Metal Tiger plc (LON:MTR), the London Stock Exchange AIM listed investor in strategic natural resource opportunities, has today provided 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:
- Re-classification of the T3 Mineral Resource Estimate announced on 2 July 2018, by CSA Global, has resulted in a 13% increase in contained copper in the Indicated Resource Category (at a 0.4% Cu cut-off).
- Total Mineral Resource Estimate remains at 60Mt @ 0.98% Cu & 14g/t Ag (0.4% Cu cut-off) for a contained 590Kt copper and 27Moz silver metal.
- Indicated Mineral Resource contains 417Kt copper and 18.6Moz silver (0.4% cut-off) representing 70% of contained copper and 61% of the tonnes in the total Mineral Resource.
- Drilling ongoing to extend high-grade vein underground potential outside of planned T3 Pit and for strike extensions outside the T3 PFS Expansion Case Pit design.
Michael McNeilly Chief Executive Officer of Metal Tiger commented: “Following on from the T3 Mineral Resource Estimate update announced on 2nd July, we are delighted to report that a Resource re-classification review has resulted in a substantial increase of contained copper in the, higher confidence, Indicated category.
The project’s technical team consider that the Resource upgrade may well support an increase in the design throughput of the planned T3 processing plant, and that there is now the potential that the Feasibility Study Ore Reserve could significantly exceed the Ore Reserve used in the PFS.”
T3 Deposit Resource Classification Upgrade
The underlying Mineral Resource model used by CSA Global for the below Resource re-classification is the same as that used for the previous Mineral Resource update (announced 2 July 2018).
Upgraded T3 MRE at 5 different copper cut-offs outlined in Table 1 below:
| JORC Category | Cut-off
Cu% |
Tonnes | Grade
Cu% |
Grade
Ag g/t |
Contained
Cu (Kt) |
Contained
Ag (Moz) |
||||||||||||
| Indicated | 0.25 | 50,040,000 | 0.92 | 13.00 | 461.3 | 20.95 | ||||||||||||
| 0.40 | 36,631,000 | 1.14 | 16.00 | 417.0 | 18.60 | |||||||||||||
| 0.50 | 27,139,000 | 1.38 | 19.00 | 374.5 | 16.82 | |||||||||||||
| 1.00 | 14,154,000 | 2.06 | 31.00 | 291.9 | 14.30 | |||||||||||||
| 1.50 | 10,962,000 | 2.29 | 36.00 | 250.7 | 12.61 | |||||||||||||
| Inferred | 0.25 | 27,667,000 | 0.68 | 10.00 | 187.3 | 9.18 | ||||||||||||
| 0.40 | 23,524,000 | 0.74 | 11.00 | 173.3 | 8.30 | |||||||||||||
| 0.50 | 19,884,000 | 0.79 | 11.00 | 156.9 | 7.35 | |||||||||||||
| 1.00 | 3,511,000 | 1.58 | 22.00 | 55.6 | 2.46 | |||||||||||||
| 1.50 | 1,640,000 | 2.04 | 29.00 | 33.5 | 1.55 | |||||||||||||
| TOTAL | 0.25 | 77,706,000 | 0.83 | 12.00 | 648.6 | 30.14 | ||||||||||||
| 0.40 | 60,155,000 | 0.98 | 14.00 | 590.4 | 26.90 | |||||||||||||
| 0.50 | 47,023,000 | 1.13 | 16.00 | 531.5 | 24.17 | |||||||||||||
| 1.00 | 17,665,000 | 1.97 | 30.00 | 347.6 | 16.77 | |||||||||||||
| 1.50 | 12,602,000 | 2.25 | 35.00 | 284.2 | 14.16 |
Table 1: T3 Revised Mineral Resource Estimate (16 July update)
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 13,880,042 MOD shares, equivalent to 5.996 % of MOD’s issued share capital and 154,167 MOD options each exercisable price of 6 cents (Australian) on or before 15 April 2019.
