Metal Tiger PLC (LON:MTR) said Cobre Limited, in which it owns an 18.8% stake, has reported further assay results from a drilling campaign at its Perrinvale high-grade volcanic-hosted massive sulfide (VHMS) project in Western Australia.
The resource investment firm said the majority of the assay results from the campaign have now been received, with recent drill holes at the Schwabe prospect continuing to deliver high-grade intercepts.
Metal Tiger added that the results confirmed that the mineralised horizon at Schwabe extends 500 metres along strike, while in-addition visual observations indicate that mineralisation continues around 270 metres below surface.
Maiden mineralisation intercepts have also been discovered at the Costa del Islas, Piega del West and Ponchiera prospects within the Perrinvale tenements, with downhole electromagnetic (DHEM) surveys now underway with follow-up diamond drilling to commence on site next week.
“I am encouraged to see continued high-grade VHMS results at Schwabe and that other areas across the 381 [square kilometre] Perrinvale project present strong VHMS potential from very early drilling. Overall, I believe that Cobre has barely “scratched the surface” of Perrinvale, which is a truly exciting asset”, said Metal Tiger chief executive Michael McNeilly.
“We look forward now to further activity from Cobre at Perrinvale, with additional assays expected shortly, DHEM surveys also underway and a second-deep hole at Schwabe now planned to further test the down dip potential”, he added.
Metal Tiger shares were 0.6% lower at 21.1p in early deals on Thursday.