Aim-listed Metal Tiger’s joint venture (JV) with ASX-listed MOD Resources, situated in the Kalahari copperbelt in Botswana, has been granted two-year extensions on its prospecting licences by the Botswana licensing authority.
These licences were due for renewal by December 31, and hold the T3 copper project, T3 expansion project and the A4 dome.
Metal Tiger also received Ministerial approval for the transfer of eight JV licences from Tshukudu Metals Botswana into a new Botswana-registered JV exploration company called Tshukudu Exploration, held 70% by MOD and 30% by Metal Tiger.
The transfer approval for a further ten licences is pending.
Metal Tiger CEO Michael McNeilly commented on Friday that the renewal of the T3 project licence and the transfer of remaining prospecting licences into a new exploration focussed JV vehicle is also an important step in the agreement for MOD to acquire the T3 project outright and for Metal Tiger to realise substantial value for the deposit, while still enjoying the potential upside from further exploration discoveries.
The transfer of the T3 project into a 100% held vehicle should streamline the project’s financing options.
Meanwhile, results are being compiled for the airborne electromagnetic geophysics survey covering 940 km2 of the T20 exploration project and parts of the T1 and T17 target areas.