Metal Tiger Plc (LON:MTR), the London Stock Exchange AIM listed investor in strategic natural resource opportunities, has today provided an update regarding Kalahari Metals Limited exploration progress. KML has entered into an exclusivity period with Resource Exploration and Development Limited to undertake due diligence with a view to acquiring an additional 5 licenses in Botswana. The licenses include 4,661 km2 of recently granted permits strategically located in the Kalahari Copper Belt. The prospective land package provides an excellent opportunity for KML to expand its current land position in the emerging Kalahari Copperbelt. This will strengthen KML’s position on the Copperbelt adding to its existing interests in seven highly prospective exploration licences covering a total of 4,063km2. Under the investment agreement announced on 6 June 2018, Metal Tiger has the right to acquire up to 50% of KML giving Metal Tiger further exposure to a significant area of largely unexplored ground, adjacent to significant recent discoveries in the highly prospective Kalahari Copper Belt.
KML holds interests in seven exploration licences; two 100% owned exploration licences; and five exploration licences subject to a binding earn-in agreement with Triprop Holdings (Pty) Limited (“Triprop”). At two of KML’s target copper projects, the Okavango Copper Project and Ngami Copper Project (“Okavango” and “Ngami”), magnetic and first phase electromagnetic airborne surveys have been completed.
- Airborne high resolution magnetic and electromagnetic (“AEM”) surveys (announced 10 July 2018), have now been completed over the prospective Okavango Project (Eastern Block) and Ngami Copper Project (Western Block) concessions.
- Total of 16,700 km2 of high-resolution magnetic data were collected over priority areas identified at Okavango.
- KML anticipates final processed survey results by the end of August 2018.
- Processed survey data will help target the mineralised redox contact at the base of the D’Kar Group as well as identifying favourable regional structures and anticlines which have the potential to host mineralisation in analogous settings to the Mod Resources T3 Deposit.
- High-resolution magnetic data provides an essential base map for exploration under sand cover and has been used successfully by recent explorers elsewhere in the Kalahari Copperbelt.
- The first phase of AEM surveys have been designed to provide regional structural information and the follow-up programme will include higher resolution AEM surveys targeting areas of interest identified in the current phase of work.
- Results from the AEM will be used to provide priority areas for follow-on drill testing.
Michael McNeilly, Chief Executive Office of Metal Tiger plc, commented: “Metal Tiger has significant interest in the Kalahari Copperbelt through its interests with MOD and KML and these early indications from KML are encouraging. Work continues a pace and we look forward to receiving the processed first phase survey results and following on with the interpretation and prioritising of drill targets.”