MOD Resources (ASX:MOD), the senior partner in the joint venture that is developing the project, said significant amounts of copper were detected in the first drilling of the “T3” target.
Initial interpretation of the drilling results shows chalcopyrite, bornite and pyrite occur in a near horizontal zone of locally intense quartz veining starting from 60 metres below surface.
Reverse circulation drilling is continuing to test the T3 anomaly, while a diamond core drill rig has been sourced to commence testing of potential strike and depth extensions.
The share price of MOD Resources shot up 350% to 1.80 cents on the news on the Australian stock exchange.
Shares in Metal Tiger were 8.4% higher at 2.90p in mid-morning trading in London, reflecting an increase of around £556,500 in the value of Metal Tiger's stake in MOD.
"The Kalahari copper belt project represents a major strategic project interest within the company's Metal Projects Division. Therefore I am delighted to report the extremely positive progress in the conduct of the drilling programme and in respect of the early findings achieved by project operators and partners MOD Resources,” said Paul Johnson, chief executive of Metal Tiger.
“The nature and extent of mineralisation identified thus far is extremely encouraging and we eagerly await the results from sample analysis being conducted in the laboratory,” Johnson added.