METAL Tiger has started exploration at its Chanthaburi joint venture property in southeast Thailand. Company chairman Terry Grammer and CEO Cameron Parry agreed on an initial exploration program during a recent site visit.
The duo designed the work program which was signed off by the chairman. Key personnel have been engaged and other exploration licence applications in Thailand are being advanced. Metal Tiger has engaged several locally-based professionals, including a specialist licensing/permitting consultant, to progress the licensing process.
The work program is expected to provide data regarding the antimony and gold mineralization potential of the Chanthaburi prospect. It will include:
- Airborne geophysics interpretation including magnetic and radiometric survey data;
- Surface geological mapping and sampling;
- Deep soil sampling; and
- Chemical analysis (re: gold and pathfinder elements).
This project is covered by Exclusive Prospecting Licence (EPL) 51/2557 which is held for the JV by partners South East Asia Exploration & Mining Co, Ltd (SEAM). The EPL enables Metal Tiger to invest in exploration activities for the period ending September 25, 2015.
Metal Tiger has made full payment to cover this initial program which is being undertaken on a fixed budget and at moderate cost, in line with the company ethos to yield maximum value from exploration spend.
The EPL covers an area totalling 187 hectares in Phawa sub-district of the Kaeng Hang Meoa district of Chanthaburi province, in southeast Thailand. Approximately 300km east of Bangkok, the property is in the area locally known as the Gold-Antimony Belt.
Cameron Parry said: “Metal Tiger is delighted to see the commencement of exploration work at our first joint venture property in Thailand. With the launch of active operations at Logrosan in Spain and Chanthaburi in Thailand confirmed to the market within the same week, Metal Tiger has demonstrated its commitment to forge ahead aggressively with our Direct Projects investment division.”
Metal Tiger also has JV interests with SEAM in two Special Prospecting Licence Applications covering a total area of 31sqkm relating to projects in Nakon Sawan and Lopburi provinces within the Loei-Phetchabun part of what is locally referred to as the Copper-Gold Belt. These sites are anticipated to obtain exploration permits by 2016.
Metal Tiger holds a 10% interest in the JV with SEAM. Over the next 15 months with further payments totalling US$175,000 for funding of exploration and licensing expenditure and including one final stage payment to the vendor in July 2016, Metal Tiger shall achieve a majority 75% interest.