Metal Tiger said that with the completion of the maiden Resource at T3, the joint venture has taken the opportunity to take stock of its investment in T3, at the Kalahari Copper Belt in Botswana, to date.
"The T3 deposit has been taken from a discrete copper in soil anomaly, through initial RC drilling confirmation, and subsequent diamond hole drill-out, to a JORC compliant Mineral Resource Estimate in only 6 months, demonstrating real value for a relatively modest spend," said CEO Paul Johnson.
"As we continue to explore the T3 Dome and extend the T3 Resource, the exploration team will continue to carefully manage the programme in order to maximise the potential exploration returns.
"This exploration potential includes the current prospect of a drill hole confirming further significant copper associated with the strong IP geophysics anomaly located immediately down-dip, below, the current T3 Resource."
- Work has commenced on testing possible T3 Resource extensions and on other targets, prospective for T3 vein type mineralisation, situated along the T3 Dome. The first drill target is the large IP (Induced Polarisation) anomaly interpreted 500m down dip from the T3 resource.
- Total all-in cost of the T3 Deposit, in the 6 months from discovery to 350Kt Cu maiden Resource, calculated at US$1.7M, equivalent to only US$0.22 / pound of contained copper in the Mineral Resource Estimate.
- The very low discovery cost and relatively modest investment in the T3 Resource definition has generated significant value for the MOD/MTR joint venture.
- 2016 Q4 exploration work will include investigating a number of IP geophysics targets, soil geochemistry anomalies and structural targets.
- Drilling has commenced on the first IP geophysics target; a large anomaly interpreted to be 500m down-dip of the T3 Resource. This diamond drill hole will target the same zone as previously drilled hole MO-T3U-01D, which failed to intersect the IP target due to drill-string deviation, some 200m above the target.
- MO-T3U-01D previously intersected 20m @ 0.4% Cu & 6g/t Ag, including 0.8m @ 2.5% Cu & 37g/t Ag from 473m down hole depth, within the same host sedimentary sequence as the T3 mineralisation.
- Assays are currently awaited for the 5 in-fill holes drilled within the high-grade core of the T3 Resource. Regional soil sampling is on-going.
At 9:22am: (LON:MTR) Metal Tiger Plc Ord 0.01p share price was -0.05p at 3.1p