Metal Tiger PLC (AIM:MTR, OTC:MRTTF, ASX:MTR), the AIM and ASX listed investor in natural resource opportunities, has noted a positive drilling update from investee company, Cobre Limited, showing "significant copper mineralisation".
Cobre has announced results for drill hole NCP20A at the Comet Target on Kalahari Metals Limited’s Ngami Copper Project (NCP) licenses. It said Drill hole NCP20A has intersected a significant 45 metre (m) zone of chalcocite mineralisation within a parasitic fold which appears to have acted as a trap-site, effectively upgrading the grade and thickness of copper mineralisation which is characteristic of known Kalahari Copper Belt deposits.
In a statement, Cobre executive chairman and managing director, Martin Holland, said: “Since our initial discovery at the NCP, we have moved rapidly to drill out the potential of this new copper district. Cobre is delighted with the latest copper discovery intersection which has both the thickness and grade to move the economics on the Comet Target. Importantly, these results provide further evidence for the team’s current exploration model by demonstrating that high-grade zones of mineralisation occur along this extensive target.
"This discovery hole is a significant step forward in the Company’s journey to unlocking a copper deposit in the KCB, and we look very forward to providing updates on our ongoing drilling program as we advance this exciting new copper district.”
Cobre’s full announcement can be accessed by the following link: https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02589826-2A1409353?access_token=83ff96335c2d45a094df02a206a39ff4
Metal Tiger is currently interested in 25,946,722 Cobre shares, representing approximately 12.7% of Cobre’s issued share capital. Following anticipated completion of the fundraise announced on 4 August 2022, Metal Tiger will hold 35,754,798 ordinary shares in Cobre representing approximately 16.7% of Cobre’s enlarged issued share capital.
Metal Tiger’s investment in the recent fundraise will be subject to Cobre shareholder approval at an upcoming general meeting, scheduled for 22 November 2022.
Southern Gold, Armada Metals issue quarterly reports
In a separate statement, Metal Tiger also noted that another investee firm, Southern Gold Limited has presented its quarterly report for the period ended 30 September 2022, which can be viewed via the following link: https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02589984-2A1409445?access_token=83ff96335c2d45a094df02a206a39ff4
Metal Tiger is interested in 40,794,000 Southern Gold shares, representing approximately 19.1% of Southern Gold’s issued share capital.
In another statement, Metal Tiger also noted that Armada Metals Limited has published its Quarterly Report for the period ended 30 June 2022, which can be viewed via the following link: https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02589981-2A1409441?access_token=83ff96335c2d45a094df02a206a39ff4
Metal Tiger holds 15,000,000 Armada shares, representing approximately 14.42% of Armada’s issued share capital. In addition, Metal Tiger currently holds 3,333,333 options over Armada shares, exercisable at a price of $A0.334 which expire on 30 December 2026.
-- Adds Armada Metals quarterly report statement --