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Metal Tiger (LON:MTR)

Metal Tiger (LON:MTR)


Share Price
2.12 p
Change
-0.0002 (-0.01 %)
Market Cap
£28.68 m
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Metal Tiger RNS Release

Botswana Copper/Silver Project EMP Submitted for Drilling T20 Dome


Botswana Copper/Silver Project EMP Submitted for Drilling T20 Dome

Metal Tiger Plc
16 April 2018

Metal Tiger Plc
("Metal Tiger" or the "Company")

Botswana Copper/Silver Project – EMP Submitted for Drilling T20 Dome

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:

  • Application lodged with Botswana Department of Environmental Affairs (DEA) for an Environmental Management Plan (EMP) for drilling within the circa 697km2 T20 Dome complex.
  • T20 Dome EMP will allow the drilling of new and existing targets identified along a 140km long strike of the Central Structural Corridor.
  • Additional 939km2 airborne electromagnetic (EM) geophysics survey coverage planned to commence in mid-2018, to link up the previous three EM trail survey blocks over the centre of the T20 Dome.

Michael McNeilly Chief Executive Officer of Metal Tiger commented:

“The submission of the EMP for the T20 Dome will, where awarded, provide access to important strategic ground for the JV and open up an additional 697km2 of under explored and prospective Kalahari copper belt for drilling. Opening the T20 Dome for drilling will allow the possibility of adding to a pipeline of confirmed copper targets whilst we move the T3 Resource through the mine feasibility study process. With the recently awarded T3 Dome EMP, drilling is planned to commence at the T3 Dome in May, and we look forward to the prospect of exciting drill intersections.”

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

T20 Dome Regional Exploration Planned Work & Targets

  • The T20 Dome EMP has been lodged for permission to test several new and existing targets along the Central Structural Corridor along the northern part of the T20 Dome complex.
  • Approval of the T20 EMP will increase the total area available to drilling to approximately 1,377km2 (consisting the T3 Dome and T20 Dome).
  • The JV operating company Tshukudu has executed Access Agreements with 28 farms to allow access for the required exploration operations.
  • The planned extension of the airborne EM Geophysics survey coverage will extend geophysics data coverage over the centre of the T20 Dome and will facilitate the generation of new drilling targets and tie together the three-existing trial EM Survey blocks.
  • T20 Dome drilling targets to include:
    • T4, where reverse circulation (RC) drill hole MO-A-04R intersected 2m @ 6% Cu & 111g/t Ag from 101m depth, prior to the discovery of T3 in March 2016. T4 is located approximately 80km SWW of T3. Interpretation for the trial EM data covering this target, together with soil sampling data has identified the possibility of extensions to the known mineralisation.
    • T23, a new target located 15km west of T4. A compelling target derived from the interpretation of airborne EM data and detailed magnetic data. It consists an interpreted rotated structural anomaly within the core of a larger dome structure. T23 is likely to be the first target to be drilled when the T20 Dome EMP is approved.
  • The approval of the T3 Dome EMP was announced on 3 April 2018, with drilling expected to commence in May.

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 1,000km2), 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 includes up to 70 planned diamond core drill holes designed to infill the current 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 includes 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 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 138,800,415 MOD shares, equivalent to 6.0197 % of MOD’s issued share capital and 1,541,667 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    
 
Keith Springall (Finance Director & Company Secretary) Tel: +44 (0)20 7099 0738
 
Stephen Allen or Bhavesh Patel RFC Ambrian Ltd

(Nominated Adviser)

Tel +44 (0)20 3440 6800
 
Jonathan Williams RFC Ambrian Ltd

(Joint Broker)

Tel +44 (0)20 3440 6800
 
Nick Emerson SI Capital

(Joint Broker)

Tel: +44 (0)1483 413 500
 
Rita Adiani NRG Tel: +44 (0)20 3709 4504
 

Gordon Poole

James Crothers

 

Camarco
(Financial PR)
Tel: +44 (0)20 3757 4980

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 precious and strategic metals focus.

The Company’s target is to deliver a very high return for shareholders by investing in significantly undervalued and/or high potential opportunities in the mineral exploration and development sector timed to coincide, where possible, with a cyclical recovery in the exploration and mining markets. The Company’s key strategic objective is to ensure the distribution to shareholders of major returns achieved from disposals.

Metal Tiger’s Metal 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 silver/lead/zinc mines as well as licences, applications and critical historical data covering antimony, copper, gold, silver, lead and zinc opportunities.

The Company has access to a diverse pipeline of new opportunities focused on the natural resource sector including physical resource projects, new natural resource centred technologies and resource sector related fintech opportunities. Pipeline projects deemed commercially viable may be undertaken by Metal Tiger or by an AIM or NEX Exchange (formerly ISDX) partner with whom the Company is engaged.

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