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Exploration Progress Update - Thailand

RNS Number : 1491S
Metal Tiger PLC
03 July 2015
 

METAL TIGER PLC

3 July 2015

 



Metal Tiger plc

("Metal Tiger" or the "Company")

 

Exploration Progress Update - Thailand

 

Metal Tiger (LON:MTR), the natural resources investing company is pleased to provide an exploration update with regard to the Company's joint venture ("JV") project with South East Asia Exploration & Mining Co. Ltd (SEAM) in Thailand.

 

Highlights:

  • Interim Exploration Report on Exclusive Prospecting Licence (EPL) number 51/2557 filed by JV partner SEAM.
  • Historical data compilation and study combined with remote sensing interpretation and reconnaissance scale geological mapping and soil sampling completed.
  • Assays of 71 soil samples collected on three east-west lines indicate two anomalous areas;

Ø Antinomy and arsenic is coincident with a large scale regional structure in the centre of the ELP; and

Ø Gold in soil in the northern half of the EPL.

  • Results warrant further infill soil sampling and follow-up investigation work which will be agreed with Metal Tiger Chairman and renowned prospector Terry Grammer.

 

Cameron Parry CEO of Metal Tiger commented: "We are very pleased by the findings of the interim exploration report on our Chanthaburi JV project in Thailand.  The presence of antinomy mineralisation bodes well for the prospectivity of the licence area.  And in addition to that, finding gold anomolies in the samples taken from the northern part of the licence, an area that has no previously known mineralisation, is particularly intriguing and a new area that we intend to follow up. 

 

We look forward to providing more news in due course as Metal Tiger now increases the level of funding directed toward exploration work on our JV licence in Thailand based on these encouraging preliminary findings."

 

Preliminary Exploration Summary

The exploration work conducted to date on EPL 51/2557 consists preliminary soil sampling, reconnaissance mapping and a compilation and study of existing information (published geology, reports on deposits or occurrences, aerial geophysics, lineaments and topography) pertaining the ELP and its regional surrounds. The work has been conducted by the Thai geological consults GMT Corporation Ltd (GMT) commissioned by MT JV partners SEAM. The GMT report has been submitted as an interim exploration report to comply with Thai minerals industry legislation.

 

Regional mapping indicates the ELP is intersected by a NE-SW trending low angle thrust fault at the contact of Carbonaceous age limestones and metasediments with Silurian - Devonian age metasediments.  Antimony mineralisation in the form of the mineral stibnite (antimony sulphide) and its oxides have been observed, in field, to occur as cavity fill in fault breccias associated with the NE-SW thrust structure.

 

Preliminary soil sampling on three east-west lines, totalling 3.2 line km, has yielded anomalous levels of antinomy and arsenic in the centre of the EPL, coincident with the trend of the perceived fault structure, and anomalous gold in soil in the north of the EPL. 

 

Geological observations and a total of 71 soil samples were collected from points at 50m intervals along the three lines.  Geological mapping was undertaken to supplement regional studies.

 

Samples were analysed by Minerals Assay and Services Co Ltd in Bangkok, for a total of 23 base metal and pathfinder elements by aqua-regia leach with inductively coupled plasma (ICP) emission spectrometry, and for gold by fire assay.

 

Next Steps

The anomalous antimony, gold and arsenic seen in the preliminary soil sampling is considered such to warrant further soil sampling on infill lines, combined with investigative pitting, mapping and ground based geophysics. The plan for the next stage of works will be agreed in conjunction with MT Chairman and renowned prospector, Terry Grammer, who has visited the site and is familiar with the geology of the Thailand gold and antinomy belt.  Further work updates and results will be announced in due course.

 

Details of EPL

EPL 51/2557 covers is an area totalling 187 hectares in the Phawa sub district of the Kaeng Hang Maeo district of Chanthaburi Province, of eastern Thailand. The EPL grants an exclusive right to explore for any minerals in the area covered by the licence. It is valid for a period of one year to 25 September 2015, and can be renewed for a further year if required.  The holder must submit an interim half yearly work progress report and an annual exploration report to fulfil the statutory filing requirements.

 

Approximately 300 kilometres east of Bangkok, the property is located in the area locally known as the 'Gold-Antimony Belt'. The JV enables Metal Tiger to invest in exploration activities to be carried out on the EPL for the period.

 

Background to Thailand Joint Venture:

 

Metal Tiger currently holds a 10% interest its Joint Venture with SEAM and this is reflected in its 10% equity holding in Thai incorporated subsidiary companies: Tiger Minerals Ltd and Tiger Resources Ltd. Through the Joint Venture Metal Tiger has the opportunity to progress and control gold exploration targets in two of Thailand's known gold regions. Over the next 15 months, and subject to, at Metal Tiger's election, further payments totalling US$175,000 being used for funding of exploration and licensing expenditure and including one final stage payment to the vendor in July 2016, Metal Tiger shall achieve a majority 75% JV interest.

 

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 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 Thailand JV.

 

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.


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