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Metal Tiger says fundraising will support exploration at Botswana copper project

Metal Tiger has welcomed news of a fundraising to support work on the T3 deposit in the Kalahari Copper Belt of Botswana
copper
Metal Tiger is expected to gain from further investment in the T3 deposit in Botswana

Metal Tiger plc (LON:MTR) said a fundraising by Australian mining group MOD Resources Limited, in which it holds a stake, will be used to fund a substantial exploration programme in 2017.

The investor, focused in natural resources, said MOD raised $14.6mln in a share placement to institutions and professional traders.

The share placement, which was heavily oversubscribed, will be used to fund the extension of the T3 deposit in the Kalahari Copper Belt of Botswana.

WATCH: Zak Mir on Metal Tiger shares ....

Metal Tiger chief executive, Michael McNeilly, said: “We’re very pleased by the news today from MOD. This financing further validates the exceptional quality of the Botswana project and we are delighted that this raise will further accelerate the joint venture work program on the ground. We look forward to continuing our work with MOD on further exploration of the T3 copper project. ”

The company already had significant exploration success in 2017 with the discovery of multiple copper zones below the existing T3 resource.

Earlier this month, MOD announced an intersection of 72.6 metres at 1.5% copper and 27g/t silver, which included 18 metres at 2.7% copper and 52 g/t silver below the T3 deposit.

Metal Tiger has estimated the total cost of the project will be about US$135mln.

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