Exploration Update - Thailand

RNS Number : 0475I
Metal Tiger PLC
20 March 2015
 

METAL TIGER PLC

20 March 2015

 

Metal Tiger Plc

("Metal Tiger" or the "Company")

 

Exploration Update - Thailand

 

Metal Tiger (LON:MTR), the natural resources investing company is pleased to provide an update with regard to the Company's Joint Venture ("JV") operations in Thailand. 

 

Highlights:

·      Joint Venture moves into ground operations phase;

·     Initial exploration work programme agreed in Thailand by Chairman and to commence   March 2015;

·     Multi-faceted technical work programme to be completed to provide data regarding   antimony and gold mineralisation potential;

·      Key personnel engaged and other licence applications being progressed.

 

Metal Tiger's CEO Cameron Parry, commented: "Metal Tiger is delighted to see the commencement of exploration work at our first Joint Venture property in Thailand.  With the launch of active operations at Logrosan, Spain and Chanthaburi, Thailand confirmed to the market within the same week, Metal Tiger has demonstrated its commitment to forge ahead aggressively with our Direct Projects investment division.  We look forward to providing further updates to shareholders over the coming weeks and months as the programme of work is undertaken and results become known."

 

Following recent site visits by Terry Grammer (Chairman) and Cameron Parry (CEO) in Thailand, which work included exploration programme design and final sign off by the Chairman, Metal Tiger is pleased to announce the commencement of exploration work at the Company's Joint Venture property licensed for exploration, in Chanthaburi, Thailand.  This project is covered by Exclusive Prospecting Licence 51/2557 ("EPL") which is held for the Joint Venture by partners South East Asia Exploration & Mining Co., Ltd ("SEAM").

 

Metal Tiger has made payment in full to cover this initial work programme which is being undertaken on a fixed budget and at moderate cost, in line with the Company ethos to yield maximum value from exploration spend.

 

The initial work programme will include the following elements:

 

-      Airborne Geophysics Interpretation including magnetic and radiometric survey data;

-      Surface Geological Mapping and Sampling;

-      Deep Soil Sampling;

-      Chemical Analysis (re: Gold and pathfinder elements).

 

Progress updates will be made available to the company during the work programme and findings delivered within a Final Report submission.  Metal Tiger will endeavour to update the market as soon as practicable as results are received and interpreted.

 

Details of Area Licensed

 

The JV property that the EPL covers is an area totalling 187 hectares in the Phawa subdistrict of the Kaeng Hang Meoa district of the Chanthaburi province, in the South East of Thailand.  Approximately 300 kilometres east of Bangkok, the property is located in the area locally known as the 'Gold-Antimony Belt'. The EPL enables Metal Tiger to invest in exploration activities to be carried out on site for the period ending 25 September 2015.

 

Details of Areas with Licence Applications

 

2 SPLAs ("Special Prospecting Licence Applications") covering a total area of 31km2 relating to projects in the Nakon Sawan and Lopburi provinces within the Loei-Phetchabun part of what is locally referred to as the 'Copper-Gold Belt'.  These sites in central Thailand which are the subject of the two respective SPLAs are currently anticipated to obtain exploration by 2016.

 

Key Personnel Engaged

 

As well as the work undertaken by our Joint Venture partner, Metal Tiger has now engaged several locally-based professionals, including a specialist licensing/permitting consultant to progress the licensing process of our other JV properties.

 

Thailand Joint Venture Interest

 

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.

 

 

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

 


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