29th Oct 2015 09:48
LONDON (Alliance News) - Metal Tiger PLC Thursday said it has completed a detailed review of its exploration work at the Logrosan tungsten project in Spain which has confirmed the project is a "key element" of the company's project portfolio.
The company said the review, which evaluated its 2015 drilling programme, confirmed the presence of a significant strike length of tungsten mineralisation, producing high grade intersections with tungsten grades "up to and exceeding" the analytical detection limit of 0.63%, it said.
Metal Tiger said there are "potentially significant" tungsten deposits at two main targets at Logrosan and it still has to evaluate the extent of further mineralisation along strike and at depth, which could lead to further discoveries. That will be the basis of the company's next work programme, it said.
"We were delighted with the progress achieved during tungsten drilling at Logrosan over the pre-summer season and notably with the outlining of two potentially significant tungsten deposits. The positive drilling season in 2015 has delivered extensive evidence of tungsten mineralisation with high-grade assays enhancing the attractiveness of this project," said Chief Executive Cameron Parry.
"The detailed review we have now completed has highlighted the potential for materially additional tungsten along strike. Also, we are keen to determine the extent to which the mineralisation found continues at depth, another factor which can add considerably to resource potential," he added.
Metal Tiger invests money at both corporate and project level, and said the evaluation confirms Logrosan is a "key element" of its project division.
The project is conducted through joint venture vehicle Logrosan Minerals Ltd, in which Metal Tiger has the right to earn up to a 50% stake by funding up to EUR500,000 of funding for exploration activities in 2015. The company's partner is Mineral Exploration Network (Finland) Ltd.
Metal Tiger shares were up 0.6% to 0.830 pence per share on Thursday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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