Metal Tiger PLC (AIM:MTR, OTC:MRTTF, ASX:MTR) noted that its investee company Sandfire Resources Limited has announced that recent underground drilling at its MATSA Copper Operations in south-western Spain has delineated a new zone of volcanic massive sulphide copper-zinc-silver mineralisation adjacent to the Aguas Teñidas Mine.
In a statement, Sandfire acting CEO, Jason Grace, said: ‘This represents the first significant exploration breakthrough by the Sandfire team since we acquired the MATSA Copper Operations in February 2022. The identification of the San Pedro Zone shows what can be achieved through a disciplined, systematic and technically sound approach to exploration – and highlights the enormous exploration opportunity in front of us.
"In the short-term, we look forward to the results of step-out drilling to test the full potential of the San Pedro Zone, including the 2 km long prospective horizon that has been identified along strike. In-fill drilling will continue in parallel with these step-outs as we work to advance this exciting new discovery towards resource status. We are confident that it will contribute to future Mineral Resource updates at MATSA and, given its proximity to existing underground infrastructure, ultimately be converted to Ore Reserves."
The AIM and ASX listed investor in natural resources opportunities also noted that Sandfire has also released its December 2022 Quarterly Report and December 2022 Quarterly Report Presentation.
Sandfire’s December 2022 Quarterly Report can be accessed via the following link: https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02623405-6A1132777?access_token=83ff96335c2d45a094df02a206a39ff4. Sandfire’s December 2022 Quarterly Report presentation can be viewed via this link: https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02623407-6A1132778?access_token=83ff96335c2d45a094df02a206a39ff4.
Following a disposal announced on 13 January 2023, Metal Tiger now holds 4,400,000 Sandfire Shares within a margin lending and drawdown facility against an outstanding loan balance of A$7.304mln, and the company will be interested in 5,567,542 Sandfire shares, representing approximately 1.22% of the issued share capital. 1,167,542 Sandfire shares will be secured under the equity derivative financing arrangement with a global investment bank.
Metal Tiger invests in high-potential mineral projects with a base, precious and strategic metals focus. The majority of its investments are listed on AIM, the TSX and the ASX, which includes its interest in Sandfire Resources. The company also considers selective opportunities to invest in private natural resource companies, typically where there is an identifiable path to IPO.