TIDMMTR
Metal Tiger Plc27 June 2017
Metal Tiger Plc ("Metal Tiger" or the "Company")
Spain - Spring Programme Update
Metal Tiger (LON: MTR), the natural resources investing company
is pleased to provide an update on the spring quarter exploration
programme at the Logrosan Minerals joint venture in Extremadura,
Spain. The Logrosan Minerals JV is targeting Gold and Tungsten at
the Logrosan Project and Gold and Antinomy at the Maria Project. A
locality map showing the current Logrosan tungsten and gold
exploration targets and anomalies mentioned in this release is
available to view, Figure 3, on the Spain Projects page of the
Metal Tiger website (see http://www.metaltigerplc.com).
Highlights:
-- New regional scale gold anomaly identified at Logrosan East. Infill
soil sampling and gold analysis has joined El Seranillo
North
and El Seranillo East into a single large-scale gold
anomaly.
-- No Rotary Air Blast (RAB) drilling has been undertaken during Q1 2017
with work instead concentrating on infill work delineating the
full
extent of surface anomalies as part of a diamond/RC drilling
target
generation.
-- Total of 7,345 samples assayed for gold during Q1 2017. Comprising
infill sampling and analysis of XRF sample pulps.
-- Three broad gold targets at Logrosan:
-- Logrosan East Au: 5km long, 50m - 80m wide gold anomaly
(formerly El Seranillo North and El Seranillo East)
-- Logrosan West: 2.5km long, 180m wide, gold anomaly
within a 4km long arsenic anomaly.
-- Logrosan South: 6km long, up to 950m wide gold zone.
-- New Tungsten (W) anomaly delineated at Logrosan EastW
Target 3: 2.3km long, 0.9km wide up to 466ppm W in soil.
-- 19km long arsenic (As) anomaly coincides with regional magnetic
structure linking Logrosan South in the SW to the north of
Logrosan
East. Passing through W Target 2 and the new W Target 3.
-- The JV is currently evaluating options for deep drilling at Logrosan
and Maria with a view to testing the extent and tenor of
gold
mineralisation to shallow open-pitable depths. This would be
in
addition to deep-drill testing of the two tungsten deposits
outlined
during 2015 (see recap on tungsten section below).
Michael McNeilly, Chief Executive Officer of Metal Tiger
commented:
"We are pleased to report the delineation of a new gold in soil
anomaly in the Logrosan project. Extensive infill sampling and gold
assay work has effectively served to merge the two El Seranillo
gold targets into a single 5km long gold zone. The work undertaken
during Q1 2017 has also delineated a new tungsten anomaly located
3km NE and along strike for the Tungsten Target 2 deposit RAB
drilled during 2015.
The joint venture partners are now considering our options for
the progression of the Project. Our JV partner is in the process of
preparing a proposal and budget of possible future work for Metal
Tiger to consider. It is our understanding that in order to
determine the economic potential of the Project, the best targets
would need to be tested by conventional drilling. As such a
first-pass mixed RC and diamond drilling programme is currently
being costed for the two tungsten deposits, the Maria gold &
antimony deposit and the three Logrosan gold anomalies. The
addition of deep-drill intersections could potentially add
significant value to our Spanish holdings. Further details will be
outlined in due course."
Spring Work Programme Update
During the spring season, work has focussed on the lateral
delineation of gold anomalies at the Logrosan licence group. The
shallow RAB drilling is currently on hold as the field programme
concentrated on soil sample gold analysis, with infill soil
sampling and mapping to laterally delineate the existing gold
anomalies as part of target generation for a potential deep drill
programme planning and costing.
On 12 December 2016, it was reported that the ongoing soil
sampling work had outlined a total of four distinct gold anomalies
Logrosan South, El Seranillo North, El Seranillo East and Logrosan
West. Further work during 2017 has effectively connected the El
Seranillo North and El Seranillo East anomalies into one target now
called Logrosan East.
Logrosan South
The second gold target to be delineated in the Logrosan licence
group was the Logrosan South gold target. This structurally
controlled gold anomaly, consisting of two parallel structures,
currently comprises a total area 6km long and up to 950m wide. Its
discovery resulted from regional mapping and the subsequent
application for the San Cristóbal Sur licence (reported 19th July
2016).
The Logrosan South gold in soil anomaly is derived from the MEN
Finland laboratory ("MEFFA") soil sample assay data. As MEFFA is
not an accredited facility, 627 samples selected from 5 sample
profile lines were also submitted to ALS Minerals laboratory in
Seville for analysis. There is a good correlation between the sets
of results, verifying the anomaly, with ALS showing gold in soil
trends up to 0.18g/t Au, with one outlier at 0.9g/t Au. Whilst
these values are strongly anomalous for soil samples, only deep
drilling can properly test the strength of the underlying
mineralisation.
A total of 20 inclined RAB drill holes, with an average depth of
23m, on 4 profiles (P1, P2 etc) were completed at Logrosan South in
November 2016, with 8 holes on P1, 6 on P2, 4 on P3 and 4 on P4.
The drill profiles were placed across the most southerly of the two
parallel structures at a separation of P1 to P2 240m; P2 to P3
440m; and P3 to P4 900m. A total of 123 samples from 8 holes were
submitted to ALS for gold analysis, representing the most
mineralised intervals from all 4 profiles.
The drill hole assay results, which have become available since
the last update, are inconclusive; whilst they confirm the presence
of subsurface gold which is coincident with surface anomalies which
can be traced between the profiles, they will require follow-up
with deeper drilling methods before a judgement can be made
regarding grade. The northern parallel structure has not been
intersected by any drilling.
The most significant intersection was on P2 where hole LS009
intersected 12.6m @ 0.34g/t Au from surface, including 6m @ 0.41g/t
from 5.62m depth.
Logrosan East
Infill sampling and reanalysis of samples for gold totals,
during the first half of 2017 has resulted in a total of 7,345 new
assay results, which have effectively joined together the El
Seranillo Northgold target (announced 5th April 2016) with the El
Seranillo East (announced 12 December 2017) to form a regional
scale gold anomaly which is now being termed the Logrosan East
anomaly. El Seranillo East was located to the east of the San
Cristobal intrusion and approximately 2km southeast of the El
Seranillo North gold target, with El Seranillo the locality of
historical tin mining.
The combinedLogrosan East target area is a linear elongated boot
shaped gold anomaly, which is coincident with magnetic, copper and
arsenic anomalies along the same trend. The combined target's total
length is circa 5km varying in width from 50m - 80m. The vast
majority of samples were analysed by the MEN's internal laboratory
in Finland ("MEFFA"). 58 soil samples were also submitted to ALS
for check analysis these ranged up to 0.04g/t Au, supporting the
MEFFA findings.
The Antonio Cano licence is currently in the process of being
renewed, together with an application to undertake subsurface
investigations including deep drilling. Once permissions are
granted it is planned that both targets will be tested by trenching
and drilling.
In late April 2017, a 65m long channel sample located within a
road cutting located on the northerly extension of the Logrosan
East gold anomaly, to the north of the El Seranillo North target,
returned ALS assay results of 12m @ 0.2g/t Au from 2m composites.
Whilst within the El Seranillo North target, a total of 22 chip
samples confirmed anomalous gold background over an area of 0.3km2,
ranging to a maximum of 4.45g/t Au. The El Seranillo North target
is currently 450m by 650m and open both to the north and south, it
is interpreted to be a shared contact.
On a regional scale the Logrosan East structure marks the
eastern most edge of a strontium (Sr) depletion front emanating
from the San Cristobal intrusion.
Logrosan West
The Logrosan West gold target is located to the west of the San
Cristobal intrusion, it trends NE-SW, parallel to the Logrosan
South gold trend, approximately 5km to the northwest. Results show
that Logrosan West trend to be approaching 2.5km long, and
associated with a 4km long, circa 180m wide, arsenic in soil
anomaly.
New Tungsten Target: W Tungsten 3 at Logrosan East
The 2017 sampling work has also delineated a new tungsten
anomaly, W Target 3, located 3km due NE of the existing W Target 2
which was RAB drilling during the 2015-2016 programme. This new W
Target 3 anomaly is located at the southern end of the Logrosan
East gold anomaly, it currently measures 2.3km NE-SW and 0.9km
across, with soil assays up to 466ppm W. It is coincident with a
regional scale, 19km long, magnetic structure which links together
the Logrosan South gold anomaly, the W Target 2 with the Logrosan
East gold and tungsten anomalies.
Maria Project progress:
The application for the first renewal of the Maria concession
has been lodged and the renewal fees paid. Included with the
renewal is an application for a drilling and trenching permit to
enable RC and diamond drilling on the target. As the renewal and
drilling permit are currently pending, no further work has been
undertaken at Maria during 2017.
Next Steps
The JV is currently discussing options for a cost effective
first-pass diamond and RC drilling programme at Logrosan and Maria
with a view to testing the laterally extensive surface gold
anomalies at depth and following up on the two tungsten deposits
outlined by the 2015 RAB drilling programme.
With broad targets qualified to near surface depths by
geochemistry, geophysics, trenching and RAB drilling, the priority
is now to determine the extent and tenor of mineralisation to
shallow open-pitable depths.
The addition of deep-drill intersections will add significantly
to the potential value of the licence holdings. Additional
exploration potential is provided by the existence of historical
lead-zinc mines in the Maria licence area, and the historical
phosphate mine and tin workings in the Logrosan licence group.
Further details of any proposed drill programme will be outlined in
due course.
Recap on Tungsten: Major 2015-2016 Q1 Programme Findings
The exploration for tungsten (W) in the Logrosán Project centred
on two distinct target areas which were identified on the basis of
previous soil geochemistry and ground magnetic surveys. These
targets are separated by a distance of 12km; Target 1 is near the
centre of the Zorita Licence (in the west of the Logrosán Project
area) and Target 2 is located in the south-west of the Antonio
Licence (in the central Logrosán project area).
During 2015 both targets were subject to first-pass RAB drilling
to confirm the near surface tungsten mineralisation and grade. The
results of this preliminary drilling were very encouraging, with
significant strike length tungsten mineralisation and high-grade
tungsten intersections outlined.
Tungsten Target 1 contains the larger of the two
tungsten-in-soil anomalies (up to 636ppm W), measuring 1.2km long
by 200m wide and trending NNE-SSW. Drilling, consisting a total of
17 holes (268m) drilled, to an average depth of 16m, on two
profiles drilled perpendicular to the anomaly strike at a 380m
separation. Drill sample assays confirmed high-grade tungsten
mineralisation in the north and the centre of the target soil
anomaly and the soil anomaly remains open (untested by drilling)
for a distance of 700m to the south and for 120m to the north.
Drill assay results, conducted by ALS Laboratories, returned a
maximum WO3 grade above the analytical detection limit of 0.63%
(5000ppm) and an average grade across all Target 1, drill samples
submitted, of WO3 0.09%. The highest intersections in holes MW003
(10m WO3 >0.24%, including 2m >0.63%) on profile 2 and MW010
(with total intersections of 10m >0.2% and 2m WO3 0.37%) on
profile 1, are separated by up to 400m of potentially continuous
mineralisation. It should be noted that the tungsten concentration
of workable ores typically starts from 0.10% WO3.
Tungsten Target 2 is located over a central, distinct,
tungsten-in-soil anomaly ranging up to 565ppm W and measuring 700m
long by up to 150m wide. This central soil anomaly is orientated in
a NE-SW direction, and coincides with a 1.6km long geophysical
structure. There are three further weaker anomalies associated with
structures running parallel to it, one 250m to the north-west and
two to the south-east, at 325m and 700m separation to the central
anomaly.
Target 2 has been investigated with a total of 65 holes to an
average of 20m depth, 1,300m in total. The central W anomaly has
good drill coverage with a total of 26 holes on 8 profiles over a
total strike length of 570m. Two further profiles have been drilled
along strike at 560m NE and 500m SW of the outlying profiles (on
the central zone drilling). Both these profiles are located on the
same 1.6km geophysical structure, but coincide with continuous
strong Cr, Cu, Sn, As and weak W anomalies.
Assays from all analysed drill samples on Target 2 average WO3
0.04% and a maximum of WO3 >0.63% (above upper detection limit)
located in the central anomaly.
There is a 400m on-structure strike distance between hole LM014
(on profile 3) with 2.70m WO3 >0.32% (including 2m @ > 0.63%)
and hole LM08 (on profile 7) with 8m at WO3 0.32% (including 2m @
0.49%WO3 & 0.1% SnO2).
Location and Region
The Logrosán Project and Maria Project areas, are 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 Projects are served by a
well-developed and maintained road network, with good power, water
and telecommunications infrastructure and enjoy 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 Berkley Energia's Gambuta
uranium deposit is 30km north.
Background to the Logrosán Joint Venture:
Logrosán Minerals Limited is the joint venture operating company
for the Logrosán Exploration Project and Maria Gold & Antimony
Project. It is held 50%/50% by Metal Tiger and JV partners Mineral
Exploration Network (Finland) Ltd ("MEN"). Logrosán Minerals Ltd (a
Special Purpose Vehicle "SPV" company) was incorporated in the UK
on 13 March 2015.
During the 18 months prior to the joint venture commencing,
Metal Tiger's joint venture partner MEN Finland, 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 Project consists of the Mari Hernández Research Permit
(Permiso de Investigación) (the "Maria Licence") which was
originally awarded to Metal Tiger's JV partners, Mineral
Exploration Network (Finland) Ltd ("MEN"). It is currently under
application for its first 3-year renewal, to extend it to 30
October 2019. The permit allows exploration for all mineral
deposits and resources except radioactive minerals, coal and
hydrocarbons and is held through Logrosan Minerals Ltd ("LML")
which is owned 50% by Metal Tiger. The licence area commences
approximately 15 kilometres to the north of the Logrosán Project
licences and covers an area of 40.09 km2. Prior work on the Maria
licence including soil geochemistry and the assay results from
MTR's due diligence drilling indicate the area has high
prospectivity for antimony-gold style mineralisation.
Under the terms of the Maria Project JV, Metal Tiger has the
option to provide up to EUR500,000 during 2016 and 2017 in
exploration expenditure. To date Metal Tiger has contributed
EUR350,000 and is on track to contribute a further EUR150, 000 to
fulfil the remaining part of the 2017 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 acts as the Competent 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:
Michael McNeilly (Chief Tel: +44 (0)20 7099 0738
Executive Officer)
Keith Springall (Finance Tel: +44 (0)20 7099 0738
Director
& Company Secretary)
Sean Wyndham-Quin Spark Advisory Partners Tel: +44 (0)
Neil Baldwin Limited 2033 683 555
(Nominated Adviser)
www.sparkadvisorypartners.com
Nick Emerson SI Capital Tel: +44 (0)1483 413 500
Andy Thacker (Joint Broker)
Andrew Monk VSA Capital Limited Tel: +44 (0)20 3005 5000
Andrew Raca (Joint Broker)
Gordon Poole Camarco Tel: +44 (0)203 757 4980
Sean Blundell (Financial PR)
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
interests in two potentially near-production stage silver/lead/zinc
mines as well as 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 AIM or NEX Exchange (formerly ISDX) partner
with whom the Company is engaged.
Note: This announcement contains inside information which is
disclosed in accordance with the Market Abuse Regulation.
View source version on businesswire.com:
http://www.businesswire.com/news/home/20170626005883/en/
This information is provided by Business Wire
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