Metal Tiger plc UK Regulatory Announcement: Cobre Limited Update
LONDON–(BUSINESS WIRE)–
29 April 2021
Metal Tiger plc
(“Metal Tiger” or the “Company”)
Cobre Limited Update
Metal Tiger plc (AIM: MTR), the London Stock Exchange AIM listed investor in natural resource opportunities, is pleased to note Cobre Limited’s (“Cobre”) release of an update with regard to the Perrinvale VHMS project relating to the commencement of field exploration.
Metal Tiger is currently interested in 26,006,963 Cobre shares, representing approximately 16.62% of Cobre’s issued share capital. As announced on 15 April 2021, Metal Tiger will be interested in an additional 8,311,765 shares subject to shareholder approval of Metal Tiger’s participation in the Cobre Fundraise. In addition, the Company expect to be issued a further 445,368 new Cobre shares subject to certain conditions being met as announced 15 December 2021. Assuming all further issuances occur Metal Tiger would be interested in approximately 21% of Cobre Limited.
Highlights:
- Step change in exploration approach driven by geological understanding;
- Potential for increased areas of intermediate to felsic volcanic rocks identified; and
- Banded Iron Formation (“BIF”) association with conductors and massive sulphide mineralisation to be targeted.
Key excerpts from the main announcement:
- The Optimisation Study at the Scwabe Prospect, which has been prepared for internal purposes to assist the management team develop a strategy at Schwabe which will deliver the best returns for shareholders, indicates positive potential, with a key assumption being the treatment of ore from Schwabe by a third-party. With this assumption in mind, there is clear value in aiming to expand the resource potential within the prospect area.
- Key outcomes of the desktop work have been understanding the setting for the mineralisation drilled to date and how that fits with the broader geology of the project area. With the recognition that there are likely more intermediate to felsic rocks within the project area that shown on Geological Survey of Western Australia maps, an that the extensive area of BIF rocks mapped across the project, could be intimately associated with base metal sulphide mineralisation.
- A line-by-line revie of the 2019 Airborne Electromagnetic (AEM) survey has been completed, which shows a mix of (86) purely conductive conductors (such as Schwabe), as well as (143) conductors that are proximal to / associated with a magnetic response. These conductors proximal to magnetic responses represent areas to be assessed for massive sulphide mineralisation associated with BIF.
- In addition to the base metal potential, rock chip samples collected late in 2020 have returned some very high-grade gold assays, suggesting value in the exploration programme remaining open to the gold potential noted in Cobre’s Prospectus. A total of 24 samples were collected, with two stand out samples collected around the Fey’s Find workings returning 46.76 g/t & 56.55 g/t gold. Multi-element assays support hydrothermal fluid movement along a WSW-ENE trend.
- The field programme schedule to be completed with a five-person crew through the coming six months, will also step beyond the area of the 2019 AEM survey, with guidance from the airborne magnetics and, where present, the 2012 HyMap survey and also provide guidance in determining what areas, if any, of the Company’s tenement portfolio with near term expiration dates should be retained or relinquished.
A link to Cobre’s announcement released today is set out below:
Commencement of Field Exploration at Perrinvale:
For further information on the Company, visit: www.metaltigerplc.com
Enquiries:
| Michael McNeilly | (Chief Executive Officer) | Tel: +44 (0)20 3287 5349 |
| Mark Potter | (Chief Investment Officer) |
|
| James Dance Georgia Langoulant | Strand Hanson Limited (Nominated Adviser) | Tel +44 (0)20 7409 3494 |
| Paul Shackleton Steve Douglas | Arden Partners plc (Broker) | Tel: +44 (0)20 7614 5900 |
| Gordon Poole James Crothers Hugo Liddy | Camarco (Financial PR) | Tel: +44 (0)20 3757 4980 |
Notes to Editors:
Metal Tiger PLC is admitted to the AIM market of the London Stock Exchange AIM Market (“AIM”) with the trading code MTR and invests in high potential mineral projects with a base, precious and strategic metals focus.
The Company’s target is to deliver a high return for shareholders by investing in significantly undervalued and/or high potential opportunities in the mineral exploration and development sector. Metal Tiger has two investment divisions: Equity Investments and Project Investments.
Equity Investments invests in undervalued natural resource companies. The majority of its investments are listed on AIM, the TSX and the ASX, which includes its interest in Sandfire Resources Limited (ASX: SFR). The Company also considers selective opportunities to invest in private natural resource companies, typically where there is an identifiable path to IPO. Through the trading of equities and warrants, Metal Tiger seeks to generate cash for investment for the Project Investments division.
Project Investments is focused on the development of its key project interests in Botswana, where Metal Tiger has a growing interest in the large and highly prospective Kalahari copper/silver belt through its interest in Kalahari Metals Limited.
The Company actively assesses new investment opportunities on an on-going basis and has access to a diverse pipeline of new opportunities in the natural resources and mining sectors. For pipeline opportunities deemed sufficiently attractive, Metal Tiger may invest in the project or entity by buying publicly listed shares, by financing privately and/or by entering into a joint venture.
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