Metal Tiger plc, the London Stock Exchange AIM listed investor in strategic natural resource opportunities notes that MOD Resources, the 70% owner of Metal Tiger’s Joint Venture in Botswana has raised A$5.46 million (approx. £3.19 million) to fund ongoing expenditure on the Botswana project.
In particular the funds raised will be utilised for feasibility studies in respect of the Joint Venture T3 copper-silver deposit and for further substantial exploration across the T3 Dome structure.
“Work is set to resume on site in early January 2017 after the Christmas break. Exploration will include resource extension and geotechnical drilling at T3, completion of soil sampling coverage of T3 Dome, systematic RC drilling along the T3 host sequence, a trial 3D IP survey to define structural targets at depth and diamond drilling for testing new targets,” Metal Tiger said in a filing.
Metal Tiger’s interest in Botswana currently centres on the high-grade copper and silver Target 3 ‘T3’ Deposit for which a maiden JORC complaint Mineral Resource Estimate was established in September 2016 and an open-pit Scoping Study announced 6 December 2016.
Work to build on the T3 Scoping Study and progress to Prefeasibility Study (PFS) will commence early 2017. At the same time drilling will test the potential for westerly mineralisation extensions over a 3km strike.
In addition to the discovery at T3, reverse circulation (RC) drilling has confirmed significant copper mineralisation intersections at T2 West Prospect, which is approximately 20km north of T3 and 3.5km west of the MOD Resources 100% owned high-grade Mahumo copper/silver deposit.
Following the announcement of the T3 maiden Resource and Scoping Study resultant from a Phase 1 Drilling Programme, the project has moved into a Phase 2 drilling programme seeks to build out and upgrade the classification of the Resource envelope and feed into the Prefeasibility Study.
In addition to the MTR JV Licences, MOD has 100% holdings and various existing joint venture interests in 11 granted prospecting licences with a total area of approximately 4,187km2 in the central and western part of the KCB. MOD has been an active explorer in the area since 2011 and discovered the ‘Corner K Deposit’, now re-named Mahumo Cu-Ag Deposit in late 2011.
The Mahumo Cu-Ag Deposit was discovered by drilling a soil anomaly along the northern margin of a major structural zone (Mahumo Structural Corridor). The Stage One resource which is the basis for the Mahumo underground scoping study is currently the highest grade resource announced in the Botswana KCB and remains open below the limit of drilling along 2.4km strike length.
In November 2015 Cupric Canyon Capital announced results of a feasibility study for the potential development of an underground mine at their Zone 5 deposit. Zone 5 is located approximately 100km NE of Mahumo along the same interpreted structural contact as Mahumo. Currently reported resources at Zone 5 are 100.3Mt @ 1.95% Cu and 20g/t Ag (December 2015). Zone 5 is the most significant announced resource in the KCB and may demonstrate the wider potential of this relatively under-explored region.