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Exploration Progress Update - Thailand

RNS Number : 0611Z
Metal Tiger PLC
15 September 2015
 

METAL TIGER PLC

15 September 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:

·    JV Partner SEAM have completed the planned Infill Soil Sampling Programme on Exclusive Prospecting Licence ("EPL") number 51/2557.

·    Phase 2 Exploration Report filed by JV partner SEAM, this fulfils the statutory filing requirements for the EPL.

·    Additional 107 soil samples and 7 composite rock samples collected on five east-west in-fill survey lines, for a total of 178 soil samples on 8 lines.

·   Confirmatory results enlarge two anomalous areas;

Ø Antinomy is coincident with a large scale regional structure in the centre of the EPL, anomaly is currently 1km long and open both to the north and south; and

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

·    Application for renewal of the EPL to be submitted as the positive results warrant further work.

·    Details of the follow-up investigation work agreed with Metal Tiger Chairman and renowned prospector Terry Grammer, will be given once the renewal has been issued.

 

Cameron Parry CEO of Metal Tiger commented:  "We are excited by the findings of the infill soil sampling work on our Chanthaburi JV project in Thailand.  The infill survey lines have extended the strike length of the antinomy anomaly to 1km, with the soil grid open at both ends and the anomalous gold seen in the north of the EPL in the first phase of soil sampling has been repeated in the consecutive in-fill lines, warranting the renewal of the licence and further study.

 

With the results of our exploration work to date and the timely submission of reports to meet the statutory filing requirements for the EPL, we feel that Metal Tiger has established its credentials as a serious metals explorer in Thailand.  We trust that this will put us in good stead with the Thai authorities for processing our current renewal and for any future license applications.

 

We look forward to providing further updates with regard to Thailand activities in due course."

 

Preliminary Exploration Summary

 

The exploration work conducted to date on EPL 51/2557 consists preliminary and infill 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 EPL and its regional surrounds. The work has been conducted by the Thai geological consults GMT Corporation Ltd (GMT) commissioned by Metal Tiger's JV partners SEAM. GMT have produced two reports on the work, an Interim Exploration Report and a Phase 2 Exploration Report; these have submitted to comply with Thai minerals industry legislation.

 

Regional mapping indicates the EPL 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, 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. 

 

Subsequent soil sampling on 5km of in-fill east-west lines, confirmed and enlarged the two anomalies, with the antinomy anomaly extending over a 1km strike length (open at both ends) parallel to the NE-SW thrust structure.

 

Geological observations and a total of 178 soil samples and 7 composite rock samples have thus far been collected from points at 50m intervals along eight 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 investigation.

 

An application for the renewal of the EPL will therefore be lodged and the plan for the next stage of works will be agreed in conjunction with Metal Tiger Chairman and renowned prospector, Terry Grammer, who has visited the site and is familiar with the geology of the Thailand gold and antimony belt.  Details of the planned programme will be given once the EPL renewal has been issued.

 

Details of the Exclusive Prospecting Licence

 

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, with the current application the EPL will be renewed for a further year.  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.

 

Background to Thailand Joint Venture:

 

Metal Tiger has the option to move to a 75% JV interest, and currently holds a 10% JV interest which is reflected in its 10% equity holding in Thai incorporated subsidiary companies: Tiger Minerals Ltd and Tiger Resources Ltd. Through the JV Metal Tiger has the opportunity to progress and control gold exploration targets in two of Thailand's known gold regions. Over the next 8 months, and subject to, at Metal Tiger's election, further payments totalling US$150,000 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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