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Metal Tiger shares surge as plans Logrosan joint venture exploration

Metal Tiger shares surge as plans Logrosan joint venture exploration

Metal Tiger (LON:MTR) saw shares rise as it revealed regular news flow can be expected this year from work at its Logrosan gold and tungsten joint venture in Spain.

Earlier this month the group entered a joint venture with Logrosan Minerals, a special purpose vehicle, for a 50% share, in the area, which comprises one licence and two licence applications in Extremadura, Spain.

Metal Tiger's chairman Terry Grammer will be back on the ground next week to work with the local team on this year's exploration programme, the firm said.

Initial exploration has delineated six target areas for detailed investigation, with targets 1 to 3 prioritised for this year's programme.

The first is an isometric arsenic anomaly 2.4km by 1.5km, while the second is characterised by four tungsten anomalies in an area 1.2km by 1km.

The third area is an As-W-Sn anomaly -  arsenic-tungsten-tin - where there is much evidence of previous underground workings and crushing facilities.

Metal Tiger is to fund up to the next €500,000 in exploration - the first payment being €100,000 and the balance of up to a total of €500,000 to be transferred over the rest of 2015.

If Metal Tiger provides the total of  €500,000 funding it will hold 50% of the equity in Logrosan Minerals.

Metal Tiger shares added 10% to 0.825p in early deals.

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