Botswana Copper/Silver Project Licences Extended
Metal Tiger Plc
26 October 2018
Metal Tiger Plc
("Metal Tiger" or the "Company")
Botswana Copper/Silver Project – Licences Extended
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).
- Botswana licensing authority has granted two-year extensions to key joint venture (JV) prospecting licences (PLs) which were due for renewal by 31 December 2018, this includes PL 190/2008 which holds the T3 Copper Project, the T3 Expansion Project and the A4 Dome.
- Ministerial approval received for transfer 8 JV licences (excluding PL 190/2008) from Tshukudu Metals Botswana (Pty) Ltd into new Botswana registered JV exploration company, Tshukudu Exploration (Pty) Ltd, held MOD (70%) and MTR (30%). The transfer approval for a further 10 licences is pending.
- Transfer helps mitigate risk by separating exploration (Tshukudu Exploration) from future development (Tshukudu Metals) activities.
- No land was required to be dropped during the licence renewal, total landholding in prospective licences retained.
- Extension of PL 190/2008 licence and transfer of other PLs into new JV vehicle are key conditions precedent for MOD to acquire 100% of T3 Copper Project (announced 18 July 2018).
- Drilling preparations underway at the T23 Dome, T4 target (2m @ 6% Cu & 11g/t Ag announced 1 April 2016) and T22 geophysics and soil anomaly (6km east of T4), within the northern section of the T20 Exploration Project (previously named T20 Dome Complex). Drilling permissions follow-on from Environmental Management Plan public review period and licence extensions.
- Airborne Electromagnetic geophysics survey covering 940 km2 of the T20 Exploration Project and parts of the T1 and T17 target areas has now been completed with the results currently being compiled.
Michael McNeilly Chief Executive Officer of Metal Tiger commented:
“We are delighted to report the successful renewal of all JV licences which were due to expire on the 31 December 2018. This timely renewal secures tenure and retains 100% of the prospective ground under licence.
The renewal of the T3 Project licence and the transfer of remaining prospective licences into a new joint venture exploration focussed vehicle is also an important step in the agreement for MOD to acquire the T3 Project outright and for MTR to realise substantial value for the deposit whilst still enjoying the potential upside from further exploration discoveries. The transfer of the T3 Project into a 100% held vehicle should streamline the project’s financing options.”
This announcement coincides with an update released today by MOD which can be viewed through the following link:
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 13,974,220 MOD shares, equivalent to 6.1 % of MOD’s issued share capital and 154,167 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|
|Mark Potter||(Chief Investment Officer)||Tel: +44 (0)20 7099 0738|
|Stephen Allen or Bhavesh Patel||RFC Ambrian Ltd||Tel +44 (0)20 3440 6800|
|Charlie Cryer||RFC Ambrian Ltd||Tel +44 (0)20 3440 6800|
|Nick Emerson||SI Capital||Tel: +44 (0)1483 413 500|
|James Crothers||(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 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. The Company’s key strategic objective is to ensure the distribution to shareholders of major returns achieved from disposals.
Metal Tiger has two investment divisions, Direct Equities and Direct Projects.
The Direct Equities division invests in undervalued natural resource companies listed on London’s AIM, the ASX and the TSX. Through the trading of equities and warrants, Metal Tiger seeks to generate cash for investment in the Direct Projects division.
Metal Tiger’s Direct 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 lead/zinc/silver mines as well as licences, applications and critical historical data covering antimony, copper, gold, lead, zinc and silver opportunities.
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.
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 1,000 km2), 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 included 90 diamond core drill holes designed to infill the 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 included 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 revised and upgraded T3 Copper/Silver Deposit Mineral Resource Estimate was announced 2nd July 2018; and a Resource re-classification announced 16th July 2018.
On 18 July 2018, MTR and MOD announced they had entered into a binding agreement for MOD to acquire MTR’s 30% interest in the T3 Project and rights for an option to acquire MTR’s interests in any new JV resource which progresses to a scoping study within 3 years of completion of the agreement.
The T3 Open Pit Feasibility Study, towards a decision to mine, is currently underway, expected completion is March 2019.
Metal Tiger plc