Metal Tiger plc (LON:MTR), the London Stock Exchange AIM listed investor in strategic natural resource opportunities, has today provided the following update regarding the Company’s Joint Venture (“JV”) project with partner MOD Resources Limited (ASX:MOD) (“MOD”) in the Kalahari Copper Belt in Botswana (70% MOD Resources/30% Metal Tiger).
Highlights:
- Botswana Department of Environmental Affairs (DEA) has approved the Environmental Management Plan (EMP) for drilling campaign to test numerous high priority targets along the 50km long T3 Dome.
- T3 Dome EMP is subject to a four-week public review period with drilling planned to commence in May 2018.
- T3 Dome EMP will increase the area available for drilling within the T3 Dome to circa 680km2.
- Drilling on the T3 Dome is planned to commence with four drill rigs in addition to the three rigs currently drilling at T3.
- Drill targets will include an initial 10 high priority untested T3 Dome Airborne Electromagnetic (EM) geophysics anomalies thought to be related to lithological formation conductors.
Michael McNeilly Chief Executive Officer of Metal Tiger Plc commented: “The approval of the EMP for the T3 Dome is a key development for the JV, opening up an additional 680km2 of the prospective T3 Dome for drilling. Subject to the public review it is planned that four drill rigs can start turning in May, with the objective of testing the numerous anomalies already identified by the previous airborne geophysics and soil sampling programmes.
These high priority target anomalies represent an opportunity for the discovery of additional satellite copper deposits which could augment or supplement the potential offered by developing the T3 Open Pit Resource and its potential underground extensions. We look forward to the prospect of an exciting stream of regional drill results whilst the JV continues to progress the T3 Feasibility Study works.”
T3 Dome Regional Exploration Programme Target
- The T3 Dome EMP has been lodged to drill test high priority geophysical and geochemical anomalies generated by the T3 Dome airborne EM survey (announced 21 July 2017) and the regional soil sampling programmes.
- Initial interpretation of the geophysics data points to the district scale T3 Dome being dominated by shallow thrust related domal structures including the 11km long T-Rex dome centred on the T3 Open Pit Resource area.
- Reinterpretation of the original geophysics data in conjunction with data from the recent EM Survey extension is ongoing with preliminary 3D modelling of the interpreted T3 host sequence to approximately 500m below surface.
- It is hoped that 3D modelling of the geology will help target the lithologies prospective for hosting more high-grade copper vein deposits.
- Approval of the EMP had been briefly delayed due to staffing issues at the DEA.
- Background information on the T3 Project
The T3 Project is located on the Kalahari Copper Belt in northern Botswana and is part of the MOD/MTR joint venture Botswana Copper/Silver Project. T3 is located within the central part of the T3 Dome (approximately 1,000km2), which is the focus of rapidly increasing exploration activity undertaken by the JV. Two significant resources have been discovered to date within the T3 Dome: T1 (Mahumo deposit 100% MOD) and T3 (70% MOD / 30% MTR).
The T3 Deposit was discovered in March 2016 when a reverse circulation (“RC”) drill hole intersected 52m @ 2.0% Cu and 32g/t Ag from shallow depth. The maiden T3 JORC (2012) compliant Mineral Resource was announced on 26 September 2016 with the first Resource upgrade announced on 24 August 2017. The results of a Scoping Study for an open pit mine at T3 with a 2Mtpa processing plant, an indicative mine life of 10 years and an average production rate of 21,800tpa of copper and 665,000oz pa of silver was released on 6 December 2016. Work on a Pre-Feasibility Study (PFS) commenced in January 2017 and additional deeper copper mineralisation was discovered below the T3 Resource in February 2017.
The T3 Prospect geological data and exploration results have been reviewed and approved by Jacques Janse van Rensburg, BSc.(Hons), Business Development Manager and Competent Person for MOD Resources Ltd. Mineral Resource estimation and classification of the T3 Copper/Silver Project was conducted and approved by Mr A.I. Pretorius, MSc. Pri.Sci.Nat. an independent consultant to MOD Resources Ltd.
The Phase 2 drilling at the T3 Copper/Silver Deposit commenced on 7th August 2017, with approval granted for the recommencement of both diamond core (DC) and reverse circulation (RC) drilling at the T3 Project and its vicinity, through to December 2018. This includes up to 70 planned diamond core drill holes designed to infill the current Resource and test for possible extensions. The objective of the infill program is to increase geological confidence and upgrade categorisation of the T3 Resource. The programme also includes grid drilling to investigate the potential for an underground Resource down-dip and along strike from the planned open-pit, and to investigate geophysical targets.
The results of the T3 Open Pit Pre-Feasibility Study were announced on 31st January 2018.
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 who acts as the Competent Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly has visited the T3 site and reviewed MOD’s drilling and sampling protocols and procedures. 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.
In addition to its 30% interest in the JV, Metal Tiger holds 130,912,915 MOD shares, equivalent to 6.049% of MOD’s issued share capital and 1,541,667 MOD options each exercisable price of 6 cents (Australian) on or before 15 April 2019.
