TIDMMTR
9 March 2020
Metal Tiger plc
("Metal Tiger" or the "Company")
Kalahari Metals Limited: Drilling Programme Commences at
Kitlanya East and Licence Renewals
Metal Tiger plc (AIM: MTR), the London Stock Exchange AIM listed
investor in natural resource opportunities, is pleased to provide
an update for the Botswana copper focussed explorer, Kalahari
Metals Limited ("KML").
Drilling rig mobilisation is currently underway to commence the
testing of copper-silver prospective contacts and structures at the
Kitlanya East Project ("KIT-E"), later this week. This Phase 1
Drilling Programme is expected to consist of at least four diamond
core holes, totalling a planned 1,200m of drilling. The holes will
target mineralisation associated with the D'Kar Formation ("DKF")
-- Ngwako Pan Formation ("NPF") stratigraphic redox contact
("DKF-NPF contact"), as well as potential anticlinal structures,
which may host mineralisation above the DKF-NPF contact.
In addition, the Botswana Department of Mines has granted
prospecting licence renewals for 100% of the original licence
areas, covering both KIT-E and the Kitlanya West Project ("KIT-W"),
for a further two years. KML's agreed work programme includes soil
geochemistry sampling, targeting shallow mineralisation, in an
interpreted anticlinal structure to the south of the Phase 1
Drilling Programme, which is planned to start in late March
2020.
Michael McNeilly, Chief Executive Officer of Metal Tiger,
commented:
"We are pleased to report that KML is commencing an inaugural
diamond drilling programme at their Kitlanya East Project on the
Kalahari Copper Belt in Botswana. The commencement of core drilling
represents an important step in targeting copper-silver
mineralisation and will seek to test shallow geological settings
analogous to those in the Sandfire Resources T3 Deposit and A4 Dome
project, located directly to the north. We look forward to
providing further updates as the drill programme progresses."
KIT-E Project Drilling Programme
The Phase 1 Drilling Programme at KIT-E consists of a planned
1,200m of core drilling over an initial four holes (Figure 1).
Drilling will focus on an interpreted northern anticlinal structure
where the detailed airborne electromagnetic ("AEM") survey has
identified compelling fold structures, possibly related to marker
conductor units in the lower DKF stratigraphy. Drilling will aim to
confirm the presence of NPF which will significantly upgrade the
potential for shallow mineralisation in this target.
In addition to stratigraphic information, drilling will target
Copper-silver mineralisation associated with the traditional
DKF-NPF contact as well as potential folded trap sites which may
sit above the contact.
Link to Figure 1: Map of KIT-E Phase 1 Drilling Programme
planned drill collars over lithological interpretation from
detailed magnetic data with AEM conductors highlighted.
https://www.metaltigerplc.com/images/F1-map-kitEphase1drilling.jpg
https://bit.ly/2IvfZCT
KIT-E Project Soil Sampling Programme
A new soil geochemical sampling programme is planned to commence
on an interpreted anticline target (Southern Anticline) situated to
the south of the Phase 1 Drill Programme (Figure 2), towards the
end of March 2020.
The soil programme has been designed to corroborate anomalous
Zinc (and Copper) identified in regional soil sampling traverses,
as well as testing for further potential anomalies in the central
part of the interpreted anticline where lower DKF stratigraphy and
associated mineralisation may be present at shallow depths. A total
of 2,000 samples are planned along thirteen 1km spaced
traverses.
Link to Figure 2: Planned soil sampling traverses (purple lines)
overlain on lithological interpretation from regional magnetic
data. Zinc (and Copper) anomalies from regional sampling are
highlighted.
https://www.metaltigerplc.com/images/F2-plannedsoilsampling.jpg
https://bit.ly/2PXiRMQ
Prospecting Licence Renewals
The Botswana Department of Mines has granted licence renewals
for both KIT-E and KIT-W projects (PL342/2016, PL343/2016,
PL070/2017, PL071/2017, and PL072/2017). The renewals cover 100% of
the original licence area and are valid for a further two
years.
Project Background
Kalahari Metals Limited, 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, five exploration licences subject to a
binding earn-in agreement with Triprop Holdings (Pty) Limited
(includes the Ngami Copper Project), and five exploration licences
held by 100% owned subsidiary, Kitlanya Limited.
As announced on 14 February 2020, Metal Tiger holds
approximately 62.2% of KML together with a conditional 2% net
smelter royalty over all KML's wholly owned licences, being seven
licences covering, in aggregate, 6,650km(2) (together, the
"Royalties"). The five exploration licences owned by Triprop
Holdings (Pty) Limited (in which KML has a 51% interest) do not
form part of the Royalties.
This announcement contains inside information for the purposes
of the market abuse regulation (EU No. 596/2014) ("MAR").
For further information on the Company, visit:
www.metaltigerplc.com
Enquiries:
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 Tel: +44 (0)20 7614 5900
Steve Douglas (Broker)
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, Kalahari copper/silver belt
through its interest in Kalahari Metals Limited. In Thailand, Metal
Tiger has interests in two potentially near-production stage
lead/zinc/silver mines as well as license 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/20200309005425/en/
CONTACT:
Metal Tiger plc
SOURCE: Metal Tiger plc
Copyright Business Wire 2020
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March 09, 2020 07:29 ET (11:29 GMT)
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