Southern Gold – Drilling Update
("Metal Tiger" or the "Company")
Southern Gold – Drilling Update
(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:
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.pdfFurther information from Southern Gold’s announcement
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.
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.
Southern Gold has also confirmed that scout drilling is ongoing at Shin Hill, , 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.
, 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
Notes to Editors:
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.
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 (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.Equity Investments
is focused on the development of its key project interests in , where Metal Tiger has a growing interest in the large and highly prospective Kalahari copper/silver belt through its interest in .Project Investments
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.
- All three diamond drill holes completed at the 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’, .
(Chief Executive Officer)
Tel: +44 (0)20 7099 0738
(Chief Investment Officer)
Strand (Nominated Adviser)
Tel +44 (0)20 7409 3494
Arden Partners plc (Broker)
Tel: +44 (0)20 7614 5900
Camarco (Financial PR)
Tel: +44 (0)20 3757 4980
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Market Cap: £32.95 m
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