Metal Tiger PLC (AIM:MTR, OTC:MRTTF, ASX:MTR), the AIM and ASX listed investor in natural resource opportunities, noted that investee company Southern Gold Limited plans to start diamond drill testing at the historic Goseong copper-gold-silver mine district in South Korea in February 2023.
The company said Southern Gold revealed the news in a statement that provided initial assay results from new tenement applications staked over the Goseong copper-gold-silver mine district comprising 25 new exploration licence applications over 70 square kilometres.
Southern Gold said significant rock chip samples from historic mines returned grades up to 8.15 grams per ton (g/t) gold (Au), 265g/t Ag and up to 3.32% copper (Cu), and samples from areas peripheral to the known district returned grades up to 0.82 g/t Au, 198 g/t Ag and 3.32 % Cu, indicating the potential for a sizable mineralised system.
The area is unexplored by modern-day methods, with the only known historical drilling by Government agency KORES reporting downhole results (not true widths) of 21 metres @ 2.5 g/t Au and 54 g/t Ag, and 6.2 metres @ 54 g/t Ag and 1.03% Cu, the company noted.
Southern Gold said mineralisation is hosted in quartz veins and breccias within mine workings up to 800 metres long, and sulphide mineralogy and published peer-reviewed research indicates a hydrothermal-magmatic origin for the veins, indicating the potential for deeper, intrusive-hosted and/or porphyry-style copper-gold-silver, and skarn mineralisation.
Exploration activities are underway to define targets for scout drill testing, including plans to conduct a drone airborne magnetic survey, soil sampling, and detailed mapping and sampling, the company added.
Drilling at Goseong, starting in February 2023, is to be followed by diamond drilling at epithermal gold-silver projects Deokon and Dokcheon. Sites to identify potential larger mineralised structures for drill testing are being prioritised using a ground-based gravity survey at Deokon and drone magnetics at Dokcheon, Southern Gold added.
Metal Tiger is interested in 40,794,000 Southern Gold shares, representing approximately 19.1% of Southern Gold’s issued share capital, and 7,284,500 2-year A$0.18 warrants.