TIDMMTR
RNS Number : 2955O
Metal Tiger PLC
27 May 2015
METAL TIGER PLC
27 May 2015
Metal Tiger plc
("Metal Tiger" or the "Company")
Initial Drill Assays Confirm Tungsten Mineralisation - Spain
Metal Tiger (LON: MTR), the natural resources investing company
is pleased to provide an update on drilling progress and announce
delivery of the first series of assay results for the Logrosán Gold
and Tungsten Joint Venture project in Extremadura, Spain.
Highlights:
-- Exploration activities under Joint Venture ("JV") progressing well;
-- EUR150,000 injected by Metal Tiger to date (able to invest up to EUR500,000 for 50% JV earn-in interest);
-- Tungsten mineralisation confirmed by initial assay results;
-- 563m of the planned 5,000m (11%) drill programme complete;
-- 31 holes completed to date;
-- First batch of External Assay results received from ALS Minerals, for first 6 holes;
-- Positive results with intersections up to 0.20% WO3, including:
-- LM001 intersected a drilled width of 2m @ 0.15% WO3 from 19.57m.
-- LM002 intersected a drilled width of 2m @ 0.16% WO3 from 3.15m and 2m @ 0.20% from 5.15m (an un-weighted
average of 4m @ 0.18% WO3).
Cameron Parry CEO of Metal Tiger stated: "It is exciting to be
able to report the first set of findings from Metal Tiger's
portfolio of Direct Projects and specifically with regard to the
drilling campaign underway at Logrosán, in Extremadura, Spain.
The initial focus within this drilling campaign was to identify
near surface Tungsten mineralisation and we are delighted to
confirm that the work has already achieved this initial objective.
The team on the ground are continuing to drill expeditiously and
expand our Tungsten mineralisation knowledge at Logrosán.
We look forward to releasing more findings with regard to
Tungsten as well as results from the Gold targets in due
course."
Logrosán - Summary of Progress to Date:
The rotary air blast (RAB) drilling programme is progressing
well and to plan. As of end of day, 26(th) May, a total of 31 holes
on 8 profiles have been completed on Target 2, for a total of 563
metres drilled (approximately 11% of the total planned programme).
Holes are inclined to 45 degrees and typically range 20m to 27m in
depth. The azimuth of the drill profiles is perpendicular to the
perceived mineralised trend. The depth attained by each individual
hole is largely constrained by the level of the water table, where
the level of water inflow risks the drill tool becoming stuck the
hole is terminated.
Drill samples are collected over two metre intervals and are
riffle split to produce sample for analysis, a duplicate and a
sieved course fraction. Samples are analysed initially using an
Inovex XRF (the internal assay); where mineralisation is
encountered samples are batch analysed by ALS Minerals laboratory
("ALS") in Seville, Spain (the external assay).
Upon receipt at ALS, samples are weighed, crushed, split and
pulverised to 85% < 75microns and then analysed using the Trace
Level XRF Analysis (ME-XRF05) package, reporting tin and tungsten
in parts per million (ppm). The Tungsten ppm assay is multiplied by
1.2611 to obtain an equivalent WO3 grade which is expressed as a
percentage. The tin ppm assay is multiplied by 1.2696 to give SnO2
equivalent (expressed as %).
The first batch of external results consists 28 assays from 6
holes (selected for external analysis from a total of 61 samples).
Significant intersections of tungsten mineralisation were
interested in 3 holes located on two profiles, ranging from 0.08%
to 0.20% WO3, including hole:
-- LM001 intersected a sampled width of 2 metres at 0.15% WO3 from 19.57 metres;
-- LM002 intersected a sampled width of 2 metres at 0.16% WO3 from 3.15 metres and
2 metres at 0.20% from 5.15 metres (for a un-weighted average of
4 metres at 0.18% WO3);
-- LM003 intersected a sampled width of 4 metres at 0.08% WO3 from 13.60 metres.
As a guide, the tungsten concentration of workable ores
typically starts from 0.1% WO3. No significant tin intersections
were encountered.
ALS Minerals is an accredited laboratory, the assay results are
certificated and include the insertion of laboratory controls
including duplicate, standards and blanks. A second batch of
samples was despatched from site to ALS Seville on 21 May.
Background to Logrosán Drilling Programme:
The project took delivery of a new Dando Terrier tracked rotary
air blast (RAB) drilling rig on Thursday 23(rd) April 2015. The
planned programme consists up to 5,000m of inclined drilling
designed to test surface geochemical and geophysical anomalies at
depth. Drilling will be split between two seasons, April to end
June and September to December, with a break over the hottest part
of the year. The Dando Terrier is a compact, track mounted drill
rig fitted with a mast dump for inclined drilling up to 45 degrees
from vertical.
The drilling has commenced on Target 2, an elongated zone of
elevated tungsten in soil anomalies and structure identified by
ground magnetics. Holes currently average 20m in depth dependant on
specific target and drilling conditions. A total of 12 drill
profiles are planned. Upon completion of the planned profiles
infill drilling will depend on results.
The method of drilling and sampling is deemed appropriate for
the stage and goals of the exploration programme. The commencement
of the drilling programme, the sampling procedures and protocols
have been agreed and reviewed on site in conjunction with Metal
Tiger's qualified geologist.
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 581-1805
ppm.
Previous Exploration Work conducted by Metal Tiger's JV partners
at Logrosan:
Over the past 18 months, Metal Tiger's joint venture partners in
Logrosán Minerals Ltd, Mineral Exploration Network (Finland) Ltd,
have 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 has 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.
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.
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 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 EUR150,000 earning in a 15% 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 1 granted licence and 2 licence applications 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. The licence was granted on 2 December 2013 for a period
of three years. The "San Cristóbal" and "Zorita" licence
applications cover 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:
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
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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