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Metal Tiger (LON:MTR)

Metal Tiger (LON:MTR)


Share Price
2.13 p
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-0.075 (-3.41 %)
Market Cap
£28.69 m
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Metal Tiger RNS Release

Botswana Copper/Silver Project – T3 Drilling Update


Botswana Copper/Silver Project – T3 Drilling Update

Metal Tiger Plc
24 May 2018

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

Botswana Copper/Silver Project – T3 Drilling Update

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:

  • T3 (Motheo) Pit Resource Infill and Extension Programme drilling complete. Assay results for all holes to be included in the revised Mineral Resource Estimate have been received.
  • Programme objective is to convert current Inferred Resources to the Indicated and Measured Resource category and extend the total Mineral Resource to support the Expansion Case model in the Prefeasibility Study (announced 31 January 2018).
  • Assays received to date in line with expectation, with significant intersections outlined below, including:
    • Hole MO-G-130D
      • 35.0m @ 2.0% Cu and 34g/t Ag from 102m (within Base Case Pit)
    • Hole MO-G-131D
      • 16.0m @ 1.1% Cu and 10g/t Ag from 76m (within Base Case Pit)
    • Hole MO-G-146D
      • 31.9m @ 1.0% Cu and 9g/t Ag from 183m (below Expansion Case Pit)
    • Hole MO-G-132D
      • 11.5m @ 1.8% Cu and 36g/t Ag from 243m (outside Pit - V2)
    • Hole MO-G-145D
      • 6.2m @ 1.9% Cu and 40g/t Ag from 268m (outside Pit - V2)
    • Hole MO-G-161D
      • 13.8m @ 2.3% Cu and 60g/t Ag from 248m (below Expansion Case Pit)
  • Consultants CSA Global have completed a site visit as part of their engagement to complete the revised Mineral Resource Estimate for the T3 Project which is expected during June 2018.

Michael McNeilly Chief Executive Officer of Metal Tiger commented:

“We are delighted to report that all assay results required for the Mineral Resource upgrade work at our T3 Project have been received, our consultants CSA Global have completed their site visit review and will now be transferring the assay data into their Resource models. Concurrently we can also report that with 50 holes completed to date for the Underground Resource Extension Drilling Programme the JV will soon be in a position to start estimating a T3 Underground Resource.”

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

T3 (Motheo) Pit Update

  • Geotechnical drilling programme for the Expansion Case has commenced, with 8 geotechnical holes planned.
  • Sterilisation drilling is underway below the planned T3 plant and other surface infrastructure.
  • Four diamond drill rigs are active at T3 with three rigs being used to expedite the geotechnical and sterilisation programmes which are critical path items for the ongoing T3 Pit Feasibility Study.
  • Consultants CSA Global have completed a site visit as part of their engagement to complete the revised Mineral Resource Estimate for the T3 Project.

T3 Underground Resource Extension Programme

  • Approximately 50 diamond core drill holes in the T3 Underground Resource Programme have been completed.
  • Continuity of two high grade veins V1 and V3 has been demonstrated by drilling to date along a 1,500m strike length at T3.
  • Significant intersections for veins (V1 – V4) outside of the open pit shells are included in the results list below.

T3 (Motheo) Pit Resource Infill and Extension Drill intersections

  • Key down-hole intersections from the latest batch of diamond drill hole assay results for the T3 Phase 2 Infill & Extension drilling programme with Pit Model and interpreted vein id, include:
  • Hole MO-G-125D
    • 7.0m @ 1.0% Cu & 25g/t Ag from 277m (Zone 2, V2)
    • 5.0m @ 0.9% Cu & 11g/t Ag from 368m (Zone 2, V4)
    • 35.0m @ 0.3% Cu & 3g/t Ag from 395m (NPF Contact)
    • 2.0m @ 2.9% Cu & 19g/t Ag from 432m (NPF Contact)
    • 20.5m @ 0.3% Cu & 3g/t Ag from 434m (NPF Contact)
  • Hole MO-G-128D
    • 2.7m @ 1.7% Cu & 43g/t Ag from 320m (Zone 2, V1)
  • Hole MO-G-129D
    • 8.0m @ 1.2% Cu & 9g/t Ag from 101m (Base Case Pit)
  • Hole MO-G-130D
    • 4.0m @ 1.3% Cu & 6g/t Ag from 67m (Base Case Pit)
    • 12.0m @ 1.1% Cu & 4g/t Ag from 85m (Base Case Pit)
    • 35.0m @ 2.0% Cu & 34g/t Ag from 102m (Base Case Pit)
    • 5.0m @ 1.0% Cu & 7g/t Ag from 151m (Base Case Pit)
    • 1.7m @ 1.4% Cu & 17g/t Ag from 159m (Base Case Pit)
    • 10.5m @ 1.2% Cu & 19g/t Ag from 208m (Expansion Pit)
    • 3.0m @ 1.2% Cu & 17g/t Ag from 301m
  • Hole MO-G-131D
    • 16.0m @ 1.1% Cu & 10g/t Ag from 76m (Base Case Pit)
  • Hole MO-G-132D
    • 10.7m @ 1.2 % Cu & 18g/t Ag from 203m (Zone 2, V1)
    • 11.5m @ 1.8% Cu & 36g/t Ag from 243m (Zone 2, V2)
  • Hole MO-G-133D
    • 2.2m @ 2.0% Cu & 22g/t Ag from 294m (Zone 2, V2)
    • 7.0m @ 0.5% Cu & 7g/t Ag from 366m (NPF Contact)
    • 1.7m @ 1.4% Cu & 19g/t Ag from 389m (NPF Contact)
    • 7.6m @ 0.5% Cu & 6g/t Ag from 392m (NPF Contact)
  • Hole MO-G-134D
    • 16.0m @ 0.9 % Cu & 5g/t Ag from 55m (Base Case Pit)
  • Hole MO-G-135D
    • 4.7m @ 0.6% Cu & 6g/t Ag from 47m (Base Case Pit)
    • 5.1m @ 1.1% Cu & 6g/t Ag from 55m (Base Case Pit)
    • 19.0m @ 0.8% Cu & 26g/t Ag from 254m (Expansion Pit)
  • Hole MO-G-139D
    • 6.0m @ 1.5 % Cu & 38g/t Ag from 294m (Zone 2, V2)
    • 3.0m @ 1.1% Cu & 13g/t Ag from 360m (Zone 2, V4)
    • 28.0m @ 0.4% Cu & 5g/t Ag from 455m (NPF Contact)
  • Hole MO-G-143D
    • 7.0m @ 1.3% Cu & 27g/t Ag from 183m (Zone 2, V2)
  • Hole MO-G-144D
    • 17.6m @ 0.9% Cu & 5g/t Ag from 145m (Expansion Pit)
    • 3.5m @ 1.1% Cu & 27g/t Ag from 194m (Zone 2, V3)
  • Hole MO-G-145D
    • 6.2m @ 1.9 % Cu & 40g/t Ag from 268m (Zone 2, V1)
  • Hole MO-G-146D
    • 31.9m @ 1.0 % Cu & 9g/t Ag from 183m (Below Expansion Pit)
    • 11.0m @ 1.1% Cu & 25g/t Ag from 218m (Zone 2, V2)
    • 9.8m @ 0.8% Cu & 19g/t Ag from 259m (Zone 2, V3)
  • Hole MO-G-147D
    • 10.0m @ 0.7 % Cu & 3g/t Ag from 231m (Zone 2, V1)
    • 5.0m @ 1.2% Cu & 28g/t Ag from 261m (Zone 2, V2)
  • Hole MO-G-151D
    • 8.0m @ 1.4% Cu & 10g/t Ag from 115m (Base Case Pit)
  • Hole MO-G-152D
    • 10.0m @ 0.9% Cu & 21g/t Ag from 276m (Zone 2, V1)
  • Hole MO-G-153D
    • 6.0m @ 1.5 % Cu & 12g/t Ag from 176m (Expansion Pit)
  • Hole MO-G-154D
    • 18.0m @ 1.0 % Cu & 16g/t Ag from 204m (Expansion Pit)
    • 10.1m @ 0.9% Cu & 16g/t Ag from 235m (Expansion Pit)
  • Hole MO-G-155D
    • 17.7m @ 1.1 % Cu & 6g/t Ag from 108m (Base Case Pit)
    • 24.8m @ 1.3% Cu & 4g/t Ag from 152m (Base Case Pit)
  • Hole MO-G-156D
    • 12.6m @ 0.9 % Cu & 9g/t Ag from 186m (Expansion Pit)
    • 14.0m @ 1.0% Cu & 21g/t Ag from 235m (Expansion Pit)
  • Hole MO-G-157D
    • 16.8m @ 0.9 % Cu & 14g/t Ag from 206m (Expansion Pit)
    • 8.0m @ 0.5% Cu & 19g/t Ag from 237m (Zone 2, V2)
  • Hole MO-G-158D
    • 11.0m @ 1.4 % Cu & 22g/t Ag from 192m (Expansion Pit)
    • 10.0m @ 0.9% Cu & 19g/t Ag from 315m (Zone 2, V4)
  • Hole MO-G-159D
    • 15.0m @ 1.1 % Cu & 13g/t Ag from 164m (Zone 2, V2)
  • Hole MO-G-160D
    • 2.0m @ 1.1 % Cu & 6g/t Ag from 134m (Base Case Pit)
    • 12.0m @ 0.7% Cu & 3g/t Ag from 140m (Base Case Pit)
    • 1.3m @ 5.9% Cu & 134g/t Ag from 168m (Base Case Pit)
    • 2.3m @ 1.4% Cu & 17g/t Ag from 198m (Zone 2, V3 / Base Case Pit)
  • Hole MO-G-161D
    • 17.9m @ 1.1 % Cu & 13g/t Ag from 193m (Expansion Pit)
    • 22.3m @ 1.6% Cu & 39g/t Ag from 248m, including
    • 13.8m @ 2.3% Cu & 60g/t Ag from 248m (Below Expansion Pit)
  • Hole MO-G-162D
    • 4.2m @ 0.7 % Cu & 23g/t Ag from 138m (Zone 2, V2)
    • 1.5m @ 6.3% Cu & 106g/t Ag from 156m (Zone 2, V2)
  • Previous assay results were announced 26 March 2018.

T3 Dome Complex

  • Two rigs have commenced drilling at the T3 Dome complex, as part of the major drilling campaign to test numerous geophysical targets along the T3 Dome Complex (announced on 15 May 2018).

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 T3 Open Pit Feasibility Study, towards a decision to mine, is currently underway.

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 5.996 % 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 Tel +44 (0)20 3440 6800
(Nominated Adviser)
 
Charlie Cryer RFC Ambrian Ltd Tel +44 (0)20 3440 6800
(Joint Broker)
 
Nick Emerson SI Capital Tel: +44 (0)1483 413 500
(Joint Broker)
 
Rita Adiani NRG Tel: +44 (0)20 3709 4504
 
Gordon Poole Camarco Tel: +44 (0)20 3757 4980
James Crothers (Financial PR)

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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