Metal Tiger PLC Exploration Update - Thailand (0475I)
March 20 2015 - 8:07AM
UK Regulatory
TIDMMTR
RNS Number : 0475I
Metal Tiger PLC
20 March 2015
METAL TIGER PLC
20 March 2015
Metal Tiger Plc
("Metal Tiger" or the "Company")
Exploration Update - Thailand
Metal Tiger (LON:MTR), the natural resources investing company
is pleased to provide an update with regard to the Company's Joint
Venture ("JV") operations in Thailand.
Highlights:
-- Joint Venture moves into ground operations phase;
-- Initial exploration work programme agreed in Thailand by
Chairman and to commence March 2015;
-- Multi-faceted technical work programme to be completed to
provide data regarding antimony and gold mineralisation
potential;
-- Key personnel engaged and other licence applications being progressed.
Metal Tiger's CEO Cameron Parry, commented: "Metal Tiger is
delighted to see the commencement of exploration work at our first
Joint Venture property in Thailand. With the launch of active
operations at Logrosan, Spain and Chanthaburi, Thailand confirmed
to the market within the same week, Metal Tiger has demonstrated
its commitment to forge ahead aggressively with our Direct Projects
investment division. We look forward to providing further updates
to shareholders over the coming weeks and months as the programme
of work is undertaken and results become known."
Following recent site visits by Terry Grammer (Chairman) and
Cameron Parry (CEO) in Thailand, which work included exploration
programme design and final sign off by the Chairman, Metal Tiger is
pleased to announce the commencement of exploration work at the
Company's Joint Venture property licensed for exploration, in
Chanthaburi, Thailand. This project is covered by Exclusive
Prospecting Licence 51/2557 ("EPL") which is held for the Joint
Venture by partners South East Asia Exploration & Mining Co.,
Ltd ("SEAM").
Metal Tiger has made payment in full to cover this initial work
programme which is being undertaken on a fixed budget and at
moderate cost, in line with the Company ethos to yield maximum
value from exploration spend.
The initial work programme will include the following
elements:
- Airborne Geophysics Interpretation including magnetic and radiometric survey data;
- Surface Geological Mapping and Sampling;
- Deep Soil Sampling;
- Chemical Analysis (re: Gold and pathfinder elements).
Progress updates will be made available to the company during
the work programme and findings delivered within a Final Report
submission. Metal Tiger will endeavour to update the market as soon
as practicable as results are received and interpreted.
Details of Area Licensed
The JV property that the EPL covers is an area totalling 187
hectares in the Phawa subdistrict of the Kaeng Hang Meoa district
of the Chanthaburi province, in the South East of Thailand.
Approximately 300 kilometres east of Bangkok, the property is
located in the area locally known as the 'Gold-Antimony Belt'. The
EPL enables Metal Tiger to invest in exploration activities to be
carried out on site for the period ending 25 September 2015.
Details of Areas with Licence Applications
2 SPLAs ("Special Prospecting Licence Applications") covering a
total area of 31km(2) relating to projects in the Nakon Sawan and
Lopburi provinces within the Loei-Phetchabun part of what is
locally referred to as the 'Copper-Gold Belt'. These sites in
central Thailand which are the subject of the two respective SPLAs
are currently anticipated to obtain exploration by 2016.
Key Personnel Engaged
As well as the work undertaken by our Joint Venture partner,
Metal Tiger has now engaged several locally-based professionals,
including a specialist licensing/permitting consultant to progress
the licensing process of our other JV properties.
Thailand Joint Venture Interest
Metal Tiger currently holds a 10% interest its Joint Venture
with SEAM and this is reflected in its 10% equity holding in Thai
incorporated subsidiary companies: Tiger Minerals Ltd and Tiger
Resources Ltd. Through the Joint Venture Metal Tiger has the
opportunity to progress and control gold exploration targets in two
of Thailand's known gold regions. Over the next 15 months, and
subject to, at Metal Tiger's election, further payments totalling
US$175,000 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.
For further information on the Company, visit:
www.metaltigerplc.com:
Cameron Parry Tel: +44 (0)207
(CEO) 099 0738
Paul Johnson Tel: +44 (0)7766
(Executive 465 617
Director)
Sean Wyndham-Quin Spark Advisory Partners Tel: +44 (0) 2033
Neil Baldwin Limited 683 555
(Nominated Adviser)
Nick Emerson SI Capital Limited Tel: +44 (0) 1483
Andy Thacker (Sole Broker) 413 500
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCLLFIFVVIIFIE
Metal Tiger (LSE:MTR)
Historical Stock Chart
From May 2024 to Jun 2024
Metal Tiger (LSE:MTR)
Historical Stock Chart
From Jun 2023 to Jun 2024