TIDMMTR
Metal Tiger plc
("Metal Tiger" or the "Company")
Sandfire Resources Update
Metal Tiger plc (AIM:MTR), the London Stock Exchange AIM listed
investor in natural resource opportunities, is pleased to provide
an update in relation to its investment in Sandfire Resources
("Sandfire"), which also relates to the Company's uncapped (with no
buyout provision) 2% Net Smelter Royalty, which it holds over circa
8,000km(2) of prospective ground, held by Tshukudu Exploration (the
"Royalty").
Metal Tiger holds 6,646,990 shares in Sandfire representing
approximately 3.64% of Sandfire's issued share capital. As
announced on 17 December 2019, 1,675,125 of the Sandfire shares the
Company holds are subject to an equity derivative collar financing
arrangement with a global investment bank.
Sandfire has today released the following update in relation to
exploration work at Tshukudu:
https://www.asx.com.au/asxpdf/20200417/pdf/44h0md8r3pfvff.pdf
The Company notes that in respect of the A4 discovery, located
8km away from the T3 project, and over which Metal Tiger has the
Royalty, Sandfire provided the following highlight drill
results:
MO-A4-035D: 18m @ 5.2% Cu and 124g/t Ag from 77m down-hole
(uncut), or
18m @ 3.9% Cu and 124g/t Ag from 77m down-hole (15% top-cut);
and
4.4m @ 1.2% Cu and 26g/t Ag from 98m down-hole; and
6.6m @ 1.5% Cu and 39g/t Ag from 112.5m down-hole (15%
top-cut).
MO-A4-036D: 21.5m @ 2.4% Cu and 46g/t Ag from 67m down-hole;
and
10m @ 0.9% Cu and 20g/t Ag from 102m down-hole; and
3m @ 2.3% Cu and 25g/t Ag from 133m down-hole.
MO-A4-039D: 24m @ 2.1% Cu and 51g/t Ag from 86.6m down-hole;
including:
8.1m @ 5.2% Cu and 123g/t Ag from 93m down-hole; and
5m @ 1.0% Cu and 24g/t Ag from 142m down-hole; and
1.8m @ 1.6% Cu and 24g/t Ag from 262m down-hole.
MO-A4-040D: 21m @ 1.1% Cu and 18g/t Ag from 102m down-hole;
and
9m@ 2.0% Cu and 33g/t Ag from 172m down-hole.
MO-A4-043D: 18m @ 2.0% Cu & 38g/t Ag from 105m down-hole;
and
6.5m @ 2.1% Cu & 35g/t Ag from 174m down-hole; and
5m @1.7% Cu & 31g/t Ag from 245m down-hole.
MO-A4-046D: 29.2m @ 1.0% Cu and 18g/t Ag from 70.8m down-hole;
and
7.8m @ 2.0% Cu and 43g/t Ag from 110m down-hole; and
12m @ 1.1% Cu and 21g/t Ag from 123m down-hole.
The Company is pleased to note that resource drilling is being
undertaken by Sandfire at the A4 discovery on a 50m by 50m drill
pattern, with good continuity interpreted along strike based on the
assays received to date. As set out in the Company's announcement
of 2 April 2020 in respect of the Company's investment in Kalahari
Metals Limited, there are currently restrictions in place in
Botswana due to the Covid-19 pandemic, however, Sandfire has today
confirmed that drilling at the A4 discovery is planned to resume
once government restrictions have been lifted. The Company is also
pleased to note that Airborne Electromagnetic (AEM) data for both
the T3 and A4 doubly-plunging anticlines ("domes") has been
re-processed and re-interpreted by Sandfire, resulting in the
identification of several new high-priority structural targets for
drilling.
Michael McNeilly, Chief Executive Officer of Metal Tiger plc,
commented:
"Sandfire's A4 drilling results from Tshukudu are very
encouraging and we look forward to drilling resuming in Botswana,
both for Sandfire and Kalahari Metals. Kalahari Metals, in which
Metal Tiger has a 62.2% interest, has tenements located near T3 and
A4 and we believe to be in the right stratigraphy. We note Sandfire
is working towards a maiden resource for A4 and, should this be
delivered, as well as the results of wider exploration drilling by
Sandfire, particularly over tenements which are subject to our
Royalty, this would likely have a material impact on the valuation
of the Royalty. When looking at the T3 resource and development
profile we are very excited about the potential of A4."
Sandfire has also today released the following updates (links to
the announcements below):
-- March 2020 Quarterly Report
https://www.asx.com.au/asxpdf/20200417/pdf/44h0lv7h6518wp.pdf
-- March 2020 Quarterly Report Presentation
https://www.asx.com.au/asxpdf/20200417/pdf/44h0md8r3pfvff.pdf
-- DeGrussa Ore Reserve and Mineral Resource Update
https://www.asx.com.au/asxpdf/20200417/pdf/44h0m6llt0f2zp.pdf
For further information on the Company, visit:
www.metaltigerplc.com:
Michael McNeilly (Chief Executive Tel: +44 (0)20 7099
Officer) 0738
Mark Potter (Chief Investment
Officer)
Richard Tulloch Strand Hanson Tel +44 (0)20 7409
James Dance Limited (Nominated 3494
Adviser)
Jack Botros
Paul Shackleton Arden Partners plc Tel: +44 (0)20 7614
Steve Douglas (Broker) 5900
Gordon Poole Camarco (Financial Tel: +44 (0)20 3757
James Crothers PR) 4980
Hugo Liddy
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 3.64% 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, where Metal Tiger has a
growing interest in the large and highly prospective Kalahari
copper/silver belt through its interest in Kalahari Metals
Limited.
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/20200417005206/en/
CONTACT:
Metal Tiger plc
SOURCE: Metal Tiger plc
Copyright Business Wire 2020
(END) Dow Jones Newswires
April 17, 2020 06:38 ET (10:38 GMT)
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