Metal Tiger plc (LON:MTR), the London Stock Exchange AIM listed investor in strategic natural resource opportunities, has today announced the commencement of drilling at Pan Asia Metals Limited’s wholly owned Reung Kiet Lithium Project in Phang Nga Province, Thailand. Metal Tiger holds a 13.6 per cent. interest in PAM.
The RKLP includes a historical pegmatite tin mine, where weathered pegmatite was mined until the limit of weathering, where the ground became too hard, reaching a depth of approximately 30m. The resulting historical pit measures around 450m long by 140m at its widest point, with the pegmatite body around 20m wide in the pit bottom.
Previous investigations, conducted jointly by the Thai/British Geological Survey in the 1960s, have shown the pegmatite to be lithium bearing, with lepidolite mica thought to be evenly distributed throughout the pegmatite.
The drill programme has commenced with initial confirmatory drill holes orientated to intersect the lepidolite pegmatite at around 20-30m below the historical pit floor. Depending on findings, it is intended that deeper drilling will then follow.
Michael McNeilly, Chief Executive Officer of Metal Tiger plc commented:
“We strongly believe that the Reung Kiet Lithium Project has unique characteristics, with potentially one of the largest suites of lepidolite pegmatites in its global peer group. Through PAM’s drilling programme, we hope to realise the potential of the project and we look forward to updating shareholders as progress continues.”
Background on Reung Kiet Lithium Project
The RKLP is situated within the South East Asian Tin and Tungsten Belt and is located about 50km north-east of Phuket in the Phang Nga Province, southern Thailand. Pan Asia holds a 100% interest in 6 Prospecting Licence Applications covering approximately 75km2.
The area of investigation was a major tin mining district up until the 1980s. In the late 1960’s a joint Thai/British Geological Survey study was undertaken in the region. It was during this study that the lithium bearing mica lepidolite was identified in pegmatites being mined for tin at the Reung Kiet open pit mine. This lepidolite was found to contain 3-4% Li2O. PAM considers that the project may have the potential to be positioned at or near the bottom of the cost curve for the production of lithium carbonate.
RKLP has two key prospects, with a combined strike length based on pits, exposures and rock chips, of approximately 2.5km.
PAM’s surface work to date has produced average rock chip grades of 1.54% Li2O, with good tin and tantalum credits. Previous mining and independent reports at RKLP indicate excellent potential to discover significant lithium resources.
Background on Pan Asia Metals
PAM is a Singapore registered metals exploration and development company focused on the exploration and development of specialty and base metal projects in South East Asia. PAM has four wholly owned projects; Reung Kiet Lithium Project; Khao Soon Tungsten Project; Bang Now Lithium Project; and the Minter Tungsten Project. The RKLP, KSTP and BNLP are located in southern Thailand, whilst the MTP is located in the Lachlan Fold Belt, NSW, Australia.
Metal Tiger plc holds 7,626,447 ordinary shares in PAM, having acquired a 7.8% interest in the issued share capital of PAM on 8 December 2017 for US$250,000, and, on 17 September 2018, invested a further US$300,000 increasing its interest in the issued share capital of PAM to 13.6%.
