Metal Tiger reports completion of revised Mineral Resource Estimate
Metal Tiger revised the maiden mineral resource estimate for its Botswana copper joint-venture with MOD Resources significantly higher following inclusion of the results of all the holes drilled during the first quarter of 2017.
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Its initial estimate of total resource tonnes at the Kalahari Copper Belt project was marked up by 27%, including an upwards revision of over 400,000 to its estimate of copper tonnes contained.
The revised estimates, Metal Tiger boss Michael McNeilly said, marked another significant step towards the company's anticipated T3 prefeasibility study.
McNeilly was also firm in his belief that the 16% increase in contained copper carried the potential to increase the value and profitability of a future mine, compounded by the roughly 30% rise in the copper price since the maiden resource was published in September.
A quarter of the total resource tonnes were now in the measured resource category, the company explained, denoting a higher dgree of resource confidence.
With the coper price approaching the $3 per pound mark used in the 'upside case' of its original T3 scoping study, Metal said it would optimise the planned mining schedule and processing rates in order to maximise the future economics in the upcoming prefeasibility study.
Regarding the second phase of its T3 2017 drilling programme, the company said it was underway with four rigs to test further resource extensions, underground potential and geophysical targets around T3.
All six of the new drilling holes completed to date had intersected significant visible copper mineralisation and results would be out soon, the company added.
Metal Tiger possessed 91.8m MOD shares, which were equivalent to a 4.86% stake, and 1.54m warrants at an exercise price of 6 cents.
The company's shares were down -4.44% to 2.15p by 10:00 BST