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Metal Tiger provides update on Botswana copper project
AIM-quoted natural resource investor Metal Tiger provided investors with an update on its Botswana joint venture with MOD Resources on Thursday, just as its major regional exploration programme kicked off.
With underground resource drilling continuing throughout the first half of 2018, a pre-feasibility study on Metal Tiger's T3 open pit was undertaken and indicated an assumed 2.5 million tonnes per annum (mtpa) of metals within the licence on a base case and 4.0mtpa on an upside case.
Metal Tiger had begun a major regional exploration programme commenced, focussed on targets outside the T3 project area, namely the T3 Dome, T20 Dome and T-Rex targets.
The group had also lodged an Environmental Management Plan (EMP) for drill testing of the "highest priority" T3 Dome airborne electromagnetic geophysics survey targets, of which it expected approval before the end of March.
Michael McNeilly, chief executive officer, said "Given the initial findings of the joint venture's regional soil and geophysics programmes, and the increased knowledge of the structural controls and mineralisation styles likely linked to the new copper and zinc anomalies, we feel that the continued investment through regional drill testing is likely to yield exciting returns."
"Benefiting from the updated knowledge of the distribution and style of copper deposits in this part of the Kalahari Copper Belt, we consider it a strong possibility, that one or more of the regional anomalies, within our extensive tenement package, will turn out to be an as-yet-undiscovered T3 style sediment-hosted copper deposit," he added.
As of 1120 GMT, shares had grown 5.56% to 2.38p.