London-based company, Metal Tiger PLC has raised its stake in MOD Resources Ltd, its joint venture partner in the T3 exploration project in the Kalahari copper belt in Botswana. Metal Tiger says its increased investment in its joint venture partner in the Botswana project reaffirms its confidence in the potential of the asset.
Metal Tiger upgraded its mineral resource estimate at the T3 Botswana project earlier this month.
The miner bought an additional 3,748,720 shares in MOD Resources for AU$0.06157 each or a total of AU$230,808, bringing its total shareholding to 5%. Metal Tiger previously held 91,795,214 shares valued at AU$5.6mln and 1,541,667 warrants with an exercise price of $A0.06 expiring in April 2019.
MOD Resources reported audited net assets of AU$18.4mln and audited net loss of AU$1.9mln for the year ended 31 December 2016.
“We are pleased to announce the increasing investment by the company in MOD Resources which takes us to over the 5% reportable threshold for the ASX market and reaffirms our confidence in the potential of the T3 Botswana asset,” said Metal Tiger Chief Executive Officer, Michael McNeilly (pictured).
MOD Resources owns a 70% stake in the T3 project, with Metal Tiger owning the rest. Earlier this month Metal Tiger upgraded its mineral resource estimate for the project with a 27% increase in total resource tonnes and a 16% rise in contained copper, compared with the maiden resource estimate announced last September.
The revised, JORC compliant estimate comprises 36mln tonnes of ore: 1.14% copper and 12.8 grams per tonne of silver, with T3 containing about 409,000 tonnes of copper and 14.8mln ounces of silver.