TIDMMTR
18 October 2021
Metal Tiger plc
("Metal Tiger" or the "Company")
Kalahari Metals Limited: Commencement of Drilling at Endurance
Prospect
Metal Tiger plc (AIM: MTR, ASX: MTR), the AIM and ASX listed
investor in natural resource opportunities, is pleased to provide
an update in respect of the Botswana Kalahari Copper Belt discovery
focused explorer, Kalahari Metals Limited ("KML").
The next phase of diamond core ("DC") drilling at the Kitlanya
East Project's Endurance Prospect (the "Endurance Prospect") has
now commenced. Further to the Company's announcement of 13 October
2021, Mitchell Drilling International has mobilised two DC drilling
rigs to the Endurance Prospect. Drilling will test priority targets
identified in the previous round of reverse circulation and DC
drilling, with 8 priority holes, totalling approximately 2,350m,
planned to test doubly plunging fold targets and anticlines
identified from modelling of airborne electromagnetic ("AEM")
data.
As announced on 12 April 2021, Metal Tiger currently holds a
50.01% interest in KML, with Cobre Limited ("Cobre") holding the
remainder of the shareholding.
A link to Cobre's announcement released today is set out
below:
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02436880-2A1331587?access_token=83ff96335c2d45a094df02a206a39ff4
Michael McNeilly, Chief Executive Officer of Metal Tiger,
commented:
"We are pleased to announce the commencement of the next phase
of diamond core drilling on compelling targets at the Endurance
Prospect on the Kalahari Copper Belt.
Following the successful exploration vectoring results from the
most recent round of drilling at KML's Endurance Prospect and
extensive geophysical depth-conductor modelling of potential
copper-silver mineralisation trap sites, work on the planned
2,350m, 8 drill hole, programme has now commenced.
We look forward to sharing further updates as the work
progresses."
Illustrative figures for viewing in conjunction with this
announcement can be viewed on the Company's website at:
https://www.metaltigerplc.com/kml-kit-e-endurance-targets
Endurance Prospect Drill Targets
Seven priority targets for follow-up drill testing have been
identified and ranked using a combination of previous drill
results, AEM, soil sampling and magnetic data. The targets were
then used to plan a set of 8 DC drill holes for the current work
programme.
The above linked figures consist of a series of 6 maps and AEM
conductivity-depth model sections illustrating the locations
(Figure 1) and geophysical setting of each of the drill targets,
and a photograph of the drilling equipment (Figure 7).
Three DC drill holes, testing targets 1 to 3, are designed to
target copper-silver ("Cu-Ag") mineralisation in prospective fold
trap-sites along a well-defined doubly plunging anticline. Two DC
drill holes, at targets 4 and 5, are planned to test distinct
breaks in the marker conductors likely related to fault
displacement (see Figures 2, 4 & 5). A further three DC holes,
one at target 6 and two at target 7, are designed to target Cu-Ag
mineralisation in prospective fold trap-sites, in localities where
the folded modelled conductors appear disrupted (Figures 3 &
6).
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 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 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:
https://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
James Harris (Nominated Adviser)
Robert Collins
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
Rebecca Waterworth
Notes to Editors:
Metal Tiger PLC is admitted to the AIM market of the London
Stock Exchange AIM Market ("AIM") and the ASX Market of the
Australian Securities Exchange Market ("ASX") 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/20211018005343/en/
CONTACT:
Metal Tiger plc
SOURCE: Metal Tiger plc
Copyright Business Wire 2021
(END) Dow Jones Newswires
October 18, 2021 03:28 ET (07:28 GMT)
Metal Tiger (LSE:MTR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Metal Tiger (LSE:MTR)
Historical Stock Chart
From Apr 2023 to Apr 2024
