LONDON (Alliance News) – Metal Tiger PLC said on Monday it expects to release an updated mineral resource estimate in August following infill drilling and zone two mineralisation at the Kalahari copper belt project in Botswana.
AIM-listed Metal Tiger said its joint venture project has received sample assays from previous infill and extension infill drilling which are expected to update the mineral resource estimate to include zones one and two.
The Kalahari copper project is 30% owned by Metal Tiger and 70% owned by Australia-listed Mod Resources Ltd. Metal Tiger holds 91.8 million shares in Mod, equivalent to 4.9% of Mod’s issued share capital and 1.5 million Mod warrants at an exercise price of AUD0.06.
The joint venture operating company, Tshukudu Metals Bostwana Pty Ltd, is currently carrying out a pre-feasibility study at the site which is on track to complete in the fourth quarter of 2017.
Drilling for the T3 mineral resource is expected to resume in early August following the environmental management plan public review.
Metal Tiger said ongoing airborne electromagnetic geophysics data has also indicated potential multiple new targets at Kalahari.
“We are pleased to report that with the previously outstanding drill hole assay results now being sent to the project’s resource consultant in South Africa, we anticipate being able to release an updated and enlarged, T3 mineral resource estimate incorporating the results of the infill drilling and the underlying zone two mineralisation during August,” Metal Tiger Chief Executive Michael McNeilly said.
“As well as being an important project metric, the updated T3 resource will feed directly into the mining and geotechnical work streams of the T3 open-pit pre-feasibility study which is progressing well and is expected to be completed around November.”
Shares in Metal Tiger were up 2.2% to 2.02 pence on Monday.
By Maryam Cockar; email@example.com; @MaryamCockar
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