Small cap mining investor Metal Tiger (LON:MTR) has ploughed £75,000 into AIM-listed gold group Ariana Resources (LON:AAU).
Metal Tiger bought a further 8.3mln shares at 0.9p per share bringing its investment in Ariana so far this year to £250,000, or 27mln shares.
The company, which owned a 2.2% stake in the gold group before the announcement, originally invested in Ariana on 5 February 2015.
Metal Tiger's chief executive Cameron Parry said that since the original investment, “Ariana has made significant progress technically and operationally.”
Recently, Ariana received forestry permits to allow construction of its gold project at Kiziltepe and produced a scoping study showing the potential value of its Salinbas/Ardala interests.
Parry said: “The progress made has, in the view of Metal Tiger, brought Ariana to a highly important point of development and whilst the market appears to be beginning to recognise Ariana's value, Metal Tiger considers that going forward its exposure to Ariana has the potential to deliver substantial returns.”
Metal Tiger also has shares in Kibo Mining (LON:KIBO), and Eurasia Mining (LON:EUA) as well as those in Ariana.
The news comes a week after Metal Tiger raised £300,000 to take advantage of opportunities in the cash-strapped natural resources sector.
Shares in Metal Tiger rose 2.5% to 0.999p while Ariana shares climbed 2% to 1.25p.