Spanish update: new licence application over gold target
Metal Tiger plc
("Metal Tiger" or the "Company")
SPANISH UPDATE: NEW LICENCE APPLICATION OVER GOLD TARGET
Metal Tiger (LON: MTR), the natural resources investing company is pleased to provide an update regarding developments at the Logrosán Gold and Tungsten Joint Venture (JV) project in Extremadura, Spain.
- The Logrosán Gold and Tungsten JV has lodged an application for a new exploration licence, San Cristóbal Sur, immediately to the south and adjoining the current Zorita and San Cristóbal exploration licence areas.
- The San Cristóbal Sur application, registration number 10358-00, is lodged in the name of Logrosán Minera S.L., the Spanish JV company. It covers an area of 31.7km2 and is valid for 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 Sur licence application has been lodged to secure the southerly extension of the Logrosán South gold in soil anomaly announced on 18th August 2016.
- The new Logrosán South gold target area, identified by soil sampling and alteration mapping, is approximately 6km long and up to 950m wide, trending NE-SW from the south of the project's Antonio Caño licence, through the San Cristóbal licence and into the San Cristóbal Sur application area.
- The Spanish field team will be back onsite 4th September, to recommence a programme of exploration work across the licence portfolio including both the Logrosán South and El Seranillio North (announced 5th April 2016) gold anomalies. Further updates will follow in due course.
The San Cristóbal Sur exploration licence application secures the ground to the south of our current joint venture projects, for a negligible expenditure. This is important as the recent work completed by our JV partners has shown that a major gold anomaly trends towards the south-west outside of the granted permits. The award of the exclusive San Cristóbal Sur licence will allow further surface sampling and geophysics to determine the along strike extent of the Logrosán South gold anomaly and help to delimit a target area for subsequent sub-surface investigation.
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
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.
|Paul Johnson (Chief Executive Officer)||Tel: +44 (0)7766 465 617|
|Terry Grammer (Non- Executive Chairman)||Tel: +44 (0)207 099 0738|
|Sean Wyndham-Quin||Spark Advisory||Tel: +44 (0) 2033 683 555|
|Neil Baldwin||Partners Limited|
|Nick Emerson||(Nominated Adviser)||www.sparkadvisorypartners.com|
|Andy Thacker||SI Capital (Sole Broker)||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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Metal Tiger plc
Source: Metal Tiger plc