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Metal Tiger shines as drill programme “significantly” adds to value of Logrosán project

Michael McNeilly, chief executive of the AIM resources investor, said drilling had yielded five high-grade tungsten intersections as well as three high-grade gold intersections

Tungsten element
The tungsten intersections had an average grade of 0.3% tungsten trioxide, more than the typical grade of 0.1% for commercial deposits

Metal Tiger PLC (LON:MTR) jumped in lunchtime trading on Thursday after it said results from a drill programme at its Logrosán project in Spain had “added significantly” to its value.

Michael McNeilly, chief executive of the AIM resources investor, said the “short confirmatory drill programme” had yielded five high-grade tungsten intersections as well as three high-grade gold intersections.

READ: Metal Tiger reveals approval of environmental management plan for Okavango copper project

The tungsten intersections had an average grade of 0.3% tungsten trioxide, compared to the typical grade of 0.1% for commercial tungsten deposits. The gold intersections meanwhile, had ranged between 9.7 grams per tonne (g/t) and 96.2 g/t.

The programme had been conducted in a “cost-effective manner” McNeilly added, utilising spare drill rig capacity and with staffing from Mineral Exploration Network (MEN) Finland Limited, MTR’s joint venture (JV) partner for the project.

“We are currently considering the next steps for the project with our JV partners and will provide further updates in due course.”

Shares were up 6.1% at 1.3p.

Quick facts: Metal Tiger PLC

Price: 27 GBX

AIM:MTR
Market: AIM
Market Cap: £41.38 m
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