Metal Tiger (LON:MTR) is looking to extend its joint venture in Extremadura, Spain, by taking a stake in another prospect owned by partner MEN.
The two companies already have a joint venture covering the Logrosán and Zorita licences, but Metal Tiger now wants to shift its drill rig to MEN’s Maria gold prospect.
Under the terms of the JV, Metal Tiger has to spend US$500,000 at gold and tungsten target Logrosan for a 50% stake. Some €450,000 of this has been met but the remainder will now be focused on Maria.
A review of its progress so far in Spain has also started, Metal Tiger added.
Paul Johnson, chief executive, said: “We are now working with Mineral Exploration Network (Finland) to consider building on our existing interests with an additional licence.
“This licence is attractive due to the historical information we have received on the property and the results from work undertaken by MEN (Finland) in recent times.
“It is also geographically close to our other Spanish interests and is principally gold focused.
“By moving the drill rig to the Maria project we gather valuable exploration data and project information, which will help us during our due diligence process.”