Spanish Corporate Update – Issue of St Cristobal Licence
Metal Tiger Plc
19 July 2016
Metal Tiger Plc
("Metal Tiger" or the "Company")
Spanish Corporate Update – Issue of St Cristobal Licence
Metal Tiger (LON: MTR), the natural resources investing company is pleased to announce the award of the San Cristóbal Exploration licence for the joint venture Logrosán Gold and Tungsten Project in Spain.
- San Cristóbal Exploration Licence (Permiso de Investigación No. 10C 10321-00) certificate has been received.
- The award of San Cristóbal brings the total area of prospective ground under exploration licence held by Logrosan Minerals Ltd to 278.5 Km2.
- The licence valid for 3 years to 18 June 2019 and covers area equivalent to 43.81 km2. It covers all of the Group C Minerals including Au, Ag, Pb, Zn, Sn, W, Pt and Cu. The only exclusion being coal and radioactive minerals.
- The San Cristóbal Licence area was selected as prospective based on the results of previous prospecting work conducted by the JV partners MEN (Finland) Ltd. This included 9,095 soil samples and 46 line kilometres of ground geophysics.
- Following the award of the licence the JV Exploration team are commencing a follow-up programme of geochemical sample analysis, with results expected to be available in the near-term.
Paul Johnson, Chief Executive Officer of Metal Tiger plc commented: “Metal Tiger is delighted to announce the formal award of the San Cristóbal Licence which adds materially to the portfolio of interests in this highly prospective multi-commodity district.
To date our Joint Venture partners have identified two potentially significant Tungsten deposits; and gold mineralisation across a number of areas within the licences. Further extensive and positive exploration work has recently been undertaken and we look forward to updating the market with the detailed outcome of this work in the near future.”
San Cristóbal Exploration Licence Details
The San Cristóbal Exploration Licence (No. 10C10321-00) area is located in the municipality of Logrosán, in the province of Caceres. As the licence application was submitted on 23rd November 2013, prior to the formation of the Logrosan Minerals joint venture company, an application has now been lodged to change the name on the certificate to that of Logrosan Minerals Ltd.
The San Cristóbal exploration area is located between, and abuts, the Zorita Exploration Licence, which lies to the west, and the Antonio Caño Exploration Licence area to the east (see Table 1). The ground included in the San Cristóbal licence was selected on the results of previous exploration work undertaken by Metal Tiger’s joint venture partner MEN (Finland) Ltd. This work, undertaken under their previous Trujillo Prospecting Licence included 9,095 soil samples and 46 line kilometres of ground magnetics geophysics.
With the receipt of the formal licence the exploration team are commencing further geochemical soil sampling, the results of which will be available shortly.
Details of Logrosan Minerals Limited Exploration Licences
|Asset||Holder*||Interest||Status||License Expiry Date||License Area (km2)||Comments|
|Antonio Caño Exploration Licence (#10C 10314-00)||Logrosan Minerals Limited||100%||Exploration||1 December 2016||88.61||Renewable three times to a maximum of 9 years|
|Zorita Exploration Licence (# 10C 10332-00)||Logrosan Minerals Limited||100%||Exploration||18 June 2018||105.96||Renewable to max. 9 years|
|Mineral Exploration Network (Finland) Ltd.*||100%||Exploration||16 June 2019||43.81||Renewable to max. 9 years|
Mari Hernández Permit (#10313-00)
|Mineral Exploration Network (Finland) Ltd.*||100%||Exploration||14 November 2016||40.09||Renewable to max. 9 years|
* Applications have been lodged to change the name on the certificates to Logrosan Minerals Ltd. These licences are included in the existing joint venture.
Location and Region
The Logrosán Gold and Tungsten Project is located in a geologically prospective, under-explored and mining friendly jurisdiction in west-central Spain within the province of Cáceres in the Extremadura autonomous region. The Project is served by a well-developed and maintained road network, with good power, water and telecommunications infrastructure and enjoys the full support of the regional and local government and administration.
There are three public listed exploration and pre-production development companies located within the surrounding region. The W Resources Plc La Parrilla tungsten mine is 43km south-west of the Project area; the Emerita Resources Corporation Las Morras Gold Project is 6km to the south; and the Berkeley Energia Gambuta uranium deposit is 40km north.
Background to the Logrosán Joint Venture:
Metal Tiger entered into a Joint Venture with Logrosán Minerals Ltd (a Special Purpose Vehicle "SPV" company incorporated in the UK) on 13 March 2015.
Logrosán Minerals Limited is the joint venture operating company for the Logrosán Exploration Project. During the 18 months prior to the joint venture commencing, Metal Tiger's joint venture partner, Mineral Exploration Network (Finland) Ltd “MEN”, had carried out more than 40,000 soil samples, hundreds of pan-concentrate samples, covered thousands of linear kilometres with ground magnetic survey and assessed electro-magnetic tomography. The presence of Tungsten mineralisation had been confirmed by soil sampling, outcrop sampling, trenching and historical drill holes. Gold mineralisation had been indicated by pan-concentrate sampling which delineated three areas with anomalous gold.
Metal Tiger funded €500,000 in exploration work over the balance of 2015 and Q1 2016 in line with an agreed exploration programme that included up to 5,000 metres of drilling, to earn 50% of Logrosan Minerals Limited. The balancing holding in the SPV is held by MEN.
The Maria Licence was brought into the SPV on 31 May 2016. As part of this transaction Metal Tiger are to provide up to €500,000 over the balance of 2016 and first quarter of 2017 in exploration expenditure, with at least half the funds used to further explore Maria and the balance used to refine and build out the tungsten deposits and gold targets outlined during the 2015 Logrosán drilling programme.
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 has visited the Logrosán and Maria Project Areas, and 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 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|
SI Capital (Sole Broker)
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.
Copyright Business Wire 2016