TIDMMTR
Metal Tiger plc
("Metal Tiger" or the "Company")
Kalahari Metals Limited - Approval of EMP and Identification of
Future Drilling Targets
Metal Tiger plc (AIM:MTR), the London Stock Exchange AIM listed
investor in strategic natural resource opportunities, is pleased to
provide an operational update on its investment in Kalahari Metals
Limited ("KML"), in which Metal Tiger currently holds 59.81% of the
issued share capital.
Highlights
-- Environmental management plans ("EMP") for both Kitlanya East ("KIT-E") and Kitlanya West ("KIT-W") licence packages approved for gazetting by the Botswana Department of Environmental Affairs ("DEA"). Following gazetting, the approval of the EMP provides a green light to drill test targets.
-- In KIT-E area recently completed Airborne Electromagnetic Geophysics (AEM) survey has identified folded conductors interpreted to relate to Lower D'Kar formation and possible Cu-Ag hosting redox contacts with the Ngwako Pan formation.
-- Two targets, in close proximity to the MOD T3 deposit, identified as a priority for drill testing: Target KIT-E-1A, a tightly folded conductor located in a fold nose mapped from high-resolution magnetic data, supported by anomalous Zn soil sample geochemistry. Target KIT-E-2A, an open, easterly plunging interpreted anticlinal structure, whose proximity to the neighbouring T3 deposit (approximately 5km) is considered significant for potential Cu-Ag mineralisation.
-- Targets are supported by magnetic data interpretation, soil geochemistry results and stratigraphy intersected in historical drilling.
Michael McNeilly, Chief Executive Officer of Metal Tiger plc,
commented:
"We are delighted by the continued support of the Government of
Botswana as we look to realise further potential in the Kalahari
Copper Belt. The results of the airborne geophysics survey over the
Kitlanya East project area are very encouraging, with clear
structural drill targets supported by soil geochemistry and close
proximity to the MOD T3 deposit. The completion of the
environmental management plan gazetting will allow Kalahari to
progress the Kitlanya East area to, what we hope will be, an
exciting period of drill testing."
Airborne Electromagnetic Survey Details
The 527 line-kilometre AEM geophysics programme was completed
during August 2019. The detailed and regional scale survey work was
flown by experienced South Africa based contractors New Resolution
Geophysics, utilising their XCiteTM system to target conductive
geological marker units in the lower D'Kar Formation, above the
potentially mineralised contact with the underlying Ngwako Pan
Formation.
A detailed survey was flown at 200m line spacing over the
northern priority targets in KIT-E and has helped to map conductive
marker units in the lower D'Kar Formation.
The regional survey was flown at 2km line spacing over the KIT-W
project area, which will assist with mapping of Kalahari Group
cover thickness and interpretation of anticline structures
identified in magnetic data. Results are being interpreted in
conjunction with the recent soil geochemical sampling programme
results and historical airborne geophysical data to prioritise
potentially mineralised fold hinge targets.
KIT-E AEM Results
The AEM data has been processed and inverted using a 1D layered
earth model. Results from the inversion have been used to model the
conductivity variation with depth in full 3D space.
AEM results have identified a series of folded weak to moderate
conductivity units which correlate well with the interpreted low
susceptibility units of the lower D'Kar formation. Conductors in
the lower D'Kar provide useful marker units by tracking the
position of the underlying mineralised contact with the Ngwako Pan
red beds.
Two priority targets have been flagged for follow-up drill
testing. Both targets display complex folding and generally
correlate with a non-magnetic unit in the interpreted lower D'Kar
formation. Significant thrusting and possible unit duplication are
likely based on disruptions to magnetic units:
-- KIT-E-1A is a tightly folded conductor located in a fold nose mapped from high-resolution magnetic data. The target is upgraded by associated anomalous Zn returns in soil sample traverses.
-- KIT-E-2A is an open, easterly plunging interpreted anticlinal structure. Proximity to the neighbouring T3 deposit is considered significant for potential mineralisation.
Drill testing of both targets is planned following issue of the
Kit-E EMP by the DEA. Initial drilling will be designed to test the
stratigraphic relationship between the AEM conductors and
mineralisation associated with the D'Kar - Ngwako Pan formation
contact. Based on these results the AEM modelling can then be used
to guide a target focussed drill programme.
Images illustrating the AEM interpretation and the location of
the two priority targets can be viewed in the KML circular
available via the following link https://bit.ly/2kuMZTu.
Project Background
KML, which was incorporated in England & Wales on 3 May
2017, holds interests in 12 highly prospective exploration licences
covering a total area of 8,595km2 in the Kalahari Copper Belt of
Botswana, comprising two 100% owned exploration licences
(consisting of the Ngami Copper Project and the Okavango Copper
Project), five exploration licences subject to a binding earn-in
agreement with Triprop Holdings (Pty) Limited, and five exploration
licences held by Kitlanya Limited ("Kitlanya") subject to an
agreement with Resource Exploration and Development Ltd
("RED").
As announced on 10 April 2019, KML has entered into a binding
agreement with RED to purchase 100% of Kitlanya, which is
conditional upon approval of the change of control of Kitlanya
being granted by the authorities in Botswana and receipt of an
updated letter of good standing for the licences. On completion of
the acquisition, the previous earn-in agreement between RED and KML
will terminate.
On 31 May 2019, Metal Tiger announced a further US$1.1m equity
investment into KML, increasing its interest to 59.81%. The
Company's interest will reduce to 53.17% upon completion of KML's
purchase of Kitlanya. Notwithstanding Metal Tiger's majority
shareholding in KML following this investment, KML does not fall to
be treated as a subsidiary of Metal Tiger as an agreement between
the shareholders of KML precludes Metal Tiger from exercising
control.
Competent Person's Statement
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 is a Principal consultant working for Mining Analyst
Consulting Ltd which has been retained by Metal Tiger PLC to
provide technical support.
For further information on the Company, visit:
www.metaltigerplc.com:
Michael McNeilly (Chief Executive Officer) Tel: +44 (0)20 7099 0738
Mark Potter (Chief Investment Officer)
Richard Tulloch Strand Hanson Limited Tel +44 (0)20 7409 3494
James Dance (Nominated Adviser)
Jack Botros
Nick Emerson SI Capital (Broker) Tel: +44 (0)1483 413 500
Gordon Poole Camarco (Financial PR) Tel: +44 (0)20 3757 4980
James Crothers
Monique Perks
Notes to Editors:
Metal Tiger plc is admitted to the AIM market of the London
Stock Exchange AIM Market ("AIM") with the trading code MTR and
invests in high potential mineral projects with a base, precious
and strategic metals focus.
The Company's target is to deliver a high return for
shareholders by investing in significantly undervalued and/or high
potential opportunities in the mineral exploration and development
sector. Metal Tiger has two investment divisions: Direct Equities
and Direct Projects.
The Direct Equities Division invests in undervalued natural
resource companies. The majority of its investments are listed on
AIM, the TSX and the ASX, which includes its 19.9% interest in MOD
Resources Limited. The Company also considers selective
opportunities to invest in private natural resource companies,
typically where there is an identifiable path to IPO. Through the
trading of equities and warrants, Metal Tiger seeks to generate
cash for investment in the Direct Projects Division.
The Direct Projects Division is focused on the development of
its key project interests in Botswana, Spain and Thailand. In
Botswana, Metal Tiger, through its joint venture with MOD and its
interest in Kalahari Metals Limited, has a growing interest in the
large and highly prospective Kalahari copper/silver belt. In Spain,
the Company has tungsten and gold interests in the highly
mineralised Extremadura region. In Thailand, Metal Tiger has
interests in two potentially near-production stage lead/zinc/silver
mines as well as licences, applications and critical historical
data covering antimony, copper, gold, lead, zinc and silver
opportunities.
The Company actively assesses new investment opportunities on an
on-going basis and has access to a diverse pipeline of new
opportunities in the natural resources and mining sectors. For
pipeline opportunities deemed sufficiently attractive, Metal Tiger
may invest in the project or entity by buying publicly listed
shares, by financing privately and/or by entering into a joint
venture.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20190922005080/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
September 23, 2019 02:00 ET (06:00 GMT)
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