.waust" idsrc="xmltag.org">Western Australia. Cobre holds an 80% interest in Perrinvale.
Shares in Cobre commenced trading on the ASX at 11:00am Australian Eastern Daylight Time, on 31 January 2020, following the completion of its oversubscribed A$10m initial public offering (“IPO”). Metal Tiger subscribed for a total of A$2.4m as part of the IPO fundraise and, accordingly, is interested in 19.99% of Cobre.
Cobre has reported it has received the necessary drilling programme approvals from the Western Australian Department of Mines Industry Resources and Safetyfor diamond core, reverse circulation and aircore drilling within the Project. The new exploration approvals allow for 162 diamond core, 187 reverse circulation, and 40 aircore holes to be drilled across the 10 targets identified to date. Drilling is expected to commence during February.
Further details on the drilling programme including a plan showing the location of the drilling targets are set out in the Cobre announcement of today, which can be accessed via the following hyperlink: https://www.asx.com.au/asxpdf/20200131/pdf/44dp046t12nl25.pdf
Michael McNeilly, Chief Executive Officer of Metal Tiger plc, commented:
“We are delighted to report this important milestone for our investment in Cobre and the initiation of the Perrinvale drilling programme which holds the potential for further exciting high-grade base metal and gold intercepts. We look forward to updating the market once initial results from the drill programme are published.”
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 is an Australian based and focused exploration company seeking to create shareholder value through the successful exploration of base metal projects. It 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) |
| Strand Hanson Limited (Nominated Adviser) || Tel +44 (0)20 7409 3494 |
| Arden Partners plc (Broker) || Tel: +44 (0)20 7614 5900 |
| 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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Metal Tiger plc
Source: Metal Tiger plc