Metal Tiger PLC (LON:MTR) shares jumped in early trading Tuesday after it hailed “significant” drilling results from a programme carried out at the T3 copper project in Botswana by investee company MOD Resources, in which it holds a 10.48% stake.
Michael McNeilly, MTR’s chief executive, said the drilling had allowed a “significant portion” of the project’s mineral resource to be categorised as measured, increasing confidence in the project.
He added that the results of the programme had the prospect of increasing the current open pit resource at the site.
Going forward, MTR said the 35 holes that still need to be drilled would be completed by the middle of 2019, with an ore reserve and feasibility study for the T3 open pit on track to complete at the end of March.
In total, the drilling programme will have drilled 60 holes.
T3 is located in the Kalahari copper belt, an area in north-west Botswana that contains large amounts of copper and silver and extends for around 800km into neighbouring Namibia.
Shares were up 3.8% at 1.35p.