TIDMMTR
RNS Number : 9612O
Metal Tiger PLC
07 October 2019
7 October 2019
Metal Tiger plc
("Metal Tiger" or the "Company")
Kalahari Metals Limited - Drilling Progress Update
Metal Tiger plc (AIM:MTR), the London Stock Exchange AIM listed
investor in strategic natural resource opportunities, is pleased to
provide an update on the ongoing drilling campaign at the Ngami
Copper Project ("NCP") and Okavango Copper Project ("OCP"), in
which the Company holds an interest in via its 59.81 per cent.
investment in Kalahari Metals Limited ("KML").
These inaugural diamond core drilling works at the NCP and OCP
are testing geological contacts within fold-hinges identified by
airborne electromagnetic ("AEM") geophysics, which are thought to
be prospective for hosting upgraded Copper-Silver (Cu-Ag)
mineralisation.
Highlights
-- Drill intersections into the priority Fold Nose Target at OCP
have identified veinlet and disseminated sulphide dominant Cu
mineralisation over a broad 25m zone on the northern side of the
fold-hinge. Drilling has started along strike from this hole.
-- To date, nine drill holes totalling 2,008m have been completed across both projects:
o NCP: Seven holes (NCP01 to NCP07), totalling 1,381m
drilled;
o OCP: Two holes (OCP01 and OCP02), totalling 627m drilled.
-- Drilling at both the NCP and OCP has successfully intersected
the D'Kar formation ("DKF") - Ngwako Pan formation ("NPF") contact
in fold-hinge settings with associated Cu mineralisation.
-- AEM modelling of Kalahari cover thickness and the position of
the DKF-NPF contact has been verified by the drilling to date, thus
confirming the AEM data as a tool for targeting Cu-Ag
mineralisation.
Michael McNeilly, Chief Executive Officer of Metal Tiger plc,
commented:
"This is a very positive start to KML's inaugural drilling
campaign, and we are delighted that the airborne geophysics
modelling and the technical team's iterative interpretation of this
in conjunction with magnetics and other factors is proving a
reliable methodology for targeting the D'Kar - Ngwako Pan
geological contact which is often associated with copper and silver
mineralisation on Botswana's Kalahari Copper Belt. We are very
encouraged by the visible copper mineralisation seen in the core
and look forward to testing for further mineralisation along
strike. This bodes well for future drilling campaigns, especially
at the Kit-East project which is proximal to the T3 Project. I am
encouraged by the thoroughness and professionalism that goes into
the geological interpretation that has allowed for such early
success."
Ngami Copper Project Drilling Summary
Drilling has focussed on testing fold-hinge targets identified
in AEM modelling and high-resolution magnetic interpretation with a
total of seven drill holes completed, totalling 1,381.05m. The
Kalahari thickness over NCP varies significantly ranging from 58m
to 133m. Unlike the OCP, the drill tested AEM conductor correlates
very well with a 35 - 62m thick mudstone package of likely late
Karoo age, which overlies prospective older DKF stratigraphy.
Drilling was therefore reprioritised using the magnetic
interpretation with NCP06 intersecting the DKF-NPF contact at
254.9m with associated trace amounts of Cu carbonates. Drilling has
demonstrated the potential for fold-hinge related mineralisation in
this project area.
Okavango Copper Project Drilling Summary
To date, a total of 627.10m have been drilled from two drill
holes over the OCP Fold Nose Target. In both cases, drill holes
(OCP01 and OCP02) have intersected the prospective DKF-NPF contact
and confirmed that the folded conductor identified in the AEM
modelling correlates well with a 35-50m thick package of
carbonaceous siltstone (termed the CAR Marker) in the lower DKF.
This recent understanding of the AEM conductor is now being used to
accurately position additional drill hole positions without a
requirement for expensive stratigraphic pilot holes.
The first hole (OCP01) was drilled into the hinge zone of the
northeast plunging anticline intersecting trace amounts of Cu
carbonates hosted in fractures from 183-202m (within DKF Massive
Marker Sandstone ("MSST"), as well as from 280-311m (within NPF
sandstone)).
The second hole (OCP02) was positioned 1.6km due west of OCP01
in order to test the northern limb of the anticline, proximal to
the fold nose. OCP02 proved more successful, intersecting a broad
mineralised zone which included visible Cu sulphide mineralisation
from 240.5-264.1m. This mineralised package is located in the
lowermost portion of the DKF, below the MSST and proximal to the
DKF-NPF contact. The Cu sulphide mineralisation is associated with
thin, cross-cutting carbonate and quartz veinlets, as well as
disseminations within the units. Additional limited Cu sulphide
mineralisation is observed below the DKF-NPF contact within the NPF
from 255.8-264.1m.
The core is currently in the process of being cut and sampled,
prior to being sent to an analytical laboratory for geochemical
analysis. Additional drilling is planned to test for continuation
of mineralisation along strike from OCP02.
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 8,595km(2) 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 (Nominated Tel +44 (0)20 7409
James Dance Adviser) 3494
Jack Botros
Nick Emerson SI Capital (Broker) Tel: +44 (0)1483
413 500
Gordon Poole Camarco (Financial PR) Tel: +44 (0)20 3757
James Crothers 4980
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
DRLDDLBBKBFLFBV
(END) Dow Jones Newswires
October 07, 2019 03:30 ET (07:30 GMT)
Grafico Azioni Metal Tiger (LSE:MTR)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Metal Tiger (LSE:MTR)
Storico
Da Apr 2023 a Apr 2024
