TIDMMTR
Metal Tiger plc
("Metal Tiger" or the "Company")
Pan Asia Metals - Commencement of Drilling Programme at Reung
Kiet Lithium Project
Metal Tiger plc (LON:MTR), the London Stock Exchange AIM listed
investor in strategic natural resource opportunities, is pleased to
announce the commencement of drilling at Pan Asia Metals Limited's
("PAM") wholly owned Reung Kiet Lithium Project ("RKLP") in Phang
Nga Province, Thailand. Metal Tiger holds a 13.6 per cent. interest
in PAM.
The RKLP includes a historical pegmatite tin mine, where
weathered pegmatite was mined until the limit of weathering, where
the ground became too hard, reaching a depth of approximately 30m.
The resulting historical pit measures around 450m long by 140m at
its widest point, with the pegmatite body around 20m wide in the
pit bottom.
Previous investigations, conducted jointly by the Thai/British
Geological Survey in the 1960s, have shown the pegmatite to be
lithium bearing, with lepidolite mica thought to be evenly
distributed throughout the pegmatite.
The drill programme has commenced with initial confirmatory
drill holes orientated to intersect the lepidolite pegmatite at
around 20-30m below the historical pit floor. Depending on
findings, it is intended that deeper drilling will then follow.
Michael McNeilly, Chief Executive Officer of Metal Tiger
commented:
"We strongly believe that the Reung Kiet Lithium Project has
unique characteristics, with potentially one of the largest suites
of lepidolite pegmatites in its global peer group. Through PAM's
drilling programme, we hope to realise the potential of the project
and we look forward to updating shareholders as progress
continues."
Background on Reung Kiet Lithium Project
The RKLP is situated within the South East Asian Tin and
Tungsten Belt and is located about 50km north-east of Phuket in the
Phang Nga Province, southern Thailand. Pan Asia holds a 100%
interest in 6 Prospecting Licence Applications covering
approximately 75km2.
The area of investigation was a major tin mining district up
until the 1980s. In the late 1960's a joint Thai/British Geological
Survey study was undertaken in the region. It was during this study
that the lithium bearing mica lepidolite was identified in
pegmatites being mined for tin at the Reung Kiet open pit mine.
This lepidolite was found to contain 3-4% Li2O. PAM considers that
the project may have the potential to be positioned at or near the
bottom of the cost curve for the production of lithium
carbonate.
RKLP has two key prospects, with a combined strike length based
on pits, exposures and rock chips, of approximately 2.5km.
PAM's surface work to date has produced average rock chip grades
of 1.54% Li2O, with good tin and tantalum credits. Previous mining
and independent reports at RKLP indicate excellent potential to
discover significant lithium resources.
Background on Pan Asia Metals
PAM is a Singapore registered metals exploration and development
company focused on the exploration and development of specialty and
base metal projects in South East Asia. PAM has four wholly owned
projects; Reung Kiet Lithium Project ("RKLP"); Khao Soon Tungsten
Project ("KSTP"); Bang Now Lithium Project ("BNLP"); and the Minter
Tungsten Project ("MTP"). The RKLP, KSTP and BNLP are located in
southern Thailand, whilst the MTP is located in the Lachlan Fold
Belt, NSW, Australia.
Metal Tiger plc holds 7,626,447 ordinary shares in PAM, having
acquired a 7.8% interest in the issued share capital of PAM on 8
December 2017 for US$250,000, and, on 17 September 2018, invested a
further US$300,000 increasing its interest in the issued share
capital of PAM to 13.6%.
For more information on Pan Asia Metals Limited please visit
their website www.panasiametals.com.
For further information on the Company, visit:
www.metaltigerplc.com:
Michael McNeilly (Chief Executive Officer) Tel: +44 (0)20 7099 0738
Mark Potter (Chief Investment Officer)
Richard Tulloch Strand Hanson Limited Tel +44 (0)20 7409 3494
James Dance (Nominated Adviser)
Jack Botros
Nick Emerson SI Capital (Broker) Tel: +44 (0)1483 413 500
Gordon Poole Camarco (Financial PR) Tel: +44 (0)20 3757 4980
James Crothers
Monique Perks
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 base, precious and strategic
metals focus.
The Company'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. The Company's key strategic objective is to ensure the
distribution to shareholders of major returns achieved from
disposals. Metal Tiger has two investment divisions: Direct
Equities and Direct Projects.
The Direct Equities division invests in undervalued natural
resource companies listed on AIM, the ASX and the TSX. Through the
trading of equities and warrants, Metal Tiger seeks to generate
cash for investment in the Direct Projects division.
Metal Tiger's Direct Projects division is focused on the
development of its key project interests in Botswana, Spain and
Thailand. In Botswana, Metal Tiger, through its 10.48% interest in
MOD Resources Limited and related JV, has a growing interest in the
large and highly prospective Kalahari copper/silver belt. In Spain,
the Company has tungsten and gold interests in the highly
mineralised Extremadura region. In Thailand, Metal Tiger has
interests in two potentially near-production stage lead/zinc/silver
mines as well as licences, applications and critical historical
data covering antimony, copper, gold, lead, zinc and silver
opportunities.
The Company actively assesses new investment opportunities on an
on-going basis and has access to a diverse pipeline of new
opportunities in the natural resources and mining sectors. For
pipeline opportunities deemed sufficiently attractive, Metal Tiger
may invest in the project or entity by buying publicly listed
shares, by financing privately and/or by entering into a joint
venture.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20190403005878/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
April 04, 2019 02:00 ET (06:00 GMT)
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