Metal Tiger Plc (LON:MTR)

Metal Tiger Plc (LON:MTR)


Share Price
1.39 p
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-0.0075 (-0.54 %)
Market Cap
£21.69 m
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Metal Tiger Plc RNS Release

Pan Asia Metals Commencement of Drilling Programme at Reung Kiet Lithium Project


Pan Asia Metals Commencement of Drilling Programme at Reung Kiet Lithium Project

Metal Tiger plc

("Metal Tiger" or the "Company")

Pan Asia Metals – Commencement of Drilling Programme at Reung Kiet Lithium Project

Metal Tiger plc (LON:MTR), the London Stock Exchange AIM listed investor in strategic natural resource opportunities, is pleased to announce the commencement of drilling at Pan Asia Metals Limited’s (“PAM”) wholly owned Reung Kiet Lithium Project ("RKLP") in Phang Nga Province, Thailand. Metal Tiger holds a 13.6 per cent. interest in PAM.

The RKLP includes a historical pegmatite tin mine, where weathered pegmatite was mined until the limit of weathering, where the ground became too hard, reaching a depth of approximately 30m. The resulting historical pit measures around 450m long by 140m at its widest point, with the pegmatite body around 20m wide in the pit bottom.

Previous investigations, conducted jointly by the Thai/British Geological Survey in the 1960s, have shown the pegmatite to be lithium bearing, with lepidolite mica thought to be evenly distributed throughout the pegmatite.

The drill programme has commenced with initial confirmatory drill holes orientated to intersect the lepidolite pegmatite at around 20-30m below the historical pit floor. Depending on findings, it is intended that deeper drilling will then follow.

Michael McNeilly, Chief Executive Officer of Metal Tiger commented:

“We strongly believe that the Reung Kiet Lithium Project has unique characteristics, with potentially one of the largest suites of lepidolite pegmatites in its global peer group. Through PAM’s drilling programme, we hope to realise the potential of the project and we look forward to updating shareholders as progress continues.”

Background on Reung Kiet Lithium Project

The RKLP is situated within the South East Asian Tin and Tungsten Belt and is located about 50km north-east of Phuket in the Phang Nga Province, southern Thailand. Pan Asia holds a 100% interest in 6 Prospecting Licence Applications covering approximately 75km2.

The area of investigation was a major tin mining district up until the 1980s. In the late 1960’s a joint Thai/British Geological Survey study was undertaken in the region. It was during this study that the lithium bearing mica lepidolite was identified in pegmatites being mined for tin at the Reung Kiet open pit mine. This lepidolite was found to contain 3-4% Li2O. PAM considers that the project may have the potential to be positioned at or near the bottom of the cost curve for the production of lithium carbonate.

RKLP has two key prospects, with a combined strike length based on pits, exposures and rock chips, of approximately 2.5km.

PAM's surface work to date has produced average rock chip grades of 1.54% Li2O, with good tin and tantalum credits. Previous mining and independent reports at RKLP indicate excellent potential to discover significant lithium resources.

Background on Pan Asia Metals

PAM is a Singapore registered metals exploration and development company focused on the exploration and development of specialty and base metal projects in South East Asia. 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, having acquired a 7.8% interest in the issued share capital of PAM on 8 December 2017 for US$250,000, and, on 17 September 2018, invested a further US$300,000 increasing its interest in the issued share capital of PAM to 13.6%.

For more information on Pan Asia Metals Limited please visit their website www.panasiametals.com.

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

James Dance

Jack Botros

Strand Hanson Limited (Nominated Adviser) Tel +44 (0)20 7409 3494
 
Nick Emerson SI Capital (Broker) Tel: +44 (0)1483 413 500
 
Gordon Poole

James Crothers

Monique Perks

Camarco (Financial PR) Tel: +44 (0)20 3757 4980

Notes to Editors:

Metal Tiger plc is listed on 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. The Company’s key strategic objective is to ensure the distribution to shareholders of major returns achieved from disposals. Metal Tiger has two investment divisions: Direct Equities and Direct Projects.

The Direct Equities division invests in undervalued natural resource companies listed on AIM, the ASX and the TSX. Through the trading of equities and warrants, Metal Tiger seeks to generate cash for investment in the Direct Projects division.

Metal Tiger’s Direct Projects division is focused on the development of its key project interests in Botswana, Spain and Thailand. In Botswana, Metal Tiger, through its 10.48% interest in MOD Resources Limited and related JV, has a growing interest in the large and highly prospective Kalahari copper/silver belt. 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.

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