The AIM-listed investment company said it has increased its stake in KML to 34% from 18% after exercising an option to do so at a cost of US$500,000 in cash, Metal Tiger has options to raise its stake to 50%.
The increased stake size was revealed in an update by Metal Tiger on the two KML projects: Okavango and Ngami.
Metal Tiger said drilling at the Ngami Copper Project is to be allowed to proceed under an Environmental Management Plan (EMP) as agreed with the Botswana Department of Environmental Affairs. The timeframe to complete the EMP process is normally four months.
The Okavango copper project, on the other hand, will require a more detailed Environmental Impact Assessment (EIA) to be produced prior to permission to drill being granted. The timeframe to complete the more detailed EIA process, through to grant, is normally nine months.
Results from the Phase-1 Aerial Electromagnetic (AEM) geophysics survey and Layered Earth (LE) inversion modelling, for both the Ngami Copper Project (NCP) and Okavango Copper Project (OCP) licence areas, has generated numerous ‘dome style’ exploration targets analogous to the MOD Resources T3 Deposit.
READ: MOD Resources increases T3 indicated copper resource by 13%, drill testing additional potential extensions
Some priority follow-up target areas have been interpreted from areas where potentially mineralised contact appears within shallow anticlinal hinge zones, Metal Tiger said.
“The state-of-the-art Layered Earth Inversion modelling technique employed on the Phase-1 Airborne Electromagnetic survey data has greatly added to our understanding of the buried geology of the licence areas,” said Michael McNeilly, the chief executive officer of Metal Tiger.
“This innovative 3D modelling method has enabled the visualisation of potentially mineralised hidden structures and geological contacts, accelerating the exploration process and fast-tracking the identification of areas for further follow-up as potential drill targets,” he added.
Meanwhile, it was confirmed that KML has spent US$307,842 of the required US$600,000 stage 1 earn-in expenditure requirement, as per its agreement with Triprop Holdings, the owner of the exploration licences.
READ: Metal Tiger higher on plans to acquire up to 50% of Botswanan-focused explorer Kalahari Metals
Shares in Metal Tiger were up 1.4% at 1.875p in early deals.
#MTR #MOD #copper— AMD (@AndyMDon) October 31, 2018
“A circumstance where your business gets better and better and your share price gets worse and worse is a speculator’s dream.”
Rick Rule CEO, Sprott Global (MAJOR investor in Metal Tiger.)
Unbelievably undervalued but not for long.... pic.twitter.com/TRWQTruccY