Metal Tiger plc (LON:MTR), the London Stock Exchange AIM listed investor in strategic natural resource opportunities, has today provided the following update regarding the Company’s Joint Venture (“JV”) project with partner MOD Resources Limited (ASX:MOD) in the Kalahari Copper Belt in Botswana (70% MOD Resources/30% Metal Tiger). Metal Tiger also holds 95,543,934 MOD shares, equivalent to 5.044% of MOD’s issued share capital and 1,541,667 MOD warrants at an exercise price of 6 cents (Australian).
- Drill core assays along strike from planned T3 open pit confirm high-grade vein intersections and build confidence in the conceptual underground mining potential.
- Mineralised veins now appear to be continuous over an enlarged 1,400m strike length.
- Headline intersections from the 6 holes received include:
4.5m @ 4.0% Cu & 65 g/t Ag from 254m near western limit of drilling.
11.0m @ 1.5% Cu & 19 g/t Ag from 186m near eastern limit of drilling.
- Re-interpretation of Airborne Electromagnetic (AEM) geophysics data with three-dimensional (3D) modelling suggests the 200-300m thick T3 mineralisation host sequence may continue along strike for up to 11km. Drilling to test the model has commenced.
Michael McNeilly Chief Executive Officer of Metal Tiger Plc commented: “The latest batch of drill core assays from our T3 Copper/Silver project continue to build on the potential of the deposit. With all six holes returning significant intersections and higher-grade zones, from outside the confines and along strike of the current pit shell, the potential for future mining, be that open-pit or open-pit and underground, continues to grow.
The reinterpretation of airborne geophysics in conjunction with the latest understanding of the geology derived from drilling results has generated a three-dimensional model of the T3 mineralisation host sequence for drill testing. With a potential 11km of resulting 3D model strike length to be tested, we are excited by the potential of finding further, as-yet hidden, copper mineralisation.
We look forward to providing further exciting updates as the various work streams continue towards the scheduled Prefeasibility Study findings in December.”
For images that may assist readers in the visualisation of the T3 Project area and drill collars mentioned in this announcement, we would refer to the announcement released today by MOD Resources Limited (“MOD”). This announcement can be viewed through the following link:
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 Drilling Programme Update
- Assay results received from a further 6 diamond drill holes located outside and along strike from the eastern and western limits of planned T3 Open Pit (MO-G-74D, MO-G-76D, MO-G-78D, MO-G-79D, MO-G-80D and MO-G-81D).
- Assays confirm significant mineralisation continues, and remains open, along strike from planned T3 Open Pit mine. Total strike length of mineralisation now circa 1,400m.
- Four holes MO-G-74D, MO-G-76D, MO-G-79D and MO-G-80D, were reported as having visual copper mineralisation intersections in the announcement of 3rd October 2017.
- High-grade copper veins, intersected by the 4 holes, are interpreted to correlate with extensive shallow-dipping veins (V1 to V4) identified within, below and down-dip of the planned T3 Open Pit.
- High-grade veins commonly occur above significant widths of Zone 3 generally lower grade but potentially widespread disseminated copper mineralisation. Zone 3 is approximately 200m below Zone 2 and 300m below the top of the Zone 1 T3 Resource.
- Latest high-grade copper/silver intersections build on the existing high-grade vein intersections which are being assessed as a potential underground mining target complimentary to the open pit, in the ongoing conceptual underground mining study.
- 36 of the 70 diamond holes scheduled for the current Phase 2 drilling programme have now been completed.
- Key down-hole intersections from the latest batch of diamond drill hole assay results, with interpreted mineral zone and vein id, include:
- Hole MO-G-74D
4.0m @ 0.8% Cu & 17g/t Ag from 265m (Zone 1 / V1)
5.0m @ 0.9% Cu & 20g/t Ag from 292m (Zone 1 / V2)
5.0m @ 0.7% Cu & 14g/t Ag from 303m (Zone 1 / V2)
- Hole MO-G-76D
8.2m @ 0.7% Cu & 15g/t Ag from 292m (Zone 1 / V1)
1.0m @ 5.8% Cu & 87g/t Ag from 346m (Zone 1 / V2)
50.0m @ 0.5% Cu & 6g/t Ag from 431m (Zone 3)
- Hole MO-G-78D
5.8m @ 1.5% Cu & 28g/t Ag from 235m (Zone 1 / V2)
- Hole MO-G-79D
9.0m @ 0.9% Cu & 20g/t Ag from 332m (Zone 1 / V1)
3.1m @ 1.4% Cu & 12g/t Ag from 418m (Zone 2 / V3)
52.5m @ 0.6% Cu & 7g/t Ag from 448m (Zone 3)
- Hole MO-G-80D
3.9m @ 1.6 % Cu & 36g/t Ag from 239m (Zone 1 / V1)
4.5m @ 4.0% Cu & 65g/t Ag from 254m (Zone 1 / V2)
2.2m @ 1.9% Cu & 31g/t Ag from 264m (Zone 2 / V3)
6.0m @ 1.8% Cu & 41g/t Ag from 272m (Zone 2 / V4)
10.0m @ 0.7% Cu & 7g/t Ag from 492m (Zone 3)
- Hole MO-G-81D
11.0m @ 1.5% Cu & 19g/t Ag from 186m (Zone 1 / V2)
T3 Dome Regional Exploration & Geophysics Update
Current T3 Dome regional exploration targets include Airborne Electromagnetic (AEM) geophysics anomalies identified from the survey completed in July 2017. The AEM anomalies occur within an 8km wide zone extending along the 50km long strike of the survey area; together with copper geochemical anomalies identified by systematic soil sampling.
- Re-interpretation of the AEM geophysics survey data for the T3 Dome has been completed. This has confirmed the potential of many of the individual AEM targets for drill testing (as announced 21 July 2017).
- Systematic interpretation of the AEM data on 100m spaced T3 Dome cross sections, appears to have defined the 3D structural geometry of the T3 host sequence, to approximately 500m below surface.
- A sixth diamond drill rig has arrived onsite and drilling has commenced to determine the source of a 11km long, canoe shaped, shallow west plunging conductive anomaly which extends 4-5kms either side of the current T3 deposit. With the first hole circa 2km east of T3.
- Drilling has commenced to test the first AEM anomaly ‘A16’ (hole MO-G-106D) circa 1km north of T3. A16 is located near to the new 3D conductive anomaly and may provide further structural information to refine the model.
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 within the central part of the T3 Dome (approximately 1,000km2), which is the focus of rapidly increasing exploration activity undertaken by the JV. Two significant resources have been discovered to date within the T3 Dome: T1 (Mahumo deposit 100% MOD) and T3 (70% MOD / 30% MTR).
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 (2012) compliant Mineral Resource was announced on 26 September 2016 with the first Resource upgrade announced on 24 August 2017. 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. Mineral Resource estimation and classification of the T3 Copper/Silver Project was conducted and approved by Mr A.I. Pretorius, MSc. Pri.Sci.Nat. an independent consultant to MOD Resources Ltd.
The current phase of drilling at the T3 Copper/Silver Deposit commenced on 7th August 2017, with approval granted for the recommencement of both diamond core (DC) and reverse circulation (RC) drilling at the T3 Project and its vicinity, through to December 2018. This includes up to 70 planned diamond core drill holes designed to infill the current Resource and test for possible extensions. The objective of the infill program is to increase geological confidence and upgrade categorisation of the T3 Resource. The programme also includes grid drilling to investigate the potential for an underground Resource down-dip and along strike from the planned open-pit, and to investigate geophysical targets.
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 Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Metal Tiger PLC to provide technical support.