Metal Tiger PLC (LON:MTR) has said its joint venture, Kalahari Metals Limited, has identified drill-ready targets after conducting high-resolution geophysics surveys at the Ngami and Okavango projects in Botswana.
The natural resource investor said that Phase 2 high resolution aerial electromagnetic (AEM) and helicopter-borne magnetic geophysics surveys had identified high-interest targets, including ‘dome style’ exploration areas analogous to the T3 Deposit controlled by MOD Resources Limited.
Layered Earth inversion modelling of the data had identified several targets for follow-up, including three anticline fold-hinge (‘dome’) targets at Ngami that are considered ready to be drill tested and at the Okavango project, potentially mineralised contacts that had been mapped from Zone 5 deposits (100mln tonnes at 1.95% copper and 19.9 grams per tonne gold), and Zone 5 North (17mln tonnes at 2.27% copper and 43.4 g/t gold).
Michael McNeilly, chief executive of Metal Tiger, said the data and modelling had provided “compelling structural and lithological targets for drill-testing”, adding that the company was actively reviewing Kalahari’s proposed diamond and reverse circulation drilling targets against “the strong likelihood of adding significant value to the project through drilling”.
“KML is awaiting sign off or feedback on the Environmental Management Plan (EMP) shortly for the Ngami licence and further updates will be provided to shareholders in due course.”
In early afternoon trading Thursday, Metal Tiger shares were up 2% at 1.3p.