Metal Tiger PLC (LON:MTR, ASX:MTR), a natural resource investor, said investee Armada Exploration Ltd identified 14 anomalies over two nickel-copper sulphide exploration licences in Gabon following an airborne geophysics survey.
“We are excited to report that the processed results of Armada’s airborne geophysics survey have identified 14 conductive bodies distributed along the entire length of the 25km long Libonga-Matchiti Trend, providing further validation of the Ni-Cu [nickel-copper] sulphide exploration potential of the survey area,” said Metal Tiger chief executive Michael McNeilly.
“Armada are prioritising drilling targets in the Libonga North and Matchiti Central target areas for a planned drilling programme which would commence following the planned ASX listing, with further details expected in due course,” he added.
Armada reported it is well-funded with about US$2.25mln in pre-initial public offering capital and that it is well advanced and on track for the planned listing on the Australian Securities Exchange, Metal Tiger said.
Metal Tiger has a direct 18.5% shareholding in Armada, as well as an indirect stake, via its 19.99% holding in Cobre Ltd, which also has an 18.5% interest in Armada.