Metal Tiger plc (LON:MTR), the London Stock Exchange AIM listed investor in strategic natural resource opportunities, is pleased to provide an update regarding the Company’s Joint Venture project with partner MOD Resources Limited (ASX:MOD) in the Kalahari Copper Belt in Botswana (70% MOD Resources/30% Metal Tiger).
Highlights:
- Botswana licensing authority has granted two-year extensions to key joint venture (JV) prospecting licences (PLs) which were due for renewal by 31 December 2018, this includes PL 190/2008 which holds the T3 Copper Project, the T3 Expansion Project and the A4 Dome.
- Ministerial approval received for transfer 8 JV licences (excluding PL 190/2008) from Tshukudu Metals Botswana (Pty) Ltd into new Botswana registered JV exploration company, Tshukudu Exploration (Pty) Ltd, held MOD (70%) and MTR (30%). The transfer approval for a further 10 licences is pending.
- Transfer helps mitigate risk by separating exploration (Tshukudu Exploration) from future development (Tshukudu Metals) activities.
- No land was required to be dropped during the licence renewal, total landholding in prospective licences retained.
- Extension of PL 190/2008 licence and transfer of other PLs into new JV vehicle are key conditions precedent for MOD to acquire 100% of T3 Copper Project (announced 18 July 2018).
- Drilling preparations underway at the T23 Dome, T4 target (2m @ 6% Cu & 11g/t Ag announced 1 April 2016) and T22 geophysics and soil anomaly (6km east of T4), within the northern section of the T20 Exploration Project (previously named T20 Dome Complex). Drilling permissions follow-on from Environmental Management Plan public review period and licence extensions.
- Airborne Electromagnetic geophysics survey covering 940 km2 of the T20 Exploration Project and parts of the T1 and T17 target areas has now been completed with the results currently being compiled.
Metal Tiger plc Chief Executive Officer, Michael McNeilly commented:
“We are delighted to report the successful renewal of all JV licences which were due to expire on the 31 December 2018. This timely renewal secures tenure and retains 100% of the prospective ground under licence.
The renewal of the T3 Project licence and the transfer of remaining prospective licences into a new joint venture exploration focussed vehicle is also an important step in the agreement for MOD to acquire the T3 Project outright and for MTR to realise substantial value for the deposit whilst still enjoying the potential upside from further exploration discoveries. The transfer of the T3 Project into a 100% held vehicle should streamline the project’s financing options.”
