Metal Tiger PLC (LON:MTR) shares rose on Tuesday after the group said that it and joint venture partner MOD Resources have intersected copper mineralisation in the first drillhole at the A4 Dome target, the first of seven ‘buried domes’ that will be drilled within the T3 Dome Complex in Botswana.
A4 Dome is around five kilometres long and is located six kilometres west of the now well-established T3 Project.
Drilling on the first hole is currently ongoing with the current depth at 490 metres and the extracted drill core still requires detailed geological logging, sampling and assay results before the significance of the copper mineralisation can be fully determined.
Two additional drill rigs are being deployed to test other targets within the more structurally complex core of the A4 Dome to the west.7
“It is highly encouraging that the first drill hole to drilled at the A4 Dome has intersected copper mineralisation, similar to T3, as predicted by the electromagnetic geophysics data modelling and interpretation,” said Michael McNeilly, chief executive of Metal Tiger.
Ina note to clients, analysts at RFC Ambrian said: “This announcement is yet another reminder of the prospectivity of the exploration package that the JV controls along 200km of the Kalahari Copper Belt.”
The City broker reiterated a ‘buy’ rating and 3.6p target price on the stock.
In morning trading, Metal Tiger shares were 2% higher at 2.6p.
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