Botswana Copper/Silver Project – All Prospecting Licences Now Extended & Transferred
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 Ltd, with MOD Resources Ltd (“MOD”) (ASX:MOD) holding the remaining 70%. In addition, the Company 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.
Highlights
- All JV Prospecting Licences (PLs) have been granted two-year extensions ahead of the scheduled expiry/renewal date on 31 December 2018. There was no reduction in land area, all ground is retained under the extensions. These approvals follow on from the first eight of 18 licences being extended and transferred to the New JV as announced 26 October 2018.
- New prospecting licence PL093/2018 has been issued for three years to 30 September 2021.
- All PLs (excluding PL190/2008) have now been transferred to the New JV in-country exploration company, Tshukudu Exploration.
- PL190/2008 includes the T3 Project, with all areas excluding the T3 Project being held on trust for the New JV.
Total area under licence now covers 8,163km2, of which 3,350km2 includes the highly prospective T20 Exploration Project.
Michael McNeilly, Chief Executive Officer of Metal Tiger, commented: “We are delighted to report that the Botswana Minister for Mineral Resources, Green Technology and Energy Security has now granted all prospecting licence extensions, and that these licences have been successfully transferred into the New JV.
These extensions, together with the new prospecting licence, secure title over a very prospective tract of the Kalahari Copper Belt, including the Central Structural Corridor which is yielding some very exciting targets and offers the potential of new copper deposit discoveries.”
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
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.
