Metal Tiger looking to expand Spain operations

Metal Tiger reported positive test results from its Spanish joint venture operation on Tuesday, and announced it was embarking on a quest to buy into another project showing equally promising possibilities.

The AIM-traded natural resources investing company says alteration mapping, and infill soil and outcrop sampling had delineated a new gold target area called El Seranillo North, at the Logrosán Gold and Tungsten joint venture.

It also reported that at its joint venture partners’ 100%-owned Maria Project, the first batch of assay results from the Metal Tiger due diligence drilling confirmed hard rock gold and antimony mineralisation.

Metal Tiger’s board was in advanced discussions to secure an interest in Maria, and agreed an extension of the previously-announced standstill agreement with Logrosán JV partner Mineral Exploration Network to 18 April 2016.

The board was also to pay a share bonus of 1.45 million new ordinary shares at 5.35p per ordinary share to the field team at the Spanish joint venture.

It amounted to a team bonus of £77,750 and was to be shared by seven team members, to reflect what the board described as a year of intensive work and extremely positive exploration success creating a platform for the company to build its Spanish interests in 2016.

"Once again we have reason to celebrate the results of exploration work from our Spanish interests,” said CEO Paul Johnson.

“The identification of an additional gold target at Logrosán is particularly significant for that project and we will investigate this proactively in 2016,” he added.

Johnson said the company had seen “tremendous success” to date from its Spanish interests, seeing the commitment of the team and impressive intensity of work on the licences through regular feedback and visits.

“We very much look forward to providing further updates from Spain including, if negotiations conclude successfully, further details with regard to acquisition of an interest in the Maria Project for Metal Tiger shareholders."