TIDMMTR
RNS Number : 6257R
Metal Tiger PLC
30 June 2015
METAL TIGER PLC
30 June 2015
Metal Tiger plc
("Metal Tiger" or the "Company")
New Licence Issued and Drilling Update - Spain
Metal Tiger (LON: MTR), the natural resources investing company
is pleased to announce the award of the Zorita Exploration licence
that forms part of the Company's Logrosán Joint Venture ("JV")
project and to provide an update on the drilling progress for gold
and tungsten in Extremadura, Spain.
Highlights:
-- Zorita Exploration Licence (No. 10C10332-00) awarded following successful application lodged 1 September 2014.
Licence is valid from 18 June 2015 for a period of 3 years. The licensed area of 105.96km2 sees the area
available for exploration under the JV more than double.
-- Planned first phase drilling complete at Target 2 (1,297m, 65 holes). Infill drilling on the previously reported
structures is planned for later in the season. External assay results are pending.
-- Drilling commenced at Target 1, in the Zorita Exploration Licence, on 23 June 2015 with 4 holes completed.
Drilling will continue to target tungsten mineralisation, with the tungsten mineral scheelite visually identified
in a number of drill samples collected from the target thus far.
-- Target 1 constitutes an isometric 1.5km by 0.5km tungsten anomaly within a 2.4km by 1.5km arsenic anomaly
longated in NS direction.
-- Target 1 also contains significant gold in pan concentrate results and Lead-Zinc anomalies parallel to the
tungsten anomaly.
-- Exploration activities under Joint Venture ("JV") progressing well;
o EUR200,000 injected by Metal Tiger to date representing a 20%
interest in the JV (Metal Tiger is able to invest up to EUR500,000
for a 50% JV earn-in interest);
o 1,360m of the planned 5,000m (27%) drill programme complete;
69 holes completed to end 23 June 2015.
Cameron Parry CEO of Metal Tiger stated: "It is exciting to be
able to report the award of the Zorita Exploration Licence as this
contains Target 1 - an area prospective for both tungsten and gold
based on the previous surface sampling. The award of Zorita has
seen drilling commence on Target 1. Drilling at Target 2 has been
completed and we look forward to releasing more results with regard
to tungsten at Target 2 shortly as well as results from Target 1 in
due course."
Licence Details:
The Zorita Exploration Licence (No. 10C10332-00) area is located
to the west of the Antonio Caño Exploration Licence (No. 10314-00)
in the municipalities of Garciaz, Logrosán and Zorita, in the
province of Caceres. The San Cristóbal pending exploration license
application area constitutes the ground located between the
existing Antonio Caño Exploration Licence and Zorita Exploration
Licences (see Table 1).
The Zorita Exploration Licence covers an area of 105.96km(2) ,
it is valid for 3 years starting 18 June 2015 and is renewable for
a total of 9 years. The Zorita licence application was lodged on 1
September 2014, at the same time as the San Cristobel exploration
application, whose award is expected soon.
The award of the Zorita Licence and the completion of the
planned first phase drilling at Target 2, means drilling has been
able to commence at Target 1 which is located within the Zorita
Licence.
An update to the Target 2 results reported by Metal Tiger on 9
June 2015, will be given when the external laboratory assay data is
received.
Table 1: Details of Logrosan Minerals Limited Exploration
Licences
Asset Holder* Interest Status License License Comments
Expiry Area
Date (km(2)
)
-------------------- ----------- --------- ------------ -------------- -------- --------------
Antonio
Caño Renewable
Exploration Logrosan three times
Licence Minerals 1 December to a maximum
(#10314-00) Limited 100% Exploration 2016 88.61 of 9 years
-------------------- ----------- --------- ------------ -------------- -------- --------------
Logrosan Renewable
Minerals to max. 9
San Cristóbal Limited 100% Exploration Award pending 63.80 years
-------------------- ----------- --------- ------------ -------------- -------- --------------
Zorita
Exploration Logrosan Renewable
Licence Minerals 17 June to max. 9
(#10C10332-00) Limited 100% Exploration 2018 105.96 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.
Target 1:
Target 1 is located within the Zorita Exploration Licence, it
constitutes an isometric arsenic anomaly 2.4km by 1.5 km 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 intensive
part of the As anomaly have been analysed by ALS Laboratories,
demonstrating the arsenic coincides with tungsten over a 0.5km by
1.5km area. 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).
The Dando Terrier tracked rotary air blast (RAB) drill rig
commenced drilling at Target 1 on 23 June 2015, with 4 holes
completed by end of day. Visual inspection of the sample material
has confirmed the presence of the tungsten mineral scheelite. As
per the methodology employed at Target 2, the collected samples
will be analysed internally using an XRF, with a selection sent to
an external laboratory for independent analysis.
Initial drilling at Target 1 will focus on delineating tungsten
and base metal, with focus switching to following up gold anomalies
in the second half of the planned drilling programme.
Summary of Drilling Progress to Date:
The rotary air blast (RAB) drilling programme is progressing
well and to plan. As of end of day, 23(th) June, a total of 69
holes and 1,360m have been completed; 65 holes (1,297m) on Target
2, and 4 holes (63m) on Target 1. Approximately 27% of the total
planned drilling (5,000m) has been completed.
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 azimuth of the planned drill profiles is
perpendicular to the perceived mineralised trend.
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.
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 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 is 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 EUR200,000 earning in a 20% 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.
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
DRLURUBRVNANORR
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
