TIDMMTR
RNS Number : 2014U
Metal Tiger PLC
05 April 2016
METAL TIGER PLC
5 April 2016
Metal Tiger plc
("Metal Tiger" or the "Company")
SPANISH EXPLORATION AND CORPORATE UPDATE
Metal Tiger (LON: MTR), the natural resources investing company
is pleased to provide an update regarding project developments in
Extremadura, Spain.
Highlights:
-- At the Logrosán Gold and Tungsten Joint Venture (JV) project
alteration mapping and infill soil and outcrop sampling has
delineated a new gold target area 'El Seranillo North';
-- At our JV partner's 100% owned Maria Project, the first batch
of assay results from the MTR due diligence drilling have confirmed
hard rock gold and antimony mineralisation;
-- Metal Tiger is in advanced discussions to secure an interest
in Maria and has agreed an extension of the previously announced
standstill agreement with Logrosán JV partner Mineral Exploration
Network (Finland) ('MEN") to 18 April 2016; and
-- Metal Tiger is to pay a shares bonus of 1,450,000 MTR new
ordinary shares at 5.35p per ordinary share to the field team at
our Spanish Joint Venture. This amounts to a team bonus of
GBP77,750 and will be shared by seven team members to reflect a
year of intensive work and extremely positive exploration success
creating a platform for Metal Tiger to proactively build its
Spanish interests in 2016.
Paul Johnson CEO of Metal Tiger said: "Once again we have reason
to celebrate the results of exploration work from our Spanish
Interests. The identification of an additional gold target at
Logrosán is particularly significant for that project and we will
investigate this proactively in 2016.
Our due diligence drilling at Maria has identified highly
interesting gold and antimony mineralisation on first pass drilling
to shallow depth. The results to date are compelling and we are
therefore in advanced negotiations with our Logrosán Joint Venture
partners to add the Maria licences into our Logrosán portfolio.
Metal Tiger has seen tremendous success to date from our Spanish
interests. Through regular feedback about ground operations and
through visits we have undertaken to Spain, we have seen first hand
the commitment of the team and an intensity of work on the licences
that is highly impressive. It is therefore absolutely correct that
we should award the team with a decent bonus for the year's work
that, as requested by the team, is to be paid in Metal Tiger plc
shares.
We very much look forward to providing further updates from
Spain including, if negotiations conclude successfully, further
details with regard to acquisition of an interest in the Maria
Project for Metal Tiger shareholders."
Logrosán Joint Venture (JV) Project - progress update:
Following the completion of the Rotary Air Blast (RAB) drilling
programme at the Logrosán Project, recent work has focussed on data
interpretation, mapping and infill sampling.
Alteration mapping peripheral to the central Logrosán granitic
intrusion has highlighted an initial two new areas for more
detailed investigation. The assay results from infill soil sampling
and outcrop sampling from one of the new target areas, 'El
Seranillo North', has confirmed the area as prospective for
gold.
Infill soil samples taken on three 500m long profiles have
yielded gold in soil of up to 0.24g/t Au. Following the receipt of
these assays the pulps from the six adjacent soil sample lines will
also be submitted for gold analysis. Samples from these adjacent
lines have previously only been analysed by the XRF method which
does not account for gold.
A total of 13 'grab' samples were also taken from the vicinity
of the gold soil anomaly, ten of these samples have confirmed hard
rock gold mineralisation with one sample yielding 1.68g/t Au.
The soil sample and outcrop sample results currently delineate a
gold target area approximately 450m by 500m, open to the north and
south. With the results correlating in a north-south alignment,
there is potential for further sampling to increase the target
length above 450m.
As well as submitting the previous soil samples for gold
analysis, detailed ground magnetic geophysics is planned to help
extend and delineate the target ahead of investigative trenching
and/or RAB drilling at El Seranillo North.
Investigation of the other new target area is ongoing.
The sample analysis is being conducted by ALS Minerals
Laboratory (ALS) in Seville using their Fire Assay with Atomic
Adsorption finish (Au-AA23) package. Reporting is for gold in parts
per million (ppm), with a lower detection limit of 0.005ppm Au. ALS
conduct internal quality control analysis.
Maria Project - progress update:
The first batch of gold assay results have been received back
for the Maria Gold ("Au") and Antinomy ("Sb") Project ('Maria') due
diligence drilling.
Six of the RAB drill holes have returned intersections between
1g/t Au and 3.94g/t Au. Nine holes gave Antinomy intersections
>1% Sb, with grades up to 2.6% and the largest Sb intersection
4m @ 1.2% Sb.
o Hole M011
Ø 1m @ 1.14 g/t Au from 3.6m to 4.6m;
Ø 2m @ 3.50 g/t Au from 14.6m to 16.6m (including 1m at 3.94g/t
Au).
o Hole M015
Ø 1m @ 1.23 g/t Au from 15.6m to 16.6m;
Ø 1m @ 2.6% Sb from 9.6m to 10.6m.
o Hole M022
Ø 1m @ 1.5% Sb from 6.6m;
Ø 1m @ 1.41 g/t Au from 13.6m to 14.6m;
Ø 4m @ 1.2% Sb from 12.6m to 16.6m, including 1m @ 1.5% Sb &
1m @ 2.1% Sb.
o Hole M024
Ø 1m @ 1.17 g/t Au from 9.7m to 10.7m
o Hole M029
Ø 1m @ 1.13 g/t Au from 8.5m to 9.5m
o Hole M031
Ø 3m @ 1.2% Sb from 12.6m to 16.6m , including 1m @ 1.5% Sb
& 1m @ 1.4% Sb
o Hole M032
Ø 1m @ 1.06 g/t Au from 16.5m to 17.5m;
Ø 3m @ 1.2% Sb from 14.5m to 17.5m , including 1m @ 1.3% Sb
& 1m @ 1.4% Sb
Maria is 100% owned by MTR's Logrosan JV partner MEN. As
announced on 15 February 2016, MTR has a standstill agreement with
MEN over Maria in order to allow MTR a due diligence period ahead
of a potential JV decision. With the receipt of the first assay
results for Maria end of last week, a two week standstill agreement
extension to 18 April 2016 has been agreed.
Standstill Agreement - Maria Project:
The Maria Project is 100% owned by our Logrosan JV partner MEN.
As announced on 15 February 2016, MTR has a standstill agreement
with MEN over Maria in order to allow MTR a due diligence work
period ahead of a final decision.
Subject to due diligence work, the results encountered and the
normal process of commercial negotiations, Metal Tiger and MEN may
elect to bring the Maria Project under Joint Venture between the
companies. Unless and until a commercially binding contract is
achieved, there can be no assurance that a transaction of any
nature can or will be concluded.
With the delayed receipt of the first ALS assay results for
Maria on 1 April, a two week standstill agreement extension to 18
April 2016 has been agreed. The extension is to allow the
conclusion of the MTR due diligence following later than
anticipated drilling assay results and for necessary commercial
negotiations to be undertaken.
As part of the due diligence process the Logrosán Project's RAB
drill rig was moved to the Maria Project where drilling and assay
testing was undertaken to assess the nature and extent of
mineralisation. A total of 38 drill holes were completed to an
average depth of 19.2m.
Further information with respect to the Maria Project will be
provided in due course, as appropriate.
Background to the Logrosán 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 joint venture operating company
for the Logrosán Exploration Project. Prior to the joint venture 18
months, Metal Tiger's joint venture partner, MEN, 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 has been confirmed by soil sampling, outcrop
sampling, trenching and historical drill holes. Gold mineralisation
has been indicated by pan-concentrate sampling which delineated
three areas with anomalous gold.
Metal Tiger was to fund EUR500,000 in exploration work over the
balance of 2015 in line with an agreed exploration programme that
included up to 5,000 metres of drilling. During the period ended 31
December 2015 the Joint Venture expended EUR400,000 on exploration
work and approximately 4,700m of drilling was completed.
The remaining EUR100,000 was rolled over into 2016 with the
agreement of both parties. Since the start of the year Metal Tiger
has paid a further EUR100,000 into the joint venture making
payments to date of EUR500,000. As a result Metal Tiger has now
earned into 50% of Logrosán Minerals Ltd in line with funds
injected. The balancing holding in the SPV is held by MEN.
The Logrosán Minerals Ltd 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 105.96km(2) , 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.
Logrosán Team Bonus Award:
(MORE TO FOLLOW) Dow Jones Newswires
April 05, 2016 05:05 ET (09:05 GMT)
After review of the exploration team performance in 2015 and
early 2016, and reflecting the conclusion of the original Logrosán
Joint Venture work programme Metal Tiger is to pay a shares bonus
of 1,450,000 MTR new ordinary shares to the field team at the
Logrosán Joint Venture.
This amounts to a team bonus of GBP77,750 and will be shared by
seven team members to reflect a year of intensive work and
extremely positive exploration success creating a platform for
Metal Tiger to proactively build its Spanish interests in 2016.
The 1,450,000 new ordinary shares are expected to be admitted to
trading on or around 12(th) April 2016. Following the issue of the
new ordinary shares, the number of ordinary shares in issue in the
Company will increase to 492,759,588. For the purposes of the
Financial Conduct Authority's Disclosure and Transparency Rules
("DTRs"), the issued ordinary share capital of Metal Tiger
following this allotment consists of 492,759,588 ordinary shares
with voting rights attached (one vote per share). There are no
shares held in treasury. This total voting rights figure may be
used by shareholders as the denominator for the calculation by
which they will determine whether they are required to notify their
interest in, or a change to their interest in, Metal Tiger under
the DTRs.
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:
Paul Johnson Tel: +44 (0)7766
(Chief Executive 465 617
Officer)
Terry Grammer Tel: +44 (0)207
(Non- Executive 099 0738
Chairman)
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 listed on the London Stock Exchange AIM
Market ("AIM") with the trading code MTR and invests in high
potential mineral projects with a precious and strategic metals
focus.
The Company's target is to deliver a very 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. The Company's key strategic
objective is to ensure the distribution to shareholders of major
returns achieved from disposals.
Metal Tiger's Metal Projects Division is focused on the
development of its key project interests in Botswana, Spain and
Thailand. In Botswana Metal Tiger has a growing interest in the
large and highly prospective Kalahari copper/silver belt. In Spain
Metal Tiger the Company has tungsten and gold interests in the
highly mineralised Extremadura region. In Thailand Metal Tiger has
expanding interests over licences, applications and critical
historical data covering antimony, copper, gold, silver, lead and
zinc opportunities.
The Company has access to a diverse pipeline of new
opportunities focused on the natural resource sector including
physical resource projects, new natural resource centred
technologies and resource sector related fintech opportunities.
Pipeline projects deemed commercially viable may be undertaken by
Metal Tiger or by an ISDX or AIM partner with whom the Company is
engaged.
Metal Tiger also has an Asset Trading Division that holds
various financial instruments for trading purposes including
equities, warrants and royalty income. The aim of the division is
to generate profits to reinvest into the Company's project based
activities.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCVELBBQZFEBBX
(END) Dow Jones Newswires
April 05, 2016 05:05 ET (09:05 GMT)
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