Metal Tiger plc (AIM:MTR), the London Stock Exchange AIM listed investor in strategic natural resource opportunities, is pleased to provide an update regarding the exploration activities of the Company’s new Joint Venture (“New JV”), Tshukudu Exploration (Pty) Ltd (“Tshukudu Exploration”), in the Kalahari Copper Belt in Botswana.
The Company holds a 30% interest in Tshukudu Exploration via Metal Capital Exploration Limited, with MOD Resources Limited (“MOD”) (ASX:MOD) holding the remaining 70%. In addition, MTR holds approximately 12.5% of the issued share capital of MOD. For further information on the New JV, please see the Company’s announcements of 18 July 2018 and 16 November 2018.
- Third diamond drilling hole, MO-T23-003D, at the T23 Dome has intersected wide zones of finely disseminated chalcocite and bornite copper mineralisation from 85m to 385m downhole depth and a strongly mineralised vein at 268m shows potential for high grade intersections. Assay results are awaited.
- MO-T23-003D is approximately 700m east of drill holes MO-T23-001D and MO-T23-002D where visible disseminated copper mineralisation was also intersected (announced 21 November 2018).
- Drilling has commenced at MO-T23-004D, 250m north of MO-T23-003D, targeting the regionally prospective Ngwako Pan Formation (“NPF”) contact which was not intersected in MO-T23-003D.
- Airborne electromagnetic (AEM) geophysics survey data interpreted for 390km2 (70 pseudo-sections at 400m spacing) over the T23 Dome, T4 Prospect and T22 areas has identified several new buried dome structures and fold features which offer structural drilling targets for a drilling programme planned for early 2019.
- Multiple copper and zinc soil anomalies have been identified to south of T23 Dome, extending approximately 60km along the centre of the T20 Exploration Project and open to the west, these are high priority for drill testing in early 2019.
- Assay results received for hole MO-T23-001D, whilst low, show copper mineralisation is associated with the same lower D’Kar Formation sequence which hosts all known deposits in the Kalahari Copper Belt.
- 25.0m @ 0.36% Cu and 4g/t Ag from 65m, including
- 3.0m @ 0.7% Cu & 10g/t Ag from 65m
- 1.0m @ 1.0% Cu & 13g/t Ag 80m
- 2.0m @ 0.6% Cu & 7g/t Ag from 88m
Michael McNeilly, Chief Executive Officer of Metal Tiger, commented:
“We are delighted to report another intersection of shallow copper mineralisation on the T23 Dome, which forms part of the T20 Exploration Project, 100km west of the T3 Project.
With further drilling targets identified by the latest geophysics data interpretation and soil sampling results, we have a qualified pipeline of further exploration drilling targets and a good prospect of new discoveries for 2019.”
This announcement coincides with an update released today by MOD which can be viewed through the following link: https://www.asx.com.au/asx/share-price-research/company/MOD
T20 Exploration Project & T23 Dome Background
T23 is a large, structurally complex dome within a regional shear zone, that may extend at least to T4. Identified from airborne magnetic survey data, it is the first new target to be drilled in the northern part of the T20 Exploration Project.
The T20 Exploration Project covers an area of approximately 3,350km2, within the approximately 200km long, Central Structural Corridor (CSC) which hosts both the T3 Project and T1 Resource as well as the large A4 and A1 Domes which have both delivered outstanding recent copper intersections.
The T23 Dome is around 15km west of T4 where reverse circulation drilling in February 2016 intersected 2m @ 6% Cu and 111 g/t Ag from 101m depth, before activities were put on hold in order to focus on T3.
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 and 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 to provide technical support.
Metal Tiger currently holds 31,064,220 MOD ordinary shares, representing approximately 12.5% of MOD’s issued share capital; 40,673,566 unquoted options with a nil exercise price expiring on 15 November 2021; and 154,167 options over MOD ordinary shares, each exercisable at AU$0.06 per MOD ordinary share on or before 15 April 2019.
For further information on the Company, visit: www.metaltigerplc.com
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