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Metal Tiger plc (MTR)

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Thursday 07 December, 2017

Metal Tiger plc

Statement re Botswana Copper/Silver Project –...

Statement re Botswana Copper/Silver Project – T3 Deposit: Underground Study Update

Metal Tiger plc

Metal Tiger Plc

("Metal Tiger" or the "Company")

Botswana Copper/Silver Project – T3 Deposit: Underground Study Update

Metal Tiger plc (LON:MTR), is pleased to provide an 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:

  • Encouraging early results of T3 Underground Project mining study supports the initiation of a 30-hole Resource drilling programme targeting high-grade veins with underground mining potential.
  • T3 Underground Scoping Study aimed for completion by Q3 2018.
  • Assay results from a further 8 diamond drill holes received. Highlights from the latest down-hole intersections include:
    • Hole MO-G-82D
      • 7.2m @ 1.9% Cu and 39g/t Ag from 219m
    • Hole MO-G-84D
      • 5.9m @ 1.7% Cu and 8g/t Ag from 213m
    • Hole MO-G-88D
    • 9.7m @ 1.5% Cu and 31g/t Ag from 168M
  • To date 45 holes at T3 have returned significant vein hosted copper mineralisation intersections below, down-dip and along strike from planned T3 Open Pit.

Michael McNeilly Chief Executive Officer of Metal Tiger commented:

“We are very encouraged by the initial findings of the T3 Underground Project investigations and the prospect that room-and-pillar underground mining of the high-grade copper/silver veins, developed simultaneously to the planned T3 Open-Pit mine could make a substantial contribution to the T3 profitability. Sharing a planned central scalable processing plant at T3 between both the T3 surface and underground mining operations and possible neighbouring deposits is an attractive proposition in the precursory modelling.

With the current drilling programme yielding reliably consistent vein intersections the JV has agreed to initiate a 30-hole infill drill programme targeting an underground mine resource project and to work towards the release of a T3 Underground Project scoping-study by mid-2018.”

This announcement coincides with an update released today by MOD which can be viewed through the following link:

http://search.asx.com.au/s/search.html?query=mod&collection=asx-meta&profile=web

T3 Drilling Programme Update

  • Current T3 Phase 2 Infill & Extension drilling programme and Prefeasibility Study nearing completion, results expected in January 2018.
  • Results to date show that 45 holes have intersected significant high-grade copper/silver mineralisation within four shallow dipping veins (V1-V4) outside of the planned T3 open pit shell.
  • Further assay results are awaited for visual intersections from mineralised veins in additional holes.
  • Key down-hole intersections from the latest batch of diamond drill hole assay results, with mineral zone and interpreted vein id, include:
  • Hole MO-G-82D
    • 15.0m @ 1.4% Cu & 27g/t Ag from 215m , including;
      • 7.2m @ 1.9% Cu & 39g/t Ag from 219m (Zone 1, V2)
      • 4.4m @ 2.0% Cu & 35g/t Ag from 241m (Zone 2, V3)
  • Hole MO-G-84D
    • 5.9m @ 1.7% Cu & 8g/t Ag from 213m (Zone 1, V1)
    • 8.2m @ 1.7% Cu & 24g/t Ag from 301m (Zone 2, V4)
  • Hole MO-G-85D
    • 7.0m @ 1.2% Cu & 9g/t Ag from 152m (Zone 2, V3)
    • 1.4m @ 1.9% Cu & 21g/t Ag from 161m (Zone 2, V4)
  • Hole MO-G-86D
    • 2.2m @ 2.1% Cu & 45g/t Ag from 332m (Zone 2, V3)
  • Hole MO-G-87D
    • 5.2m @ 1.0 % Cu & 18g/t Ag from 149m (Zone 1, V2)
    • 7.6m @ 1.0% Cu & 9g/t Ag from 159m (Zone 2, V3)
  • Hole MO-G-88D
    • 9.7m @ 1.5% Cu & 31g/t Ag from 168m (Zone 1, V2)
    • 7.0m @ 1.5% Cu & 34g/t Ag from 200m (Zone2, V3)
    • 3.0m @ 1.8% Cu & 21g/t Ag from 216m (Zone 2, V4)
  • Hole MO-G-89D
    • 3.2m @ 1.8 % Cu & 37g/t Ag from 245m (Zone 1, V1)
    • 4.0m @ 1.9% Cu & 38g/t Ag from 295m (Zone 2, V3)

T3 Underground Project

South African mining consultants have been conducting initial investigations into the potential viability of a T3 Underground Project with the underground mining of the high-grade veins below and along strike from the planned T3 Open Pit. They are also researching the potential economic benefits that underground mining would add to the open-pit.

The initial T3 Underground Project concept includes:

  • Room-and-pillar mining of the good continuity, shallow-dipping, high-grade veins, with in-ore development.
  • Developing T3 Underground simultaneously with T3 Open-pit production.
  • Use of shared infrastructure including the planned scalable T3 Processing Plant (as reported on 3 October 2017 the current Planned Process Plant design is for 2.5Mtpa but will allow for a possible future expansion of up to 4.0 Mtpa).
  • Targeting ore production and margin rather than extending overall mine life (modelled at 10 years).

T3 Underground Resource Drilling Programme is now planned based on underground potential:

  • Planned 30 diamond hole programme will drill-out an underground Resource.
  • Drilling with 3 rigs over a 1.7km strike length on 100m spacing with 50m infill where required, is expected to commence early 2018.
  • Results will feed into a T3 Underground Project scoping study, targeted for release by Q3 2018.

Regional exploration will continue throughout H1 2018 with numerous geophysical and geochemical anomalies targeted for drill testing, within the circa 1,000km2 T3 Dome area surrounding the T3 Deposit.

The Background

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 current phase of 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 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 99,200,000 MOD shares, equivalent to 5.2% 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.

For further information on the Company, visit: www.metaltigerplc.com:

Michael McNeilly     (Chief Executive Officer)     Tel: +44(0)20 7099 0738
Keith Springall (Finance Director & Company Secretary) Tel: +44 (0)20 7099 0738
Stephen Allen or Bhavesh Patel RFC Ambrian Ltd Tel +44 (0)20 3440 6800
(Nominated Adviser)
Jonathan Williams RFC Ambrian Ltd

(Joint Broker)

Tel +44 (0)20 3440 6800
Nick Emerson SI Capital

(Joint Broker)

Tel: +44 (0)1483 413 500
Rita Adiani NRG Tel: +44 (0)20 3709 4504
Gordon Poole

James Crothers

Camarco
(Financial PR)
Tel: +44 (0)20 3757 4980

Notes to Editors:

Metal Tiger plc is listed on the London Stock Exchange AIM Market (“AIM”) with the trading code MTR and invests in high potential mineral projects with a precious and strategic metals focus.

The Company’s target is to deliver a very high return for shareholders by investing in significantly undervalued and/or high potential opportunities in the mineral exploration and development sector timed to coincide, where possible, with a cyclical recovery in the exploration and mining markets. The Company’s key strategic objective is to ensure the distribution to shareholders of major returns achieved from disposals.

Metal Tiger’s Metal Projects Division is focused on the development of its key project interests in Botswana, Spain and Thailand. In Botswana, Metal Tiger has a growing interest in the large and highly prospective Kalahari copper/silver belt. In Spain, the Company has tungsten and gold interests in the highly-mineralised Extremadura region. In Thailand, Metal Tiger has interests in two potentially near-production stage silver/lead/zinc mines as well as licences, applications and critical historical data covering antimony, copper, gold, silver, lead and zinc opportunities.

The Company has access to a diverse pipeline of new opportunities focused on the natural resource sector including physical resource projects, new natural resource centred technologies and resource sector related fintech opportunities. Pipeline projects deemed commercially viable may be undertaken by Metal Tiger or by an AIM or NEX Exchange (formerly ISDX) partner with whom the Company is engaged.

LEI: 213800K1IN6M1VCVPA93
Classification: 3.1


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