TIDMMTR
RNS Number : 7873D
Metal Tiger PLC
29 October 2015
METAL TIGER PLC
29 October 2015
Metal Tiger plc
("Metal Tiger" or the "Company")
Spanish Tungsten Operational Review
Metal Tiger (LON:MTR), the natural resources investing company
is pleased to announce completion of a detailed review of tungsten
exploration progress at the Company's Logrosan Joint Venture
project in Extremadura, Spain.
Highlights:
-- Significant strike length of tungsten mineralisation
confirmed from 2015 drilling programme;
-- High grade tungsten intersections outlined with tungsten
grades identified up to and exceeding the analytical detection
limit of 0.63%;
-- Potentially significant tungsten deposits now identified at
targets one and two at Logrosan;
-- Extent of further mineralisation along strike and at depth
still to be determined, and will be the focus of next stage
work;
-- Following success of the 2015 tungsten exploration programme
Logrosan Project is now confirmed a key element of the Company's
Direct Project division and plans going forward.
Cameron Parry, CEO of Metal Tiger commented: "We were delighted
with the progress achieved during tungsten drilling at Logrosan
over the pre-summer season and notably with the outlining of two
potentially significant tungsten deposits. The positive drilling
season in 2015 has delivered extensive evidence of tungsten
mineralisation with high-grade assays enhancing the attractiveness
of this project.
The detailed review we have now completed has highlighted the
potential for materially additional tungsten along strike. Also, we
are keen to determine the extent to which the mineralisation found
continues at depth, another factor which can add considerably to
resource potential.
The findings to date are significant and could build upon what
is emerging as an extremely attractive and potentially high-grade
tungsten deposit and lead into a resource development project that
may hold considerable commercial value.
The findings from our work to date clearly indicate that
Logrosan and the tungsten identified is a key asset for the Direct
Projects division of Metal Tiger. We are now working with our Joint
Venture partners to scope out how we should continue our work and
build the commercial value of this important asset."
Joint Venture Information:
Readers are advised to consult the Metal Tiger market
announcement of 16 March 2015 which outline the terms of the
Company's joint venture agreement with MEN (Finland) Limited and
which provides for Metal Tiger to earn into a maximum 50% joint
venture interest in the Logrosan project by investing up to
EUR500,000.
Project Overview:
The exploration for tungsten (W) in the Logrosan Project is
currently centred on two distinct target areas which were
identified on the basis of previous soil geochemistry and ground
magnetic surveys. These targets are separated by a distance of
12km; Target 1 is near the centre of the Zorita Licence and Target
2 is located in the south-west of the Antonio Licence.
Between April - June 2015, as part of the Metal Tiger JV work
programme, both targets were subject to first-pass rotary air blast
(RAB) drilling to confirm the near surface tungsten mineralisation
and grade.
The results of this preliminary drilling have been very
encouraging, with significant strike length tungsten mineralisation
and high grade tungsten intersections outlined.
Review - Tungsten Target 1:
Tungsten Target 1 contains the larger of the two
tungsten-in-soil anomalies (up to 636ppm W), measuring 1.2km long
by 200m wide and trending NNE-SSW. Drilling, consisting a total of
17 holes (268m) drilled, to an average depth of 16m, on two
profiles drilled perpendicular to the anomaly strike at a 380m
separation. Drill sample assays have confirmed high-grade tungsten
mineralisation in the north and the centre of the target soil
anomaly and the soil anomaly remains open (untested by drilling)
for a distance of 700m to the south and for 120m to the north.
Drill assay results, conducted by ALS Laboratories, returned a
maximum WO(3) grade above the analytical detection limit of 0.63%
(5000ppm) and an average grade across all Target 1, drill samples
submitted, of WO(3) 0.09%. The highest intersections in holes MW003
(10m WO(3) > 0.24%, including 2m >0.63%) on profile 2 and
MW010 (with total intersections of 10m >0.2% and 2m WO(3) 0.37%)
on profile1, are separated by up to 400m of potentially continuous
mineralisation. It should be noted that the tungsten concentration
of workable ores typically starts from 0.10% WO(3) .
Target 1 requires further shallow drilling profiles to delimit
the full extent of the tungsten mineralisation width and strike to
the north and south, and deeper drilling to delineate
mineralisation vertical depth extension, grade and thicknesses.
Table 1: Significant Tungsten Drill Hole Intersections, Logrosán
Target 1
Hole From To Intersection WO3 Notes
ID (m) (m) Width (%)
* (m)
----------- ------ ------ ------------- ----- -------------------------
including 2m @ > 0.63%
WO3 (above detection
MW003(#2) 3.60 13.60 10.00 0.24 limit)
----------- ------ ------ ------------- ----- -------------------------
including 2m @ 0.34%
MW004(#2) 1.63 9.63 8.00 0.19 WO3
----------- ------ ------ ------------- ----- -------------------------
MW005 1.63 3.63 2.00 0.10
----------- ------ ------ ------------- ----- -------------------------
MW009 7.63 9.63 2.00 0.20
----------- ------ ------ ------------- ----- -------------------------
Holes MW010 and MW011
were drilled to target
the same structure from
MW010(#1) 1.54 3.54 2.00 0.31 opposing directions.
----------- ------ ------ ------------- ----- -------------------------
5.54 9.54 4.00 0.20
----------- ------ ------ ------------- ----- -------------------------
11.54 13.54 2.00 0.37
------ ------ ------------- -----
15.54 17.54 2.00 0.23
----------- ------ ------ ------------- ----- -------------------------
MW011(#1) 5.68 7.68 2.00 0.10
----------- ------ ------ ------------- ----- -------------------------
11.68 13.68 2.00 0.25
----------- ------ ------ ------------- ----- -------------------------
* Note that drill intersection widths do not necessarily
represent the true thickness of the mineralisation as insufficient
drilling has been completed to calculate the actual dips of the
veins/structures.
(#2) adjacent holes on profile 2.
(#1) adjacent holes on profile 1.
Review Tungsten Target 2:
Tungsten Target 2 is located over a central, distinct,
tungsten-in-soil anomaly ranging up to 565ppm W and measuring 700m
long by up to 150m wide. This central soil anomaly is orientated in
a NE-SW direction, and coincides with a 1.6km long geophysical
structure. There are three further weaker anomalies associated with
structures running parallel to it, one 250m to the north-west and
two to the south-east, at 325m and 700m separation to the central
anomaly.
Target 2 has been investigated with a total of 65 holes to an
average of 20m depth, 1,300m in total. The central W anomaly has
good drill coverage with a total of 26 holes on 8 profiles over a
total strike length of 570m. Two further profiles have been drilled
along strike at 560m NE and 500m SW of the outlying profiles (on
the central zone drilling). Both these profiles are located on the
same 1.6km geophysical structure, but coincide with continuous
strong Cr, Cu, Sn, As and weak W anomalies.
Assays from all analysed drill samples on Target 2 average WO(3)
0.04% and a maximum of WO(3) >0.63% (above upper detection
limit) located in the central anomaly. Significant tungsten
intersections are outlined in Table 2.
There is a 400m on-structure strike distance between hole LM014
(on profile 3) with 2.70m WO(3) >0.32% (including 2m @ >
0.63%) and hole LM08 (on profile 7) with 8m at WO(3) 0.32%
(including 2m @ 0.49%WO(3) & 0.1% SnO(2) ).
Target 2 requires deep drilling to delineate tungsten
mineralisation vertical depth extension, grade and thicknesses, and
to establish the Resource potential of the area.
Table 2: Significant Tungsten Drill Hole Intersections, Logrosán
Target 2
Hole From To Intersection WO3 Notes
ID (m) (m) Width (%)
* (m)
----------- ------ ------ ------------- ------ -----------------------------
LM001(#4) 19.57 21.57 2.00 0.15
----------- ------ ------ ------------- ------ -----------------------------
LM002(#4) 3.15 7.15 4.00 0.18
----------- ------ ------ ------------- ------ -----------------------------
LM003 13.60 17.60 4.00 0.08
----------- ------ ------ ------------- ------ -----------------------------
including 2m @ 0.49%WO3
LM008 5.52 13.52 8.00 0.32 & 0.1% SnO2
----------- ------ ------ ------------- ------ -----------------------------
15.52 17.52 2.00 0.32
----------- ------ ------ ------------- ------ -----------------------------
LM012(#3) 7.48 13.48 6.00 0.08 including 2m @ 0.11%WO3
----------- ------ ------ ------------- ------ -----------------------------
including 2m @ > 0.63%
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