Metal Tiger plc (LON:MTR) chief executive Paul Johnson has told investors that the company’s understanding of the ‘subsurface’ at its joint venture project in the Kalahari Copper Belt, in Botswana, is building through drilling operations.
"The joint venture partners are making tremendous progress with the exploration campaign and we now have multiple drilling rigs active on the ground,” Johnson said.
New drill results were released this morning.
A second batch of assays from a reverse circulation drill programme includes data from the T3 or Target 3 prospect area.
Drill hole MO-G-12R, which is the third to be drilled on T3, cut 52 metres of mineralisation with a copper grade of 2% from a depth of 78 metres. It included 14 metres at a higher grade of 3.4% copper and 72.7 grams per tonne silver.
The best single sample from the hole measured 1 metre with 6.9% copper and 156 g/t silver..
Additionally, MO-G-13R encountered 3 zones of mineralisation, with a composite 53 metres with 1.11% copper.
So far a total of nine RC drill holes have been completed.
“Exploration drilling is a key test of a project's potential and so far we have been delighted with the exceptional results encountered. Should this drilling success continue, we believe that the joint venture partners will have a very valuable opportunity,” Johnson added.
“Investors can expect a regular stream of news from Botswana over the coming weeks and months."
Johnson also highlighted that Metal Tiger’s ‘qualified person’ - Nick O'Reilly - is currently onsite reviewing the drilling and sampling procedures and the reverse circulation and diamond core drilling programmes. The exploration work has been found to comply with industry best practice and is being conducted in an organised and efficient manner, Johnson said.
Metal Tiger has a 30% stake in the Botswana venture alongside partner MOD Resources.