Australian explorer Pan Asia Metals, in which Metal Tiger PLC (LON:MTR) holds a 13.6% stake, is to kick off a 5-10 hole drilling campaign at its Reung Kiet lithium project in Thailand within the next few weeks.
News of the programme comes after Pan Asia was formally awarded special prospecting licences by Thai authorities. The approvals last for five years, covering the company until 2024.
“Pan Asia Metals is one of the few Lithium exploration companies which is positioned to build competitively priced Lithium Carbonate and Lithium Hydroxide manufacturing capacity and is currently the only lithium exploration company located on the doorstep of key consumers in SE Asia and Asia more generally,” said Metal Tiger chief executive Michael McNeilly.
“We are delighted that the Thai government have granted the SPLA's to Pan Asia Metals and look forward to continuing to work with all stakeholders as we realise this highly important resource.”
Metal Tiger shares were down 1.4% in late afternoon trading on Thursday.