Metal Tiger's new joint venture granted licence extensions
Metal Tiger
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16:55 30/03/23
Strategic natural resource opportunities investor Metal Tiger updated the market on exploration activities of its new joint venture, Tshukudu Exploration, in the Kalahari Copper Belt in Botswana on Friday.
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The AIM-traded firm holds a 30% interest in Tshukudu Exploration via Metal Capital Exploration, with MOD Resources holding the remaining 70%.
In addition, Metal Tiger holds around 12.5% of the issued share capital of MOD.
It said all joint venture prospecting licences had been granted two-year extensions ahead of the scheduled expiry and renewal date on 31 December.
There was no reduction in land area, with all ground retained under the extensions.
Metal Tiger said the approvals followed on from the first eight of 18 licences being extended and transferred to the new joint venture, as it announced on 26 October.
New prospecting licence PL093/2018 had been issued for three years to 30 September 2021, it said.
All licences, excluding PL190/2008, had now been transferred to the new joint venture’s in-country exploration company.
PL190/2008 included the T3 Project, with all areas excluding the T3 Project being held on trust for the venture.
Total area under licence now covered 8,163 square kilometres, of which 3,350 square kilometres included the “highly prospective” T20 exploration project.
“We are delighted to report that the Botswana Minister for Mineral Resources, Green Technology and Energy Security has now granted all prospecting licence extensions, and that these licences have been successfully transferred into the new joint venture,” said Metal Tiger chief executive officer Michael McNeilly.
“These extensions, together with the new prospecting licence, secure title over a very prospective tract of the Kalahari Copper Belt, including the central structural corridor, which is yielding some very exciting targets and offers the potential of new copper deposit discoveries.”