TIDMMTR
16 June 2020
Metal Tiger plc
("Metal Tiger" or the "Company")
Kalahari Metals Limited: Project Update
Metal Tiger plc (AIM: MTR), the London Stock Exchange AIM listed
investor in natural resource opportunities, is pleased to provide
an update in respect of the Botswana copper focused explorer,
Kalahari Metals Limited ("KML"), in which Metal Tiger has a 62.2%
equity interest.
KML is preparing to recommence drilling at the Kitlanya East
("KIT-E") Project by the end of June, as Botswana is now starting
to gradually relax COVID-19 national lockdown restrictions. The
KIT-E drilling programme, which is testing geological contacts and
structures prospective for hosting copper-silver mineralisation
(announced on 9 March 2020), had to be temporarily suspended on 2
April 2020 in compliance with COVID-19 related emergency
legislation.
During the lockdown period, KML has taken the opportunity to
re-model and interpret available data over the KIT-E property
alongside the preliminary drilling results. Key findings from this
assessment have refined follow-on drilling targets and shown there
are many similarities with the geological setting of the
neighbouring Sandfire Resources T3 and A4 deposits.
Michael McNeilly, Chief Executive Officer of Metal Tiger,
commented:
"We are pleased to report that KML is planning to recommence the
diamond drilling programme at their Kitlanya East Project on the
Kalahari Copper Belt, by the end of the month, as the Botswana
government gradually relaxes COVID-19 related lockdown
restrictions.
Whilst site work had to go on hold, KML has taken the
opportunity to incorporate the preliminary drilling datasets into
the geophysical, remote sensing and geochemical models, updating
and fine tuning the target interpretation that shows strong
geological similarities with the neighbouring Sandfire Resources
deposits."
KIT-E Project Interpretation
During the Botswana lockdown period KML has incorporated the
preliminary drilling data with the geophysical modelling, resulting
in the following key observations:
-- On a regional basis, the northern anticline target in KIT-E shares many
similarities with the Sandfire Resources A4 copper deposit.
-- Modelling of the preliminary drill results with the airborne
electromagnetic ('AEM') and magnetic data favour the development of
thrust bounded local synclinal structures in more ductile lower D'Kar
Formation ('DKF') carbonates, mudstones and siltstones, overlying a
broader anticline with more competent Ngwako Pan Formation ('NPF')
sandstone dominant sequences in the fold core.
-- Follow-on drilling will target the margins of these structures with a
view to intersecting mineralisation in a similar setting to neighbouring
Sandfire Resources T3 and A4 copper deposits.
-- Detailed remote sensing interpretation along with a review of historical
soil sampling has identified further non-conventional targets which may
represent thrusted anticlines of prospective lower DKF rocks providing
potential trap-sites for copper mineralisation.
Illustrative figures which may help visualise the information in
this announcement are available to view at the following link:
http://www.metaltigerplc.com/kml-update-0620.
The KML interpretation has highlighted the structural potential
for the northern KIT-E Project to host similar deposits to
neighbouring targets on Sandfire Resources' licence holding, as
well as more conventional anticline limb and hinge mineralisation
in a similar setting to Cupric Canyon Capital's Banana Zone
deposit.
Figure 1 (A-B) illustrates the position of the KIT-E Project and
the neighbouring copper deposits mentioned in this
announcement.
See Figure 1: (A) Locality map illustrating the position of the
Area of Interest discussed in the current announcement relative to
regional license holding in the Kalahari Copper Belt, NW Botswana.
First vertical derivative greyscale total magnetic intensity
background. (B) Enlargement of the Area of Interest with the
location of model sections, detailed AEM coverage and targets
overlain.
KIT-E Project Regional Setting
Reprocessing of regional geophysical datasets illustrates
interesting parallels between the Sandfire Resources A4 deposit
setting and the northern margin of the KIT-E project:
-- Positive weathering features in the sub-cropping geology associated with
fold structures along strike from both A4 and the KIT-E northern targets
are clearly mapped in high resolution terrain data (Figure 2-A). This
could be an indication of underlying NPF, which typically weathers
positively based on outcrop/subcrop examples elsewhere in the Kalahari
Copper Belt.
-- Both A4 and the KIT-E northern targets are situated along a similar fold
structure evident in the high-resolution magnetic data (Figure 2-B).
-- Weak conductors have been delineated within the fold structures along
strike from A4 and the KIT-E northern targets (Figure 2-C). These
conductors are analogous to the marker conductors in the lower DKF units
evidenced throughout the Kalahari Copper Belt with Banana Zone providing
the most direct comparison.
See Figure 2: (A) High resolution digital elevation model with
fold structures of interest highlighted. Although the entire area
is covered by Kalahari Group sediments, features from the
sub-cropping geology are clearly apparent. (B) Heliborne magnetic
data with fold structures of interest highlighted. (C) Historical
AEM mid-time image with conductors along interpreted fold margins
highlighted.
AEM and Magnetic Modelling
Remodelling of the detailed airborne electromagnetic data,
collected over the northern portion of the KIT-E Project by New
Resolution Geophysics in early 2019, has added considerable value
in terms of understanding the structural setting of targets in this
area. A variety of different geophysical forward modelling and
inversion routines were tested, including 'traditional plate
modelling', 'AIRBEO controlled layered earth modelling', 'VPem 1D
layered earth' and 'full 3D modelling'. The results of the
modelling appear to favour a local synclinal feature developed
above a broader anticline.
Magnetic modelling of selected traverses across the KIT-E
northern targets appears to further corroborate the AEM
interpretation. Modelled susceptibilities agree favourably with
values expected for mid and lower DKF stratigraphy. Modelling
implies that the T3 Deposit stratigraphy may repeat in the KIT-E
northern target area and could further suggest that A4, T3 and
KIT-E north would see sub-crop of the same folded lower DKF
stratigraphy with each target zone connected by synclines.
Figure 3 (A-D) illustrates the results of the AEM and magnetic
modelling.
See Figure 3: (A) Section line through the KIT-E northern target
area illustrating different AEM modelling and inversion results.
Note the trend towards a shallow -- moderately dipping synclinal
structure defined by weakly conductive plate and inversion results.
(B) 3D View of conductivity volumes with selected plate models,
looking east, no vertical exaggeration. (C) Magnetic modelling with
simple tabular and polygon bodies used to approximate the
interpreted structure. (D) 3D view of the magnetic modelling
(looking northeast, no vertical exaggeration) with the position of
the T3 anticline highlighted (top). Section with inverted AEM
regional and detailed results, magnetic model outlines,
interpretation and target areas highlighted (below).
Updated Target Generation
Developing targets in the northern part of the KIT-E Project
cover several mineralisation settings common in the Kalahari Copper
Belt. These include: traditional mineralisation along the DKF-NPF
contact on anticline limbs (e.g. Cupric Canyon Capital Zone 5, Zone
5N, Zeta and Plutus deposits); fold hinge related mineralisation
(e.g. Cupric Canyon NE fold deposit); and structurally controlled
mineralisation in the lower DKF above NPF anticlines (e.g. Sandfire
Resources' T3 and A4 deposits).
The remainder of the drill programme will test the structural
and stratigraphic position of each target and occurrence of
associated Cu-Ag mineralisation.
Figures 4 (A-D) illustrates the results of the updated target
interpretation modelling.
See Figure 4: (A) Targets overlain on detailed vertical
derivative magnetics. Simple schematic inserts illustrate the ideal
setting for Cu-Ag mineralisation. (B) Detailed structural
interpretation has identified potential thrust bounded folds in
lower DKF stratigraphy which may provide trap-sites for Cu-Ag
mineralisation. (C) Detailed structural interpretation on ESRI
remote sensing imagery. Note the correlation between priority
structures and anomalous Cu results from historical partial leach
samples (ppb).
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.
Further details are available under the Project Investments
section of the Company's website at:
https://www.metaltigerplc.com/portfolio/project-investments/kalahari-metals.
This announcement contains inside information for the purposes
of the market abuse regulation (EU No. 596/2014) ("MAR").
Qualified Person's Statement
The technical information contained in this announcement has
been read and approved by Mr Nick O'Reilly (MSc, DIC, MAusIMM,
FGS), who is a qualified geologist and acts as the Qualified 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
Enquiries:
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 3494
James Dance 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
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: Equity
Investments and Project Investments.
Equity Investments 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 for the Project Investments division.
Project Investments 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/20200616005766/en/
CONTACT:
Metal Tiger plc
SOURCE: Metal Tiger plc
Copyright Business Wire 2020
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