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Metal Tiger boosts copper resource at T3, appoints Potter chief investment officer

The new resource should support planned production of 28,000 tonnes per year

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Copper at T3 could generate earnings of over US$1bn

Metal Tiger PLC (LON:MTR) has boosted the copper resource at the T3 project in Botswana to 60mln tonnes grading 0.98% copper and 14 grams per tonne silver to give a contained total of 590,000 tonnes of copper and 27mln ounces of silver.

Metal Tiger owns 30% of T3, with the remaining 70% held by joint venture partner MOD Resources Limited (ASX:MOD).

WATCH: Metal Tiger looks to acquire up to 50% of Botswanan focused Kalahari Metals

What’s more, 46% of the upgraded resource is now classified in the indicated category.

“We are delighted to report a substantial Resource upgrade for the T3 Open Pit deposit,” said Michael McNeilly, Metal Tiger’s chief executive.

“The T3 Project Team is now assessing how the rResource increase will impact on the T3 open pit mine economics, with potential that mine life and production could be extended.”

As it stands, the company has modelled production at 28,000 tonnes per year over 12 years, giving earnings of more than US$1.1bn.

“With drilling continuing within the wider T3 Dome Complex we are hopeful that further significant copper deposits might be discovered within similar buried domes, and we look forward to reporting further exciting results,” continued McNeilly.

Separately, Metal Tiger has appointed Mark Potter as Chief investment officer. Potter was formerly a director and chief investment Officer of Anglo Pacific Group plc (LON:APF), where he successfully led a turnaround of the business through acquisitions, disposals of non-core assets and successful equity and debt fundraisings. Prior to Anglo Pacific Group he was a fund manager at Audley Capital Advisors, a natural resources investor.

Quick facts: Metal Tiger PLC

Price: 1.3 GBX

AIM:MTR
Market: AIM
Market Cap: £19.79 m
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on 19/12/19

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