9th Jun 2015 13:16
LONDON (Alliance News) - Metal Tiger PLC shares rose Tuesday after it said the exploration work on the Logrosán gold and tungsten joint venture project in Extremadura, Spain is progressing well and the latest test results have confirmed the presence of high grade tungsten.
Metal Tiger shares were up 25.9% at 1.07 pence per share on Tuesday afternoon.
The company said 885 metres of the planned 5,000 metre drill programme has been completed with a total of 47 holes drilled to date. Test results for 26 of the holes have been received by Metal Tiger, which have confirmed "significant" tungsten mineralisation over a 410 metre strike length which is open at both ends.
Some of the most prospective results include 8 metres at 0.32% tungsten trioxide from 5.52 metres to 13.52 metres, including 2 metres at 0.49% tungsten trioxide and 0.1% tin oxide and 2 metres at 0.32% tungsten trioxide from 15.52 metres to 17.52 metres.
Other results include 6 metres at 0.08% tungsten trioxide from 7.48 to 13.48 metres including 2 metres at 0.11% tungsten trioxide and 2.7 metres at 0.32% tungsten trioxide from 11.3 metres to 14 metres including 2 metres at 0.63% tungsten trioxide, which the company said is above the "tungsten detection limit" of 5000 parts per million.
The detection limit is is the lowest quantity of a substance that can be distinguished from the absence of that substance within a certain limit.
"Metal Tiger is able to report excellent progress from our joint venture team operations in the field at the Logrosán Project and is particularly pleased with the highly positive assay data demonstrating the extent of Tungsten mineralisation at the project," said Chief Executive Cameron Parry.
"The drilling continues and the company looks forward to reporting further results to market as they become known. Although at an early stage, the joint venture exploration work is indicating the potential for a substantial tungsten deposit at Logrosán and this of course is very good news for the company and its shareholders," he added.
By Joshua Warner; [email protected]; @JoshAlliance
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