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Metal Tiger Plc

Metal Tiger plc significant infill drilling intersections from MOD’s T3 project in Botswana

Metal Tiger plc (LON:MTR), the London Stock Exchange AIM listed investor in strategic natural resource opportunities, has today provided an update on the infill drilling results at the T3 Copper Project, held 100% by MOD Resources Limited (ASX:MOD), in the Kalahari Copper Belt, Botswana. Metal Tiger currently holds approximately 10.48% of the issued share capital of MOD.

T3 Infill Drilling Highlights

  • An approximate 60 hole infill drilling programme commenced at T3 during January 2019. Infill drilling is within the boundaries of the first two stages of the proposed T3 open pit, with the objective of upgrading early production into the higher confidence, JORC compliant Measured Resource category.
  • To date 25 holes have been completed utilising up to three drill rigs, with assay results being received for 11 holes.
  • Remaining 35 infill drill holes are expected to be completed by the end of the first half of 2019. It is anticipated that the infill drilling programme will be completed after both the proposed T3 open pit Ore Reserve and the Feasibility Study, both of which remain on track for completion by the end of March 2019.
  • Significant infill results include:
    • Hole MO-G-188D
      • 31.50m @ 2.0% Cu and 36g/t Ag from 86m, including
        • 10.0m @ 4.7% Cu & 98g/t Ag from 105m
    • Hole MO-G-191D
      • 47.0m @ 0.9% Cu and 7g/t Ag from 89m, including
        • 15.3m @ 1.6% Cu & 15g/t Ag from 104m
    • Hole MO-G-192D
      • 13.7m @ 1.6% Cu and 6g/t Ag from 53m
      • 33.0m @ 2.0% Cu and 14g/t Ag from 88m, including
        • 16.0m @ 3.3% Cu & 36g/t Ag from 99m
    • Hole MO-G-193D
      • 17.7m @ 1.4% Cu and 21g/t Ag from 98m, including
        • 6.5m @ 2.5% Cu & 36g/t Ag from 108m
    • Hole MO-G-197D
      • 22.0m @ 1.1% Cu and 10g/t Ag from 95m

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

“We are pleased to report the significant infill drilling intersections from MOD’s T3 project in Botswana. The infill drilling programme is expected to allow a significant portion of the Mineral Resource to be categorised as Measured, with these initial results also providing the prospect of increasing the current open pit Resource. Standout downhole intersections include 31.5 metres at 2% copper from 86 metres, including 10 metres at 4.7% copper from 105 metres, in hole MO-G-188D.

Based on MOD’s current projections the T3 feasibility study is expected to be completed by the end of March 2019, with the infill programme completing mid-year.”

T3 Project Significant Infill Drilling Intersections

  • Assay results from significant drill hole intersections for T3 Project infill drilling programme:

HOLE_ID

SIGNIFICANT DOWNHOLE INTERSECTIONS
MO-G-187D 14.0m @ 1.0% Cu & 7g/t Ag from 48m
9.8m @ 0.8% Cu & 6g/t Ag from 83m
20.2m @ 0.8% Cu & 4g/t Ag from 101m, including
  • 8.2m @ 1.2% Cu & 5g/t Ag from 103m

MO-G-188D 8.1m @ 0.9% Cu & 7g/t Ag from 51m
31.5m @ 2.0% Cu & 36g/t Ag from 86m, including
  • 10m @ 4.7% Cu & 98g/t Ag from 105m
MO-G-189D 5.4m @ 0.6% Cu & 8g/t Ag from 78m
6.0m @ 0.8% Cu & 5g/t Ag from 90m
5.4m @ 0.7% Cu & 2g/t Ag from 106m
MO-G-190D 17m @ 0.9% Cu & 5g/t Ag from 52m, including
  • 8m @ 1.3% Cu & 6g/t Ag from 58m
3.8m @ 0.8% Cu & 6g/t Ag from 77m
7.6m @ 0.7% Cu & 6g/t Ag from 89m
16.0m @ 0.6% Cu & 3g/t Ag from 109m
MO-G-191D 18.3m @ 1.1% Cu & 5g/t Ag from 66m
47.0m @ 0.9% Cu & 7g/t Ag from 89m, including
  • 15.3m @ 1.6% Cu & 15g/t Ag from 104m
MO-G-192D 13.7m @ 1.6% Cu & 6g/t Ag from 53m
33.0m @ 2.0% Cu & 14g/t Ag from 88m, including
  • 16.0m @ 3.3% Cu & 20g/t Ag from 99m
MO-G-193D 6.0m @ 0.7% Cu & 4g/t Ag from 75m
17.7m @ 1.4% Cu & 21g/t Ag from 98m, including
  • 6.5m @ 2.5% Cu & 36g/t Ag from 108m
9.0m @ 0.6% Cu & 4g/t Ag from 119m downhole
MO-G-194D 7.0m @ 1.3% Cu & 5g/t Ag from 97m
8.0m @ 0.8% Cu & 6g/t Ag from 108m
9.8m @ 1.2% Cu & 6g/t Ag from 120m
MO-G-195D 10.8m @ 0.7% Cu & 10g/t Ag from 82m
4.8m @ 0.8% Cu & 5g/t Ag from 102m
MO-G-196D 5.0m @ 1.3% Cu & 6g/t Ag from 80m
7.0m @ 1.3% Cu & 3g/t Ag from 89m
7.0m @ 0.9% Cu & 16g/t Ag from 106m
8.0m @ 0.5% Cu & 9g/t Ag from 122m
MO-G-197D 3.3m @ 1.1% Cu & 6g/t Ag from 85m
22.0m @ 1.1% Cu & 10g/t Ag from 95m
2.7m @ 1.0% Cu & 14g/t Ag from 123m
7.1m @ 0.6% Cu & 11g/t Ag from 128m

NOTES: All down hole intersection ‘from depth’ rounded.

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

A table of drill hole parameters and associated JORC Code 2012 Table 1 is given in the MOD ASX announcement of today, see link above.

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 (Pty) Ltd, 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 31,838,393 MOD ordinary shares, representing approximately 10.48% 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$0.60 per MOD ordinary share on or before 15 April 2019.