logo-loader
viewMetal Tiger PLC

Metal Tiger adds more exploration acreage in Botswana copper belt

Metal Tiger now has options in Botswana over an area three-quarters the size of Wales

copper
Metal Tiger has a big area to explore in Botswana

Metal Tiger PLC (LON:MTR) has doubled its exploration acreage in the Kalahari Copper Belt in Botswana.

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.

Quick facts: Metal Tiger PLC

Price: 1.325 GBX

AIM:MTR
Market: AIM
Market Cap: £20.17 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Metal Tiger PLC named herein, including the promotion by the Company of Metal Tiger PLC in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Metal Tiger's McNeilly details new funding arrangement and share buyback plans

Metal Tiger's (LON:MTR) Michael McNeilly discusses with Proactive London's Andrew Scott the plans around its share buyback programme.  MTR intends to buy back up to 155.9mln shares - equivalent to 10% of the current issued share capital of the company. McNeilly also talks through its...

on 19/12/19

2 min read