Ph.D. studies and publishing several papers related to the metallogenic
belt. He is a Certified Professional Geologist (CPG) through the American
Institute of Professional Geologists, and a member of the Geological
Society of America and the Society of Economic Geologists.
References notes:
1: Metal Tiger RNS announcement, 12 April 2021:
https://polaris.brighterir.com/public/metal_tiger/news/rns/story/x5d070w
2: Sandfire Resources Ltd ASX Announcement, 1 December 2020:
https://www.sandfire.com.au/site/PDF/3093a8b4-14b7-41fc-afea-27c0c8dc492c/SandfireApprovesDevelopmentofnewLonglifeCopperMine
3: Khoemacau Copper Mining corporate presentation, 31 January
2021: https://www.khoemacau.com/
4: Metal Tiger RNS announcement, 1 December 2020:
https://polaris.brighterir.com/public/metal_tiger/news/rns/story/xlq2e7w
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.
As announced on 15 December 2020, KML signed a Share Purchase
Agreement with 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").
The completion of Cobre's purchase of 49.99% of KML occurred on
12 April 2021, resulting in Metal Tiger holding a 50.01% interest
in KML. As announced on 15 December 2020, subject to obtaining
change in control approval from the Minister of Mineral Energy and
Water Resources of the Republic of Botswana (the "Botswana
Consent") in respect of the KML group, Metal Tiger's shareholding
in KML will reduce to 49.00%.
Metal Tiger holds a 2% net smelter royalty over all KML's wholly
owned licences, being seven licences covering, in aggregate,
6,650km(2) (together, the "Royalties") and the main areas. 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.
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
Georgia Langoulant (Nominated Adviser)
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/20210418005012/en/
CONTACT:
Metal Tiger plc
SOURCE: Metal Tiger plc
Copyright Business Wire 2021
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