Metal Tiger looking to expand Spanish operations

Metal Tiger was aggressively pressing ahead with expanding its Spanish operations on Monday, updating the market on the 2015 year at its Logrosán and Zorita licences, and revealing a new opportunity in the country.

The AIM-listed investor in natural resource opportunities said, of the €500,000 (£385,177) spend commitment by Metal Tiger on the Logrosán and Zorita licences, €450,000 had been paid to the joint venture with the remainder to be applied to due diligence at its potential new venture.

It said the work undertaken in 2015 achieved the objectives to delineate the extent of tungsten and gold mineralisation, and delineate the extent of mineralisation across key targets.

Metal Tiger said that it was now looking to expand its Spanish interests in association with its existing joint venture partners.

A separate standstill agreement, expiring 10 March, had been reached to provide the company with time to conduct due diligence over the Maria exploration project, currently 100% owned by Mineral Exploration Network (Finland).

The company said Maria was principally prospective for gold mineralisation. Metal Tiger's drill rig had now been moved to Maria to undertake due diligence drilling.

"We are delighted with the progress achieved by our joint venture partners in Spain and our experience to date has been very positive," said Metal Tiger chief executive Paul Johnson.

"This [Maria] licence is attractive due to the historical information we have received on the property, and the results from work undertaken by MEN (Finland) in recent times," he added.

Johnson said that, by moving the drill rig to the Maria project, Metal Tiger would gather valuable exploration data and project information, which would help it during the due diligence project.