Shareholder Updates

MTB Shareholder Update April 2023

Greetings MTB Shareholders:

This is a good time to provide an interim update as there is a lot going on at MTB, even if we are not generating hard news at this moment.

The geological team are focused on the Telegraph porphyry copper-gold project in British Columbia’s Golden Triangle. The present work is directed at the DOK trend with the objective of fine-tuning the drill program for this summer.

Work by MTB over the past two years, together with extensive historic work, has identified a multi-kilometre prospective trend that hosts porphyry style alteration and mineralization. An IP geophysical survey last summer highlighted a chargeability target which aligns with both geochemistry and geology. The overlapping signatures generated by each of those analysis are characteristic of porphyry deposits and makes this area a very compelling target that requires testing at depth.o To have this set of overlapping  indicators in the same area as four world-class porphyry deposits is extremely exciting.

Work underway at the moment includes:

  • SWIR – short wave infrared spectroscopy – is being applied to samples collected from across the property and has been collected for the two historic drill holes. SWIR is an important tool in understanding alteration zonation within a porphyry system and useful in detecting and vectoring different minerals that are not visible to the naked eye
  • Hyperspectral analysis: Satellite spectral imaging is being collected and interpreted over the eniterproperty. This work will be integrated with the SWIR analysis to help map the alteration patterns across the property.
  • Geophysics re-interpretation: The results of earlier work, together with MTB’s recent work are being integrated and re-interpreted. This work is particularly important in the context of the evolving geological understanding of the property.
  • Review of the radiometric data collected in 2011 is taking place and compliments the spectral geology by looking at potassium alteration.
  • Compilation of data from assessment reports covering newly acquired ground.
  • A team of geologists reviewing the data and having weekly meetings to discuss ideas and progress.

The work at DOK is intended to define the drill plan. Two other large target areas are also being evaluated with the objective of designing exploration programs for this summer that can quickly advance those areas.

Fieldwork is scheduled to get underway in June. The team will have a portable XRF device, which provides an approximation of metal content in real time. This tool will make the fieldwork a great deal more efficient. There will also be a field spectrometer on site to collect additional SWIR data

With regard to the other projects: We are in discussions with various groups aimed at securing joint ventures and/or spin outs. It is a priority that the deals provide participation for MTB shareholders in the upside potential of those projects.

The market for exploration companies continues to be difficult. In spite of the market, we continue to attract interest from investors and from the larger mining companies. The large-scale potential of Telegraph makes it stand out among exploration projects.

One way to understand our business plan is to look at the GT Gold story. After outlining the Saddle North porphyry deposit, GT was acquired by Newmont in a deal valued at $420 million. That is 40 times the current value of MTB. Saddle North is in the same geological setting as our Telegraph project and we have compelling evidence for our project to host a deposit at least on the scale of Saddle North. GT’s program at Saddle spanned four years. We are heading into our third year at Telegraph.

Looking at the mining industry, there is a growing level of interest in large-scale copper prospects among the majors. The proposed takeover by Newmont of Australia’s Newcrest Mining appears to be on track after Newmont sweetened its offer to US$19.5 billion. More than 20% of Newcrest’s current production comes from its 2 mines in the Golden Triangle. Newmont has stakes in 2 nearby projects: Saddle North and a 50% stake in the Galore deposit.  The Golden Triangle is clearly emerging as a globally important mining region. MTB is one of the leading explorers in this prolific region.

We expect further news in the near term as we prepare for an extremely exciting field season. Our plans include drilling what we believe is a large-scale porphyry copper-gold deposit. Success in that program could add enormous value for MTB shareholders.

If you haven’t already seen it, check out the corporate presentation on the website:

MTB Metals | Home (

All of us at MTB Metals thank you for your continued support. We assure you that we are working diligently to enhance the value of our company.


Lawrence Roulston
CEO, MTB Metals
April 28, 2023



This summary may contain certain "forward looking statements". Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.