viewMetal Tiger PLC

Metal Tiger happy with drilling progress in Botswana


  • Increased investment in Kalahari Copper Belt
  • Stake in T3 project sold to joint venture partner 
  • Good progress in 2019 after "transformational" 2018

Quick facts: Metal Tiger PLC

Price: 1.15 GBX

Market: AIM
Market Cap: £17.5 m

What Metal Tiger does

Metal Tiger is an AIM-listed firm that invests in mining projects and companies.

Its equities division invests in companies listed on London’s junior market AIM, the Australian Stock Exchange and the Toronto Stock Exchange.

The direct projects division focuses on the development of key projects in Botswana, Spain and Thailand.

What it owns

The company owns 59.81% of Kalahari Metals Ltd, which owns the Ngami and Okavango copper projects in Botswana. 

It also owns 3.5% Sandfire Resources (ASX:SFR), which acquired former partner MOD.

Elsewhere, Metal Tiger has stakes in the Logrosán exploration gold and tungsten project in Spain and the Boh Yai silver-lead-zinc mine in Thailand.

It also holds a 15.7% stake in Cobre, which manages the Perrinvale copper project in central Western Australia.

How it's doing

In December, Metal Tiger reported it had completed six holes for a total of 1,656 metres at Okavango, which successfully proved the existence of the of D’Kar and Ngwako Pan formations that are prospective for both copper and silver.

Hole OCP06 intersected two wide zones, totalling 85 metres, with visible copper-sulphide mineralisation.

What the boss says: Michael McNeilly, chief executive

"We are very encouraged to report the intersection of wide zones of copper mineralisation from diamond drilling at KML’s Okavango Copper Project, on the Kalahari Copper Belt, in Botswana.

"Whilst we are still awaiting core assays the presence of trace copper sulphides, over a total interval of approximately 85m, may represent a mineralised halo to potentially higher-grade copper mineralisation nearby."

Inflexion points

  • The company's 30% stake in the T3 copper project was sold to MOD Resources Limited (LON:MOD) (ASX:MOD) in 2018 and MOD was in turn acquired by Sandfire in 2019
  • Metal Tiger now holds just over six million Sandfire shares
  • Kalahari holds interests in 12 highly prospective exploration licences in the Kalahari Copper Belt
  • Drilling on the Kalahari portfolio has encountered significant copper mineralisation
  • A drill programme at the Logrosán project has yielded five high-grade tungsten intersections as well as three high-grade gold intersections. The tungsten intersections had an average grade of 0.3% tungsten trioxide, compared to the typical grade of 0.1% for commercial tungsten deposits
  • Gold intersections meanwhile, ranged between 9.7 grams per tonne (g/t) and 96.2 g/t

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