Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

Metal Tiger PLC's MOD Resources stake soars in value

Metal Tiger holds 58.3mln shares and 29.2mln warrants in MOD Resources. MOD shares rose 350% on Thursday.
Metal Tiger PLC's MOD Resources stake soars in value
Metal Tiger's stake in MOD has risen by around £556k

Natural resources investor Metal Tiger plc (LON:MTR) has been cheered by progress at the Kalahari copper belt project, in which it has a 30% stake.

MOD Resources (ASX:MOD), the senior partner in the joint venture that is developing the project, said significant amounts of copper were detected in the first drilling of the “T3” target.

Initial interpretation of the drilling results shows chalcopyrite, bornite and pyrite occur in a near horizontal zone of locally intense quartz veining starting from 60 metres below surface.

Reverse circulation drilling is continuing to test the T3 anomaly, while a diamond core drill rig has been sourced to commence testing of potential strike and depth extensions.

The share price of MOD Resources shot up 350% to 1.80 cents on the news on the Australian stock exchange.

Shares in Metal Tiger were 8.4% higher at 2.90p in mid-morning trading in London, reflecting an increase of around £556,500 in the value of Metal Tiger's stake in MOD.

"The Kalahari copper belt project represents a major strategic project interest within the company's Metal Projects Division. Therefore I am delighted to report the extremely positive progress in the conduct of the drilling programme and in respect of the early findings achieved by project operators and partners MOD Resources,” said Paul Johnson, chief executive of Metal Tiger.

“The nature and extent of mineralisation identified thus far is extremely encouraging and we eagerly await the results from sample analysis being conducted in the laboratory,” Johnson added.

John-H.jpg
Why Invest In Metal Tiger? Read More Here

Register here to be notified of future MTR Company articles
View full MTR profile

Metal Tiger Timeline

Related Articles

Diamond---Lesotho-Brown.jpg
August 01 2016
Gem International has just raised C$1.2 mln and has big plans for exploration and diamond discovery in Angola
silver-city-minerals_Drill-Rig-Razorback-West-Nov-2016-highres-757.jpg
November 03 2016
The company has a zinc and lithium focus in the world-class Broken Hill region.
Wheat.jpg
August 18 2016
Harvest is now within a few months of trial mining at Arapua

© Proactive Investors 2016

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.