TIDMMTR
6 December 2019
Metal Tiger plc
("Metal Tiger" or the "Company")
Kalahari Metals Limited - Botswana Drilling Update
Metal Tiger plc (AIM:MTR), the London Stock Exchange AIM listed
investor in strategic natural resource opportunities, is pleased to
provide an exploration update for the Kalahari Metals Limited
("KML") Botswana copper-silver (Cu-Ag) exploration projects;
Kitlanya West ("KIT-W"); Kitlanya East ("KIT-E"); and the Okavango
Copper Project ("OCP"). The Company has a 59.81 per cent interest
in KML.
Highlights
-- OCP 2019 Drilling Programme totalling 1,656m has completed with the six holes (OCP01 to OCP06) successfully proving the presence of D'Kar Formation ("DKF") and Ngwako Pan Formation ("NPF") stratigraphy and the DKF-NPF contact that hosts prospective Cu-Ag mineralisation. Hole OCP06 has intersected two wide zones, totalling 85m, with visible Copper-sulphide mineralisation, between 240m - 255m and 272m - 342m downhole depth. Visible sulphides in OCP06 include chalcopyrite, bornite and minor chalcocite hosted in veins, fractures and disseminated forms, with increased intensity proximal to the DKF-NPF contact. Core samples are being sent for assay. Holes OCP01 to OCP05 also display anomalous lead ("Pb"), zinc ("Zn"), silver ("Ag") along with elevated Cu values based on portable XRF analysis and logging. All holes, except OCP05, intersected the DKF-NPF contact at the modelled depth.
-- Botswana Department of Environmental Affairs has authorised the commencement of exploration activities including drilling at KIT-W and KIT-E. Gazetting of the required Environmental Management Plans ("EMPs") has completed and drilling is planned to commence testing structural targets at KIT-E, 5km from the T3 Deposit (which is 100% owned by Sandfire Resources NL) and its planned processing plant, in early 2020.
-- Seven compelling drill targets have been identified from coincident regional soil sampling and airborne electromagnetic geophysics ("AEM") results in the KIT-W area. The conductive targets associated with Pb-Zn soil anomalies, likely representing lower DKF units, are sited in a range of fold closure, anticline hinge zones, T3-type 'domes' and traditional limb style settings, all of which are considered prospective for Cu-Ag mineralisation.
Michael McNeilly, Chief Executive Officer of Metal Tiger plc,
commented:
"We are very encouraged to report the intersection of wide zones
of copper mineralisation from diamond drilling at KML's Okavango
Copper Project, on the Kalahari Copper Belt, in Botswana. Whilst we
are still awaiting core assays the presence of trace copper
sulphides, over a total interval of approximately 85m, may
represent a mineralised halo to potentially higher-grade copper
mineralisation nearby.
We can also report the Botswana Department of Environmental
Affairs has provided authorisation to proceed with exploration
activities including drilling of high priority targets on KML's
Kitlanya properties. Drilling is planned to commence testing
structural targets within the KIT-E area in early 2020. In the
KIT-W area, encouraging findings from the recent regional soil
sampling and AEM geophysics surveys, include the delineation of
seven compelling targets which also warrant drill testing.
We look forward to providing further updates in the near
future."
A version of this release complete with location figures and
drill core photos is available via the Metal Tiger website
(www.metaltigerplc.com).
Okavango Copper Project Drilling Summary
The 2019 OCP drilling programme has now completed with a total
of 1,656m drilled from six diamond drill holes (OCP01 to
OCP06).
The current phase of drilling has focussed on testing for
evidence of a mineralised halo surrounding a potential deposit
situated in both fold hinge and fold limb settings. Drill holes
OCP01 to OCP05 explore the fold hinge and northern limb of target
OCP-FH-01. The target is considered to share many similarities with
Cupric Canyon Capital's ("Cupric") Banana Zone, which includes a
number of deposits in the fold hinge and limbs and is situated
along structure.
Drill holes OCP01 to OCP05 have intersected prospective reducing
lower DKF stratigraphy overlying typically oxidizing footwall NPF.
The rocks encountered are directly comparable to elsewhere in the
Kalahari Copper Belt, with the target package (below lowermost
thick massive Sandstone package "MSST", above NPF) increasing in
thickness from the NE to the SW.
Anomalous Pb-Zn halos were intersected above the MSST of the
DKF, frequently related to dilatational veining. There has been a
notable increase in the amount and frequency of carbonate veining
due SW of the northern limb target, OCP-FH-01. Similarly, there has
been an increase in the amount of carbonate lithologies at the base
of the DKF. OCP04 intersected the thickest carbonate package (marl
to limestone) that is interpreted to have been formed in a shelf
environment as part of a carbonate reef setting, somewhat similar
to Cupric's Zone 5 deposit.
Drill hole OCP06 targeted the southern limb contact on an
anticline extending some 40km due NE from the Zone 5 deposit,
intersecting similar lower DKF stratigraphy to OCP01 to OCP05, with
a marked increase in quartz-carbonate veining. Mineralisation
consisting of vein, fracture and disseminated bornite, chalcopyrite
and fine-grained chalcocite has been logged over a broad zone
(>85m) extending into the NPF footwall. Although predominantly
in trace amounts, several zones of thicker vein hosted
mineralisation are noted in proximity (or directly below) the
DKF-NPF contact.
Core from OCP06 is currently being cut and sampled and will be
sent for analysis together with the samples from OCP01, OCP03 and
OCP04 which are ready for shipment.
Hole OCP02 is the only hole to be assayed to date, its assay
results (Table 2 below) highlight anomalous Ag content with
elevated Cu reaching a maximum of 0.225 per cent. over 0.5m near
the DKF-NPF contact. Initial field observations regarding visible
chalcocite mineralisation were proven incorrect with metallic
minerals more likely attributed to a Pb-Ag bearing mineral. All
follow-on mineralisation logging has utilised a portable XRF
analyser to verify the presence of Cu-bearing sulphides during the
core logging phase.
Drill hole planning has relied on detailed airborne
electro-magnetic ("AEM") modelling, which has proven highly
effective in estimating the 3D position of carbonaceous marker
units in the lower DKF. Using the marker conductors, drill holes
successfully intersected the prospective lower DKF stratigraphy and
underlying NPF without relying on drill traverses or pilot holes
traditionally employed to target the DKF-NPF contact. The result is
a significant cost benefit and more effective means for testing the
extensive prospective strike under areas with thicker cover.
Details of the 2019 OCP drill programme findings and OCP02 assay
results are summarised in Table 1 and Table 2 respectively
below:
Table 1: Summary of drill results for OCP (CPY=chalcopyrite,
BN=bornite, CC=chalcocite)
Drill hole DKF-NPF contact End of hole depth Key geological Mineralisation
intersected features
OCP01 Yes 357m Kalahari Thickness: No
94m. visible
CAR Marker Cu
Thickness: Mineralisation.
50m.
MSST Thickness: 39m.
Target Package
thickness:
25m.
Flat laying
lower DKF
Stratigraphy,
drilled in the
fold hinge
zone. The units
are plunging
around 11° towards
NE.
OCP02 Yes 282m Kalahari Thickness: No
95m. visible
CAR Marker Cu
Thickness: Mineralisation.
34m. Trace
MSST Thickness: 65m. amount
Target Package of
thickness: Pb-Ag
11m. mineralisation.
DKF package dipping
around
40° towards NW.
OCP03 Yes 204m Kalahari Thickness: No
97m. visible
CAR Marker Cu
Thickness: Mineralisation.
>5m. Trace
MSST Thickness: 32m. amount
Target Package of
thickness: Pb-Ag
14m. mineralisation.
DKF package dipping
around
35° towards NW.
OCP04 Yes 294m Kalahari Thickness: No
91m. visible
CAR Marker Cu
Thickness: Mineralisation.
31m. Trace
MSST Thickness: 50m. amount
Target Package of
thickness: Pb-Ag
26m. mineralisation.
DKF package dipping
around 55°
towards
NW. Intersected
a considerably
thick basal
carbonate package
(17m) consisting
of marl
and highly
calcareous
siltstones/limestone
overlying the NPF.
OCP05 No 177m Kalahari Thickness: No
89m. visible
CAR Marker Cu
Thickness: Mineralisation.
45m.
MSST Thickness:
> 8m.
DKF package dipping
around
40° towards NW.
OCP06 Yes 342m Kalahari Thickness: Vein and
81m. fracture
CAR Marker related,
Thickness: to stringers
20m. and disseminated
MSST Thickness: 30m. CPY,
Target Package BN and minor CC
thickness: mineralisation
27m. from 240 - 255;
272 - 342m);
DKF package dipping Overall trace
between amounts
63° and 79° towards of Cu sulphide
SE. mineralisation,
with
increased
intensity
proximal
to the DKF-NPF
contact.
Table 2: Assay results for OCP02 over the target stratigraphy
above the DKF-NPF contact
Hole ID From (m) To (m) Apparent Ag (g/t) Cu (ppm) Pb (ppm) Zn (ppm)
Thickness
(m)
OCP02 241.04 241.84 0.80 1.3 493 3179 33
OCP02 241.84 242.64 0.80 1.5 246 1176 53
OCP02 242.64 243.50 0.86 1.4 205 964 722
OCP02 243.50 244.30 0.80 0.7 86 1102 1865
OCP02 244.30 245.15 0.85 1.2 65 274 285
OCP02 245.15 245.68 0.53 2 91 256 230
OCP02 245.68 246.70 1.02 3.7 248 520 1113
OCP02 246.70 247.70 1.00 1.5 130 462 914
OCP02 247.70 248.77 1.07 3.2 423 535 164
OCP02 248.77 249.30 0.53 25 2251 443 144
OCP02 249.30 250.45 1.15 8.5 648 115 44
OCP02 250.45 251.00 0.55 1.4 336 390 40
Kitlanya Environmental Management Plan and Initial Drill
Programme
The Botswana Department of Environmental Affairs has provided
authorisation to KML to proceed with exploration activities
including drilling of targets on both KIT-W and KIT-E, following
the completion of the mandatory EMP.
KML plans to commence drilling at KIT-E in early 2020. KIT-E is
located approximately 5km from the T3 Deposit and its planned
processing plant. Drilling is planned to initially consist of four
scout diamond holes which will target fold hinge structures
identified in the recent detailed AEM survey, which may represent
CAR (a thick package of carbonaceous siltstone) marker units in the
lower DKF providing a similar stratigraphic marker to the OCP. A
more comprehensive soil sampling programme will be undertaken
concurrently with the diamond drill programme. Soil sampling
results will be combined with drilling to generate targets for more
extensive reverse circulation ("RC") drilling.
KIT-W Soil Sample Geochemistry and Regional AEM Geophysics
A regional AEM geophysics survey was successfully completed over
the KIT-W licence area at a 2km line spacing, with the objective of
mapping Kalahari cover thickness and potential lower DKF
conductors, which can potentially be used to model the position of
the underlying target DKF-NCP contact:
-- Modelling of resulting data suggests the Kalahari cover is thinner than initially interpreted, varying between 30 and 60m thickness;
-- Three prominent conductors have been identified in fold hinge zones interpreted from magnetic data - these may represent analogues to Sandfire Resources' T3 deposit; and
-- Weak conductors in interpreted lower D'Kar units may be representative of carbonaceous marker units above the DKF-NPF contact.
A total of 3,550 soil samples were collected on regional
traverses across the KIT-W licence. Results have been analysed
using a desktop Niton portable XRF. Further analysis with
TerraleachTM TL1 low concentration partial leach is planned.
Results are summarised as follows:
-- Interpretation of Kgwebe basement volcanics is supported by their geochemical signature and associated elevated Cu and Pb; and
-- Elevated to anomalous, Pb, Zn (and to a lesser degree Cu) associated with interpreted lower DKF stratigraphy including potential fold hinge and fold closure targets.
Seven compelling targets have been identified using a
combination of AEM and soil sampling. Targets include a range of
fold closure, anticline hinge zones, T3-type 'domes', and
traditional limb styles of Cu-Ag mineralisation.
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
Paul Shackleton Arden Partners plc (Broker) Tel: +44 (0)20 7614 5900
Steve Douglas
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 3.5% interest in
Sandfire Resources NL (ASX: SFR). 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 has a growing interest in the large and
highly prospective Kalahari copper/silver belt through its interest
in Kalahari Metals Limited. 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/20191205005733/en/
This information is provided by Business Wire
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