Metal Tiger PLC (LON:MTR) has welcomed the commencement of field exploration work at Cobre Limited’s Perrinvale project in Western Australia.
Cobre, in which Metal Tiger currently has a 16.62% stake, said an optimisation study of the project has brought about a step-change in the exploration approach.
As announced earlier this month, Metal Tiger will be buying more shares interested in Cobre as part of the latter’s fund-raising, while Metal Tiger also expects to be issued more Cobre shares subject to certain conditions being met, which would take its stake up to 21%.
In a separate announcement, the investor in natural resource companies drew attention to Southern Gold Limited’s quarterly activities report, released today.
Metal Tiger currently has a 17.72% stake in Southern Gold.
Southern Gold said commercial negotiations continued on the settlement of Southern Gold’s sale of 50% joint venture interests in the Gubong and Kochang project for US$9.95mln.
Discussions are in an advanced stage and an update to the market is expected in the coming quarter, Southern Gold said.
Shares in Metal Tiger were up 3.4% at 22.75p.