logo-loader

Mineral resource estimate upgraded at Metal Tiger’s Botswana copper JV

Published: 18:02 24 Aug 2017 AEST

Copper piping
A new drilling programme has commenced with the aim of testing further resource extensions

Metal Tiger PLC (LON:MTR) revealed today that the mineral resource estimate for its T3 exploration project in the Kalahari copper belt in Botswana has been upgraded.

The natural resources investor said back in July that it expected to release a resource upgrade at some point during this month.

READ: Regulatory sign-off sees drilling resume at Metal Tiger’s Kalahari copper belt JV in Botswana

27% increase in total resource tonnes

The revised, JORC compliant estimate comprises 36mln tonnes of ore: 1.14% copper and 12.8 grams per tonne of silver, with T3 containing approximately 409,000 tonnes of copper and 14.8mln ounces of silver.

Overall, the upgrade constitutes a 27% increase in total resource tonnes and a 16% increase in contained copper, compared with the maiden resource estimate – announced last September – which has now been replaced.

Given that Metal Tiger has a 30% stake in the project – its JV partner MOD Resources owns the remaining 70% - its share of the project is 10.8mln tonnes containing 123,000 tonnes of copper and 4.4mln ounces of silver.

Metal added that 25% of the total resource tonnes – or 8.9mln tonnes – now sit in the more concrete measured resource category.

Another step towards prefeasibility study

READ: Metal Tiger believes it has only scratched surface in Thailand and Botswana

“The revised mineral resource estimate is another important and positive step towards the anticipated T3 prefeasibility study and constitutes a significant upgrade to the project with a 27% increase in total resource tonnes and over 400,000 tonnes more contained copper,” said Metal Tiger chief executive Michael McNeilly.

“The 16% increase in contained copper has the potential to increase the value and profitability of a future mine, the potential value is further compounded by the circa 30% rise in copper price since the maiden resource was announced last September.

“With the current copper price now approaching the US$3/lb used for the upside case in the original T3 scoping study we released on 6 December 2016.

“The team will be looking to optimise the planned mining schedule and processing rates to maximise the future economics in the upcoming prefeasibility study.”

More upgrades on the way?

Another drill programme is currently underway with four rigs to test further resource extensions, underground potential and geophysical targets.

Metal said all six new holes completed to date have intersected significant visible copper mineralisation, results from which will be made public in due course.

Shares were down 4.4% to 2.15p in early deals.

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

7 hours, 21 minutes ago