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 partners MOD Resources (ASX:MOD) in the Kalahari Copper Belt in Botswana (70% MOD Resources / 30% Metal Tiger).
Metal Tiger also holds 91,795,214 MOD shares, equivalent to 4.86% of MOD’s issued share capital and 1,541,667 MOD warrants at an exercise price of 6 cents (Australian). Activities in Botswana are conducted under the JV’s local operating company Tshukudu Metals Botswana (Pty) Ltd. (“Tshukudu”).
• Airborne Electromagnetic (AEM) geophysics preliminary interpretation has identified 19 potential targets on the T3 Dome.
• Targets include discrete, formational and deeper conductive anomalies.
• Several anomalies (A1-A3 & A4) show similarities to the ground EM signature at T3.
• A1, A2 and A3 are located directly along strike from the large Banana Zone copper resources owned by Cupric Canyon Capital.
• Anomalies now being systematically verified and prioritised for drill testing.
Michael McNeilly Chief Executive Officer of Metal Tiger commented:
“We are delighted to report on the findings of a provisional interpretation of the Airborne Electromagnetic survey data. The AEM data will prove an important tool to help focus exploration efforts on the discovery of further T3 Type copper/silver deposits along the T3 Dome. Whilst it is too early to determine whether these 19 anomalies are directly related to copper mineralisation, the large number and variety of these anomalies provides exciting possibilities. Each anomaly will now be evaluated in conjunction with existing ground survey data, including soil geochemistry and the geological team will be prioritising each target for drill testing.”
For an image that may assist readers in the visualisation of the location of the geophysical anomalies mentioned in this announcement, we would refer to the announcement released today by MOD Resources. This announcement can be viewed through the following link here.
Shareholders should note that the timing of MOD announcements are outside the control of MTR, however MTR does its utmost to announce the drill results and important updates as soon as practicable after MOD makes its announcement to the ASX. MTR are only made aware of drill results and important updates immediately prior to the MOD release.
T3 Dome Airborne Electromagnetic Geophysics Survey Update
Tshukudu has received a preliminary interpretation of the high-resolution Airborne Electromagnetic (AEM) geophysics data collected along 50km of the T3 Dome, it is the first time AEM has been trialled in this area of the Kalahari Copper Belt. The interpretation has been undertaken by Botswana based consultants Spectral Geophysics, with the helicopter survey was flown by New Resolution Geophysics (NRG) of South Africa (see announcement 20th June 2017).
The AEM survey has been flown to help fast track exploration for potential ‘T3 type’ vein hosted and ‘structural contact type’ copper/silver deposits, along the highly prospective and largely unexplored T3 Dome structure. Similar surveys were reportedly flown over the Boseto mine area, 120km north east of T3 during the late 1990’s and successfully detected several of the large structural contact type copper deposits in that area.
• Spectral Geophysics have identified 19 geophysical anomalies as potential exploration targets.
• Anomalies initially ranked A1 – A19 based on the geophysical characteristics of each anomaly in association with its interpreted geological setting, with further classification based on an approximate depth (shallow / mid-depth / deep) of the potential conductive source.
• Tshukudu’s geological team is now prioritising targets and preparing a drilling programme to test selected anomalies.
• T3 Environmental Management Plan (EMP) public review period is due to end in early August and subject to final DEA sign off, four diamond rigs should commence drilling, initially in the immediate T3 Project area.
• Figure 1 in the MOD release referenced above shows the EM channel 21 (early to mid-time delay) processed image to illustrate potential shallow to moderate depth conductive responses.
• Summary of selected anomalies:
o A1 to A4 ranked highest by Spectral Geophysics partly by association with large, deeper formation, EM anomalies which are 5km long and may represent ‘domes’ of conductive sediments.
o A1, A2 & A3, located on the eastern end of the survey area, are directly along strike from the large Banana Zone copper resources owned by Cupric Canyon Capital. The Banana Zone deposits occur around the margins of a large basement dome.
o T3 Deposit EM anomaly is surrounded by a 10km long canoe shaped anomaly which is interpreted to represent a conductive dome below the deposit’s interpreted Zone 3 mineralised thrust contact.
o A3 & A5 interpreted to occur at the intersection of fold noses.
o A4, A9, A10, A15, & A18 are interpreted from magnetic data to occur adjacent to east-west structures which include a cross-cutting dolerite dyke and fault off-sets of various geological contacts. One of these structures appears to off-set the western end of the T3 Deposit and drilling is planned to test an IP target in this area.
o Anomalies can also be subdivided into three broad types:
Ø Discrete Anomalies possibly associated with large, deeper anomalies (e.g. A1, A2, A3, A4 & A16)
Ø Discrete Anomalies, not related to obvious geological contacts (e.g. A5, A6, A7, A9)
Ø Formational anomalies, related to geological contacts or structures (e.g. A14, A17, A18)
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 parallel to the same structural trend known as the Mahumo Structural Corridor, that hosts MOD’s Mahumo Project (circa 20km NE of T3) and Cupric Capitals’ Banana Zone Deposit (60km NE) and Zone 5 Project (120km NE).
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 compliant Mineral Resource was announced on 26 September 2016. 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.
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 consultant working for Mining Analyst Consulting Ltd which has been retained by Metal Tiger PLC to provide technical support.
About Metal Tiger Plc
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 Metal Tiger 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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