METAL TIGER PLC: Southern Gold -- Drilling Update
17 Giugno 2020 - 8:21AM
UK Regulatory
TIDMMTR
17 June 2020
Metal Tiger plc
("Metal Tiger" or the "Company")
Southern Gold -- Drilling Update
Metal Tiger plc (AIM: MTR), the London Stock Exchange AIM listed
investor in natural resource opportunities, is pleased to note the
Drilling Operations Update released by Southern Gold Limited
("Southern Gold") earlier today. Metal Tiger has a 17.1% equity
interest in Southern Gold.
Highlights from Southern Gold's announcement:
-- All three diamond drill holes completed at the Aphae Project intersected
significant sulphide and/or silica flooded vein breccia and base metal
sulphide veining intersected, assays pending.
-- A wider than expected interval of sulphide-rich breccia zone in APDD003
at Aphae has resulted in an additional diamond drill hole targeting down
dip of this zone.
-- Multiple zones of dynamic polyphasal low-sulphidation epithermal veining
were intersected at 'Hand of Faith', Beopseongpo, but only returned a
peak of 0.24m @ 1.71g/t gold from 139.97m in BPDD013.
-- Assays expected from the drill program at 'Spider', Beopseongpo in early
July.
-- Diamond drilling ongoing at 'Shin Hill', Deokon Project.
Southern Gold's corresponding press release as well as pictures
of cores taken from the drilling campaign can be found at the
following link:
https://www.asx.com.au/asxpdf/20200617/pdf/44jq46chvblcs3.pdf
Further information from Southern Gold's announcement
Aphae Project
At Aphae, three holes have been drilled, intersecting the
targeted mineralisation at expected depth below the historical open
pit and underground mine. The third well, APDD003, which was
drilled to the North of the target, intersected wider than
anticipated breccia (>50m downhole), the host lithology for the
mineralisation, and sulphide content increased. This result has led
to Southern Gold to plan an additional hole to map the extent of
the breccia and sulphide content.
Mineralised intervals are now being logged and sampled as a
matter of priority. The assays are expected back from the programme
in approximately 6-8 weeks, subject to delays due to COVID-19.
Beopseongpo Project
At Beopseongpo, four holes were drilled with the intention to
follow up intersections encountered in Phase 1 of the drilling
campaign there in 2019. Significant quantities of low sulphidation
epithermal multi-phase veining were intersected in all holes, with
several elevated gold assays received. Further testing however has
confirmed that economic grades of gold and silver were not
present.
Deokon Project
Southern Gold has also confirmed that scout drilling is ongoing
at Shin Hill, Deokon Project, which is planned to test down-dip of
well-focused vein and lode mineralisation observed in the Shin Adit
historical underground workings. A more detailed update is expected
be provided on this programme in late August.
Further Southern Gold Drilling
Southern Gold, subject to regulatory approvals and supply chain
logistics, now anticipate drilling at depth at Weolyu project
before either drilling a five-hole drill program at Dokcheon
project, or further drilling at Aphae, pending the timing and
significant of the assay results expected over the next two
months.
Michael McNeilly, Chief Executive Officer of Metal Tiger,
commented:
"Today's results from Southern Gold's Aphae project are very
encouraging and suggest a larger potential to the North of the
project, surpassing expectations. We look forward to the results of
further testing and the beginning of the fourth hole now planned
there."
For further information on the Company, visit:
www.metaltigerplc.com
Enquiries:
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/20200616006080/en/
CONTACT:
Metal Tiger plc
SOURCE: Metal Tiger plc
Copyright Business Wire 2020
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