Thailand Mae Yom Prospect Agreement
Metal Tiger Plc
("Metal Tiger" or the "Company")
Thailand Mae Yom Prospect Agreement
Metal Tiger plc (LON:MTR) the London Stock Exchange AIM listed investor in strategic natural resource opportunities
is pleased to announce that its Thai JV has signed a 45-day Due Diligence and Standstill Exclusivity Agreement with Thai Goldfields (“TGF”) for the purpose of advancing discussions related to the polymetallic Mae Yom prospect in Phrae Province, Thailand.
Paul Johnson Chief Executive Officer of Metal Tiger commented “I am pleased to announce further progress in Thailand. The work of our JV team in-country is proving to be exceptionally productive in the identification of new mineral opportunities and we are therefore expanding the technical team to include further Thai geologists. This expansion increases the capacity of the team to investigate and review an increasing number of opportunities and thus helps ensure that the company can identify the best opportunities and lodge licence applications or agree commercial transactions in a timely manner.
We will provide the market with a full update on the work being undertaken in Thailand shortly, however in the interim we note that investor focus is understandably on the Boh Yai and Song Toh Silver-Lead-Zinc Mines where we and our JV partners are making excellent progress and we expect to update the market in the near future.
We would urge investors to also be cognisant of the wider work we are undertaking to build our Thai portfolio as exemplified by today’s news. We are increasing the investment in Thailand to demonstrate our commitment to the country and its geological potential. Where possible we will be recruiting Thai staff and utilising Thai suppliers of goods and services. We will also be increasing in-country public relations demonstrating that Metal Tiger Thailand is committed to developing Thai resources, for the benefit of the Thai people and on terms that see a fair balance of risk and reward for all parties.”
Mae Yom Prospect Background
TGF currently holds three abutting Special Prospecting Licenses (SPLs) that were granted in late 2014. SPLs individually cover a maximum area of 16 square kilometres, are valid for five years, and are subject to an escalating expenditure schedule. The Mae Yom prospect surrounds an operating barite mine and is flanked by several former small copper mines.
Supported by extensive field mapping, grab sample analyses yielding highly anomalous Cu, Pb, Zn, and Sb results, and isotope geochemistry studies, the Mae Yom prospect has been interpreted as a broad scale barite-rich polymetallic (Cu, Pb, Zn, PMs) Volcanic Hosted Massive Sulphide (VHMS) target. The host rocks are subaqueous rhyolitic volcanics interbedded with contemporaneous limestones and other sedimentary units of Permian to Triassic age.
Rhyolitic volcanics of this period extend as a roughly north-south belt from Sukhothai Province further to the south in Thailand, northwards through northeastern Myanmar, and into Yunnan Province of southern China, where several producing polymetallic mines are known to exist. Broadly, the belt has been described as collapsed island arc tectonic terrain which built up over many tens of millions of years of subduction and volcanic extrusion prior to being squeezed between the Indochina plate and the advancing Sibumasu microcontinent as the Paleotethys Sea closed.
TGF has provided SEAM with data and coordinates related to the prospect, which are in the process of being evaluated in the context of geological interpretation. Field evaluation will be conducted later this month.
The technical information contained in this disclosure has been read and approved by Mr Nick O'Reilly (MSc, DIC, MAusIMM, FGS), who is a qualified geologist who meets the criteria of a qualified person under the AIM Rules - Note for Mining and Oil & Gas Companies. Mr O'Reilly is a consultant working for Mining Analyst Consulting Ltd which has been retained by Metal Tiger PLC to provide technical support.
For further information on the Company, visit: www.metaltigerplc.com:
|Paul Johnson (Chief Executive Officer)||Tel: +44 (0)7766 465 617|
|Terry Grammer (Non- Executive Chairman)||Tel: +44 (0)207 099 0738|
|Spark Advisory Partners Limited
Tel: +44 (0) 2033 683 555
Tel: +44 (0) 1483 413 500
Notes to Editors:
Metal Tiger plc is listed on the London Stock Exchange AIM Market (“AIM”) with the trading code MTR and invests in high potential mineral projects with a precious and strategic metals focus.
The Company’s target is to deliver a very 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. The Company’s key strategic objective is to ensure the distribution to shareholders of major returns achieved from disposals.
Metal Tiger’s Metal Projects Division is focused on the development of its key project interests in Botswana, Spain and Thailand. In Botswana Metal Tiger has a growing interest in the large and highly prospective Kalahari copper/silver belt. In Spain Metal Tiger the Company has tungsten and gold interests in the highly mineralised Extremadura region. In Thailand Metal Tiger has expanding interests over licences, applications and critical historical data covering antimony, copper, gold, silver, lead and zinc opportunities.
The Company has access to a diverse pipeline of new opportunities focused on the natural resource sector including physical resource projects, new natural resource centred technologies and resource sector related fintech opportunities. Pipeline projects deemed commercially viable may be undertaken by Metal Tiger or by an ISDX or AIM partner with whom the Company is engaged.
Metal Tiger also has an Asset Trading Division that holds various financial instruments for trading purposes including equities, warrants and royalty income. The aim of the division is to generate profits to reinvest into the Company’s project based activities.
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