MTR.L Share News (MTR)

(ShareCast News) - Natural resources investing company Metal Tiger provided an update on the drilling and exploration progress at the Logrosan Minerals joint venture in Extremadura, Spain on Monday.The AIM-traded firm said the Logrosan Minerals venture was targeting gold and antimony at the Maria Project, and tungsten and gold at the Logrosan Project.It said two new significant gold targets were identified at Logrosan, with Logrosan West consisting of a 2.5km long gold anomaly within a 4km long arsenic anomaly.The other, El Seranillo East, consisted of a 1km by 500m wide arsenic anomaly, adding that infill gold analysis was ongoing but initial results from four profiles showed gold over a central 250m by 500m zone.There were four prospective gold targets within the Logrosan Project licence group to supplement the gold and antimony under investigation in the nearby Maria Project area, Metal Tiger's board said.Rotary Air Blast drilling remained on schedule, with work set down to resume in the new year.A total of 38 drill holes totalling 775m were completed during the autumn season, with 18 holes totalling 316m at the Maria Gold and Antimony Target and 20 holes totalling 459m at the Logrosán South Gold Target.Available assay results from the summer and autumn drilling included eight RAB drill holes with intersections between 1g/t Au to 3.94g/t, including 4.0m at 1.47 g/t.There were also 15 holes with intersections of between less than 1% Sb and 1.7% Sb, with the widest intersection being 7m at 1.0% Sb."The discovery of two new significant gold anomalies in the Logrosan licence group, brings the current number of qualified gold targets to four," said Metal Tiger CEO Michael McNeilly."Whilst exploration is still at an early stage and deeper drilling is clearly warranted to test mineralisation at depth, the RAB Drilling is proving to be an effective exploration tool with downhole intersections of upto 4.0m at 1.47 g/t Au and 7.0m at 1.0% Sb in the latest results from Maria."McNeilly said the company was excited by the possibility that through the application of systematic modern exploration techniques and hard work on the part of its JV field team, Metal Tiger may have identified a new gold camp in the centre of Spain."Whilst gold and antimony have historically been mined in the Maria project area the Logrosan licences have previously been known only for their phosphate, tin and tungsten.He said the addition of deep-drill ready gold targets to the two tungsten deposits outlined during 2015 added significantly to the potential of the Metal Tiger Spanish holdings."With the additional exploration potential 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, it is clear that, with the application of modern exploration techniques, the project areas have potential for becoming a multi-commodity hub."