Metal Tiger plc (LON:MTR), the London Stock Exchange AIM listed investor in natural resource opportunities, has announced that Cobre Limited (ASX:CBE), in which Metal Tiger owns a c.18.8% interest, has today announced that Cobre’s third drilling programme at the Perrinvale VHMS Project has commenced, with the diamond drill (DD) rig now onsite. The reverse circulation drill rig is due to mobilise to site this week.
- Cobre’s programme includes 6,000m of RC and DD drilling at Perrinvale, with the dual aim of extending current VHMS mineralisation and drill testing new targets.
- Metallurgical test work will commence on an ore sample from the Schwabe Prospect.
Cobre’s full announcement including maps of prospect locations can be found here:
As announced on 28 April 2020, Metal Tiger has conditionally agreed to invest a further A$310,000, at Cobre’s IPO price of A$0.20 per share, which will result in the issue of 1,550,000 new Cobre Shares to Metal Tiger. As Metal Tiger is a substantial shareholder in Cobre and has Board representation, the completion of the MTR Investment requires the approval of Cobre shareholders, with such approval to be sought at the Cobre’s Annual General Meeting, to be held later this year. Should shareholders approve the MTR Investment, Metal Tiger will be interested in 20,900,000 Cobre Shares, which, assuming no further shares are issued by Cobre, would result in Metal Tiger’s interest in the company increasing to 19.99%.
Mr Michael McNeilly, Chief Executive Officer of Metal Tiger, said:
“We are very excited by the start of this latest drilling campaign by Cobre, which follows on from the significant work which has already been done to demonstrate the potential at Perrinvale and has twin objectives of extending confirmed VHMS mineralisation beyond Schwabe prospect, while also stepping out to test new targets at Perrinvale, in order to explore the broader potential of the licence.”
“We look forward to receiving early visual results before assays and analysis are performed by Cobre’s specialised and experienced VHMS technical team, which are expected to further refine the focus and strategy of the second half of the budgeted drill programme.”