Natural resources investing company Metal Tiger plc (LON:MTR) cheered shareholders with good news from its Spanish joint venture.
At the Logrosán gold and tungsten joint venture (JV) project in Extremadura, alteration mapping and in-fill soil and outcrop sampling has delineated a new gold target area: El Seranillo North
At its JV partner's wholly-owned Maria project, the first set of assay results from the Metal Tiger due diligence drilling have confirmed hard rock gold and antimony mineralisation.
Metal Tiger said it is in advanced discussions to secure a stake in the Maria project, and has agreed an extension to 18 April 2016 to the previously announced due diligence period with its Logrosán JV partner Mineral Exploration Network (Finland).
Meanwhile, the UK-listed company is to pay a bonus of 1.45mln Metal Tiger shares, valued at 5.35p each, to the seven-strong field team at its Spanish joint venture, as a reward for a year of intensive work and “extremely positive” exploration success.
“Once again we have reason to celebrate the results of exploration work from our Spanish Interests. The identification of an additional gold target at Logrosán is particularly significant for that project and we will investigate this proactively in 2016,” said Paul Johnson, chief executive of Metal Tiger.
“Metal Tiger has seen tremendous success to date from our Spanish interests. Through regular feedback about ground operations and through visits we have undertaken to Spain, we have seen first hand the commitment of the team and an intensity of work on the licences that is highly impressive. It is therefore absolutely correct that we should award the team with a decent bonus for the year's work that, as requested by the team, is to be paid in Metal Tiger plc shares,” Johnson added.
Shares in Metal Tiger are up more than 500% this year, so the team should be happy with their bonus.
The shares rose a further 0.3% to 5.37p on Tuesday Morning.