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RNS Number : 1491S
Metal Tiger PLC
03 July 2015
METAL TIGER PLC
3 July 2015
Metal Tiger plc
("Metal Tiger" or the "Company")
Exploration Progress Update - Thailand
Metal Tiger (LON:MTR), the natural resources investing company
is pleased to provide an exploration update with regard to the
Company's joint venture ("JV") project with South East Asia
Exploration & Mining Co. Ltd (SEAM) in Thailand.
Highlights:
-- Interim Exploration Report on Exclusive Prospecting Licence (EPL) number 51/2557 filed by JV partner SEAM.
-- Historical data compilation and study combined with remote sensing interpretation and reconnaissance scale
geological mapping and soil sampling completed.
-- Assays of 71 soil samples collected on three east-west lines indicate two anomalous areas;
Ø Antinomy and arsenic is coincident with a large scale regional
structure in the centre of the ELP; and
Ø Gold in soil in the northern half of the EPL.
-- Results warrant further infill soil sampling and follow-up investigation work which will be agreed with Metal
Tiger Chairman and renowned prospector Terry Grammer.
Cameron Parry CEO of Metal Tiger commented: "We are very pleased
by the findings of the interim exploration report on our
Chanthaburi JV project in Thailand. The presence of antinomy
mineralisation bodes well for the prospectivity of the licence
area. And in addition to that, finding gold anomolies in the
samples taken from the northern part of the licence, an area that
has no previously known mineralisation, is particularly intriguing
and a new area that we intend to follow up.
We look forward to providing more news in due course as Metal
Tiger now increases the level of funding directed toward
exploration work on our JV licence in Thailand based on these
encouraging preliminary findings."
Preliminary Exploration Summary
The exploration work conducted to date on EPL 51/2557 consists
preliminary soil sampling, reconnaissance mapping and a compilation
and study of existing information (published geology, reports on
deposits or occurrences, aerial geophysics, lineaments and
topography) pertaining the ELP and its regional surrounds. The work
has been conducted by the Thai geological consults GMT Corporation
Ltd (GMT) commissioned by MT JV partners SEAM. The GMT report has
been submitted as an interim exploration report to comply with Thai
minerals industry legislation.
Regional mapping indicates the ELP is intersected by a NE-SW
trending low angle thrust fault at the contact of Carbonaceous age
limestones and metasediments with Silurian - Devonian age
metasediments. Antimony mineralisation in the form of the mineral
stibnite (antimony sulphide) and its oxides have been observed, in
field, to occur as cavity fill in fault breccias associated with
the NE-SW thrust structure.
Preliminary soil sampling on three east-west lines, totalling
3.2 line km, has yielded anomalous levels of antinomy and arsenic
in the centre of the EPL, coincident with the trend of the
perceived fault structure, and anomalous gold in soil in the north
of the EPL.
Geological observations and a total of 71 soil samples were
collected from points at 50m intervals along the three lines.
Geological mapping was undertaken to supplement regional
studies.
Samples were analysed by Minerals Assay and Services Co Ltd in
Bangkok, for a total of 23 base metal and pathfinder elements by
aqua-regia leach with inductively coupled plasma (ICP) emission
spectrometry, and for gold by fire assay.
Next Steps
The anomalous antimony, gold and arsenic seen in the preliminary
soil sampling is considered such to warrant further soil sampling
on infill lines, combined with investigative pitting, mapping and
ground based geophysics. The plan for the next stage of works will
be agreed in conjunction with MT Chairman and renowned prospector,
Terry Grammer, who has visited the site and is familiar with the
geology of the Thailand gold and antinomy belt. Further work
updates and results will be announced in due course.
Details of EPL
EPL 51/2557 covers is an area totalling 187 hectares in the
Phawa sub district of the Kaeng Hang Maeo district of Chanthaburi
Province, of eastern Thailand. The EPL grants an exclusive right to
explore for any minerals in the area covered by the licence. It is
valid for a period of one year to 25 September 2015, and can be
renewed for a further year if required. The holder must submit an
interim half yearly work progress report and an annual exploration
report to fulfil the statutory filing requirements.
Approximately 300 kilometres east of Bangkok, the property is
located in the area locally known as the 'Gold-Antimony Belt'. The
JV enables Metal Tiger to invest in exploration activities to be
carried out on the EPL for the period.
Background to Thailand Joint Venture:
Metal Tiger currently holds a 10% interest its Joint Venture
with SEAM and this is reflected in its 10% equity holding in Thai
incorporated subsidiary companies: Tiger Minerals Ltd and Tiger
Resources Ltd. Through the Joint Venture Metal Tiger has the
opportunity to progress and control gold exploration targets in two
of Thailand's known gold regions. Over the next 15 months, and
subject to, at Metal Tiger's election, further payments totalling
US$175,000 being used for funding of exploration and licensing
expenditure and including one final stage payment to the vendor in
July 2016, Metal Tiger shall achieve a majority 75% JV
interest.
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
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 Thailand JV.
For further information on the Company, visit:
www.metaltigerplc.com:
Metal Tiger Plc
Cameron Parry (CEO) Tel: +44 (0)207 099
0738
Paul Johnson (Executive Director) Tel: +44 (0)7766 465
617
Spark Advisory Partners Limited Tel: +44 (0) 2033
(Nominated Adviser) 683 555
Sean Wyndham-Quin
Neil Baldwin
SI Capital (Sole Broker) Tel: +44 (0) 1483
Nick Emerson 413 500
Andy Thacker
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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