TIDMMTR
RNS Number : 7526Y
Metal Tiger PLC
11 September 2015
METAL TIGER PLC
11 September 2015
Metal Tiger plc
("Metal Tiger" or the "Company")
Gold Target Drilling to Commence on Spanish Joint Venture
Metal Tiger (LON: MTR), the natural resources investing company
is pleased to announce the recommencement of drilling at the
Logrosán Gold and Tungsten Joint Venture ("JV") project in
Extremadura, Spain.
Highlights:
-- Following a scheduled summer break, the field team are back
on-site and the Rotary Air Blast (RAB) drilling and sampling
programme will recommence in the next few days;
-- With the successful delineation of significant tungsten
mineralisation at Targets 1 and 2 during the April - June 2015
drilling season, the autumn drilling will now target gold in the
Zorita Exploration Licence;
-- The Zorita Licence contains two distinct gold anomalies,
'North Target' and 'South Target', outlined by gold flake in pan
concentrate sample clusters and arsenic in soil geochemistry;
-- On completion of the first-pass drilling the results will be
interpreted and follow-up drilling will be planned accordingly.
Cameron Parry CEO of Metal Tiger said: "We are excited to start
the second phase of the planned drilling at our Logrosán Joint
Venture, with the targeting of gold at the Zorita licence.
The results of the spring drilling season exceeded our
expectations in terms of delineating significant tungsten grade and
geographic spread at Target 1 and Target 2 and having potentially
uncovered a new tungsten district within Extremadura. We now look
forward to targeting the source of the gold seen in the pan
concentrate samples, during the autumn drilling season.
Metal Tiger remains highly active and in addition to our Spanish
project, the Company has been making good progress with regard to
our Thai Gold & Antimony and Tanzanian Gold & Uranium,
Joint Ventures.
The Company also remains heavily engaged in the search and
investigation of additional opportunities to complement, diversify
and further strengthen the existing Direct Projects portfolio. Our
work is designed to ensure engagement with the best opportunities,
on terms which reflect current resource sector conditions.
Whilst discussions continue with various parties, following an
approach to the Company, Metal Tiger has agreed commercial terms to
participate in an opportunistic precious and base metals joint
venture. We await final regulatory and procedural approvals and
should these be received, providing certainty that the transaction
will proceed, Metal Tiger will make an appropriate announcement to
market."
Description of Logrosán JV Gold Anomalies
The gold anomalies that will be subject to the autumn drilling
season are located in the project's Zorita Exploration Licence,
approximately 1 km to the east and 1km to the south of the tungsten
Target 1.
The gold anomalies consist two clusters of gold flake in pan
concentrate results which constitute a 'North Target' and a 'South
Target' along a 4km strike length on the eastern flank of a major
arsenic in soil anomaly. The arsenic in soil anomaly covers an area
up to 2.5km by 2km and is underlain by NNE trending structures
indicated by ground magnetics geophysical survey work. The study of
the gold flakes from across the anomalies show two different
generations of gold with grain sizes varying up to 2.5mm in
diameter, and a generally angular form (suggesting proximity to
source).
Background to Logrosán Drilling Programme:
The planned 2015 programme consists up to 5,000m of inclined
rotary air blast (RAB) drilling designed to test surface
geochemical and geophysical anomalies at depth. Drilling is split
between two seasons, 24 April to 30 June and September to December,
with a break over the hottest part of the year. The first spring
season targeted tungsten anomalies (Target 1 and Target 2) and
completed over 1,500m of first-pass drilling. The autumn season
drilling will now move on to investigate the gold anomalies ahead
of second-pass infill drilling, as warranted, later in the
season.
The drill rig which is owned by the Joint Venture company is a
compact, track mounted Dando Terrier drill fitted with a mast dump
for inclined drilling up to 45 degrees from vertical. The method of
drilling and sampling is deemed appropriate for the stage and goals
of the exploration programme. The drilling programme, the sampling
procedures, protocols and results are agreed and are reviewed in
conjunction with Metal Tiger's qualified geologist.
The drilling commenced in April 2015 on Target 2, an elongated
zone of elevated tungsten in soil anomalies and structure
identified by ground magnetics in the Antonio Caño Exploration
Licence area. A total of 14 drill profiles have been completed
during the first pass drilling at this target which is
characterised by four sub-parallel tungsten soil geochemistry
anomalies (in an area 1.2km by 1km) superimposed over an arsenic
anomaly and structures interpreted from the magnetic
geophysics.
Tungsten Target 1 is located within the Zorita Exploration
Licence area, it constitutes an isometric arsenic in soil anomaly
2.4km by 1.5 km elongated in NS direction, cut by a linear Pb-Zn
anomaly (NNE orientation) with pan-concentrate gold flakes elevated
on the eastern flank of the arsenic anomaly (constituting the North
and South gold anomalies). Selected soil samples from the most
intensive part of the As anomaly have been analysed by ALS
Laboratories, demonstrating the arsenic coincides with tungsten
over a 0.5km by 1.5km area.
Background to Joint Venture:
Metal Tiger entered into a Joint Venture with Logrosán Minerals
Ltd (a Special Purpose Vehicle "SPV" company incorporated in the
UK) on 13 March 2015. Logrosán Minerals Limited is the operating
company for the Logrosán Exploration Project. Over the prior 18
months, Metal Tiger's joint venture partners in Logrosán Minerals
Ltd, Mineral Exploration Network (Finland) Ltd, had carried out
more than 40,000 soil samples, hundreds of pan-concentrate samples,
covered thousands of linear kilometres with ground magnetic survey
and assessed electro-magnetic tomography. The presence of Tungsten
mineralisation had been confirmed by soil sampling, outcrop
sampling, trenching and historical drill holes. Gold mineralisation
has been confirmed by pan-concentrate and findings to date
delineate three significant anomalies, being one square kilometre
each.
Metal Tiger is to fund up to EUR500,000 in exploration work over
the balance of 2015 in line with an agreed exploration programme
that includes up to 5,000 metres of drilling.
Metal Tiger is to be issued with new ordinary shares in Logrosán
Minerals Ltd in line with funds injected. Should Metal Tiger
provide the total EUR500,000 2015 exploration programme funding it
will hold 50% of the shares on issue in Logrosán Minerals Ltd. To
date Metal Tiger has expended EUR250,000 securing to date a 25%
holding of Logrosán Minerals Ltd. The balancing holding in the SPV
is held by Mineral Exploration Network (Finland) Ltd.
Each monthly payment made by Metal Tiger provides the exclusive
right to make payment of the other monthly instalments, however it
is at Metal Tiger's discretion as to whether it continues to be the
sole funder of this amount or brings in co-investors under the same
terms as Metal Tiger's equity investment.
Should Metal Tiger be the sole investor and make the total
EUR500,000 in payments for equity in the SPV, then Metal Tiger will
acquire a total of 50% of the shares of the SPV, at which point it
is up to the board and shareholders of the SPV as to how further
stages are funded.
The SPV holds 2 granted licences and 1 licence application for a
total area of 238 square kilometres in Logrosán, a municipality of
the province of Cáceres in Extremadura, Spain. The exploration
licence ("Antonio Caño", 10314-00) covers an area of 88.85 square
kilometres and was granted on 2 December 2013 for a period of three
years. The Zorita Exploration Licence covers an area of 105.96km2,
it is valid for 3 years starting 18 June 2015 and is renewable for
a total of 9 years. The "San Cristóbal" licence application covers
a further area of 148.98 square kilometres adjacent to the "Antonio
Caño" licence.
Mr Nick O'Reilly (MSc, DIC, MAusIMM, FGS), is a qualified
geologist who meets the criteria of a qualified person under the
AIM Rules - Note for Mining and Oil & Gas Companies, he has
visited the Project Area, overseen the drilling and sampling and
reviewed the technical information contained within this
announcement. Mr O'Reilly is a consultant working for Mining
Analyst Consulting Ltd which has been retained by Metal Tiger PLC
to review the work undertaken on the Logrosán Exploration
Project.
For further information on the Company, visit:
www.metaltigerplc.com:
Metal Tiger Plc
Cameron Parry (CEO) Tel: +44 (0)207 099
0738
Paul Johnson (Executive Director) Tel: +44 (0)7766 465
617
Spark Advisory Partners Limited Tel: +44 (0) 2033
(Nominated Adviser) 683 555
Sean Wyndham-Quin
Neil Baldwin
SI Capital (Sole Broker) Tel: +44 (0) 1483
Nick Emerson 413 500
Andy Thacker
Notes to Editors:
Metal Tiger Plc is a natural resources focused investing company
quoted on the London Stock Exchange AIM Market ("AIM") with the
trading code MTR and two investment divisions, Direct Equities and
Direct Projects.
The Direct Equities division invests in quoted natural resource
explorers and developers, with a combination of shares and warrants
providing a potential non-debt financing instrument and enhanced
return potential.
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