METAL TIGER PLC: Cobre Limited Update
April 29 2021 - 02:42AM
UK Regulatory
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
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