Mining investment specialist Metal Tiger PLC (LON:MTR) said drilling on its Botswana copper-silver project met with success that could lead to a resource upgrade.
The strike length of Zone 2, directly below the current T3 resource, has been extended to 700 metres, with the central core returning some impressive grades, including almost 73 metres at 1.5% copper and 27 grams per tonne silver.
The work also uncovered “significant disseminated” copper in Zone 2 and Zone 3, though the grade is yet to be determined.
“An upgrade to the resource is highly possible with the eagerly awaited assay results for the Zone 2 mineralisation and could significantly add to the already positive economics and de-risk a proposed open pit mining operation,” said Metal Tiger chief executive Michael McNeilly.
The company is a 30% shareholder in the Target 3, or T3 Project in Botswana with MOD Resources, which owns the remainder. Metal Tiger also owns around 4% of MOD.
T3 is host to a resource of 28mln tonnes at 1.24% copper and 15.7 grams per tonne of silver. This includes a high-grade core of 8.5mln tonnes at 2.16% copper and 31 grams of silver.