11th Sep 2015 06:53
LONDON (Alliance News) - Metal Tiger PLC Friday said it has agreed terms to participate in a joint venture focused on precious and base metals and said drilling has recommenced at its gold and tungsten joint venture project in Spain.
Metal tiger said it has agreed commercial terms to participate in an "opportunistic" precious and base metals joint venture and said it is awaiting final regulatory and procedural approvals. No other details were released by the company and it said it would release an announcement idf those approvals are received.
Separately, Metal Tiger said, following a summer break, that the field team at the Logrosan project in Extremadura are back on-site and preparing to begin rotary air blast drilling and sampling "in the next few days".
The company last drilled on the project between April and June, when it discovered "significant tungsten mineralisation" at two of its targets. The new drilling will be focused on the Zorita exploration licence, it said.
The Zorita licence has two targets, one to the north and one to the south, and once drilled, the company will evaluate the results and follow up with any drilling if required.
"We are excited to start the second phase of the planned drilling at our Logrosán Joint Venture, with the targeting of gold at the Zorita licence," said Chief executive Cameron Parry.
Metal Tiger is funding the 2015 drilling programme and will hold a 50% stake in the licence once this is completed alongside its partner Mineral Exploration Network (Finland) Ltd. Metal Tiger must spend at least EUR500,000 on the 2015 drilling programme, and so far has spent around half of that target.
By Joshua Warner; [email protected]; @JoshAlliance
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