Metal Tiger PLC’s (LON:MTR) has relayed exploration results from part-owned Cobre Limited’s Schwabe prospect at the Perrinvale copper project.
The first diamond core drill hole at the Schwabe prospect has confirmed the presence of volcanogenic massive sulphide (VMS) mineralisation previously seen during the initial exploration last June.
Additionally, two other new diamond drill holes have been completed at Perrinvale’s Zinco Lago prospect and mineralisation was observed in samples from both.
Sample material from the drill holes will be sent for analysis.
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“This is an encouraging result for Cobre, confirming the presence of the VMS mineralisation at the Schwabe prospect,” said Michael McNeilly, Metal Tiger chief executive.
“Three more holes are planned to be drilled at Schwabe, with the next targeting the centre of the prospect and the final two holes targeting its margins to confirm the extent of mineralisation.
“In addition, we are pleased to note that drilling activities have progressed at Zinco Lago and look forward to Cobre announcing the assay results from the two diamond drill holes,” he added.
In January, Metal Tiger participated in Cobre’s IPO in Australia – buying A$2.4mln of new shares, and giving it a 19.99% interest in the company.