2 Jul 2015 12:32
METAL TIGER PLC
2 July 2015
Metal Tiger plc
("Metal Tiger" or the "Company")
Further Assays Build on Significant Tungsten Mineralisation - Spain
Metal Tiger (LON: MTR), the natural resources investing company is pleased to provide an update on drilling progress and further assay results for the Logrosán Gold and Tungsten Joint Venture project in Extremadura, Spain.
Highlights:
First phase drill programme compete at Target 2, Tungsten mineralisation confirmed over a increased strike length of 450m; Anomalous tin intersections seen in 2 holes at the SW end of Target 2;17 holes completed on Target 1, drilling will recommence here in September;External Assay results for 42 holes received from ALS Minerals (5 batches), remaining assays for the first part of the drill programme expected mid-July;1,568m of the planned 5,000m (31%) drill programme complete for 82 holes;When the spring drilling season is complete, drilling will recommence in September, with a planned break over the hottest months;Previously unreported stand out tungsten and tin drill hole intersections include:
o Hole LM045
Ø 2m @ 0.47% WO3 from 15.63m to 17.63m and
Ø 2.2m @ 0.25% WO3 from 25.63m to 27.85m
o Hole LM051
Ø 6M @ 0.15% SnO2 from 1.62m to 7.62m, including 2m @ 0.20% SnO2
o Hole LM052
Ø 2.0m @ >0.09% WO3 from 1.52m to 3.52m
o Hole LM053
Ø 6.0m @ 0.25% WO3 from 1.69m to 7.69m including 2m @ > 0.60% WO3 and
Ø 10.0m @ 0.12% SnO2 from 1.69m to 11.69m
Cameron Parry CEO of Metal Tiger commented: "Metal Tiger is very pleased with the progress by our JV team on the Logrosán Project during the April - June drilling season and we would like to thank the drilling team who have worked exceptionally hard during this period.
So far the results from Target 2 have been very promising with 450m of tungsten mineralised strike length thus far delineated, and now two holes bearing significant tin intersections. We are looking forward to reporting the assay results from the remaining 10 holes on Target 2 in the near future.
We are also excited with the potential of Target 1, on the recently approved Zorita licence which is a yet larger prospective target, when considering the pre-drilling exploration data. We look forward to releasing assay data from Target 1 when available.
Although at an early stage, the JV exploration work continues to indicate the potential for a substantial Tungsten deposit at Logrosán".
Logrosán - Summary of Progress to Date:
The Rotary Air Blast (RAB) drilling programme has progressed well over the planned 24 April - 30 June season. Drilling activities will now pause for the months of July and August, recommencing start of September. As of 30th June, 82 holes with a total of 1,568 metres drilled (approximately 31% of the total planned programme) and a total of 743 drill samples have been collected. This constitutes 65 holes / 1,300 m on 14 profiles at Target 2 and 17 holes / 268m on 2 profiles on Target 1. Target 1 is located in the recently granted Zorita licence area.
Holes were inclined up to 45 degrees and averaged 19m (range 10m to 38m) in depth. The azimuth of the drill profiles is perpendicular to the perceived mineralised trend. The depth attained by each individual hole is largely constrained by the level of the water table, where the level of water inflow risks the drill tool becoming stuck the hole is terminated.
Drill samples are typically collected over two metre intervals and are riffle split to produce sample for analysis, a duplicate and a sieved course fraction. Samples are analysed initially using an Inovex XRF (the internal assay); where mineralisation is encountered samples are batch analysed by ALS Minerals laboratory ("ALS") in Seville, Spain (the accredited external assay).
Upon receipt at ALS, samples are weighed, crushed, split and pulverised to 85% < 75microns and then analysed using the Trace Level XRF Analysis (ME-XRF05) package, reporting tin and tungsten in parts per million (ppm). The Tungsten ppm assay is multiplied by 1.2611 to obtain an equivalent WO3 grade which is expressed as a percentage. The tin ppm assay is multiplied by 1.2696 to give SnO2 equivalent (expressed as %).
The first five batches of external results consists 164 assays from 42 holes (selected for external analysis from a total of 489 samples) on Target 2, 10 remaining holes have samples out for external analysis. Thus far significant intersections of tungsten mineralisation has been intersected in 9 holes, ranging from 0.08% to over 0.63% WO3. Including the previously reported intersections (from holes LM001, LM002, LM003, LM008, LM012 and LM014) significant tungsten intersections are summarised in Table 1 below, and the significant tin intersections are outlined in Table 2 below:
Table 1: Significant Tungsten Drill Hole Intersections, Logrosán Target 2
Hole ID | From (m) | To (m) | Intersection Width * (m) | WO3 (%) | Notes |
LM001 | 19.57 | 21.57 | 2.00 | 0.15 |
|
LM002 | 3.15 | 7.15 | 4.00 | 0.18 |
|
LM003 | 13.60 | 17.60 | 4.00 | 0.08 |
|
LM008 | 5.52 | 13.52 | 8.00 | 0.32 | including 2m @ 0.49%WO3 & 0.1% SnO2 |
15.52 | 17.52 | 2.00 | 0.32 |
| |
LM012 | 7.48 | 13.48 | 6.00 | 0.08 | including 2m @ 0.11%WO3 |
LM014 | 11.30 | 14.00 | 2.70 | >0.32 | including 2m @ > 0.63% WO3 (above tungsten detection limit of 5000ppm) |
LM045 | 15.63 | 17.63 | 2.00 | 0.47 |
|
25.63 | 27.85 | 2.22 | 0.25 |
| |
LM052 | 1.52 | 3.52 | 2.00 | 0.09 |
|
LM053 | 1.69 | 7.69 | 6.00 | 0.25 | Including 2m @0.60% WO3 |
Table 2: Significant Tin Drill Hole Intersections, Logrosán Target 2
Hole ID | From (m) | To (m) | Intersection Width * (m) | SnO2 (%) | Notes |
LM051 | 1.62 | 7.62 | 6.00 | 0.15 | including 2m @ 0.20% SnO2 |
LM053 | 1.69 | 11.69 | 10.00 | 0.12 |
|
* Note that drill intersection widths do not necessarily represent the true thickness of the mineralisation as insufficient drilling has been completed to calculate the actual dips of the veins/structures.
With 5 of 6 batches of Target 2 assays returned the tungsten mineralised trend currently measures 450m long striking NE - SW.
Guidance Note: When reviewing the data above, please note that the tungsten concentration of workable ores typically starts from 0.1% WO3.
Background to Logrosán Drilling Programme:
The planned programme consists up to 5,000m of inclined rotary air blast (RAB) drilling designed to test surface geochemical and geophysical anomalies at depth. Drilling is split between two seasons, 24 April to 30 June and September to December, with a break over the hottest part of the year. The drill rig which is owned by the Joint Venture company is a compact, track mounted Dando Terrier drill fitted with a mast dump for inclined drilling up to 45 degrees from vertical. The method of drilling and sampling is deemed appropriate for the stage and goals of the exploration programme. The drilling programme, the sampling procedures, protocols and results are agreed and are reviewed in conjunction with Metal Tiger's qualified geologist.
The drilling commenced in April 2015 on Target 2, an elongated zone of elevated tungsten in soil anomalies and structure identified by ground magnetics in the Antonio Caño Exploration Licence area. A total of 14 drill profiles have been completed during the first pass drilling at this target which is characterised by four sub-parallel tungsten soil geochemistry anomalies (in an area 1.2km by 1km) superimposed over an arsenic anomaly and structures interpreted from the magnetic geophysics.
Target 1 is located within the Zorita Exploration Licence area, it constitutes an isometric arsenic in soil anomaly 2.4km by 1.5 km elongated in NS direction, cut by a linear Pb-Zn anomaly (NNE orientation) with pan-concentrate gold flakes elevated on the eastern flank of the arsenic anomaly. Selected soil samples from the most intensive part of the As anomaly have been analysed by ALS Laboratories, demonstrating the arsenic coincides with tungsten over a 0.5km by 1.5km area. Study of the gold flakes in this area show two different generations of gold with grain sizes varying up to 2.5mm in diameter, and a generally angular form (suggesting proximity to source).
Background to Joint Venture:
Metal Tiger entered into a Joint Venture with Logrosán Minerals Ltd (a Special Purpose Vehicle "SPV" company incorporated in the UK) on 13 March 2015. Logrosán Minerals Limited is the operating company for the Logrosán Exploration Project. Over the prior 18 months, Metal Tiger's joint venture partners in Logrosán Minerals Ltd, Mineral Exploration Network (Finland) Ltd, had carried out more than 40,000 soil samples, hundreds of pan-concentrate samples, covered thousands of linear kilometres with ground magnetic survey and assessed electro-magnetic tomography. The presence of Tungsten mineralisation had been confirmed by soil sampling, outcrop sampling, trenching and historical drill holes. Gold mineralisation has been confirmed by pan-concentrate and findings to date delineate three significant anomalies, being one square kilometre each.
Metal Tiger is to fund up to €500,000 in exploration work over the balance of 2015 in line with an agreed exploration programme that includes up to 5,000 metres of drilling.
Metal Tiger is to be issued with new ordinary shares in Logrosán Minerals Ltd in line with funds injected. Should Metal Tiger provide the total €500,000 2015 exploration programme funding it will hold 50% of the shares on issue in Logrosán Minerals Ltd. To date Metal Tiger has expended €200,000 earning in a 20% holding of Logrosán Minerals Ltd. The balancing holding in the SPV is held by Mineral Exploration Network (Finland) Ltd.
Each monthly payment made by Metal Tiger provides the exclusive right to make payment of the other monthly instalments, however it is at Metal Tiger's discretion as to whether it continues to be the sole funder of this amount or brings in co-investors under the same terms as Metal Tiger's equity investment.
Should Metal Tiger be the sole investor and make the total €500,000 in payments for equity in the SPV, then Metal Tiger will acquire a total of 50% of the shares of the SPV, at which point it is up to the board and shareholders of the SPV as to how further stages are funded.
The SPV holds 2 granted licence and 1 licence application for a total area of 238 square kilometres in Logrosán, a municipality of the province of Cáceres in Extremadura, Spain. The exploration licence ("Antonio Caño", 10314-00) covers an area of 88.85 square kilometres and was granted on 2 December 2013 for a period of three years. The Zorita Exploration Licence covers an area of 105.96km2, it is valid for 3 years starting 18 June 2015 and is renewable for a total of 9 years. The "San Cristóbal" licence application covers a further area of 148.98 square kilometres adjacent to the "Antonio Caño" licence.
Mr Nick O'Reilly (MSc, DIC, MAusIMM, FGS), is a qualified geologist who meets the criteria of a qualified person under the AIM Rules - Note for Mining and Oil & Gas Companies, he has visited the Project Area, overseen the drilling and sampling and reviewed the technical information contained within this announcement. Mr O'Reilly is a consultant working for Mining Analyst Consulting Ltd which has been retained by Metal Tiger PLC to review the work undertaken on the Logrosán Exploration Project.
For further information on the Company, visit: www.metaltigerplc.com:
Metal Tiger Plc |
|
Cameron Parry (CEO) | Tel: +44 (0)207 099 0738 |
Paul Johnson (Executive Director) | Tel: +44 (0)7766 465 617 |
Spark Advisory Partners Limited (Nominated Adviser) Sean Wyndham-Quin Neil Baldwin | Tel: +44 (0) 2033 683 555
|
SI Capital (Sole Broker) Nick Emerson Andy Thacker | Tel: +44 (0) 1483 413 500 |
Notes to Editors:
Metal Tiger Plc is a natural resources focused investing company quoted on the London Stock Exchange AIM Market ("AIM") with the trading code MTR and two investment divisions, Direct Equities and Direct Projects.
The Direct Equities division invests in quoted natural resource explorers and developers, with a combination of shares and warrants providing a potential non-debt financing instrument and enhanced return potential.
The Direct Projects division invests in operational mineral exploration projects with current investments in Spanish Gold & Tungsten, Thai Gold, Copper & Antimony, and Tanzanian Gold and Uranium. The Direct Projects investment division also has working collaborations to identify new investment opportunities in Russia (platinum focus) and Turkey (gold focus), in association with experienced in-country partners.
Metal Tiger'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 timed to coincide where possible, with a cyclical recovery in the exploration and mining markets.