MTR.L Share News (MTR)

(ShareCast News) - Natural resources investing company Metal Tiger updated the market on progress at its Thailand joint venture on Friday, saying the mine plan was "substantially complete", and the update of the Resource was progressing at pace with the team working to a tight deadline.The AIM-traded firm said the building of a 3D model of the two mines using historical production, drill core, stope sampling, and lithological interpretation data, all digitalised from hand drawn maps and log books into mapping formats, was supporting the process.It said the Mine Plan will be amended once the Resource has been updated. Translation into Thai for submission is about to commence.Work towards the environmental impact assessment report was also underway, as was data collection for a hydrogeology study that would produce a subsurface water flow model.A wet season environmental baseline study had been completed, and the economic contribution assessment had also been completed, but the board said it will be updated following the resource update.A total of 19 2m-2.5m deep channel samples had been taken from the tailings pond for analysis.Metal Tiger said it was also worth noting that the team had the benefit of several studies and work concluded during 2011-2013 by the previous owners of the project, including a tailings pond expansion plan, a geotechnical study, a site rehabilitation and reclamation plan, the NI 43-101 and preliminary economic assessment model.Exploration work, including rock chip sampling, soil geochemistry, ground IP geophysics, airborne magnetics and radiometrics had also been completed by the previous owners."The management team for the Thai Joint Venture has significant in country project development and operating expertise and this is proving invaluable and being demonstrated through the progress occurring to complete the studies before the envisaged IPO towards the end of Q2 2017," said CEO Michael McNeilly."Further updates will be made in due course with regard to the IPO progress as well as board composition of the Thai Listco."