Metal Tiger plc (LON: MTR), the London Stock Exchange AIM listed investor in strategic natural resource opportunities, has today provided an update regarding the exploration activities of the Company’s new Joint Venture, Tshukudu Exploration (Pty) Ltd, in the Kalahari Copper Belt in Botswana. The Company holds a 30% interest in Tshukudu Exploration via Metal Capital Exploration Limited, with MOD Resources Limited (ASX:MOD) holding the remaining 70%. For further information on the New JV, please see the Company’s announcements of 18 July 2018 and 16 November 2018.
Highlights
- Diamond drilling in the first two widely spaced holes at the T23 Dome has intersected visible copper mineralisation at very shallow depth that may be of significant potential
- T23 Dome is the first drilling target on the T20 Exploration Project, located 100km west of the T3 Project, since T4
- T23 is the sixth significant copper mineralisation find on MTR/MOD joint venture licences, over the last 3 years
- Holes MO-T23-001D and MO-T23-002D both intersected:
- Near surface, copper oxide mineralisation including narrow veins and fracture zone hosted malachite and chrysocolla
- Primary copper sulphides including disseminated chalcocite, chalcopyrite and bornite hosted within typical D’Kar Formation sediments, from 50m depth above a red sandstone interpreted to be within the Ngwako Pan Formation (NPF)
- Finely disseminated chalcocite has also been reported locally within the NPF
- Assay results for these holes are currently awaited whilst drilling is being stepped up to test specific structural targets elsewhere on the previously unexplored T23 Dome
Michael McNeilly, Chief Executive Officer of Metal Tiger plc, commented:
“We are delighted to report the intersection of shallow copper mineralisation on the T23 Dome, which forms part of T20 Exploration Project, 100km west of the T3 Project, and is held within the New JV.
Whilst Metal Tiger now holds an indirect interest in the T3 Project through our shareholding in MOD, we continue to explore the wider Kalahari Copper Belt in order to generate significant upside potential through the new, directly held, Tshukudu Exploration joint venture.
With drilling at the T23 Dome returning potentially significant visible copper intersections and rigs being mobilised to follow-up on the previous high-grade intersections at T4, we are looking forward to a potentially exciting new chapter of Kalahari copper discoveries.”
T20 Exploration Project & T23 Dome Background
- T23 is a large, structurally complex dome within a regional shear zone, that may extend at least to T4. Identified from airborne magnetic survey data, it is the first new target to be drilled in the northern part of the T20 Exploration Project
- The T20 Exploration Project covers an area of approximately 3,350km2, within the approximately 200km long, Central Structural Corridor (CSC) which hosts both the T3 Project and T1 Resource as well as the large A4 and A1 Domes which have both delivered outstanding recent copper intersections
- The T23 Dome is around 15km west of T4 where reverse circulation drilling in February 2016 intersected 2m @ 6% Cu and 111 g/t Ag from 101m depth, before activities were put on hold in order to focus on T3
- Additional drilling rigs are currently being mobilised to extend the drilling at the T23 Dome and to re-start at T4
- The T23 Dome, like the T3, A4 and A1 Domes, is covered by a surface layer of sand and calcrete, which has masked the underlying copper mineralisation
Following the sale of the Company’s interest in the T3 Project (announced 16 November 2018), in addition to its 30% interest in the New JV, Metal Tiger holds: 31,064,220 MOD ordinary shares, representing approximately 12.5% of MOD’s issued share capital; 40,673,566 unquoted options with a nil exercise price expiring on 15 November 2021; and 154,167 options over MOD ordinary shares, each exercisable at AU$0.06 per MOD ordinary share on or before 15 April 2019.
