Metal Tiger will start follow up work at its Chanthaburi joint venture exploration tenement in Thailand after encouraging initial findings. It says that soil sample assays indicate two anomalous areas highlighting there is gold in soil in the northern part of the area, while the antinomy and arsenic present is coincident with a large-scale regional structure.
The AIM-listed company’s chief executive officer Cameron Parry says, “We are very pleased by the findings of the interim exploration report on our Chanthaburi JV project. The presence of antinomy mineralization bodes well for the prospectivity of the licence area.
“In addition to that, finding gold anomalies in the samples taken from the northern part of the licence, an area that has no previously known mineralization, is particularly intriguing and a new area that we intend to follow up.
“We look forward to providing more news in due course as Metal Tiger increases the level of funding directed toward exploration work on our JV licence in Thailand based on these encouraging preliminary findings.”
Meanwhile, Metal Tiger has raised £300,000 to take advantage of opportunities in the cash-strapped natural resources sector. The company placed 33 million shares at a price of 0.9 pence per share.
Cameron Parry says, “The availability of numerous opportunities and the sensible commercial terms that can be negotiated reflects the limited capital available across much of the natural resource sector during this bottoming phase of the resources cycle.”
Its investments fall into two categories: investments in listed companies in the mining sector, and investments directly in projects held in joint venture, also in the mining sector.
The principal asset is a joint venture with South East Asia Mining, signed in October 2014, which allows Metal Tiger to take a 75% stake in four gold exploration licences in Thailand. The company will also hold 10% of two separate Thai operating subsidiaries established to hold the licences.
Metal Tiger also has investments in Kibo Mining, Eurasia Mining and Ariana Resources. It has a JV with Kibo on uranium and gold properties in Tanzania while Eurasia has platinum and other interests in Russia and Ariana is developing gold projects in Turkey.