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Metal Tiger Plc

Metal Tiger plc Botswana Copper/Silver Project – A4 Dome Drilling Update

Metal Tiger plc (LON: MTR), the London Stock Exchange AIM listed investor in strategic natural resource opportunities, has today provided an update regarding the exploration activities of the Company’s Joint Venture, Tshukudu Exploration (Pty) Ltd, in the Kalahari Copper Belt in Botswana.

Highlights

  • First phase of drilling at the 5km long A4 Dome has completed with 18 of 20 holes intersecting copper mineralisation. The A4 Dome lies only 8km from the planned processing plant for MOD Resources Limited’s (“MOD”) T3 Project.
  • Drill hole intersections include significant widths and grades of both vein and Ngwako Pan Formation (“NPF”) contact type mineralisation.
  • Potential for A4 Dome mineralisation is open with approximately one third (1.6km) of the prospective 5km strike drilled to date.
  • High-level conceptual underground mining study, conducted by independent consultants Entech Pty Ltd, gives positive outcomes for a combination of room-and-pillar and long hole open stoping mining of NPF contact related mineralisation via a decline from surface.
  • Decision to progress the A4 Dome programme towards a potential mineral resource estimate is expected to be made early 2019.
  • Assay results include:

Vein hosted intersections along 600m of A4 Dome (west to east):

  • Hole MO-A4-010D
  • 27.0m @ 1.1% Cu and 20g/t Ag from 394m, including
    • 9.0m @ 2.1% Cu & 39g/t Ag from 412m
  • Hole MO-A4-008D
  • 42.9m @ 1.00% Cu and 19g/t Ag from 258m, including
    • 3.4m @ 2.4% Cu & 41g/t Ag from 297m
  • Hole MO-A4-003D
  • 52.0m @ 1.50% Cu and 14g/t Ag from 232m, including
    • 15.5m @ 2.9% Cu & 42g/t Ag from 269m (announced previously)
  • Hole MO-A4-019D
  • 15.0m @ 1.10% Cu and 16g/t Ag from 39m, including
    • 21.0m @ 1.1% Cu & 8g/t Ag from 59m

NPF contact hosted intersections along 1.4km of A4 Dome (west to east):

  • Hole MO-A4-020D
  • 31.0m @ 1.00% Cu and 10g/t Ag from 538m, including
    • 2.8m @ 4.9% Cu & 567g/t Ag from 567m
  • Hole MO-A4-003D
  • 31.2m @ 1.10% Cu and 11g/t Ag from 560m, including
    • 5.0m @ 2.2% Cu & 22g/t Ag from 586m (announced previously)
  • Hole MO-A4-014D
  • 50.3m @ 0.90% Cu and 9g/t Ag from 451m, including
    • 5.3m @ 1.9% Cu & 21g/t Ag from 496m
  • Hole MO-A4-012D
  • 26.6m @ 1.10% Cu and 11g/t Ag from 520m, including
    • 6.6m @ 2.1% Cu & 25g/t Ag from 540m

Michael McNeilly, Chief Executive Officer of Metal Tiger plc, commented:

“We are delighted to report the results of the first phase of drilling and a preliminary conceptual underground mining study on the A4 Dome, both of which indicate the potential for another significant copper resource only 8km from the planned T3 Project processing plant.

The findings provide strong support for a decision to step out the drilling to the rest of the A4 Dome prospective target area and start to work towards a A4 Dome maiden resource in early 2019. We look forward to updating shareholders on our progress in the new year.”

A4 Dome Drilling Background

  • A4 Dome is an approximately 5km structural formation located 8km from the 60Mt (@ 0.98% Cu and 14g/t Ag) T3 Pit Project and planned processing plant.
  • A4 Dome and the A1 Dome, together with the T3 Deposit, form part of the approximately 700km2 T3 Dome Complex.
  • A4 Dome drilling displays two distinct mineralisation types, vein-hosted mineralisation associated with structures in the upper part of the dome and NPF contact hosted mineralisation which indicates there may potentially be a continuous blanket below the dome. The NPF contact is the basal contact of the copper host sequence (D’Kar Formation), overlying the distinctive oxidised red sandstone sequence (Ngwako Pan Formation).
  • NPF contact mineralisation at the A4 Dome commonly occurs as a shallow dipping, 3-6m wide zone of locally high-grade chalcocite mineralisation, generally between 1.5% to 2.4% Cu, overlain by wide zones (15-50m down hole widths) of disseminated copper sulphides which average between approximately 0.9% and 1.1% Cu.
  • NPF mineralisation has similarities to deposits in other sediment hosted copper belts (e.g. Zambian/DRC Copper Belt) where the increasing concentration of high grade, high tenor chalcocite towards the basal contact is referred to as ‘bottom-loading’.
  • NPF contact is an important regional target in the Kalahari Copper Belt as it hosts substantial deposits including the 100Mt @ 2% Cu ‘Zone 5’ resource held by Cupric Canyon Capital, over 100km east of A4 Dome.

A4 Dome Conceptual Mining Study

  • Independent underground mining consultants, Entech Pty Ltd, have undertaken a preliminary, conceptual underground mining study of the A4 Dome using inputs from one of Australia’s leading underground mining service providers, Barminco, a subsidiary of AusDrill.
  • Study focused on concept of developing a decline to access the NPF contact, with relatively low-cost room-and-pillar ore extraction of higher-grade contact mineralisation and long hole open stoping of the overlying, disseminated mineralisation.
  • While the underground mining study is only conceptual and has focused on the NPF contact at this stage, the preliminary findings are considered by the Metal Tiger Board to be very encouraging.
  • Decision to expand drilling coverage along the A4 Dome and work towards a potential maiden mineral resource estimate, to include both NPF contact and the shallower vein hosted mineralisation, is expected to be made by the JV early 2019.

A4 Dome Significant Drilling Intersection Results

  • Assay results from significant drill hole intersections at A4 Dome:

HOLE_ID

SIGNIFICANT DOWNHOLE INTERSECTIONS

Mineralisation

Style

Assay

Status

MO-A4-001D

0.7m @ 3.7% Cu & 69g/t Ag from 439m

Vein

Complete

MO-A4-002D

1.3m @ 1.3% Cu & 35g/t Ag from 421m

Vein

Complete

MO-A4-003D

52m @ 1.5% Cu & 14g/t Ag from 232m, including

Vein

Complete

  • 15.5m @ 2.9% Cu & 42g/t Ag from 269m

Vein

31.2m @ 1.1% Cu & 11g/t Ag from 560m, including

NPF

  • 5m @ 2.2% Cu & 22g/t Ag from 586m

NPF

MO-A4-004D

2.8m @ 1.7% Cu & 36g/t Ag from 248m

Vein

Complete

19.3m @ 1.0% Cu & 10g/t Ag from 485m, including

NPF

  • 4.3m @ 2.3% Cu & 21g/t Ag from 500m

NPF

MO-A4-005D

0.5m @ 2.1% Cu & 29g/t Ag from 412m

Vein

Complete

6.9m @ 1.7% Cu & 16g/t Ag from 471m, including

NPF

  • 3.6m @ 2.4% Cu & 24g/t Ag from 474m

NPF

MO-A4-006D

1m @ 2.2% Cu & 32g/t Ag from 159m

Vein

Complete

1.4m @ 1.5% Cu & 32g/t Ag from 194m, including

Vein

  • 0.4m @ 3.1% Cu & 67g/t Ag from 195m

Vein

19.7m @ 0.9% Cu & 8g/t Ag from 561m, including

NPF

  • 4.3m @ 1.4% Cu & 13g/t Ag from 564m

NPF

MO-A4-007D

4m @ 1.8% Cu & 34g/t Ag from 240m

Vein

Complete

7.8m @ 1.2% Cu & 29g/t Ag from 327m, including

Vein

  • 0.8m @ 6.2% Cu & 156g/t Ag from 334m

Vein

20.7m @ 0.9% Cu & 9g/t Ag from 530m, including

NPF

  • 7m @ 1.3% Cu & 12g/t Ag from 530m

NPF

  • 4m @ 1.5% Cu & 15g/t Ag from 547m

NPF

MO-A4-008D

0.5m @ 11.2% Cu & 99g/t Ag from 165m

Vein

Complete

7.4m @ 1.3% Cu & 30g/t Ag from 231m

Vein

42.9m @ 1.0% Cu & 19g/t Ag from 258m, including

Vein

  • 9.8m @ 1.4% Cu & 26g/t Ag from 265m

Vein

  • 9.1m @ 1.5% Cu & 31g/t Ag from 282m

Vein

  • 3.4m @ 2.4% Cu & 41g/t Ag from 297m

Vein

4.6m @ 1.0% Cu & 10g/t Ag from 369m

Vein

15m @ 0.9% Cu & 8g/t Ag from 570m

NPF

MO-A4-009D

4.5m @ 1.0% Cu & 8g/t Ag from 237m, including

Vein

Complete

  • 0.6m @ 3.8% Cu & 49g/t Ag from 241m

Vein

2m @ 1.0% Cu & 17g/t Ag from 433m

Vein

2.6m @ 1.1% Cu & 10g/t Ag from 453m

Vein

19.7m @ 1.0% Cu & 10g/t Ag from 467m, including

NPF

  • 5.7m @ 1.2% Cu & 12g/t Ag from 481m

NPF

MO-A4-010D

27m @ 1.1% Cu & 20g/t Ag from 394m, including

Vein

Complete

  • 9m @ 2.1% Cu & 39g/t Ag from 412m

Vein

25m @ 0.9% Cu & 8g/t Ag from 564m, including

NPF

  • 4m @ 1.7% Cu & 18g/t Ag from 585m

NPF

MO-A4-011D

4.5m @ 1.2% Cu & 4g/t Ag from 186m

Vein

Complete

4.4m @ 1.9% Cu & 17g/t Ag from 628m

NPF

MO-A4-012D

26.6m @ 1.1% Cu & 11g/t Ag from 520m, including

NPF

Complete

  • 6.6m @ 2.1% Cu & 25g/t Ag from 540m

NPF

MO-A4-013D

31.4m @ 0.9% Cu & 8g/t Ag from 464m, including

NPF

Complete

  • 4.7m @ 1.6% Cu & 16g/t Ag from 490m

NPF

MO-A4-014D

50.3m @ 0.9% Cu & 9g/t Ag from 451m, including

NPF

Complete

  • 5.3m @ 1.9% Cu & 21g/t Ag from 496m

NPF

MO-A4-015D

8m @ 1.3% Cu & 23g/t Ag from 245m

Vein

Complete

21m @ 0.9% Cu & 8g/t Ag from 454m, including

NPF

  • 4m @ 1.3% Cu & 12g/t Ag from 471m

NPF

MO-A4-018D

11.1m @ 0.6% Cu & 6g/t Ag from 481m

NPF

Complete

MO-A4-019D

15m @ 1.1% Cu & 16g/t Ag from 39m

Vein

Partial

21m @ 1.1% Cu & 8g/t Ag from 59m

Vein

MO-A4-020D

9.9m @ 0.8% Cu & 7g/t Ag from 505m

Vein

Complete

31.5m @ 1.0% Cu & 10g/t Ag from 538m, including

NPF

  • 2.8m @ 4.9% Cu & 54g/t Ag from 567m

NPF

NOTES: Includes intersections previously announced.
MO-A4-001D and MO-A4-002D: Hole lifted and missed target.
MO-A4-016D: Lifted and terminated before target.
MO-A4-017D: Hole to be deepened to test for NPF.
MO-A4-018D: Edge target area.
MO-A4-019D: Hole stopped above NPF.
All down hole intersection ‘from depth’ rounded.

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 holds a 30% interest in Tshukudu Exploration via Metal Capital Exploration Limited, with MOD holding the remaining 70%. For further information on the JV, please see the Company’s announcements of 18 July 2018 and 16 November 2018. In addition, the Company 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.