MTR.L Regulatory News (MTR)

22 Apr 2020 07:04

22 April 2020

Metal Tiger plc

(“Metal Tiger” or the “Company”)

Cobre – Geophysical Survey Update for Perrinvale Project

Metal Tiger plc (AIM:MTR), the London Stock Exchange AIM listed investor in natural resource opportunities, is pleased to note the announcement made earlier today by Cobre Limited (“Cobre”) (ASX:CBE), the copper exploration company focussed on exploring the Perrinvale Copper Project (“Perrinvale” or “Perrinvale Project”), regarding the results from Down Hole Electromagnetic Surveys (“DHEM”).

Cobre has an 80% interest in Toucan Gold Pty Ltd, which wholly owns Perrinvale. Metal Tiger has a 19.99% equity interest in Cobre.

Cobre’s announcement can be accessed via the following hyperlink:

https://www.asx.com.au/asxpdf/20200422/pdf/44h4pnkmfj5rxf.pdf

Highlights:

DHEM surveys have been undertaken on the recently completed diamond core drill holes at the Schwabe, Zinco Lago and Monti Prospects, plus two of the reverse circulation holes drilled in 2019. A number of promising electromagnetic conductors have been identified within the Perrinvale Project including: the existing Schwabe drill area; below recent drilling at Zinco Lago; off hole along the Zinco Lago - Lago Rame gossan trend; and adjacent to the recent Monti drilling. Ground electromagnetic surveys now underway to further refine targets for the next phase of drilling at the Perrinvale Project.

Cobre’s announcement sets out the results from the DHEM surveys undertaken following the recent diamond drilling programme within the Perrinvale Volcanic-Hosted Massive Sulphide (“VHMS”) Project located in Western Australia.

Cobre has confirmed that it has now commenced a programme of ground electromagnetic surveys across the Perrinvale Project area, seeking to achieve the following broad objectives:

to assess the potential for deeper conductors associated with the Schwabe VHMS system; further assessment of areas where DHEM conductors may be open or are yet to generate clear models; and improve resolution of other priority conductors noted in the 2019 airborne electromagnetic survey.

Michael McNeilly, Chief Executive Officer of Metal Tiger plc, commented:

“We are pleased with these very positive results for Cobre, which demonstrate the potential being unearthed at the Perrinvale Project. We are pleased to see correlation with existing models, demonstrating increased potential across the existing licence area and we are delighted to note the identification of the new Lago Rame Gossan prospect. We look forward to further results in due course as the exploration programme continues.”

For further information on the Company, visit: www.metaltigerplc.com:

Michael McNeilly		(Chief Executive Officer)		Tel: +44 (0)20 7099 0738
Mark Potter		(Chief Investment Officer)
Richard Tulloch James Dance Jack Botros		Strand Hanson Limited (Nominated Adviser)		Tel +44 (0)20 7409 3494
Paul Shackleton Steve Douglas		Arden Partners plc (Broker)		Tel: +44 (0)20 7614 5900
Gordon Poole James Crothers Hugo Liddy		Camarco (Financial PR)		Tel: +44 (0)20 3757 4980

Notes to Editors:

Metal Tiger plc is admitted to the AIM market of the London Stock Exchange AIM Market ("AIM") with the trading code MTR and invests in high potential mineral projects with a base, precious and strategic metals focus.

The Company's target is to deliver a high return for shareholders by investing in significantly undervalued and/or high potential opportunities in the mineral exploration and development sector. Metal Tiger has two investment divisions: Direct Equities and Direct Projects.

The Direct Equities Division invests in undervalued natural resource companies. The majority of its investments are listed on AIM, the TSX and the ASX, which includes its 3.64% interest in Sandfire Resources NL (ASX: SFR). The Company also considers selective opportunities to invest in private natural resource companies, typically where there is an identifiable path to IPO. Through the trading of equities and warrants, Metal Tiger seeks to generate cash for investment in the Direct Projects Division.

The Direct Projects Division is focused on the development of its key project interests in Botswana, where Metal Tiger has a growing interest in the large and highly prospective Kalahari copper/silver belt through its interest in Kalahari Metals Limited.

The Company actively assesses new investment opportunities on an on-going basis and has access to a diverse pipeline of new opportunities in the natural resources and mining sectors. For pipeline opportunities deemed sufficiently attractive, Metal Tiger may invest in the project or entity by buying publicly listed shares, by financing privately and/or by entering into a joint venture.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200421005972/en/

Copyright Business Wire 2020