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RNS Number : 7764I
Metal Tiger PLC
30 March 2015
Metal Tiger Plc
("Metal Tiger" or the "Company")
Spanish Gold & Tungsten - Exploration Summary
Metal Tiger (LON: MTR), the natural resources investing company
is pleased to provide shareholders with a summary of the
exploration that has been undertaken to date in respect of the
Logrosan Gold and Tungsten project in Extremadura, Spain.
Highlights:
-- Summary of historic exploration, demonstrates significant
historic information gathering and presence of gold and tungsten
mineralisation;
-- Assessment of geological setting at Logrosan, combined with
recently gathered exploration data, has informed the 2015
exploration plan;
-- 2015 exploration plan outlined with three specific project targets identified;
-- Further regular news updates to follow as ground exploration proceeds.
Cameron Parry, Metal Tiger plc CEO said "Metal Tiger is
delighted to update investors as promised with a summary of
historic exploration and related data for the Logrosán Project in
Extremadura, Spain. As readers will establish this project has
already been the subject of material ground exploration and the
initial findings are highly interesting and the reason why Metal
Tiger has invested in this Joint Venture opportunity.
The Company Chairman Terry Grammer will be back on the ground in
Spain next week to work with the local team with regard to the 2015
exploration programme and we look forward to bringing a regular
feed of news and developments as this work continues."
Logrosan Minerals Limited Exploration Status Summary
Logrosan Minerals Limited is a special purpose joint venture
vehicle held by Metal Tiger PLC (MTR) and Mineral Exploration
Network (Finland) Ltd (MEN). Metal Tiger has the right to earn into
50% of Logrosan Minerals Limited by investing EUR500,000 to support
exploration activities during 2015.
Logrosan Minerals Limited is the operating company for the
Logrosán Exploration Project ('the Project'). The Mineral
Exploration Network group is a fast moving low-cost exploration
project developer and incubator with a portfolio of exploration
holdings in Spain and Finland. The Project joint venture consists
the most advanced and currently prospective of the MEN Spanish
holdings, with detailed soil geochemistry, stream sediment and
ground geophysics coverage defining significant tungsten and gold
exploration targets.
Location, Mineral Tenement and Land Tenure Status
The Logrosán Project, is located in a geologically prospective,
under-explored and mining friendly jurisdiction in west-central
Spain within the province of Cáceres in the Extremadura autonomous
region. The Project is served by a well-developed and maintained
road network, with good power, water and telecommunications
infrastructure and enjoys the full support of the regional and
local government and administration.
The Project covers an area of 258.37 km(2) consisting of the
Antonio Caño Exploration Licence) exploration license and two
additional exploration applications pending (San Cristóbal and
Zorita). The three concessions are adjacent and contiguous, see
Table 1 for licence details.
Table 1: Details of Logrosan Minerals Limited Exploration
Licences
Asset Holder* Interest Status License License Comments
Expiry Area
Date (km(2)
)
-------------------- ----------- --------- ------------ -------------- -------- ----------
Renewable
three
Antonio times
Caño to a
Exploration Logrosan maximum
Licence Minerals 1 December of 9
(#10314-00) Limited 100% Exploration 2016 88.61 years
-------------------- ----------- --------- ------------ -------------- -------- ----------
Logrosan Renewable
Minerals to max.
San Cristóbal Limited 100% Exploration Award pending 63.80 9 years
-------------------- ----------- --------- ------------ -------------- -------- ----------
Logrosan Renewable
Minerals to max.
Zorita Limited 100% Exploration Award pending 105.96 9 years
-------------------- ----------- --------- ------------ -------------- -------- ----------
* Licences and Applications held in personal name of MEN Chief
Geologist with rights assigned to Logrosan Minerals Ltd and
licenses/applications above to be transferred to Logrosan Minerals
Ltd wholly owned Spanish subsidiary company as soon as
practicable.
Exploration Undertaken by Previous Parties
MEN commenced work on the Logrosán Project in October 2013
following a detailed target area assessment. Key factors which
contributed to the selection of the area were; the availability of
high quality regional geological survey data showing prospective
geology and structure; known gold occurrences within the area; a
long history of mining activity in vicinity and surrounds; and a
pro-mining regional administration, with a fast and transparent
licence application and approval process.
There had been little systematic exploration in the area since
the early 1980s gold price peak.
Exploration work undertaken to date includes collection and
analysis of 41,784 soil samples, 2,147 line kilometres of ground
magnetics geophysics, 16 line km of induced polarisation
(IP)/resistivity electromagnetic tomography and 327 stream pan
concentrate samples. These samples evidence the presence of
tungsten and gold.
Neighbouring Properties
There are three public listed exploration and pre-production
development companies located within the surrounding region. The W
Resources Plc La Parrilla tungsten mine is 43km south-west of the
Project area; the Emerita Resources Corporation Las Morras Gold
Project is 6km to the south; and the Berkley Resources Plc Gambuta
uranium deposit is 40km north.
Historical Mining
There is long history of mining in the Logrosán area, with known
workings for tin, tungsten, copper, iron and phosphate. In the
centre of the Project area, associated with a prominent intrusion,
are surface tin workings which have been dated as being active from
the Bronze Age through to Romano-Celtic times. The Romans also
mined gold and silver in the wider region. There are six historical
mines located within or close to the Project concessions, the last
of which mined Phosphate and was closed in the 1940s. A number of
small scale mine workings and mineral trials have also come to
light during the MEN exploration work.
Geology
The Project area is located within the inner zone of a complex
Precambrian to Tertiary age multi-stage volcanogenic ring complex.
This complex is associated with a north-west striking regional
thrust belt and a corridor of intersecting south-west orientated
faults. The exploration model is for intrusion related veins,
sheeted veins, dikes, skarn and replacements with gold, tungsten
and base metal mineralisation. The centre of the Project area is
dominated by a mica-granite intrusion which forms the San Cristóbal
mount, this is surrounded by undifferentiated shale and greywacke.
Large structures can be seen to cross the region as evidenced by
the topography and, within the Project, by MEN's geophysics.
Exploration Work Methodology
The exploration work is undertaken by a core crew of four
geology graduates who work under the direction of the Chief
Geologist who has over 33 years' experience in mineral exploration.
The exploration work is carried out in line with standard best
practices, with an emphasis on covering ground quickly and cost
efficiently.
Soils sampling is undertaken on a 200m or 100m grid with 20m
sample spacing. All soil samples are analysed in the field by using
an InoveX Alfa XRF; once an area is completed a decision is made
whether to further analyse samples with a laser ablation ICP-MS in
the MEN laboratory in Finland. A selection of soil samples are
externally analysed by ALS Laboratories in Seville. The work is
undertaken to defined QA/QC procedures.
Panned concentrate sampling is employed to determine the
presence and distribution of gold. Stream sediment samples were
systematically collected from streams and drainage channels across
the Project area, these each consisted 20 litres of sediment
material panned down to a concentrate. The concentrate is visually
inspected and the number of gold flakes counted. A selection of
gold flakes are photographed using a microscope to determine their
size and morphology, with a sub-set of flakes subject to
micro-probe analysis.
Ground magnetic geophysics is undertaken on a 100m grid with 2m
survey points, using Geometrics (G-859 & G-856) magnetometers,
and the IP/Resistivity geophysics is undertaken using a 4 electrode
(ALFA-12) system.
Initial Exploration Results
The results of the initial exploration works are catalogued for
interpretation in a geographical information system (GIS). The
geochemical results and geophysics are plotted and show areas of
elevated, lead, zinc, tin, arsenic and tungsten in soil; these have
good correlation with each other and with perceived structures
interpreted from the geophysics. Gold in pan concentrate also
correlates well with the base metal and arsenic anomalies.
Interpretation has delineated six target areas for detailed
investigation, with targets 1 to 3 prioritised for the planned 2015
JV exploration programme.
Target 1 constitutes an isometric arsenic anomaly 2.4km by 1.5km
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. Selected soil samples from
the most intense part of the As anomaly have been analysed by ALS
Laboratories, demonstrating the arsenic coincides with tungsten.
Study of the gold flakes in this area 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).
Target 2 is characterised by four sub-parallel tungsten
anomalies (in an area 1.2km by 1km) superimposed over an arsenic
anomaly and structures interpreted from the magnetic geophysics.
Channel sampling in a trench cross-cutting one of these anomalies
has confirmed hard-rock tungsten mineralisation ranging
581-1805ppm.
Target 3 is represented by a complex As-W-Sn anomaly. During the
period 1940-60 it is reported that artisanal miners extracted
alluvial scheelite and cassiterite in this area. There are also
remnants of underground workings and ore crushing facilities on the
slopes of the hill, but no official mining records are in
existence.
Mr Nick O'Reilly (MSc, DIC, MAusIMM, FGS), a qualified geologist
who meets the criteria of a qualified person under the AIM Rules -
Note for Mining and Oil & Gas Companies, has visited the
Project Area, 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:
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)
Notes to Editors:
Metal Tiger Plc is a natural resources focused investing company
listed 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 listed 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
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