TIDMMTR
RNS Number : 1843T
Metal Tiger PLC
16 July 2015
METAL TIGER PLC
16 July 2015
Metal Tiger plc
("Metal Tiger" or the "Company")
Tungsten Mineralisation Confirmed at Main Target
Metal Tiger (LON: MTR), the natural resources investing company
is pleased to provide the drill sample assay results for Target 1
of the Logrosán Gold and Tungsten Joint Venture project in
Extremadura, Spain.
Highlights:
-- The drill sample assay results for Target 1 received (assay
batch 6); notable tungsten intersected in 6 of the 11 holes
selected for external assay;
-- These results complete the April - June 2015 sampling
programme, drilling and sampling will recommence in September
2015;
-- Target 1 stand out tungsten drill hole intersections include:
o Hole MW003
Ø 10m @ 0.24% WO3 from 3.60m to 13.60m, including 2m @ >
0.63% WO3
o Hole MW004
Ø 8M @ 0.19% WO3 from 1.63m to 9.63m, including 2m @ 0.34%
WO3
o Hole MW005
Ø 2.0m @ >0.10% WO3 from 1.63m to 3.63m
o Hole MW009
Ø 2.0m @ 0.20% WO3 from 7.63m to 9.63m
o Hole MW010
Ø 2.0m @ 0.31% WO3 from 1.54m to 3.54m
Ø 4.0m @ 0.20% WO3 from 5.54m to 9.54m
Ø 2.0m @ 0.37% WO3 from 11.54m to 13.54m
Ø 2.0m @ 0.23% WO3 from 15.54m to 17.54m
o Hole MW011
Ø 2.0m @ 0.10% WO3 from 5.68m to 7.68m
Ø 2.0m @ 0.25% WO3 from 11.68m to 13.68m.
Guidance Note: When reviewing the data within this announcement
please note that the tungsten concentration of workable ores
typically starts from 0.1% WO3.
Cameron Parry CEO of Metal Tiger said: "The Zorita Licence holds
the largest tungsten target currently identified within the
Logrosán Project hence the designation as target 1. It is therefore
extremely exciting to receive the first batch of data from target 1
confirming tungsten and demonstrating near surface mineralisation
and high grade assay results.
We have now identified near surface and high grade tungsten
mineralisation at the two largest targets within the Logrosán
project with the targets some 12km apart. The demonstrable
mineralisation and geographic spread of the results to date
suggests that the Joint Venture has potentially uncovered a new
tungsten district within Extremadura.
The exploration work is still early stage but the findings to
date are enthusing all the Joint Venture partners and we are
looking forward to the recommencement of drilling in September. The
specific objective of the exploration work going forward is to seek
to confirm a substantial tungsten deposit at Logrosán Project.
Separately, we continue to progress various new initiatives in
respect of our Direct Projects and Direct Equities divisions and
look forward to updating the market with specific developments in
the near future."
Logrosán - Summary of Progress to Date:
The Rotary Air Blast (RAB) drilling programme at the Logrosán
Project is currently on pause for the planned summer break. The
receipt of the 6(th) batch of assay results from ALS Minerals
Laboratory (ALS) concludes the results for the 24 April - 30 June
2015 season drilling season. Further batches of samples will be
sent for external assay when drilling resumes in September.
The 6th batch constitutes 51 drill samples from 11 of the 17,
Target 1, holes sent for external assay. A summary of the
significant tungsten intersections for Target 1 is given in Table 1
below.
Target 1 is located in the Project's Zorita licence area. The
significant tungsten intersections from Target 2 have been reported
in previous news releases.
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 in Seville, Spain
(the accredited external assay).
Upon receipt at ALS, samples were 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 %).
Table 1: Significant Tungsten Drill Hole Intersections, Logrosán
Target 1
Hole From To Intersection WO3 Notes
ID (m) (m) Width (%)
* (m)
------- ------ ------ ------------- ----- ----------------------------
including 2m @ > 0.63% WO3
MW003 3.60 13.60 10.00 0.24 (above detection limit)
------- ------ ------ ------------- ----- ----------------------------
MW004 1.63 9.63 8.00 0.19 including 2m @ 0.34% WO3
------- ------ ------ ------------- ----- ----------------------------
MW005 1.63 3.63 2.00 0.10
------- ------ ------ ------------- ----- ----------------------------
MW009 7.63 9.63 2.00 0.20
------- ------ ------ ------------- ----- ----------------------------
Holes MW010 and MW011 were
drilled to target the same
structure from opposing
MW010 1.54 3.54 2.00 0.31 directions.
------- ------ ------ ------------- ----- ----------------------------
5.54 9.54 4.00 0.20
------- ------ ------ ------------- ----- ----------------------------
11.54 13.54 2.00 0.37
------ ------ ------------- -----
15.54 17.54 2.00 0.23
------- ------ ------ ------------- ----- ----------------------------
MW011 5.68 7.68 2.00 0.10
------- ------ ------ ------------- ----- ----------------------------
11.68 13.68 2.00 0.25
------- ------ ------ ------------- ----- ----------------------------
* 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.
Background to Logrosán Drilling Programme:
The planned programme consists up to 5,000m of inclined rotary
air blast (RAB) drilling designed to test surface geochemical and
geophysical anomalies at depth. Drilling is split between two
seasons, 24 April to 30 June and September to December, with a
break over the hottest part of the year. The drill rig which is
owned by the Joint Venture company is a compact, track mounted
Dando Terrier drill fitted with a mast dump for inclined drilling
up to 45 degrees from vertical. The method of drilling and sampling
is deemed appropriate for the stage and goals of the exploration
programme. The drilling programme, the sampling procedures,
protocols and results are agreed and are reviewed in conjunction
with Metal Tiger's qualified geologist.
The drilling commenced in April 2015 on Target 2, an elongated
zone of elevated tungsten in soil anomalies and structure
identified by ground magnetics in the Antonio Caño Exploration
Licence area. A total of 14 drill profiles have been completed
during the first pass drilling at this target which is
characterised by four sub-parallel tungsten soil geochemistry
anomalies (in an area 1.2km by 1km) superimposed over an arsenic
anomaly and structures interpreted from the magnetic
geophysics.
Target 1 is located within the Zorita Exploration Licence area,
it constitutes an isometric arsenic in soil 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).
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 into 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.
The SPV holds 2 granted licences and 1 licence application 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 and was granted on 2 December 2013 for a period of three
years. The Zorita Exploration Licence covers an area of 105.96km2,
it is valid for 3 years starting 18 June 2015 and is renewable for
a total of 9 years. The "San Cristóbal" licence application covers
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:
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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