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Work Commencement - Morogoro Gold Project JV

RNS Number : 6987P
Metal Tiger PLC
10 June 2015
 

Metal Tiger Plc

("Metal Tiger" or the "Company")

 

 

Work Commencement - Morogoro Gold Project JV

 

Metal Tiger (LON: MTR), the natural resources investing company is pleased to announce the commencement of the Company's work programme at the Morogoro Gold Project in Tanzania ("Morogoro Project"), held in Joint Venture ("JV") with Kibo Mining plc ("Kibo Mining") (LON:KIBO).

 

Readers are advised to consult the Company's news announcements of 19 January 2015 and 26 February 2015 which outline the terms of the Company's JV with Kibo Mining in respect of Morogoro.

 

Highlights:

 

-     formal commencement of ground exploration work at the Company's Joint Venture with Kibo Mining over their Morogoro Licence in eastern Tanzania;

 

-     initial exploration work to investigate gold mineralisation anomalies previously identified;

 

-     work to include assay testing of existing samples for gold and multi-element mineralisation with results due early Q3 2015;

 

-     follow up work to be formulated on the basis of on-going results but likely to include additional soil sampling to enhance initial findings and to extend mineralisation identified, together with reconnaissance assessment and mapping to examine unexplored ground within the Morogoro Project, including documented Copper occurrences and potential artisanal workings;

 

-     overall objectives of the Morogoro programme will be to assess prospectivity combining the additional findings from this work with data gathered from previous exploration data in order to assess project viability cost effectively and, assuming positive results, define a project pathway including resource drilling.

 

 

Cameron Parry Chief Executive Officer of Metal Tiger said, "Metal Tiger is pleased to confirm the commencement of work at Morogoro.  The approach we have agreed with Kibo Mining is specifically designed to rapidly assess the prospective gold mineralisation and enable both Metal Tiger and Kibo to efficiently deliver results to market, and cost effectively determine the potential of the Morogoro Project.  We look forward to receipt of the results of our work which will be delivered to market at the earliest opportunity.

 

The launch of ground exploration at Morogoro in Tanzania, combined with on-going exploration in Spain and Thailand, means Metal Tiger now has interests in three active operations, each of which will deliver on-going news flow to the market.  Thus, the Company's Direct Projects division is very busy working to build value for Metal Tiger Shareholders.

 

We anticipate further news will be released to the market shortly.  This will include additional assay testing following on-going Tungsten drilling at Logrosán in Extremadura, Spain and the findings from the first stage of the Company's Gold and Antimony exploration programme in Chanthaburi, Thailand."

 

 

Morogoro Gold Project -  Background and Initial Work Programme

 

The Morogoro Gold Project ("Morogoro") comprises an area of 1,530 sq km in which the JV has a 100% interest.  The licences comprising Morogoro are situated in South Morogoro and Dodoma regions in the east of Tanzania. 

Historic exploration work was principally focused on the main target at Ruvu Nappe and the bulk of work was undertaken in 2012.  This work included a regional soil sampling survey across the Ruvu Nappe and a soil and stream sampling programme which identified a number of anomalous areas for detailed follow up work.  The outcome of the work programme conducted in 2012 was summarised in the announcement by Kibo Mining on 14 November 2012.

Notwithstanding the positive results encountered in the 2012 programme, the exploration funding climate together with the strategic focus of Kibo on its Mbeya and Imweru projects, meant limited further work has been undertaken. 

Post completion of the 2012 work programme and agreement of the JV with Metal Tiger, Kibo has undertaken a significant rationalisation of its ground holdings in order to focus forward exploration on the most prospective areas emerging from the 2012 programme on recommencement of Morogoro operations.

The JV with Metal Tiger enables the Morogoro work programme to restart.  As a first stage of restarting the work programme the partners have undertaken a review of historic work and the findings encountered.  The purpose of this review was to identify the most cost effective and expeditious manner in which continue exploration work.

In this regard it is noted that after the closure of the field program at South Morogoro, 222 soil samples and 7 rock/gravel samples were placed into storage for future analysis.  The samples were not tested immediately reflecting the need for cost control given the challenging funding environment and the need for Kibo to focus resources elsewhere at the time.

These samples were taken on a 200m by 100 meter grid targeting several anomalous stream sediment anomalies and geological structures.

The JV has concluded therefore that the samples collected but not yet assayed, will be sent for assay testing with immediate effect.  The results when received will enable the JV to more fully consider the entirety of the historic exploration programme and tailor future work on the basis of the expanded dataset.

 

At this time the anticipated next steps after this initial assay work will include soil infill and extension sampling to further investigate the anomalies identified during the 2012 programme with a particular focus on the most prospective area for gold mineralisation and a potential extension to an area of known mineralisation.

 

The above work builds on the 2012 exploration programme conducted by Kibo.  In addition to this the JV is also considering an assessment and reconnaissance mapping exercise covering areas of the Morogoro Project which have not to date been subject to systematic exploration.  This includes an area of the Project which has documented Copper occurrences and potentially active artisanal mine workings.

 

 

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

Nick Emerson

Andy Thacker

Spark Advisory Partners Limited

(Nominated Adviser)

SI Capital

(Sole Broker)

 

Tel: +44 (0) 2033 683 555

www.sparkadvisorypartners.com

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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