TIDMMTR
RNS Number : 6655P
Metal Tiger PLC
09 June 2015
METAL TIGER PLC
9 June 2015
Metal Tiger plc
("Metal Tiger" or the "Company")
Assays Confirm Significant Tungsten - Spain
Metal Tiger (LON: MTR), the natural resources investing company
is pleased to provide an update on drilling progress and further
assay results for the Logrosán Gold and Tungsten Joint Venture
project in Extremadura, Spain.
Highlights:
-- Exploration activities under Joint Venture ("JV") continue to progress well;
-- 885m of the planned 5,000m (18%) drill programme complete;
-- 47 holes completed to date;
-- External Assay results for 26 holes received from ALS Minerals (3 batches);
-- Significant Tungsten mineralisation thus far confirmed over a
strike length of 410m (mineralisation currently open at both
ends);
-- Previously unreported stand out tungsten drill hole intersections include:
o Hole LM008
Ø 8m @ 0.32% WO3 from 5.52m to 13.52m, including 2m @ 0.49%WO3
& 0.1% SnO2;
Ø 2m @ 0.32% WO3 from 15.52m to 17.52m
o Hole LM012
Ø 6M @ 0.08% WO3 from 7.48m to 13.48m, including 2m @
0.11%WO3
o Hole LM014
Ø 2.7m @ >0.32% from 11.30m to 14.00m including 2m @ >
0.63% WO3 (above the tungsten detection limit of 5000ppm)
Cameron Parry CEO of Metal Tiger stated: "Metal Tiger is able to
report excellent progress from our JV team operations in the field
at the Logrosán Project and is particularly pleased with the highly
positive assay data demonstrating the extent of Tungsten
mineralisation at the Project.
The drilling continues and the Company looks forward to
reporting further results to market as they become known. Although
at an early stage, the JV exploration work is indicating the
potential for a substantial Tungsten deposit at Logrosán and this
of course is very good news for the Company and its shareholders.
We look forward to bringing more news to market in relation to this
and Metal Tiger's other Direct Projects activities soon."
Logrosán - Summary of Progress to Date:
The Rotary Air Blast (RAB) drilling programme is progressing
well and to plan. As of end of day, 8(th) June, a total of 47 holes
on 11 profiles have been completed on Target 2, for a total of 885
metres drilled (approximately 18% of the total planned programme)
and a total of 491 drill samples taken. Holes are inclined to 45
degrees and average 19m (range 10m to 38m) 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 typically 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 three batches of external results consists 99 assays
from 26 holes (selected for external analysis from a total of 245
samples). Significant intersections of tungsten mineralisation were
interested in 6 holes located on two profiles, ranging from 0.08%
to over 0.63% WO3.
Including the previously reported intersections (from holes
LM001, LM002 and LM003) significant intersections are summarised in
Table 1 below:
Table 1: Significant Tungsten Drill Hole Intersections, Logrosán
Target 2
Hole From To Intersection WO3 Notes
ID (m) (m) Width (%)
* (m)
------- ------ ------ ------------- ------ ---------------------------
LM001 19.57 21.57 2.00 0.15
------- ------ ------ ------------- ------ ---------------------------
LM002 3.15 7.15 4.00 0.18
------- ------ ------ ------------- ------ ---------------------------
LM003 13.60 17.60 4.00 0.08
------- ------ ------ ------------- ------ ---------------------------
including 2m @ 0.49%WO3
LM008 5.52 13.52 8.00 0.32 & 0.1% SnO2
------- ------ ------ ------------- ------ ---------------------------
15.52 17.52 2.00 0.32
------- ------ ------ ------------- ------ ---------------------------
LM012 7.48 13.48 6.00 0.08 including 2m @ 0.11%WO3
------- ------ ------ ------------- ------ ---------------------------
including 2m @ > 0.63% WO3
(above tungsten detection
LM014 11.30 14.00 2.70 >0.32 limit of 5000ppm)
------- ------ ------ ------------- ------ ---------------------------
* Note that drill intersection widths do not necessarily
represent the true thickness of the mineralisation as insufficient
drilling has been completed to calculate the actual dips of the
veins/structures.
Thus far the drilling has delineated a tungsten mineralised
trend measuring 410m long and striking NE - SW. This feature is
currently open at both ends.
As a guide, the tungsten concentration of workable ores
typically starts from 0.1% WO3.
ALS Minerals is an accredited laboratory, the assay results are
certificated and include the insertion of laboratory controls
including duplicate, standards and blanks. The fourth batch of
samples were despatched from site to ALS Seville on 8 June.
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 19m in depth dependant on
specific target and drilling conditions. A total of 12 drill
profiles are planned at this target. 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.
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 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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