2nd Jul 2015 11:53
LONDON (Alliance News) - Metal Tiger PLC Thursday said it has received further assay results from the Logrosan gold and tungsten project in Spain which has confirmed the presence of further tungsten mineralisation.
"Metal Tiger is very pleased with the progress by our joint venture team on the Logrosan Project during the April to June drilling season," said Chief Executive Cameron Parry. "Although at an early stage, the joint venture exploration work continues to indicate the potential for a substantial tungsten deposit at Logrosán".
The first phase drilling programme over Target 2 at the project has indicated tungsten mineralisation over a 450 metre strike length. On Target 1, 17 holes have been drilled and drilling will recommence in September.
So far, external assay results from 42 holes have been received from ALS Minerals, and the remaining assays for the first part of the drill programme are expected mid-July. The company is continuing to complete the first phase drilling, and said it has finished around a third of the drilling.
The "stand out" intersections received from the assay results so far includes 2 metres at 0.47% tungsten trioxide from 15.63 metres to 17.63 metres and 2.2 metres at 0.25% tungsten trioxide from 25.63 metres to 27.85 metres from hole LM045.
Hole LM 051 has produced intersections of 6 metres at 0.15% tin oxide from 1.62 metres to 7.62 metres, including 2 metres at 0.2% tin oxide. Hole LM052 results include 2 metres at 0.09% tin oxide from 1.52 metres to 3.52 metres.
Hole LM053 intersections include 6 metres at 0.25% tungsten trioxide from 1.69 metres to 7.69 metres, including 2 metres at 0.6% tungsten trioxide and 10 metres at 0.12% tin oxide from 1.69 metres to 11.69 metres.
"So far the results from Target 2 have been very promising with 450 metre of tungsten mineralised strike length thus far delineated, and now two holes bearing significant tin intersections. We are looking forward to reporting the assay results from the remaining 10 holes on Target 2 in the near future," said Parry.
The Logrosan project is a 50/50 joint venture between Metal Tiger and Logrosan Minerals, a special purpose vehicle.
Metal Tiger shares were up 4.0% to 1.04 pence per share on Thursday afternoon.
By Joshua Warner; [email protected]; @JoshAlliance
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