Kalahari Metals LTD, a company in which Metal Tiger PLC (LON:MTR) owns a significant stake, has entered into an exclusivity period with Resource Exploration and Development Limited to undertake due diligence with a view to acquiring an additional five exploration licences in Botswana.
The licences include 4,661 square kilometres of recently granted permits in the Kalahari Copper Belt. Kalahari Metals already holds seven exploration licences in Botswana, covering a total of 4,063 square kilometres.
Under the investment agreement announced on 6 June 2018, Metal Tiger has the right to acquire up to 50% of Kalahari Metals.
Meanwhile, at two of Kalahari Metals’ copper projects, Okavango and Ngami, magnetic and first phase electromagnetic airborne surveys have been completed.
A total of 16,700 square kilometres of high-resolution magnetic data was collected over priority areas identified at Okavango. Kalahari Metals anticipates final processed survey results by the end of August 2018.
One of the aims is to identify mineralised structures with the potential to host mineralisation in analogous settings to the MOD Resources T3 Deposit, the development of which Metal Tiger has played a significant role in.
“Work continues apace and we look forward to receiving the processed first phase survey results and following on with the interpretation and prioritising of drill targets,” said Metal Tiger chief Michael McNeilly.