Metal Tiger Plc
Botswana Encouraging Extension and Infill Drilling Results
Metal Tiger plc (LON:MTR) the London Stock Exchange AIM listed investor in strategic natural resource opportunities is pleased to provide an update with regard to the exploration programme at the Companys Joint Venture (JV) project with partners MOD Resources (ASX:MOD) in the Kalahari Copper Belt in Botswana (70% MOD Resources / 30% Metal Tiger).
An update regards extension and infill drilling at the Target 3 (T3) Resource is provided below.
In addition, we would refer to the announcement released today by MOD Resources which contains images, graphs and diagrams that may assist readers in an understanding of the project. This announcement can be viewed through the following link:
http://search.asx.com.au/s/search.html?query=mod&collection=asx-meta&profile=web
Alex Borrelli, Chief Executive Officer of Metal Tiger commented:
Work at the T3 Resource project is progressing well with positive infill drilling results (seeking to upgrade more Resource to the Indicated category) and the completion of a second deep diamond drill hole targeting the Induced Polarisation geophysics anomaly below and down-dip of the T3 Mineral Resource.
Whilst we currently await the assay grades from the deep IP hole, visual inspection confirms the presence of both disseminated and vein-hosted copper mineralisation at depth below the Resource. Further IP traverses and initial wide spaced deep drilling will help determine whether this down-dip mineralisation has the potential to provide a Resource extension.
In addition, the along strike extension potential will be tested by a planned programme of Reverse Circulation traverses designed to intersect the T3 Target Sequence over a 14km strike distance.
Highlights:
T3 Resource - Depth Extension Testing
The potential for extensions to the T3 Resource, down-dip, at depth, is being tested by Induced Polarisation (IP) geophysics and deep drilling (as announced 10th October 2016).
Deep diamond drill hole, MO-T3U-02D, the second hole to test the IP chargeability anomaly has intersected 35m interval with copper sulphides from a downhole depth of 466.4m approximately 600m down dip from the centre of the T3 Resource area.
Moderate disseminated and local vein hosted mineralisation consisting chalcopyrite, chalcocite, bornite and minor native copper were intersected in several zones of the T3 Target Sequence. The T3 Target Sequence is the lithological package of rocks which host the mineralisation constituting the T3 Resource. It is currently unclear whether the intersected mineralisation is responsible for the IP chargeability anomaly. Assay results are pending along with a full geological interpretation.
Further IP geophysics traverses and wide spaced diamond drilling is planned to test the potential of the T3 Target Sequence for hosting further vein hosted mineralisation along strike and down-dip from the Resource.
Current Exploration Plan T3 Strike Extension Testing
Reverse Circulation (RC) drilling on 1km spaced traverses is planned along 14km of the interpreted T3 Target Sequence to the east and west of the T3 Resource area.
Soil sampling coverage will be extended along approximately 50km of interpreted, prospective contact constituting the Central Target Zone surrounding the T3 Dome.
A recent reinterpretation of the regional magnetics data and the structural setting of the T3 Resource area has facilitated the planning of this exploration work.
It is noteworthy that Cupric Canyon Capitals Chalcocite Zone deposit (47Mt @ 0.56% Cu) is located, on the JV licence boundary, 32km east along strike from the T3 Resource. Both deposits are interpreted to occur close to the contact with the Kalahari footwall sandstone sequence (Ngwako Pan Formation).
T3 Resource - Infill Drilling Progress
One diamond drilling rig is in operation within the T3 Resource area. The T3 JORC compliant Mineral Resource Estimate announced 26 September 2016 consists: 28.36Mt@ 1.24%Cu & 15.7g/t Ag for 350kt Cu & 14.27Moz Ag at 0.5% Cu cut-off.
Infill drilling is being undertaken to upgrade Inferred Resources to the Indicated Category and to assist in the design of the scoping study open pit.
Key results and down-hole intersections for the four recent infill drill holes include:
Hole MO-G-52D
48.3m @ 1.4% Cu & 9g/t Ag from 108.0m
Hole MO-G-53D
40.1m @ 1.1% Cu & 8g/t Ag from 109.0m
5.2m @ 1.4% Cu & 14g/t Ag from 173.0m
Hole MO-G-54D
3.5m @ 1.1% Cu & 3g/t Ag from 107.5m
35.3m@ 1.1% Cu & 12g/t Ag from 116.0m
3.0m@ 1.7% Cu & 29g/t Ag from 173.0m
Hole MO-G-55D
33.0m @ 1.2% Cu & 15g/t Ag from 119.0m
3.1m@ 1.1% Cu & 14g/t Ag from 159.9m
2.3m@ 1.7% Cu & 27g/t Ag from 171.7m
All holes were designed to intersect the northerly dipping mineralisation, and are orientated with an azimuth of 160deg and dip of 60deg. MO-G-052D and MO-G-053D reached a down hole depth of 194m, MO-G-54D reached 197m and MO-G-55D reached 185m. The holes are located within the centre of the T3 Resource area. Assay results for a further three infill holes are currently awaited whilst a fourth infill hole (MO-G-59D) is currently in progress. A table of the drill collar locations is provided in the MOD release referenced above.
T3 Scoping Study Update
The scoping study examining the potential of the T3 Resource for open-pit mining is progressing well and on course to be completed by the end of the year. The metallurgical testwork and preliminary environmental and permitting studies have been completed.
The open-pit design optimisation is well advanced and the conceptual plant design work is nearing completion.
Competent Persons
The T3 Prospect geological data and exploration results have been reviewed and approved by Jacques Janse van Rensburg, BSc (Hons), Technical Adviser and Competent Person for MOD Resources Ltd. The Competent Person for the Mineral Resource estimation and classification of the T3 Copper/Silver Project is Mr A.I. Pretorius, MSc. Pri.Sci.Nat.
Location
The T3 Prospect 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 approximately 70km NE of the projects Tshimologo (T4) Prospect and is located parallel to the same structural trend known as the Mahumo Structural Corridor, that hosts MODs Mahumo Project (circa 20km NE of T3) and Cupric Capitals Banana Zone Deposit (60km NE) and Zone 5 Project (120km NE).
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