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Assays Confirm Significant Tungsten - Spain

RNS Number : 6655P
Metal Tiger PLC
09 June 2015
 

METAL TIGER PLC

9 June 2015

 



Metal Tiger plc

("Metal Tiger" or the "Company")

 

Assays Confirm Significant Tungsten - 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:

 

·      Exploration activities under Joint Venture ("JV") continue to progress well;

·      885m of the planned 5,000m (18%) drill programme complete;

·      47 holes completed to date;

·      External Assay results for 26 holes received from ALS Minerals (3 batches);

·      Significant Tungsten mineralisation thus far confirmed over a strike length of 410m (mineralisation currently open at both ends);

·      Previously unreported stand out tungsten drill hole intersections include:

 

Hole LM008

Ø 8m @ 0.32% WO3 from 5.52m to 13.52m, including 2m @ 0.49%WO3 & 0.1% SnO2;

Ø 2m @ 0.32% WO3 from 15.52m to 17.52m

Hole LM012

Ø 6M @ 0.08% WO3 from 7.48m to 13.48m, including 2m @ 0.11%WO3

Hole LM014

Ø 2.7m @ >0.32% from 11.30m to 14.00m including 2m @ > 0.63% WO3 (above the tungsten detection limit of 5000ppm)

 

Cameron Parry CEO of Metal Tiger stated: "Metal Tiger is able to report excellent progress from our JV team operations in the field at the Logrosán Project and is particularly pleased with the highly positive assay data demonstrating the extent of Tungsten mineralisation at the Project. 

 

The drilling continues and the Company looks forward to reporting further results to market as they become known.  Although at an early stage, the JV exploration work is indicating the potential for a substantial Tungsten deposit at Logrosán and this of course is very good news for the Company and its shareholders.  We look forward to bringing more news to market in relation to this and Metal Tiger's other Direct Projects activities soon."

 

Logrosán - Summary of Progress to Date:

 

The Rotary Air Blast (RAB) drilling programme is progressing well and to plan.  As of end of day, 8th June, a total of 47 holes on 11 profiles have been completed on Target 2, for a total of 885 metres drilled (approximately 18% of the total planned programme) and a total of 491 drill samples taken.    Holes are inclined to 45 degrees and average 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 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 three batches of external results consists 99 assays from 26 holes (selected for external analysis from a total of 245 samples).  Significant intersections of tungsten mineralisation were interested in 6 holes located on two profiles, ranging from 0.08% to over 0.63% WO3.

 

Including the previously reported intersections (from holes LM001, LM002 and LM003) significant intersections are summarised in Table 1 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)

* 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.

 

Thus far the drilling has delineated a tungsten mineralised trend measuring 410m long and striking NE - SW. This feature is currently open at both ends.

 

As a guide, the tungsten concentration of workable ores typically starts from 0.1% WO3.

 

ALS Minerals is an accredited laboratory, the assay results are certificated and include the insertion of laboratory controls including duplicate, standards and blanks.  The fourth batch of samples were despatched from site to ALS Seville on 8 June.

 

Background to Logrosán Drilling Programme:

 

The project took delivery of a new Dando Terrier tracked rotary air blast (RAB) drilling rig on Thursday 23rd April 2015.  The planned programme consists up to 5,000m of inclined drilling designed to test surface geochemical and geophysical anomalies at depth.  Drilling will be split between two seasons, April to end June and September to December, with a break over the hottest part of the year.  The Dando Terrier is a compact, track mounted drill rig fitted with a mast dump for inclined drilling up to 45 degrees from vertical.

 

The drilling has commenced on Target 2, an elongated zone of elevated tungsten in soil anomalies and structure identified by ground magnetics.  Holes currently average 19m in depth dependant on specific target and drilling conditions.  A total of 12 drill profiles are planned at this target. Upon completion of the planned profiles infill drilling will depend on results.

 

The method of drilling and sampling is deemed appropriate for the stage and goals of the exploration programme.  The commencement of the drilling programme, the sampling procedures and protocols have been agreed and reviewed on site in conjunction with Metal Tiger's qualified geologist.

 

Target 2 is characterised by four sub-parallel tungsten anomalies (in an area 1.2km by 1km) superimposed over an arsenic anomaly and structures interpreted from the magnetic geophysics. Channel sampling in a trench cross-cutting one of these anomalies has confirmed hard-rock tungsten mineralisation ranging 581-1805 ppm.

 

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 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 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 €150,000 earning in a 15% 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 1 granted licence and 2 licence applications 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.  The licence was granted on 2 December 2013 for a period of three years.  The "San Cristóbal" and "Zorita" licence applications cover 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:

 

Cameron Parry

(CEO)


Tel: +44 (0)207 099 0738

Paul Johnson

(Executive Director)


Tel: +44 (0)7766 465 617

Sean Wyndham-Quin

Neil Baldwin

Spark Advisory Partners Limited

(Nominated Adviser)

Tel: +44 (0) 2033 683 555

Nick Emerson

Andy Thacker

SI Capital Limited

(Sole Broker)

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.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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