TIDMMTR
26 May 2020
Metal Tiger plc
("Metal Tiger" or the "Company")
Investment Update: Sandfire Resources Limited
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
Limited ("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 6,351,990 shares in Sandfire representing
approximately 3.57% of Sandfire's issued share capital. As
announced on 17 December 2019 and on 20 May 2020, in aggregate,
2,003,923 Sandfire shares held by Metal Tiger, representing
approximately 1.125% of Sandfire's issued share capital are secured
under an equity derivative collar financing arrangement with a
global investment bank
Sandfire yesterday released the following update in relation to
exploration work at Tshukudu:
https://www.asx.com.au/asxpdf/20200525/pdf/44j2dmsrn19b0z.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-A4-045D: 20.5m @ 3.6% Cu and 88g/t Ag from 78.5m down-hole,
cut to 15% Cu
MO-A4-047D: 21.8m @ 2.5% Cu and 57g/t Ag from 74.2m down-hole,
cut to 15% Cu; and
14.5m @ 1.1% Cu and 23g/t Ag from 99.5m down-hole
MO-A4-048D: 12.7m @ 1.6% Cu and 33g/t Ag from 76.5m down-hole;
and
14.2m @ 1.2% Cu and 23g/t Ag from 109m down-hole
MO-A4-049D: 32.8m @ 1.8% Cu and 32g/t Ag from 94.9m down-hole,
cut to 15% Cu, including
17.1m @ 2.6% Cu and 58g/t Ag from 94.9m down-hole, cut to 15%
Cu; and
9.6m @ 2.5% Cu and 46g/t Ag from 148.8m down-hole
Other highlights from Sandfire's announcement were:
-- The Botswana Government has announced a phased easing of COVID-19
restrictions due to the relatively low infection rate, and plans are
underway for a staged restart of exploration activity that should see
resource drilling at A4 resume by early June 2020.
-- In-fill and extensional drilling within the A4 resource area remains a
high priority, with the objective of defining a maiden Mineral Resource.
Newly identified targets to the north-east and south of current drilling
at A4 have also been interpreted from Airborne Electromagnetic (AEM) data
and are also priorities for drilling.
-- Major AEM survey covering 7,750km2 of Sandfire's Tshukudu licences in
Botswana planned to start in the September 2020 quarter, subject to
relaxation of COVID-19 restrictions.
Metal Tiger also notes that yesterday Sandfire released an
operations update which noted that optimisation of the Feasibility
Study for the T3 Copper-Silver Project in Botswana is continuing,
focused on mine design and planning, plant engineering, power
supply, site infrastructure and operating costs. Sandfire noted
that the decision to mine and any subsequent commencement of
development activities at T3 has been delayed due to the impact of
COVID-19 on global supply chains, tendering and construction
activities. In this update Sandfire also reinstated 2020 production
guidance for its DeGrussa Operations.
Details of the operations update announcement can be found at
the following link:
https://www.asx.com.au/asxpdf/20200525/pdf/44j2dppjxxzhg0.pdf
Michael McNeilly, Chief Executive Officer of Metal Tiger plc,
commented:
"The A4 drilling results continue to impress. We are pleased to
note that Sandfire is planning, subject to the relaxation of
COVID-19 restrictions, to recommence drilling at the A4 prospect.
Should Sandfire obtain a maiden Mineral Resource, as per its
objective, this will likely have a material positive impact on the
valuation of the Royalty."
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 Tel: +44 (0)20 7614 5900
Steve Douglas (Broker)
Gordon Poole Camarco (Financial PR) Tel: +44 (0)20 3757 4980
James Crothers
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 interest in Sandfire
Resources Limited (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/20200526005296/en/
CONTACT:
Metal Tiger plc
SOURCE: Metal Tiger plc
Copyright Business Wire 2020
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May 26, 2020 03:54 ET (07:54 GMT)
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