METAL TIGER PLC: Cobre Limited Drilling Commences
10 Giugno 2020 - 11:26AM
UK Regulatory
TIDMMTR
10 June 2020
Metal Tiger plc
("Metal Tiger" or the "Company")
Cobre Limited Drilling Commences
Metal Tiger plc (AIM:MTR), the London Stock Exchange AIM listed
investor in natural resource opportunities, is pleased to announce
that Cobre Limited (ASX: CBE) ("Cobre"), in which Metal Tiger owns
a c.18.8% interest, has today announced that Cobre's third drilling
programme at the Perrinvale VHMS Project ("Perrinvale") has
commenced, with the diamond drill (DD) rig now onsite. The reverse
circulation (RC) drill rig is due to mobilise to site this
week.
Highlights:
-- Cobre's programme includes 6,000m of RC and DD drilling at Perrinvale,
with the dual aim of extending current VHMS mineralisation and drill
testing new targets.
-- Metallurgical test work will commence on an ore sample from the Schwabe
Prospect.
Cobre's full announcement including maps of prospect locations
can be found here:
https://www.asx.com.au/asxpdf/20200610/pdf/44jj6twncch3xp.pdf
As announced on 28 April 2020, Metal Tiger has conditionally
agreed to invest a further A$310,000, at Cobre's IPO price of
A$0.20 per share, which will result in the issue of 1,550,000 new
Cobre Shares to Metal Tiger (the "MTR Investment"). As Metal Tiger
is a substantial shareholder in Cobre and has Board representation,
the completion of the MTR Investment requires the approval of Cobre
shareholders, with such approval to be sought at the Cobre's Annual
General Meeting, to be held later this year. Should shareholders
approve the MTR Investment, Metal Tiger will be interested in
20,900,000 Cobre Shares, which, assuming no further shares are
issued by Cobre, would result in Metal Tiger's interest in the
company increasing to 19.99%.
Mr Michael McNeilly, Chief Executive Officer of Metal Tiger,
said:
"We are very excited by the start of this latest drilling
campaign by Cobre, which follows on from the significant work which
has already been done to demonstrate the potential at Perrinvale
and has twin objectives of extending confirmed VHMS mineralisation
beyond Schwabe prospect, while also stepping out to test new
targets at Perrinvale, in order to explore the broader potential of
the licence."
"We look forward to receiving early visual results before assays
and analysis are performed by Cobre's specialised and experienced
VHMS technical team, which are expected to further refine the focus
and strategy of the second half of the budgeted drill
programme."
This announcement contains inside information for the purposes
of the market abuse regulation (EU No. 596/2014) ("MAR").
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 (Nominated Tel +44 (0)20 7409 3494
James Dance 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
Hugo Liddy
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.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20200610005308/en/
CONTACT:
Metal Tiger plc
SOURCE: Metal Tiger plc
Copyright Business Wire 2020
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