TIDMMTR 
 
 

29 April 2021

 

Metal Tiger plc

 

("Metal Tiger" or the "Company")

 

Cobre Limited Update

 

Metal Tiger plc (AIM: MTR), the London Stock Exchange AIM listed investor in natural resource opportunities, is pleased to note Cobre Limited's ("Cobre") release of an update with regard to the Perrinvale VHMS project relating to the commencement of field exploration.

 

Metal Tiger is currently interested in 26,006,963 Cobre shares, representing approximately 16.62% of Cobre's issued share capital. As announced on 15 April 2021, Metal Tiger will be interested in an additional 8,311,765 shares subject to shareholder approval of Metal Tiger's participation in the Cobre Fundraise. In addition, the Company expect to be issued a further 445,368 new Cobre shares subject to certain conditions being met as announced 15 December 2021. Assuming all further issuances occur Metal Tiger would be interested in approximately 21% of Cobre Limited.

 

Highlights:

   -- Step change in exploration approach driven by geological understanding; 
 
   -- Potential for increased areas of intermediate to felsic volcanic rocks 
      identified; and 
 
   -- Banded Iron Formation ("BIF") association with conductors and massive 
      sulphide mineralisation to be targeted. 
 

Key excerpts from the main announcement:

   -- The Optimisation Study at the Scwabe Prospect, which has been prepared 
      for internal purposes to assist the management team develop a strategy at 
      Schwabe which will deliver the best returns for shareholders, indicates 
      positive potential, with a key assumption being the treatment of ore from 
      Schwabe by a third-party. With this assumption in mind, there is clear 
      value in aiming to expand the resource potential within the prospect 
      area. 
 
   -- Key outcomes of the desktop work have been understanding the setting for 
      the mineralisation drilled to date and how that fits with the broader 
      geology of the project area. With the recognition that there are likely 
      more intermediate to felsic rocks within the project area that shown on 
      Geological Survey of Western Australia maps, an that the extensive area 
      of BIF rocks mapped across the project, could be intimately associated 
      with base metal sulphide mineralisation. 
 
   -- A line-by-line revie of the 2019 Airborne Electromagnetic (AEM) survey 
      has been completed, which shows a mix of (86) purely conductive 
      conductors (such as Schwabe), as well as (143) conductors that are 
      proximal to / associated with a magnetic response. These conductors 
      proximal to magnetic responses represent areas to be assessed for massive 
      sulphide mineralisation associated with BIF. 
 
   -- In addition to the base metal potential, rock chip samples collected late 
      in 2020 have returned some very high-grade gold assays, suggesting value 
      in the exploration programme remaining open to the gold potential noted 
      in Cobre's Prospectus. A total of 24 samples were collected, with two 
      stand out samples collected around the Fey's Find workings returning 
      46.76 g/t & 56.55 g/t gold. Multi-element assays support hydrothermal 
      fluid movement along a WSW-ENE trend. 
 
   -- The field programme schedule to be completed with a five-person crew 
      through the coming six months, will also step beyond the area of the 2019 
      AEM survey, with guidance from the airborne magnetics and, where present, 
      the 2012 HyMap survey and also provide guidance in determining what areas, 
      if any, of the Company's tenement portfolio with near term expiration 
      dates should be retained or relinquished. 
 

A link to Cobre's announcement released today is set out below:

 

Commencement of Field Exploration at Perrinvale:

 

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02368415-2A1294984?access_token=83ff96335c2d45a094df02a206a39ff4

 

For further information on the Company, visit: www.metaltigerplc.com

 

Enquiries:

 
Michael McNeilly     (Chief Executive Officer)        Tel: +44 (0)20 3287 5349 
Mark Potter          (Chief Investment Officer) 
James Dance          Strand Hanson Limited            Tel +44 (0)20 7409 3494 
 Georgia Langoulant  (Nominated Adviser) 
Paul Shackleton      Arden Partners plc (Broker)      Tel: +44 (0)20 7614 5900 
 Steve Douglas 
Gordon Poole         Camarco (Financial PR)           Tel: +44 (0)20 3757 4980 
 James Crothers 
 Hugo Liddy 
 

Notes to Editors:

 

Metal Tiger PLC is admitted to the AIM market of 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. Metal Tiger has two investment divisions: Equity Investments and Project Investments.

 

Equity Investments invests in undervalued natural resource companies. The majority of its investments are listed on AIM, the TSX and the ASX, which includes its interest in Sandfire Resources Limited (ASX: SFR). The Company also considers selective opportunities to invest in private natural resource companies, typically where there is an identifiable path to IPO. Through the trading of equities and warrants, Metal Tiger seeks to generate cash for investment for the Project Investments division.

 

Project Investments is focused on the development of its key project interests in Botswana, where Metal Tiger has a growing interest in the large and highly prospective Kalahari copper/silver belt through its interest in Kalahari Metals Limited.

 

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/20210429005449/en/

 
    CONTACT: 

Metal Tiger plc

 
    SOURCE: Metal Tiger plc 
Copyright Business Wire 2021 
 

(END) Dow Jones Newswires

April 29, 2021 03:42 ET (07:42 GMT)

Metal Tiger (LSE:MTR)
Historical Stock Chart
From Feb 2024 to Mar 2024 Click Here for more Metal Tiger Charts.
Metal Tiger (LSE:MTR)
Historical Stock Chart
From Mar 2023 to Mar 2024 Click Here for more Metal Tiger Charts.