Metal Tiger PLC (AIM:MTR, OTC:MRTTF, ASX:MTR) noted that investee company Cobre Limited has entered into a binding head of agreement with Tshukudu Exploration, a subsidiary of another investee firm Sandfire Resources Limited, to gain airborne gravity gradient data over its Ngami, Kitlanya West and Kitlanya East copper projects in Botswana.
A statement from the AIM and ASX listed investor in natural resource opportunities said the cost of the survey will be split equally between Cobre and Sandfire. In return, Sandfire will have the right to use the data for its own interpretation.
As part of the agreement, Cobre and Sandfire will collaborate in the identification of analogues to the A4 and T3 deposits within Sandfire’s Motheo Production Hub.
Metal Tiger owns roughly 46.9mln shares in Cobre, representing a 20.5% stake, while it owns 5.7mln shares in Sandfire, or a 1.2% interest.