Aug 16 2016
Metal Tiger plc the London Stock Exchange AIM listed investor in strategic natural resource opportunities is pleased to provide an update with regard to regional exploration results at the Company’s Joint Venture (“JV”) project with partners MOD Resources in the Kalahari Copper Belt in Botswana (70% MOD Resources / 30% Metal Tiger).
Details of Technical highlights in respect of the initial drilling findings at the regional target T2 are provided below. In addition, we would refer to the announcement released today by MOD Resources which contains images and diagrams that may assist readers in an understanding of the project and the exploration work being undertaken. This announcement can be viewed through the following link.
http://search.asx.com.au/s/search.html?query=mod&collection=asx-meta&profile=web
Paul Johnson Chief Executive Officer of Metal Tiger commented “
“I am delighted to report the confirmation of new copper mineralisation at T2 West following drill testing of the soil sampling anomalies we reported on 13 July 2016. Given the tenor of the soil copper anomalies at T2 East and T2 West, at over three times higher than the 28ppm Cu anomalies that led to the discovery of T3, we had expected the drilling to show copper mineralisation. However, given the shallow depth of that mineralisation, and apparently significant mineralised intersections, we especially look forward to receiving the assay data in order to establish actual intersection grades and widths. In the meantime, we are also excited by the prospect of further copper intersections, down-dip and along strike at T2 West”
Highlights:
Reverse Circulation Drilling at T2
- T2 the first of the new copper anomalies identified by regional soil geochemistry sampling, has confirmed copper mineralisation in the first two reverse circulation (RC) holes drilled at T2 West, located 20km north of the T3 Resource Drilling area. T2 is the first new JV target to be drilled since the discovery of T3 in March 2016.
- MO-G-52R and MO-G-53R are the first two holes in an initial programme of target test drilling which commenced on 10 August. Both holes intersected copper oxide and sulphide minerals at shallow depth.
- MO-G-52R intersected 15m of visible copper oxide and sulphide mineralisation from 55m downhole.
- MO-G-53R intersected 10m of visible copper oxide and sulphide mineralisation from 8m downhole.
- Visual logging of drill chips has identified the copper minerals chysocolla, malachite, chalcocite and bornite. The drill samples will now be assayed and the results reported in due course.
- With the positive visual copper intersections in these two holes, drilling is continuing down dip of MO-G-52R and will then continue along strike to the east, initially on 250m spaced sections. Where results deem appropriate the RC drilling will be followed up by diamond drilling. This regional target drilling is in addition to the ongoing resource drilling programme at T3.
- T2 currently consists two strong copper in soil anomalies spaced approximately 12km apart;
- T2-West has consistently high copper values up to 87ppm Cu over a circa 1.5km wide zone;
- T2-East has consistently high copper values up to 83ppm Cu over a circa 1.5km wide zone.
- T2-West is located 20km north of T3 and 3.5km west of MOD’s 100% owned high-grade Mahumo copper/silver deposit (T1); and T2-East is 25km north of T3 and 5.5km east of Mahumo (T1). Both T2 anomalies are interpreted from magnetic geophysics survey data, to be associated with folding of the prospective Mahumo geological contact and are located directly along strike from the Mahumo deposit.
- There is no outcrop and minimal previous drilling on MOD/MTR licences, which cover the 20km wide structural zone interpreted from magnetics between the T3 Dome and mineralised T1/T2 contact.
Regional Exploration Programme
The Regional Exploration Programme, consists an initial 6-month work schedule being conducted by two teams, each with a dedicated geologist and soil sampling crew, and two dedicated RC drilling rigs to test soil sampling and induced polarisation (IP) geophysics anomalies which are identified.
One RC rig is currently employed at T2 West as outlined above, whilst the other RC rig has commenced drilling at T8 (100% MOD), a copper soil anomaly which is located approximately 60km east of T3.
The T2 West RC holes, are both inclined (320° azimuth/-60° dip), MO-G-52R reached 135m and MO-G-53R reached 55m.
T3 Resource Drilling Update
The Phase 1 Resource Drilling Programme at T3 is progressing as planned with four diamond drill rigs currently in operation on the 1km long area. The Phase 1 Resource estimate is expected to be completed by end of September, whilst the open pit scoping study is also progressing and scheduled for completion by the end of December. An update on the T3 resource drilling results and progress will be announced shortly.
Location
The MOD/MTR joint venture Botswana Copper/Silver Project is located on the Kalahari Copper Belt in northern Botswana. The T3 Phase 1 Resource Drilling area is located approximately 70km NE of the project’s Tshimologo (T4) Prospect and 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 exploration work is being managed on the ground, in accordance with JORC 2012 best practice, by MOD’s Competent Person, Mr Jacques Janse van Rensburg, BSc (Hons), General Manager Exploration (Africa).
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 meets the criteria of a qualified 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.