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RNS Number : 6987P
Metal Tiger PLC
10 June 2015
Metal Tiger Plc
("Metal Tiger" or the "Company")
Work Commencement - Morogoro Gold Project JV
Metal Tiger (LON: MTR), the natural resources investing company
is pleased to announce the commencement of the Company's work
programme at the Morogoro Gold Project in Tanzania ("Morogoro
Project"), held in Joint Venture ("JV") with Kibo Mining plc ("Kibo
Mining") (LON:KIBO).
Readers are advised to consult the Company's news announcements
of 19 January 2015 and 26 February 2015 which outline the terms of
the Company's JV with Kibo Mining in respect of Morogoro.
Highlights:
- formal commencement of ground exploration work at the
Company's Joint Venture with Kibo Mining over their Morogoro
Licence in eastern Tanzania;
- initial exploration work to investigate gold mineralisation anomalies previously identified;
- work to include assay testing of existing samples for gold and
multi-element mineralisation with results due early Q3 2015;
- follow up work to be formulated on the basis of on-going
results but likely to include additional soil sampling to enhance
initial findings and to extend mineralisation identified, together
with reconnaissance assessment and mapping to examine unexplored
ground within the Morogoro Project, including documented Copper
occurrences and potential artisanal workings;
- overall objectives of the Morogoro programme will be to assess
prospectivity combining the additional findings from this work with
data gathered from previous exploration data in order to assess
project viability cost effectively and, assuming positive results,
define a project pathway including resource drilling.
Cameron Parry Chief Executive Officer of Metal Tiger said,
"Metal Tiger is pleased to confirm the commencement of work at
Morogoro. The approach we have agreed with Kibo Mining is
specifically designed to rapidly assess the prospective gold
mineralisation and enable both Metal Tiger and Kibo to efficiently
deliver results to market, and cost effectively determine the
potential of the Morogoro Project. We look forward to receipt of
the results of our work which will be delivered to market at the
earliest opportunity.
The launch of ground exploration at Morogoro in Tanzania,
combined with on-going exploration in Spain and Thailand, means
Metal Tiger now has interests in three active operations, each of
which will deliver on-going news flow to the market. Thus, the
Company's Direct Projects division is very busy working to build
value for Metal Tiger Shareholders.
We anticipate further news will be released to the market
shortly. This will include additional assay testing following
on-going Tungsten drilling at Logrosán in Extremadura, Spain and
the findings from the first stage of the Company's Gold and
Antimony exploration programme in Chanthaburi, Thailand."
Morogoro Gold Project - Background and Initial Work
Programme
The Morogoro Gold Project ("Morogoro") comprises an area of
1,530 sq km in which the JV has a 100% interest. The licences
comprising Morogoro are situated in South Morogoro and Dodoma
regions in the east of Tanzania.
Historic exploration work was principally focused on the main
target at Ruvu Nappe and the bulk of work was undertaken in 2012.
This work included a regional soil sampling survey across the Ruvu
Nappe and a soil and stream sampling programme which identified a
number of anomalous areas for detailed follow up work. The outcome
of the work programme conducted in 2012 was summarised in the
announcement by Kibo Mining on 14 November 2012.
Notwithstanding the positive results encountered in the 2012
programme, the exploration funding climate together with the
strategic focus of Kibo on its Mbeya and Imweru projects, meant
limited further work has been undertaken.
Post completion of the 2012 work programme and agreement of the
JV with Metal Tiger, Kibo has undertaken a significant
rationalisation of its ground holdings in order to focus forward
exploration on the most prospective areas emerging from the 2012
programme on recommencement of Morogoro operations.
The JV with Metal Tiger enables the Morogoro work programme to
restart. As a first stage of restarting the work programme the
partners have undertaken a review of historic work and the findings
encountered. The purpose of this review was to identify the most
cost effective and expeditious manner in which continue exploration
work.
In this regard it is noted that after the closure of the field
program at South Morogoro, 222 soil samples and 7 rock/gravel
samples were placed into storage for future analysis. The samples
were not tested immediately reflecting the need for cost control
given the challenging funding environment and the need for Kibo to
focus resources elsewhere at the time.
These samples were taken on a 200m by 100 meter grid targeting
several anomalous stream sediment anomalies and geological
structures.
The JV has concluded therefore that the samples collected but
not yet assayed, will be sent for assay testing with immediate
effect. The results when received will enable the JV to more fully
consider the entirety of the historic exploration programme and
tailor future work on the basis of the expanded dataset.
At this time the anticipated next steps after this initial assay
work will include soil infill and extension sampling to further
investigate the anomalies identified during the 2012 programme with
a particular focus on the most prospective area for gold
mineralisation and a potential extension to an area of known
mineralisation.
The above work builds on the 2012 exploration programme
conducted by Kibo. In addition to this the JV is also considering
an assessment and reconnaissance mapping exercise covering areas of
the Morogoro Project which have not to date been subject to
systematic exploration. This includes an area of the Project which
has documented Copper occurrences and potentially active artisanal
mine workings.
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
Nick Emerson (Nominated Adviser) www.sparkadvisorypartners.com
Andy Thacker SI Capital Tel: +44 (0) 1483
(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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