An earn-in agreement has been signed with Resource Exploration and Development (RED) over five recently granted exploration licences covering 4,661sq km.
Metal Tiger’s 50% owned joint venture Kalahari Metals (KML) will pay US$100,000 to acquire up to 25% of the licences, with an option to increase this to 75% through a further payment of US$700,000.
KML’s exploration interests in the Kalahari belt more than double to 8,724 sq km with the option.
Tshukudu Metals, Metal Tiger separate joint venture with MOD Resources Limited (LON:MOD) has a similar amount of exploration acreage in Botswana.
The RED Licences comprise three licences immediately south of MOD Resources’ T3 Deposit and Cupric Canyon Capital’s Chalcocite Zone deposit while the other two are along strike of KML’s Ngwako Copper project next to the border with Namibia.
MOD Resources is developing the T3 Dome copper mine and is Metal Tiger’s long-standing partner in Botswana.
Tshukudu Metals is exploring the area around T3. Metal Tiger also has a 12.5% direct holding in MOD
Michael McNeilly, Metal Tiger's chief executive, said the option increases its exposure to highly prospective ground within the Kalahari Copper Belt, which across the separate KML and MOD joint ventures covers an area of around 16,000 sq km, an equivalent area to over three quarters the size of Wales.
"A regional soil sampling programme is due to start immediately over Kitlanya East [one of the new prospects] and airborne geophysics are planned," said McNeilly.