TIDMMTR
17 June 2021
Metal Tiger plc
("Metal Tiger" or the "Company")
Armada Exploration: Significant Geophysics Anomalies Outlined in
Gabon
Metal Tiger plc (AIM: MTR, ASX: MTR), the AIM and ASX listed
investor in natural resource opportunities, is pleased to provide
an exploration update with regard to Armada Exploration Limited
("Armada") which holds two exploration licences, covering a total
area of 2,991km(2) , which are prospective for magmatic Ni-Cu
sulphide, in Gabon. The licence holding is considered to present a
frontier district-scale exploration opportunity.
Metal Tiger holds a direct 18.5% interest in Armada, as well as
an indirect interest, via its 19.99% holding in Cobre, which also
holds an 18.5% interest in Armada. Metal Tiger and Cobre each hold
3,333,333 36-month options over Armada shares, with an exercise
price of US$0.225.
Technical Summary:
-- Armada has received the processed results from the NRG(TM) Xcite(TM)
helicopter-borne time-domain electromagnetic ("HTDEM") survey flown in
March 2021.
-- Modelling of the HTDEM survey data has identified 14 new prominent
"late-time" conductive anomalies associated with the margins of
interpreted mafic/ultramafic rock units.
-- The 14 anomalies are distributed along the length of the 25km long
Libonga-Matchiti Trend supporting the district-scale Ni-Cu potential of
the target area.
-- The Libonga North and Matchiti Central targets, which sit on the northern
and southern ends of the Libonga-Matchiti Trend have been prioritised for
drilling which is expected to commence following a successful Initial
Public Offering ("IPO") of Armada on the Australian Stock Exchange
("ASX").
Michael McNeilly, Chief Executive Officer of Metal Tiger,
commented:
"We are excited to report that the processed results of Armada's
airborne geophysics survey have identified 14 conductive bodies
distributed along the entire length of the 25km long
Libonga-Matchiti Trend, providing further validation of the Ni-Cu
sulphide exploration potential of the survey area. Armada are
prioritising drilling targets in the Libonga North and Matchiti
Central target areas for a planned drilling programme which would
commence following the planned ASX listing, with further details
expected in due course."
Illustrative figures showing the survey flight lines and the
location of the 14 modelled conductors and the targets mentioned in
this release can be viewed on the Company's website at:
https://www.metaltigerplc.com/Armada-Geophysics
Airborne Geophysics Survey Results
Armada has received the results of the NRG(TM) Xcite(TM) (1)
HTDEM survey that was flown across the Libonga-Matchiti Trend and
the Doumvou Target in March 2021. The survey was conducted by New
Resolution Geophysics (Pty) Ltd (NRG(TM)) South Africa, with
707-line kilometres completed over a total area of 203km(2) . The
survey was flown across two separate target areas (Labonga-Matchiti
and Doumvou), on three separate orientations, with flight line
spacing varying from 200 to 400m (see above linked website
figures).
The HTDEM survey data has been processed and interpreted by
Xpotential (Pty) Ltd, South Africa, who have conducted Layered
Earth Inversions ("LEIs") using Geoscience Australia code,
inversions of magnetic data using Fullagar's VPmg code and plate
modelling using Maxwell software.
The HTDEM data processing has produced 28 conductive plate
models and identified 14 prominent "late-time" bedrock conductors
(designated Conductors A to N, see above website figure link) which
correlate with the margins of interpreted mafic/ultramafic rock
units, defined by previous magnetic, radiometric, gravity and
geological mapping and sampling programmes.
The Layered Earth Inversion modelling results corroborate the
HTDEM plate modelling results highlighting the priority Libonga
North and Matchiti Central targets.
Where available, modelling and inversion of ground gravity and
FALCONPlus(R) data correlates well with HTDEM results, with
conductors typically occurring on the margins or within dense
modelled sources.
The results provide further support for the district-scale Ni-Cu
potential of the 25-kilometre long Libonga-Matchiti Trend.
Upcoming Drill Programme & Corporate Update
The results of the HTDEM survey are currently being incorporated
into a planned drilling programme which would commence following
Armada's successful IPO on the ASX.
Armada reports that it is well-funded with approximately US$2.25
million in pre-IPO capital and that it is well advanced and on
track for the planned ASX listing.
Background on Armada
Armada was established to define new belt-scale discovery
opportunities for key commodities (principally nickel and copper)
in under-explored regions of Africa. With >US$10M spent
targeting an area of >16,000km(2) , Armada is preparing to drill
a multi-target project opportunity for magmatic Ni-Cu sulphides in
the Nyanga area, southern Gabon. Armada is supported by a Board and
Africa-based technical team both with a track record of successful
African projects. Key members of the Armada targeting team were
part of the team awarded the 2015 PDAC Thayer Lindsley Award for an
International Mineral Discovery (as members of the Kamoa/DRC
discovery team with Ivanhoe Mines).
Further details are available under the Portfolio section of the
Company's website at:
https://www.metaltigerplc.com/portfolio/equity-investments/active/armada-exploration
Reference Note:
1. Xcite(TM) is a new generation of helicopter-borne time-domain
electromagnetic (HTDEM) systems, developed by New Resolution Geophysics
(NRG(TM)) who are an airborne geophysical company specialising in the
collection of ultra-high resolution airborne data. Further details are
available at
https://www.nrgex.co.za/our-services/xcite-helicopter-time-domain-electromagnetics-and-magnetics/
Qualified Person's Statement
The technical information contained in this announcement has
been read and approved by Mr Nick O'Reilly (MSc, DIC, MIMMM,
MAusIMM, FGS), who is a qualified geologist and acts as the
Qualified Person under the AIM Rules - Note for Mining and Oil
& Gas Companies. Mr O'Reilly is a Principal 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
Enquiries:
Michael McNeilly (Chief Executive Officer) Tel: +44 (0)20 3287 5349
Mark Potter (Chief Investment Officer)
James Dance Strand Hanson Limited Tel +44 (0)20 7409 3494
(Nominated Adviser)
Georgia Langoulant
Paul Shackleton Arden Partners plc (Broker) Tel: +44 (0)20 7614 5900
Steve Douglas
Gordon Poole Camarco (Financial PR) Tel: +44 (0)20 3757 4980
James Crothers
Rebecca Waterworth
Notes to Editors:
Metal Tiger PLC is admitted to the AIM market of the London
Stock Exchange AIM Market ("AIM") and the ASX Market of the
Australian Securities Exchange Market ("ASX") with the trading code
MTR and invests in high potential mineral projects with a base,
precious and strategic metals focus.
The Company'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. Metal Tiger has two investment divisions: Equity
Investments and Project Investments.
Equity Investments invests in undervalued natural resource
companies. The majority of its investments are listed on AIM, the
TSX and the ASX, which includes its interest in Sandfire Resources
Limited (ASX: SFR). The Company also considers selective
opportunities to invest in private natural resource companies,
typically where there is an identifiable path to IPO. Through the
trading of equities and warrants, Metal Tiger seeks to generate
cash for investment for the Project Investments division.
Project Investments is focused on the development of its key
project interests in Botswana, where Metal Tiger has a growing
interest in the large and highly prospective Kalahari copper/silver
belt through its interest in Kalahari Metals Limited.
The Company actively assesses new investment opportunities on an
on-going basis and has access to a diverse pipeline of new
opportunities in the natural resources and mining sectors. For
pipeline opportunities deemed sufficiently attractive, Metal Tiger
may invest in the project or entity by buying publicly listed
shares, by financing privately and/or by entering into a joint
venture.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20210616006002/en/
CONTACT:
Metal Tiger plc
SOURCE: Metal Tiger plc
Copyright Business Wire 2021
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