Metal Tiger plc (AIM: MTR), the London Stock Exchange AIM listed investor in natural resource opportunities, is pleased to announce that Cobre Limited (ASX: CBE) ('Cobre'), in which Metal Tiger owns a c.18.8% interest, has today announced that Cobre's third drilling programme at the Perrinvale VHMS Project ('Perrinvale') has commenced, with the diamond drill (DD) rig now onsite.
The reverse circulation (RC) drill rig is due to mobilise to site this week.
Highlights
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.
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 (the 'MTR Investment'). 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.'
This announcement contains inside information for the purposes of the market abuse regulation (EU No. 596/2014) ('MAR').
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Notes to Editors
Metal Tiger plc is admitted to the AIM market of the London Stock Exchange AIM Market ('AIM') with the trading code MTR and invests in high potential mineral projects with a base, precious and strategic metals focus.
The Company's target is to deliver a high return for shareholders by investing in significantly undervalued and/or high potential opportunities in the mineral exploration and development sector. Metal Tiger has two investment divisions: Equity Investments and Project Investments.
Equity Investments invests in undervalued natural resource companies. The majority of its investments are listed on AIM, the TSX and the ASX, which includes its interest in Sandfire Resources Limited (ASX: SFR). The Company also considers selective opportunities to invest in private natural resource companies, typically where there is an identifiable path to IPO. Through the trading of equities and warrants, Metal Tiger seeks to generate cash for investment for the Project Investments division.
Project Investments is focused on the development of its key project interests in Botswana, where Metal Tiger has a growing interest in the large and highly prospective Kalahari copper/silver belt through its interest in Kalahari Metals Limited.
The Company actively assesses new investment opportunities on an on-going basis and has access to a diverse pipeline of new opportunities in the natural resources and mining sectors. For pipeline opportunities deemed sufficiently attractive, Metal Tiger may invest in the project or entity by buying publicly listed shares, by financing privately and/or by entering into a joint venture.
COBRE LIMITED 
