Metal Tiger PLC (AIM:MTR, OTC:MRTTF, ASX:MTR) delivered a double update as it said Cobre Limited made a second 'significant' copper intersection and Armada Metals commenced its magnetotelluric surveys.
Metal Tiger said Cobre Limited made the second intersection of significant copper mineralisation from its ongoing drill programme on Kalahari Metals Limited’s Ngami Copper Project licenses.
Cobre, in which MT has a 15% holding, also said in a statement the promising results highlighted a potential district-scale opportunity, which includes 57 priority targets across Kalahari Metals license holding.
According to the statement from Cobre, there is abundant chalcocite mineralisation intersected at the second diamond drill hole, NCP08.
Copper mineralisation occurs over a 25m interval downhole, with a significant increase in chalcocite mineralisation over a 12m interval.
NCP08 was drilled 1km southwest of NCP07, which was drilled along the strike of mineralisation.
A third diamond hole is currently in progress and positioned a further 1km along strike to the southwest.
In a separate statement, the group said Armada Metals Limited had begun a series of natural source audio-magnetotelluric surveys over the Libonga-Matchiti Trend at the Nyanga Project in Gabon.
The survey will test the Earth's magnetic and electric fields to measure the electrical resistivity of the sub-surface.
The AIM and ASX listed investor in natural resource opportunities holds 15mln shares in Armada, which represents a roughly 14.4% stake.
In addition, Metal Tiger also holds 3.3mln options over Armada shares, exercisable at a price of AU$0.334 with a 5-year validity after admission of the company to the official list of the ASX.