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Metal Tiger JV gets green light in Botswana; drilling starts next week

This was the final piece of paperwork ahead of a staged, six month drilling campaign.
Metal Tiger JV gets green light in Botswana; drilling starts next week
Work on the ground can begin in earnest next week.

Metal Tiger (LON:MTR) said the Botswana government has formally agreed the transfer of 14 licences into a joint venture company it has with Australian firm MOD Resources (ASX:MOD).

This was the final piece of paperwork ahead of a staged, six month drilling campaign which will assess the potential of this 6,300 square kilometre slice of the Kalahari copper belt, an area that is also prospective of silver.

The AIM-listed mining investor set up a 30/70% JV with MOD that will hold the licences. They were previously owned by Discovery Mines and are right next to MOD's Mahumo Project.

As part of the agreement, the authorities have extended the licences out to the end of 2016 and the renewal process will begin later this year.

A number of “high priority targets” have already been identified and drilling will begin next week.

“We are delighted to see the rapid progress being achieved in Botswana by our partners MOD Resources,” said Metal Tiger chief executive Paul Johnson.

“The acquisition of highly prospective interests is an important step in the value creation process, but the real test is the extent of mineralisation as determined by properly evaluating the ground and drilling.” 

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