Metal Tiger Plc – (“Metal Tiger” or the “Company”)
Botswana Copper/Silver Project – T3 Resource Major Increase
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 (“JV”) project with partner MOD Resources Limited (ASX:MOD) (“MOD”) in the Kalahari Copper Belt in Botswana (70% MOD Resources/30% Metal Tiger).
• Total Mineral Resource Estimate for T3 now upgraded to 60Mt @ 0.98% Cu & 14g/t Ag (0.4% Cu cut-off) for a contained 590Kt copper and 27Moz silver metal.
• 44% increase in contained copper verses previous Resource (24th August 2017), at a 0.4% Cu cut-off.
• 46% of revised Total Resource now classified as higher confidence Indicated Mineral Resource (0.4% Cu cut-off).
• At 0.5% Cu cut-off, 31% increase in Total Resource tonnes to 47Mt with 30% increase in contained copper (total 531.5Kt Cu), compared to previous Resource.
• Significant increase in copper grades at higher cut-offs; revised Resource has increased from 1.43% Cu to 1.97% Cu at 1.0% Cu cut-off.
• Upgraded Resource appears to support (or potentially exceed) the Expansion Case Open Pit model in the Prefeasibility Study (31 January 2018).
• Drilling ongoing to extend high-grade underground potential outside of planned T3 Pit.
Michael McNeilly Chief Executive Officer of Metal Tiger commented:
“We are delighted to report a substantial Resource upgrade for the T3 Open Pit deposit. The revised Resource prepared by CSA Global, the well-respected independent resource consultants, has exceeded the JV expectations. The T3 Project Team is now assessing how the Resource increase will impact on the T3 Open Pit mine economics, with potential that mine life and production could be extended beyond the, 28ktpa Cu over 12 years, US$1.1B EBITDA, Expansion Case Open Pit model from the Prefeasibility Study.
With drilling continuing within the wider T3 Dome Complex we are hopeful that further significant copper deposits might be discovered within similar buried domes, and we look forward to reporting further exciting results.”
This announcement coincides with an update released today by MOD which can be viewed through the following link:
- T3 Deposit Resource Upgrade
- T3 Mineral Resource Estimate (MRE) upgrade follows on from a 90-hole infill and extensional diamond core drilling programme around and within the planned T3 (Motheo) Open Pit. Programme also included holes to test for underground mining potential outside of the planned open pit.
- MRE prepared by independent resource consultants CSA Global.
- Increase in revised Resource combined with the greater proportion in the Indicated Resource category is expected to impact both T3 life of mine and annual production rate compared with current Prefeasibility Study model (announced 31 January 2018).
- Design through-put of T3 Process Plant will be reviewed ahead of commencing Feasibility Study process engineering. T3 Project Feasibility Study remains on-track for completion at the end of Q1 2019.
SOURCE: BUSINESS WIRE
DATE: JULY 2, 2018