Metal Tiger PLC (LON:MTR) revealed its 17.1% owned associate Southern Gold Limited (ASX:SAU) has noted that it's South Korean team has shown it can manage its drill programme during the coronavirus (COVID-19) pandemic.
In a statement, Southern Gold reported “significant levels” of field activity in South Kore. Drilling and sampling programmes are continuing, it said in a quarterly activities report, and some 758 metres have been drilled at the Beoseongpo project, across the Golden Palm, Hand of Faith and Spider prospects.
Southern Gold said it has significant funding to complete its drilling programmes and exploit its first-mover advantage in South Korea. It has raised A$4mln of which another A$1.83mln would be subject to shareholder approval in early May.
Plans for further drill programmes are planned for the Shin Hill underground mine, part of the Deokon project and the Aphae project.
Separately, Metal Tiger similarly relayed a quarterly update from 19.99% owned Cobre Ltd (LON:CBE) reflecting on a period in which the ASX-listed firm raised US$10mln via IPO.
Cobre subsequently kicked off exploration drilling at the Perrinvale VHMS project in Western Australia, testing the Schwabe, Zinco Lago and Monti prospects. Surveying activity is underway to refine targets for the next phase of drilling, it said.