SANDFIRE RESOURCES LIMITED The Company has a 59.81 per cent interest in KML.
Highlights
OCP 2019 Drilling Programme totalling 1,656m has completed with the six holes (OCP01 to OCP06) successfully proving the presence of D'Kar Formation ('DKF') and Ngwako Pan Formation ('NPF') stratigraphy and the DKF-NPF contact that hosts prospective Cu-Ag mineralisation.
Hole OCP06 has intersected two wide zones, totalling 85m, with visible Copper-sulphide mineralisation, between 240m - 255m and 272m - 342m downhole depth.
Visible sulphides in OCP06 include chalcopyrite, bornite and minor chalcocite hosted in veins, fractures and disseminated forms, with increased intensity proximal to the DKF-NPF contact. Core samples are being sent for assay.
Holes OCP01 to OCP05 also display anomalous lead ('Pb'), zinc ('Zn'), silver ('Ag') along with elevated Cu values based on portable XRF analysis and logging.
All holes, except OCP05, intersected the DKF-NPF contact at the modelled depth.
Seven compelling drill targets have been identified from coincident regional soil sampling and airborne electromagnetic geophysics ('AEM') results in the KIT-W area. The conductive targets associated with Pb-Zn soil anomalies, likely representing lower DKF units, are sited in a range of fold closure, anticline hinge zones, T3-type 'domes' and traditional limb style settings, all of which are considered prospective for Cu-Ag mineralisation.
We can also report the
We look forward to providing further updates in the near future.'
Okavango Copper Project Drilling Summary
The 2019 OCP drilling programme has now completed with a total of 1,656m drilled from six diamond drill holes (OCP01 to OCP06).
The current phase of drilling has focussed on testing for evidence of a mineralised halo surrounding a potential deposit situated in both fold hinge and fold limb settings. Drill holes OCP01 to OCP05 explore the fold hinge and northern limb of target OCP-FH-01. The target is considered to share many similarities with
Drill holes OCP01 to OCP05 have intersected prospective reducing lower DKF stratigraphy overlying typically oxidizing footwall NPF. The rocks encountered are directly comparable to elsewhere in the Kalahari Copper Belt, with the target package (below lowermost thick massive Sandstone package 'MSST', above NPF) increasing in thickness from the NE to the SW.
Anomalous Pb-Zn halos were intersected above the MSST of the DKF, frequently related to dilatational veining. There has been a notable increase in the amount and frequency of carbonate veining due SW of the northern limb target, OCP-FH-01. Similarly, there has been an increase in the amount of carbonate lithologies at the base of the DKF. OCP04 intersected the thickest carbonate package (marl to limestone) that is interpreted to have been formed in a shelf environment as part of a carbonate reef setting, somewhat similar to
Drill hole OCP06 targeted the southern limb contact on an anticline extending some 40km due NE from the Zone 5 deposit, intersecting similar lower DKF stratigraphy to OCP01 to OCP05, with a marked increase in quartz-carbonate veining. Mineralisation consisting of vein, fracture and disseminated bornite, chalcopyrite and fine-grained chalcocite has been logged over a broad zone (>85m) extending into the NPF footwall. Although predominantly in trace amounts, several zones of thicker vein hosted mineralisation are noted in proximity (or directly below) the DKF-NPF contact.
Core from OCP06 is currently being cut and sampled and will be sent for analysis together with the samples from OCP01, OCP03 and OCP04 which are ready for shipment.
Hole OCP02 is the only hole to be assayed to date, its assay results highlight anomalous Ag content with elevated Cu reaching a maximum of 0.225 per cent. over 0.5m near the DKF-NPF contact. Initial field observations regarding visible chalcocite mineralisation were proven incorrect with metallic minerals more likely attributed to a Pb-Ag bearing mineral. All follow-on mineralisation logging has utilised a portable XRF analyser to verify the presence of Cu-bearing sulphides during the core logging phase.
Drill hole planning has relied on detailed airborne electro-magnetic ('AEM') modelling, which has proven highly effective in estimating the 3D position of carbonaceous marker units in the lower DKF. Using the marker conductors, drill holes successfully intersected the prospective lower DKF stratigraphy and underlying NPF without relying on drill traverses or pilot holes traditionally employed to target the DKF-NPF contact. The result is a significant cost benefit and more effective means for testing the extensive prospective strike under areas with thicker cover.
Contact:
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Notes to Editors
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:
The Direct Equities Division invests in undervalued natural resource companies. The majority of its investments are listed on AIM, the TSX and the ASX, which includes its 3.5% interest in
The Direct Projects Division is focused on the development of its key project interests in
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.
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