MTR Metal Tiger Plc

 
TIDMMTR 
 
 

Metal Tiger plc

("Metal Tiger" or the "Company")

SPANISH EXPLORATION UPDATE: NEW GOLD ANOMALY

Metal Tiger (LON: MTR), the natural resources investing company is pleased to provide an update regarding project developments in Extremadura, Spain.

Highlights:

 
 
    -- Soil sampling and alteration mapping at the Logrosán Gold and Tungsten 

Joint Venture (JV) project has delineated a new gold target area

'Logrosán South', located in the south of the project's Antonio Caño

and (the recently awarded) San Cristóbal exploration licence areas.

This new target area is in addition to the 'El Seranillo North' gold

target area reported on 5th April 2016.

 
    -- Soil samples analysed for gold by ALS Minerals laboratories have 

defined a 2km long gold in soil anomaly (up to 0.89g/t Au), which

appears to be associated with two parallel structures identified by

ground magnetics. Further soil samples analysed for gold using our JV

partner's own laboratory in Finland have shown that the anomaly can be

traced over a total 6km long strike distance.

 
    -- Samples were collected over a total of 70 profiles, spaced at between 

50m - 200m, the anomaly is currently open at one end.

 
    -- A programme of further follow-up investigation for both Logrosán South 

and El Seranillo North is scheduled for September, once the Spanish

field team have returned from their scheduled summer break. This

follow-up will run in conjunction with the ongoing work on the Maria

Licence. Further details of these works will be provided in due course.

Paul Johnson CEO of Metal Tiger said: "We are excited to report the identification of an additional gold target for our Logrosán Gold & Tungsten Project. The addition of the Logrosán South gold anomaly is particularly significant given its current 6km length and its good correlation with structures indicated by our ground magnetics survey work.

We consider that we have a very strong, and growing, pipeline of gold and tungsten targets in what is turning out to be a highly mineralised region.

We look forward to providing further updates, as the field team recommences ground work in early September."

Project Background

Location and Region

The Logrosán Gold and Tungsten Project is located in a geologically prospective, under-explored and mining friendly jurisdiction in west-central Spain within the province of Cáceres in the Extremadura autonomous region. The Project is served by a well-developed and maintained road network, with good power, water and telecommunications infrastructure and enjoys the full support of the regional and local government and administration.

Neighbouring Properties

There are three public listed exploration and pre-production development companies located within the surrounding region. The W Resources Plc La Parrilla tungsten mine is 43km south-west of the Project area; the Emerita Resources Corporation Las Morras Gold Project is 6km to the south; and the Berkeley Energia Gambuta uranium deposit is 40km north.

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. During the 18 months prior to the joint venture commencing, Metal Tiger's joint venture partner, Mineral Exploration Network (Finland) Ltd "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 had been confirmed by soil sampling, outcrop sampling, trenching and historical drill holes. Gold mineralisation had been indicated by pan-concentrate sampling which delineated three areas with anomalous gold.

Metal Tiger funded EUR500,000 in exploration work over the balance of 2015 and Q1 2016 in line with an agreed exploration programme that included up to 5,000 metres of drilling, to earn 50% of Logrosan Minerals Limited. The balancing holding in the SPV is held by MEN.

The Maria Licence was brought into the SPV on 31 May 2016. As part of this transaction Metal Tiger are to provide up to EUR500,000 over the balance of 2016 and first quarter of 2017 in exploration expenditure, with at least half the funds used to further explore Maria and the balance used to refine and build out the tungsten deposits and gold targets outlined during the 2015 Logrosán drilling programme.

The technical information contained in this disclosure has been read and approved by Mr Nick O'Reilly (MSc, DIC, MAusIMM, FGS), who is a qualified geologist who meets the criteria of a qualified person under the AIM Rules - Note for Mining and Oil & Gas Companies.Mr O'Reilly has visited the Logrosán and Maria Project Areas, 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 provide technical support.

For further information on the Company, visit: www.metaltigerplc.com:

 
Paul Johnson (Chief                            Tel: +44 (0)7766 465 617 
Executive Officer) 
Terry Grammer (Non-                            Tel: +44 (0)207 099 0738 
Executive 
Chairman) 
Sean Wyndham-Quin     Spark Advisory Partners  Tel: +44 (0) 
Neil Baldwin          Limited                  2033 683 555 
Nick Emerson          (Nominated Adviser) 
Andy Thacker          SI Capital               www.sparkadvisorypartners.com 
                      (Sole Broker)            Tel: +44 (0) 
                                               1483 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.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160818005378/en/

 
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(END) Dow Jones Newswires

August 18, 2016 03:34 ET (07:34 GMT)