5 Feb 2020 09:20
5 February 2020
Metal Tiger plc
(“Metal Tiger” or the “Company”)
Cobre Limited – Commencement of Drilling at Perrinvale Project
Metal Tiger plc (AIM:MTR), the London Stock Exchange AIM listed investor in strategic natural resource opportunities, is pleased to provide an update on Cobre Limited (“Cobre”), in which the Company has a 19.99% interest.
Drilling is now underway at the Perrinvale Project, Western Australia, in which Cobre hold an 80% interest. It is proposed that the initial programme will include approximately 1,000m of diamond core drilling at three prospects: Zinco Lago; Schwabe; and Monti. Work is targeting an extension of the high-grade volcanogenic massive sulphide (“VMS”) mineralisation identified at the Schwabe Prospect in June 2019 (5m @ 9.75% Cu, 3.2g/t Au, 34g/t Ag & 3.1% Zn from 50m) as outlined in the Cobre’s listing prospectus.
The Zinco Lago Prospect is being drilled first, with the objective of investigating the historically reported near-surface copper and zinc drilling results from the 1970s. The drill rig will then move over to the Schwabe Prospect, with the objective of extending out the June 2019 high-grade drill intercepts, before finally moving to the Monti Prospect which has similar geology to the Schwabe Prospect, and which has surface gossans extending over a 700m strike.
Further details on the drilling programme is set out in the Cobre announcement of today, which can be accessed via the following hyperlink: https://www.asx.com.au/asxpdf/20200205/pdf/44dv3hpn2dkfdf.pdf
Michael McNeilly, Chief Executive Officer of Metal Tiger plc, commented:
“We are delighted to report the commencement of the Perrinvale Project diamond drilling programme, in Western Australia, where Cobre is targeting volcanogenic massive sulphide prospects and extensions to the high-grade base metal and gold drilling intercepts they made during June 2019. We look forward to further updates from Cobre as the work proceeds and when assay results become available.”
Perrinvale Project Background
In June 2019, Cobre undertook an initial reverse circulation drilling programme within the Perrinvale tenements, in order to investigate targets identified by an earlier electromagnetic survey. At that time, the drilling programme intersected high-grade VMS style base metal and gold mineralisation at shallow depth. The best assayed intercept was at the Schwabe Prospect with 5m at 9.8% copper, 3.2g/t gold, 34g/t silver and 3.1% zinc at 50m depth. Subsequently, Cobre completed an airborne electromagnetic survey within the Perrinvale Project area and identified ten potential VMS prospects.
Cobre Background
Cobre is an Australian based and focused exploration company seeking to create shareholder value through the successful exploration of base metal projects. It listed on the ASX in January 2020, under the ticker CBE, in conjunction with an oversubscribed IPO raising A$10 million.
Cobre is the 80% owner of Toucan Gold Pty Ltd, which holds a group of tenements collectively referred to as the Perrinvale Project in central Western Australia. Michael McNeilly, Chief Executive Officer of Metal Tiger, is a Non-Executive Director on the Board of Cobre. Further details on Cobre is available on their website: http://www.cobre.com.au.
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 Monique Perks | 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 3.5% 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, Spain and Thailand. In Botswana, Metal Tiger has a growing interest in the large and highly prospective Kalahari copper/silver belt through its interest in Kalahari Metals Limited. In Spain, the Company has tungsten and gold interests in the highly mineralised Extremadura region. In Thailand, Metal Tiger has interests in two potentially near-production stage lead/zinc/silver mines as well as licences, applications and critical historical data covering antimony, copper, gold, lead, zinc and silver opportunities.
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.
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