8th Mar 2023 13:46
(Alliance News) - Metal Tiger PLC on Wednesday said its portfolio company Southern Gold Ltd has applied for new exploration licenses for two areas of prospective rare earth element mineralisation.
The investor in natural resources opportunities said the two areas are immediately surrounding South Korea's sole rare earth element deposits, the Chungju and Jangnam projects.
The company said field work at the areas will begin in early March, with the aim of defining and drilling targets before the end of the year.
Metal Tiger holds a 19% interest in Southern Gold.
Southern Gold Managing Director Robert Smillie said: "Lodging these exploration licence applications over highly prospective ground immediately surrounding South Korea’s only known REE deposits is a significant milestone for the company in expanding its exploration portfolio to include critical minerals."
Metal Tiger shares fell 3.1% to 10.17 pence each in London on Wednesday afternoon.
By Harvey Dorset, Alliance News reporter
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