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Kalahari Metals Limited: Commencement of Drilling at Endurance Prospect

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LONDON, October 18, 2021--(BUSINESS WIRE)--

18 October 2021

Metal Tiger plc

("Metal Tiger" or the "Company")

Kalahari Metals Limited: Commencement of Drilling at Endurance Prospect

Metal Tiger plc (AIM: MTR, ASX: MTR), the AIM and ASX listed investor in natural resource opportunities, is pleased to provide an update in respect of the Botswana Kalahari Copper Belt discovery focused explorer, Kalahari Metals Limited ("KML").

The next phase of diamond core ("DC") drilling at the Kitlanya East Project’s Endurance Prospect (the "Endurance Prospect") has now commenced. Further to the Company’s announcement of 13 October 2021, Mitchell Drilling International has mobilised two DC drilling rigs to the Endurance Prospect. Drilling will test priority targets identified in the previous round of reverse circulation and DC drilling, with 8 priority holes, totalling approximately 2,350m, planned to test doubly plunging fold targets and anticlines identified from modelling of airborne electromagnetic ("AEM") data.

As announced on 12 April 2021, Metal Tiger currently holds a 50.01% interest in KML, with Cobre Limited ("Cobre") holding the remainder of the shareholding.

A link to Cobre’s announcement released today is set out below:

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02436880-2A1331587?access_token=83ff96335c2d45a094df02a206a39ff4

Michael McNeilly, Chief Executive Officer of Metal Tiger, commented:

"We are pleased to announce the commencement of the next phase of diamond core drilling on compelling targets at the Endurance Prospect on the Kalahari Copper Belt.

Following the successful exploration vectoring results from the most recent round of drilling at KML’s Endurance Prospect and extensive geophysical depth-conductor modelling of potential copper-silver mineralisation trap sites, work on the planned 2,350m, 8 drill hole, programme has now commenced.

We look forward to sharing further updates as the work progresses."

Illustrative figures for viewing in conjunction with this announcement can be viewed on the Company’s website at: https://www.metaltigerplc.com/kml-kit-e-endurance-targets

Endurance Prospect Drill Targets

Seven priority targets for follow-up drill testing have been identified and ranked using a combination of previous drill results, AEM, soil sampling and magnetic data. The targets were then used to plan a set of 8 DC drill holes for the current work programme.

The above linked figures consist of a series of 6 maps and AEM conductivity-depth model sections illustrating the locations (Figure 1) and geophysical setting of each of the drill targets, and a photograph of the drilling equipment (Figure 7).

Three DC drill holes, testing targets 1 to 3, are designed to target copper-silver ("Cu-Ag") mineralisation in prospective fold trap-sites along a well-defined doubly plunging anticline. Two DC drill holes, at targets 4 and 5, are planned to test distinct breaks in the marker conductors likely related to fault displacement (see Figures 2, 4 & 5). A further three DC holes, one at target 6 and two at target 7, are designed to target Cu-Ag mineralisation in prospective fold trap-sites, in localities where the folded modelled conductors appear disrupted (Figures 3 & 6).

Project Background

Kalahari Metals Limited, which was incorporated in England & Wales on 3 May 2017, holds interests in 12 highly prospective exploration licences covering a total area of 8,595km2 in the Kalahari Copper Belt of Botswana, comprising two 100% owned exploration licences, five exploration licences subject to a binding earn-in agreement with Triprop Holdings (Pty) Limited (includes the Ngami Copper Project), and five exploration licences held by 100% owned subsidiary, Kitlanya Limited.

As announced on 15 December 2020, KML signed a Share Purchase Agreement with Cobre, which will, following completion of the transaction and subject to obtaining change in control approval from the Minister of Mineral, Energy and Water Resources of the Republic of Botswana, result in Metal Tiger owning a 59.57% economic interest in KML (comprising a 49% direct interest and a 20.72% interest in Cobre, which, in turn, will have a 51% interest in KML).

The completion of Cobre’s purchase of 49.99% of KML occurred on 12 April 2021, resulting in Metal Tiger holding a 50.01% interest in KML. As announced on 15 December 2020, subject to obtaining change in control approval from the Minister of Mineral Energy and Water Resources of the Republic of Botswana in respect of the KML group, Metal Tiger’s shareholding in KML will reduce to 49.00%.

Metal Tiger holds a 2% net smelter royalty over all KML’s wholly owned licences, being seven licences covering, in aggregate, 6,650km2 (together, the "Royalties") and the main areas. The five exploration licences owned by Triprop Holdings (Pty) Limited (in which KML has a 51% interest) do not form part of the Royalties.

Further details are available under the Project Investments section of the Company’s website at: https://www.metaltigerplc.com/portfolio/project-investments/kalahari-metals.

Qualified Person's Statement

The technical information contained in this announcement has been read and approved by Mr Nick O'Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Qualified Person under the AIM Rules - Note for Mining and Oil & Gas Companies. Mr O'Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Metal Tiger PLC to provide technical support.

For further information on the Company, visit: https://www.metaltigerplc.com/

Enquiries:

Michael McNeilly

(Chief Executive Officer)

Tel: +44 (0)20 7099 0738

Mark Potter

(Chief Investment Officer)

James Dance

James Harris

Robert Collins

Strand Hanson Limited (Nominated Adviser)

Tel +44 (0)20 7409 3494

Paul Shackleton

Steve Douglas

Arden Partners plc (Broker)

Tel: +44 (0)20 7614 5900

Gordon Poole

James Crothers

Rebecca Waterworth

Camarco (Financial PR)

Tel: +44 (0)20 3757 4980

Notes to Editors:

Metal Tiger PLC is admitted to the AIM market of the London Stock Exchange AIM Market ("AIM") and the ASX Market of the Australian Securities Exchange Market ("ASX") with the trading code MTR and invests in high potential mineral projects with a base, precious and strategic metals focus.

The Company's target is to deliver a high return for shareholders by investing in significantly undervalued and/or high potential opportunities in the mineral exploration and development sector. Metal Tiger has two investment divisions: Equity Investments and Project Investments.

Equity Investments invests in undervalued natural resource companies. The majority of its investments are listed on AIM, the TSX and the ASX, which includes its interest in Sandfire Resources Limited (ASX: SFR). The Company also considers selective opportunities to invest in private natural resource companies, typically where there is an identifiable path to IPO. Through the trading of equities and warrants, Metal Tiger seeks to generate cash for investment for the Project Investments division.

Project Investments is focused on the development of its key project interests in Botswana, where Metal Tiger has a growing interest in the large and highly prospective Kalahari copper/silver belt through its interest in Kalahari Metals Limited.

The Company actively assesses new investment opportunities on an on-going basis and has access to a diverse pipeline of new opportunities in the natural resources and mining sectors. For pipeline opportunities deemed sufficiently attractive, Metal Tiger may invest in the project or entity by buying publicly listed shares, by financing privately and/or by entering into a joint venture.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211018005343/en/

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Metal Tiger plc

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