TIDMMTR
RNS Number : 0611Z
Metal Tiger PLC
15 September 2015
METAL TIGER PLC
15 September 2015
Metal Tiger plc
("Metal Tiger" or the "Company")
Exploration Progress Update - Thailand
Metal Tiger (LON:MTR), the natural resources investing company
is pleased to provide an exploration update with regard to the
Company's joint venture ("JV") project with South East Asia
Exploration & Mining Co. Ltd ("SEAM") in Thailand.
Highlights:
-- JV Partner SEAM have completed the planned Infill Soil
Sampling Programme on Exclusive Prospecting Licence ("EPL") number
51/2557.
-- Phase 2 Exploration Report filed by JV partner SEAM, this
fulfils the statutory filing requirements for the EPL.
-- Additional 107 soil samples and 7 composite rock samples
collected on five east-west in-fill survey lines, for a total of
178 soil samples on 8 lines.
-- Confirmatory results enlarge two anomalous areas;
Ø Antinomy is coincident with a large scale regional structure
in the centre of the EPL, anomaly is currently 1km long and open
both to the north and south; and
Ø Gold in soil in the northern half of the EPL.
-- Application for renewal of the EPL to be submitted as the
positive results warrant further work.
-- Details of the follow-up investigation work agreed with Metal
Tiger Chairman and renowned prospector Terry Grammer, will be given
once the renewal has been issued.
Cameron Parry CEO of Metal Tiger commented: "We are excited by
the findings of the infill soil sampling work on our Chanthaburi JV
project in Thailand. The infill survey lines have extended the
strike length of the antinomy anomaly to 1km, with the soil grid
open at both ends and the anomalous gold seen in the north of the
EPL in the first phase of soil sampling has been repeated in the
consecutive in-fill lines, warranting the renewal of the licence
and further study.
With the results of our exploration work to date and the timely
submission of reports to meet the statutory filing requirements for
the EPL, we feel that Metal Tiger has established its credentials
as a serious metals explorer in Thailand. We trust that this will
put us in good stead with the Thai authorities for processing our
current renewal and for any future license applications.
We look forward to providing further updates with regard to
Thailand activities in due course."
Preliminary Exploration Summary
The exploration work conducted to date on EPL 51/2557 consists
preliminary and infill soil sampling, reconnaissance mapping and a
compilation and study of existing information (published geology,
reports on deposits or occurrences, aerial geophysics, lineaments
and topography) pertaining the EPL and its regional surrounds. The
work has been conducted by the Thai geological consults GMT
Corporation Ltd (GMT) commissioned by Metal Tiger's JV partners
SEAM. GMT have produced two reports on the work, an Interim
Exploration Report and a Phase 2 Exploration Report; these have
submitted to comply with Thai minerals industry legislation.
Regional mapping indicates the EPL is intersected by a NE-SW
trending low angle thrust fault at the contact of Carbonaceous age
limestones and metasediments with Silurian - Devonian age
metasediments. Antimony mineralisation in the form of the mineral
stibnite (antimony sulphide) and its oxides have been observed, in
field, to occur as cavity fill in fault breccias associated with
the NE-SW thrust structure.
Preliminary soil sampling on three east-west lines, totalling
3.2 line km, yielded anomalous levels of antinomy and arsenic in
the centre of the EPL, coincident with the trend of the perceived
fault structure, and anomalous gold in soil in the north of the
EPL.
Subsequent soil sampling on 5km of in-fill east-west lines,
confirmed and enlarged the two anomalies, with the antinomy anomaly
extending over a 1km strike length (open at both ends) parallel to
the NE-SW thrust structure.
Geological observations and a total of 178 soil samples and 7
composite rock samples have thus far been collected from points at
50m intervals along eight lines. Geological mapping was undertaken
to supplement regional studies.
Samples were analysed by Minerals Assay and Services Co Ltd in
Bangkok, for a total of 23 base metal and pathfinder elements by
aqua-regia leach with inductively coupled plasma (ICP) emission
spectrometry, and for gold by fire assay.
Next Steps
The anomalous antimony, gold and arsenic seen in the preliminary
soil sampling is considered such to warrant further
investigation.
An application for the renewal of the EPL will therefore be
lodged and the plan for the next stage of works will be agreed in
conjunction with Metal Tiger Chairman and renowned prospector,
Terry Grammer, who has visited the site and is familiar with the
geology of the Thailand gold and antimony belt. Details of the
planned programme will be given once the EPL renewal has been
issued.
Details of the Exclusive Prospecting Licence
EPL 51/2557 covers is an area totalling 187 hectares in the
Phawa sub district of the Kaeng Hang Maeo district of Chanthaburi
Province, of eastern Thailand. The EPL grants an exclusive right to
explore for any minerals in the area covered by the licence. It is
valid for a period of one year to 25 September 2015, with the
current application the EPL will be renewed for a further year. The
holder must submit an interim half yearly work progress report and
an annual exploration report to fulfil the statutory filing
requirements.
Approximately 300 kilometres east of Bangkok, the property is
located in the area locally known as the 'Gold-Antimony Belt'. The
JV enables Metal Tiger to invest in exploration activities to be
carried out on the EPL.
Background to Thailand Joint Venture:
Metal Tiger has the option to move to a 75% JV interest, and
currently holds a 10% JV interest which is reflected in its 10%
equity holding in Thai incorporated subsidiary companies: Tiger
Minerals Ltd and Tiger Resources Ltd. Through the JV Metal Tiger
has the opportunity to progress and control gold exploration
targets in two of Thailand's known gold regions. Over the next 8
months, and subject to, at Metal Tiger's election, further payments
totalling US$150,000 being used for funding of exploration and
licensing expenditure and including one final stage payment to the
vendor in July 2016, Metal Tiger shall achieve a majority 75% JV
interest.
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
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 Thailand JV.
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
(Nominated Adviser) Tel: +44 (0) 2033
Sean Wyndham-Quin 683 555
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.
The Direct Projects division invests in operational mineral
exploration projects with current investments in Spanish Gold &
Tungsten, Thai Gold, Copper & Antimony, and Tanzanian Gold and
Uranium. The Direct Projects investment division also has working
collaborations to identify new investment opportunities in Russia
(platinum focus) and Turkey (gold focus), in association with
experienced in-country partners.
Metal Tiger'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 timed to coincide where possible, with a cyclical recovery
in the exploration and mining markets.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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