LONDON (Alliance News) - Metal Tiger PLC on Thursday said it has received the drill sample assay results for Target 1 of the Logrosán gold and tungsten joint venture project in Extremadura, Spain which suggests the company's joint venture has found a new tungsten district in the region.
The batch of results covers samples from the last six of the 11 holes drilled and signals the end of the April to June 2015 sampling programme. Drilling and sampling will recommence in September 2015.
"The Zorita licence holds the largest tungsten target currently identified within the Logrosán project hence the designation as Target 1," said the company.
The latest assay results from Target 1 include 10 metres at 0.24% tungsten trioxide from 3.6 metres to 13.6 metres including 2 metres at 0.63% tungsten from hole MW003.
Hole MW004 produced 8 metres at 0.19% tungsten trioxide from 1.63 metres to 9.63 metres including 2 metres at 0.34% tungsten, and hole MW005 had 2 metres at 0.10% tungsten from 1.63 metres to 3.63 metres.
Results from hole MW009 included 2 metres at 0.20% tungsten trioxide from 7.6 metres to 9.63 metres, and hole MW011 had 2 metres at 0.10% tungsten from 5.68 metres to 7.68 metres and 2 metres at 0.25% tungsten from 11.68 metres to 13.68 metres.
Hole MW010 produced intercepts of 2 metres at 0.31% tungsten trioxide from 1.54 metres to 3.54 metres, 4 metres at 0.2% tungsten from 5.54 metres to 9.54 metres, 2 metres at 0.37% tungsten from 11.54 metres to 13.54 metres and 2 metres at 0.23% tungsten from 15.54 metres to 17.54 metres.
Metal Tiger Chief Executive Cameron Parry said it was "extremely exciting to receive the first batch of data from Target 1 confirming tungsten and demonstrating near surface mineralisation and high grade assay results."
"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," he added.
"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," said Parry.
The partnership is conducted through joint venture vehicle Logrosan Minerals Ltd, in which Metal Tiger has the right to earn up to a 50% stake by funding up to EUR500,000 of funding for exploration activities in 2015. The company's partner is Mineral Exploration Network (Finland) Ltd.
Metal Tiger shares were down 0.5% to 0.970 pence per share on Thursday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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