Interim drilling results from the endurance perspective


LONDON, December 08, 2021– (BUSINESS WIRE) –

December 8, 2021

Metal Tiger plc

(“Metal Tiger” or the “Company”)

Kalahari Metals Limited: Interim Drill Results From Endurance Perspective

Metal Tiger plc (AIM: MTR, ASX: MTR), the AIM and ASX listed investor in natural resource opportunities, is pleased to provide an update regarding the Kalahari Copper Belt at Botswana (“KCB “) Discovery Explorer, Kalahari Metals Limited (“KML“) and its current diamond core (“CC“) drilling program at the Endurance prospect of the Kitlanya East project (the”Perspective of endurance“).

As announced on October 18, 20211, the Endurance Prospect drilling program was designed to assess priority targets associated with airborne electromagnetism (“LEA“) prospective geophysical conductors for copper-silver (“Cu-Ag“) mineralization. Interim drilling results, based on detailed geological logging of the first 8 holes (totaling 2,336 m drilled), completed over the past six weeks, are now available.

Highlights of the drilling program include:

  • Drill holes intersected significant hydrothermal alteration, including alteration to chlorite, albite, and sericite, as well as multigenerational quartz-carbonate vein stockworks typically associated with Cu-Ag deposits in the Kalahari Copper Belt;

  • Several intersections of minor Cu mineralization have been recorded in visual logs associated with zones of more intense alteration; and

  • The results have significantly prioritized the target zones from the Endurance perspective and offer an efficient method of vectorization to higher grades of mineralization.

Based on these encouraging interim results and excellent drilling production rates, to complete the exploration program for 2021, two more DC follow-up holes have been added to the current phase of drilling. Coring and sampling are currently underway, and laboratory results will be released when available.

Following the recent approval by the Minister of Mineral Resources, Green Technologies and Energy Security of Botswana of the request to change majority stake in KML, Metal Tiger holds a 49.0% stake in KML, together with Cobre Limited (“Cobre“) holding a majority 51% of the shareholders.

A link to Cobre’s announcement released today is shown below:

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02463874-2A1344508?access_token=83ff96335c2d45a094df02a206a39ff4

Michael McNeilly, CEO of Metal Tiger, said:

“We are delighted to provide an update for diamond drilling of interesting targets for the Endurance Perspective on the Kalahari Copper Belt.

Provisional results based on detailed geological logs show weathering, quartz-carbonate veins and sulphide minerals generally associated with Cu-Ag deposits in the Kalahari Copper Belt.

Based on the success of this drilling and the additional exploration vectorization data it provided, the planned eight-hole program has been extended with two more holes, and we look forward to receiving the results of the sample analyzes. in the lab and provide further updates in a timely manner. “

Illustrative figures and tables to be viewed in conjunction with this announcement can be viewed on the Company’s website at: https://www.metaltigerplc.com/kml-kit-e-endurance-drilling

Endurance prospecting drill targets

The Endurance prospect was modeled as a large 25 km long anticlinorium located in a structural setting similar to the T3 and A4 deposits of Sandfire Resources (ASX: SFR) listed at ASX, which are located at 5 km and 10 km respectively. north of the prospecting area. (see Figure 1). This vast area of ​​interest is distinguished by: results from soils anomalous in Cu and Zn; prospective stratigraphy, including lower units of the D’Kar Formation, which harbor Cu-Ag mineralization at T3 and A4; and folded conductors linked to carbon marker units which share similarities with T3 and A4.

Stratigraphic drilling carried out in 2020 identified traces of Cu, Pb and Zn mineralization on shear planes as well as alteration in sericite, albite and hematite often associated with the distal portions of mineral deposits of the Kalahari copper belt.

All the results combined provide evidence of an extensive hydrothermal mineralizing system. Results from the reverse circulation (“RC”) drilling completed earlier in the year have been used to direct several priority target areas, which are the focus of the current phase of diamond drilling. 2.

A total of eight diamond holes totaling 2336 m drilled have been completed to date in the current program (hole name range KIT-E-D020 to KIT-E-D027).

The results of geological, structural and alteration logs are summarized in Table 1 and illustrated in Digits 2, figure 3 and Figure 4. The details of the drill holes are summarized in Table 2.

The main results of the current drilling include:

  • Targeted drilling in disturbances in bent AEM conductors related to the stratigraphy of the Lower D’Kar Formation regularly intersected significant alteration, multigenerational veins and stockworks, further justifying the target methodology;

  • Increased Cu mineralization associated with the most intense portions of the alteration zones has been identified in several holes, notably KIT-E-D020, KIT-E-D023, KIT-E-D025 and KIT-E-D026; and

  • By carefully logging the alteration intensity and vein architecture as well as sulphide content, composition and stratigraphy, it was possible to generate vectors of potential mineralization in each of the tested targets.

Follow-up drilling program

Two additional 200 m holes have been added to the current work program to test the down dip and lateral extension of promising alteration and mineralization intersected in hole KIT-E-D023. These holes will target (and provide vectors for) potential higher grade Cu mineralization. Sections illustrating the location of the tracking holes are shown in Figure 5.

More detailed follow-up programs for 2022 will be designed when assay results are available for the current round of drilling.

Context of the project

Kalahari Metals Limited, which was incorporated in England and Wales on May 3, 2017, holds interests in twelve very promising exploration licenses covering a total area of ​​8,595 km2 in Botswana’s Kalahari Copper Belt, comprising two 100% owned exploration licenses, five exploration licenses subject to a mandatory acquisition agreement with Triprop Holdings (Pty) Limited (including the Ngami copper project) and five exploration licenses owned by 100% owned subsidiary, Kitlanya Limited.

Metal Tiger owns a 2% net smelter royalty on all licenses 100% owned by KML, i.e. seven licenses covering a total of 6,650 km2 (together, the “Royalties”) and the main areas. The five exploration licenses held by Triprop Holdings (Pty) Limited (in which KML has a 51% stake) are not part of the royalties.

Further details are available in the Project Investments section of the Company’s website at: https://www.metaltigerplc.com/portfolio/project-investments/kalahari-metals.

Declaration of the qualified person

The technical information in this announcement has been read and approved by Mr. Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a Qualified Geologist and acts as a Qualified Person under AIM Rules – Note for Mining and Oil and gas companies. Mr. O’Reilly is a senior consultant working for Mining Analyst Consulting Ltd which has been retained by Metal Tiger PLC to provide technical support.

Reference Note:

  1. Metal Tiger Company Announcement (AIM) October 18, 2021 (source: https://polaris.brighterir.com/public/metal_tiger/news/rns/story/w3z9y3r)

For more information about the Company, visit: https://www.metaltigerplc.com/

Surveys:

Michael mcneilly

(Chief Executive Officer)

Phone: +44 (0) 20 7099 0738

Marc Potter

(Director of Investments)

James dancing

James harris

Robert collins

Strand Hanson Limited (appointed advisor)

Phone +44 (0) 20 7409 3494

Paul shackleton

Steve douglas

Arden Partners plc (Broker)

Phone: +44 (0) 20 7614 5900

Gordon poole

James crother

Rebecca waterworth

Camarco (Financial PR)

Phone: +44 (0) 20 3757 4980

Notes to Editors:

Metal Tiger PLC is listed on the AIM market of the London Stock Exchange AIM Market (“AIM”) and on the ASX market of the Australian Securities Exchange Market (“ASX”) with the trading code MTR and invests in mining projects at strong potential with a focus on base, precious and strategic metals.

The Company’s objective is to provide a high return to shareholders by investing in significantly undervalued and / or high potential opportunities in the mining exploration and development industry. Metal Tiger has two investment divisions: equity investments and project investments.

Equity investments invests in undervalued natural resource companies. The majority of its investments are listed on AIM, TSX and ASX, which includes its stake in Sandfire Resources Limited (ASX: SFR). The Company is also considering selective opportunities to invest in private natural resource companies, generally where there is an identifiable path to the IPO. Through the trading of stocks and warrants, Metal Tiger seeks to generate liquidity for the investment of the Project Investments division.

Project investments is focused on developing its key project interests in Botswana, where Metal Tiger has a growing interest in the vast and highly promising Kalahari Copper / Silver Belt through its stake in Kalahari Metals Limited.

The Company is actively evaluating new investment opportunities on an ongoing basis and has access to a diverse pipeline of new opportunities in the natural resources and mining sectors. For pipeline opportunities deemed sufficiently attractive, Metal Tiger may invest in the project or entity by purchasing publicly traded shares, privately financing and / or establishing a joint venture.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20211208005407/en/

Contacts

Metal Tiger plc


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