Metal Tiger (LSE:MTR) sat at 1.3p on Thursday after revealing strong exploration drilling progress in Botswana’s Kalahari Copper Belt (KCB) by one of its investment companies.  

Data reinterpretation recently carried out by Kalahari Metals at its Kitlanya East asset has introduced two new target areas as anticlinal structures rather than historically interpreted synclines. Meanwhile, soil sampling at the site has returned anomalous lead and zinc domains with low concentration anomalies. Metal Tiger said this provides support for potential mineralisation in the fold structure.

Elsewhere, the re-processing and inversion of historical airborne electromagnetic data at Kalahari Metals’ Kitlanya West site have potentially identified three folded, conductive ‘dome’ structures. According to Metal Tiger, these are located in the right stratigraphy to host copper-silver mineralisation and are considered excellent candidates for drill testing.

Finally, the re-analysis of historical soil samples at Kalahari Metals’ Ngami copper project has identified a distinct zoned copper-lead-zinc anomaly. This is associated with a priority fold-closure target from recent airborne electromagnetic interpretation.

Metal Tiger currently holds a 34pc stake in Kalahari Metals. However, under an investment agreement announced last June, it has the right to acquire up to 50pc of the business for a further $0.5m.

Kalahari Metals holds interests in 12 exploration licences covering nearly 9,000km2 in the KCB. This consists of two 100pc-held exploration licences, five that are subject to an earn-in agreement with Triprop Holdings and another five that are subject to an agreement with Resource Exploration and Development.

Metal Tiger’s chief executive Michael McNeilly said Kalahari Metals’ latest round of work has provided ‘compelling targets for drill testing’.

‘We are actively reviewing KML’s proposed diamond and reverse circulation drilling targets as they relate to this additional interpretation and hope to be able to drill targets at NCP in the near future as well as define drill targets at Kitlanya West and Kitlanya East. We look forward to keeping shareholders updated in this regard,’ he added.

Speaking to Mining Maven in December, McNeilly said Metal Tiger’s stake in Kalahari Metals makes it the company with the most significant landholding in the KCB globally. Alongside its indirect exposure to the region through Kalahari Metals, it is part of an exploration joint venture with MOD Resources that owns permits covering 8,000km2 in the area. It is also MOD’s largest shareholder, giving it significant exposure to the upside on offer at the developing T3 project without the burden of cash calls as the project develops.

‘We are a very highly leveraged play for a district that at some point is likely to be acquired by a mid-tier or subject to finding enough copper, a large-cap mining company,’ McNeilly told us.

Author: Daniel Flynn

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