(Alliance News) - Metal Tiger PLC on Tuesday said its investee Cobre Ltd reported the details of its planned 6,000 metre drilling campaign at the Perrinvale volcanic-hosted massive sulphide project located in Western Australia.
AIM-listed Metal Tiger - which holds 20% stake in Cobre - shares were 3.7% lower in London in the afternoon trading at 1.71 pence each.
The company, which invests in natural resource opportunities, said Cobre's upcoming drill programme includes 3,400 metres of reverse circulation drilling and 2,600 metres of diamond drilling.
The field crews have begun mobilising to site in preparation for the arrival of drill rigs later this month.
Metal Tiger said the key targets of this exploration drilling campaign will be to further explore the Perrinvale mineralisation, to test the potential of the primary sulphides identified in the previous drilling campaign, and to drill new targets at Piega del West and Costa del Islas.
"Following the exceptional drilling results in the initial exploration programmes, Cobre has already proven the multi commodity potential at Perrinvale," said Metal Tiger Chief Executive Michael McNeilly.
"With this new phase however, we look forward to potentially expanding upon that potential as Cobre drills existing prospect discoveries, as well as testing multiple new prospects at new locations," added McNeilly.
By Evelina Grecenko; firstname.lastname@example.org
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