TIDMMTR
16 December 2019
Metal Tiger plc
("Metal Tiger" or the "Company")
Pan Asia Metals - Corporate and Exploration Update
Metal Tiger plc (LON:MTR), the London Stock Exchange AIM listed
investor in strategic natural resource opportunities, is pleased to
provide an update on Pan Asia Metals Ltd's ("PAM") corporate and
exploration activities in Thailand. PAM is a privately owned South
East Asian focused metals exploration and development company with
a focus on lithium and tungsten. Metal Tiger currently holds a 7.62
per cent. interest in PAM, having been diluted down following a
recent issue of ordinary shares in PAM.
Highlights
-- Preparations for an initial public offering ("IPO") of PAM on the Australian Securities Exchange (ASX) are on schedule, with the IPO expected in April 2020.
-- To date, PAM has received AU$900,000 of a planned AU$1.9 million capital raising for the IPO with commitments received for approximately half of the remaining AU$1.0 million dollars.
-- Thailand Department of Primary Industry and Mines ("DPIM") has advised it is in the final stages of approving PAM's Exploration Prospecting Licence Applications ("EPLA") at the Bang Now Lithium Project in southern Thailand.
-- Thailand's Electric Vehicle ("EV") and Lithium Ion Battery policy initiatives are gaining momentum, with Mercedes beginning battery assembly in Thailand and a total of 13 international manufacturer companies being granted EV privileges.
Michael McNeilly, Chief Executive Officer of Metal Tiger,
commented:
"We are pleased to provide an update on Pan Asia Metals Limited,
the south east Asia focused battery metals exploration company. PAM
is on schedule to complete an initial public offering on the ASX in
April 2020. The strong growth of the electric vehicle and battery
manufacturing in Thailand, supported by positive government policy,
represents an opportunity for PAM to position itself as an
important supplier of Thai battery metals.
We look forward to supporting PAM as it continues to push the
project forward and will announce further updates in due
course."
Bang Now Lithium Project Details
The Bang Now Lithium Project is located approximately 480km
west-southwest of Bangkok and 60km from Ranong City in the western
part of Chumpon Province.
Much of the prospect area was previously mined for pegmatite
hosted tin (Sn), by both alluvial and opencast methods and the
landscape consists of uneven terraces and former mine faces, now
covered with tropical scrub forest regrowth.
A pegmatite dyke swarm is exposed in one of the pit faces, with
numerous veins and narrow dykes up to 0.6m wide. Whilst the
pegmatite dyke swarm has yet to be fully mapped it is currently
interpreted to be approximately 350m wide and striking 345 degrees.
Available but limited historical data indicates that individual
dykes are up to 2m wide and the presence of very large
lepidolite-rich pegmatite boulders in the old mine area supports
this observation.
Previous reconnaissance rock chip sampling by PAM has yielded
elevated lithium grades associated with lepidolite-rich pegmatite
float. Laboratory assays of seven samples returned lithium oxide
(Li2O) grades ranging from 0.50% to 3.38%, with an average of 1.92%
(Table 1). Handheld portable X-Ray Fluorescence ("pXRF") analysis
of the pulp rejects returned average grades of 700ppm Sn and 158ppm
tantalum pentoxide (Ta2O5).
PAM has recently collected an additional 16 samples of variably
weathered lepidolite-rich pegmatite outcrop (11 samples) and mine
dump/tailings material (5 samples) for which laboratory results are
currently awaited.
PAM has been active in community consultation with local village
heads and representatives of the District Administration. These
discussions have been very positive and local villagers have
assisted PAM with access in and around the old mine area for the
purpose of the reconnaissance sampling and mapping. To date only a
small part of the prospect area has been visited.
Further work is planned and will include cutting of access
tracks and lines in order to conduct additional mapping and
sampling. Soil sampling may also be conducted. A drilling programme
would then be designed to test identified targets once the EPLA is
granted.
A summary of trench results is shown in Table 1 below.
Table 1: Bang Now Lithium Project Reconnaissance Sampling Assay
Results
Sample ID Occurrence Li2O3 (%) Sn (ppm) Ta (ppm) Rb (%) Nb (ppm)
20330 Mine dumps 1.88 509 103 0.64 80
20331 Mine dumps 1.89 518 121 0.64 108
20332 Float 0.50 915 73 0.41 67
20335 Float 1.78 521 118 0.66 110
20336 Float 2.21 1320 125 0.74 146
203391 Outcrop 1.75 410 167 0.54 101
20392 Mine dumps 3.38 373 204 1.13 219
Corporate Update
PAM is targeting an IPO on the ASX in April 2020, with legal and
financial due diligence and preparation currently in progress.
PAM intends to raise a total AU$1.9 million as part of the IPO.
To date, AU$900,000 has been received and PAM has received firm
commitments for a further AU$0.5 million.
PAM is currently planning a second Induced Polarisation ("IP")
geophysics programme at its Khao Soon Tungsten Project, the IP
programme will focus on the Target 2 prospect and the data will be
used for drill target planning. PAM is also evaluating potential
lithium / tin targets in neighbouring Myanmar.
Lithium Battery Market Observations
In PAM's view, Thailand is the leading nation in the Southeast
Asia region with regard to electric vehicle ("EV") and lithium ion
battery ("LIB") policy and development. The Thai EV scheme was
launched by the Board of Investment ("BOI") in late March 2017. The
sector is being promoted under Thailand's S-Curve policy, targeting
domestic production of next generation electric vehicles by
attracting OEMs into the country through the provision of
incentives aimed at reducing production related costs. The BOI
recently reported that 13 companies were granted EV privileges,
including Toyota, Honda, Nissan, Mazda, Mercedes-Benz, BMW, SAIC
Motor-CP, FOMM, Mitsubishi and Mine Mobility.
Mercedes recently announced that it has begun assembling LIBs at
its new factory in Thailand, the batteries are destined for
Mercedes plug-in hybrids manufactured in Thailand.
Background on Pan Asia Metals Ltd
PAM is a private Singapore registered specialty metals
exploration and development company focused on the exploration and
development of specialty and base metal projects in South East
Asia's tin tungsten belt. PAM has four wholly owned projects; Reung
Kiet Lithium Project ("RKLP"); Khao Soon Tungsten Project ("KSTP");
Bang Now Lithium Project ("BNLP"); and the Minter Tungsten Project
("MTP"). The RKLP, KSTP and BNLP are located in southern Thailand,
whilst the MTP is located in the Lachlan Fold Belt, NSW,
Australia.
Metal Tiger plc holds 7,626,447 ordinary shares in PAM,
representing 7.62% of the issued share capital.
For more information on Pan Asia Metals Limited please visit
their website www.panasiametals.com.
Competent Person's Statement
The information in this release that relates to Exploration
Results has been compiled by Mr David Hobby, who is a Member of the
Australasian Institute of Mining and Metallurgy. Mr Hobby is a
Director, employee and shareholder of Pan Asia Metals Limited. Mr
Hobby has sufficient experience that is relevant to the style of
mineralisation and type of deposit under consideration and to the
activity that he is undertaking to qualify as a Competent Person as
defined in the 2012 Edition of the Australasian Code for Reporting
of Exploration Results, Mineral Resources and Ore Reserves.
The technical information contained in this disclosure has been
read and approved by Mr Nick O'Reilly (MSc, DIC, MAusIMM, FGS), who
is a qualified geologist and acts as the Competent Person under the
AIM Rules - Note for Mining and Oil & Gas Companies. Mr
O'Reilly is a Principal consultant working for Mining Analyst
Consulting Ltd which has been retained by Metal Tiger PLC to
provide technical support.
For further information on the Company, visit:
www.metaltigerplc.com:
Michael McNeilly (Chief Executive Officer) Tel: +44 (0)20 7099 0738
Mark Potter (Chief Investment Officer)
Richard Tulloch Strand Hanson Limited Tel +44 (0)20 7409 3494
James Dance (Nominated Adviser)
Jack Botros
Paul Shackleton Arden Partners plc (Broker) Tel: +44 (0)20 7614 5900
Steve Douglas
Gordon Poole Camarco (Financial PR) Tel: +44 (0)20 3757 4980
James Crothers
Monique Perks
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: Direct Equities
and Direct Projects.
The Direct Equities Division invests in undervalued natural
resource companies. The majority of its investments are listed on
AIM, the TSX and the ASX, which includes its 3.5% interest in
Sandfire Resources NL (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 in the Direct Projects Division.
The Direct Projects Division is focused on the development of
its key project interests in Botswana, Spain and Thailand. In
Botswana, Metal Tiger has a growing interest in the large and
highly prospective Kalahari copper/silver belt through its interest
in Kalahari Metals Limited. In Spain, the Company has tungsten and
gold interests in the highly mineralised Extremadura region. In
Thailand, Metal Tiger has interests in two potentially
near-production stage lead/zinc/silver mines as well as licences,
applications and critical historical data covering antimony,
copper, gold, lead, zinc and silver opportunities.
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.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20191216005470/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
December 16, 2019 09:29 ET (14:29 GMT)
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