LONDON (Alliance News) - Metal Tiger PLC Tuesday said it has found a new gold target at the Logrosan joint venture in Spain, and that it is working towards acquiring a stake in its partner's other project in the area.
The natural resources investment company said alteration mapping and infill soil and outcropping sampling has led to the discovery of a new gold target area called El Seranillo North. Metal Tiger had found two possible new target areas, but is still awaiting assay results.
"Once again we have reason to celebrate the results of exploration work from our Spanish Interests. The identification of an additional gold target at Logrosan is particularly significant for that project and we will investigate this proactively in 2016," said Chief Executive Paul Johnson.
Metal Tiger is working with Mineral Exploration Network (Finland), which owns a nearby project called Maria. Results from drilling at that project are currently being analysed, but have already confirmed gold and antimony mineralisation is present.
Metal Tiger is looking to secure an interest in the Maria project, and said Tuesday it has secured an extension from its partner to complete a deal by April 18.
"Our due diligence drilling at Maria has identified highly interesting gold and antimony mineralisation on first pass drilling to shallow depth. The results to date are compelling and we are therefore in advanced negotiations with our Logrosan Joint Venture partners to add the Maria licences into our Logrosan portfolio," said Johnson.
Metal Tiger has decided to pay a bonus to its field team working at the Spanish joint venture following their year of "intensive work" and "extremely positive exploration success".
The company will pay that bonus, amounting to GBP77,750, by issuing shares in the company to the field team amounting to 1.5 million new shares priced at 5.35 pence each.
Metal Tiger shares were trading up 4.7% to 5.60 pence per share on Tuesday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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