METAL Tiger PLC’s 90%-owned subsidiary Southeast Asia Exploration and Mining (SEAM) has identified a new copper target area in southeast Thailand. SEAM made the discovery as part of its exploration and has lodged three contiguous special prospecting licence applications (SPLAs) covering 48sqkm in Prachinburi province.
Metal Tiger says the application areas are structurally prospective and display evidence for hydrothermal alteration, with sample assays yielding anomalous copper and gold results. “Geologists believe that this region of Thailand represents an extension of the highly prospective Loei-Phetchabun gold belt further to the north.”
The addition of these three SPLAs brings the total in SEAM’s exploration portfolio to 13 in four different areas of Thailand. The company will continue to work with the Department of Primary Industry and Mines to have the licences granted in a timely manner.
Metal Tiger CEO Paul Johnson said, “Metal Tiger’s subsidiary SEAM has been highly active conducting a detailed review of new opportunities in Thailand. The country has open-ended exploration potential and is highly prospective for precious, strategic and base metals.
“The announcement is the latest step in building a diversified strategic Thai portfolio of interests each of which has significant potential. Metal Tiger, through SEAM, is proactively investing in-country and now has a variety of interests diversified by commodity and by stage of project development.”
Metal Tiger entered into a joint venture agreement with Thailand-based SEAM and Southeast Asia Mining Corp, the parent company of SEAM, on October 28, 2014. The JV gave Metal Tiger the opportunity to earn-in and potentially control gold exploration targets in two of Thailand’s gold regions, namely the Copper-Gold Belt and Gold-Antimony Belt.
The company has also moved a step closer to finalising its investment in the Boh Yai and Song Toh silver-lead-zinc mines in Kanchanaburi province western Thailand through the signing of a Standstill Letter Agreement (SLA).
The SLA is between Metal Tiger, SEAM and the owners of the mines. It provides for a three month standstill agreement allowing time for the parties to undertake due diligence and to formulate a formal joint venture agreement. A JV would see the parties work together to secure mine permitting and complete rehabilitation works with a view to bringing the mines back into production at the earliest opportunity.
In consideration for entering into the SLA, Metal Tiger will pay the owners US$80,000 and US$50,000 in Metal Tiger shares.