MRG Metals (ASX: MRQ) is an explorer of gold and base metals but has its current focus on the Heavy Mineral Sands (HMS) sector. It has relinquished all its Australian projects last year to concentrate on its HMS Projects. The Company realises that HMS are of crucial economic importance as non-metallic and metallic raw materials alike in today’s globalised economy, with growing demand in the aerospace, foundry and chemical industries, to name a few.
As MRG Metals ramps up its Heavy Mineral Sands (HMS) exploration at the recently acquired Heavy Mineral Sands (HMS) Projects at the high potential tenements in the World Class district of Mozambique, there has been a significant growth in market awareness of the Company.
To read about the importance of HMS and the Company’s lucrative opportunity in Mozambique, READ HERE.
The HMS Projects Development
MRQ acquired the Corridor Projects Heavy Mineral Sands in Mozambique in 2019, where exploration to date has shown excellent results. They are of great significance to the Company and are believed to have an optimum potential as developments foster.
The first target has been the Koko Massava target, which confirmed itself by excellent Auger drilling results whereas it started with wide spaced historic drilling. Consequently, by 25 November 2019, a total of 48 Phase 1 and 34 Phase 2 Aircore holes were reportedly completed at Koko Massava.
On 16 December 2019, the Company provided the first highly significant laboratory assay results from Aircore drilling on the Koko Massava target, underpinning the significant potential for definition of a high grade, large tonnage HMS mineral resource. The laboratory data set depicted that Aircore holes (19CCAC112 – 119), the first 8 of the 82 were drilled, attained an uncut average downhole grade 3.70% - 6.23% THM, with hole depths ranging from 51 – 75m.
Auger Drilling Commences at Koko Massava
High-grade assay results from previous Auger samples had confirm that the drilling underpins an expansion of the project’s high-grade footprint beyond the 20km2 at Koko Massava. On 10 January 2020, MRQ notified that Auger Extension Drilling has begun to test the expansion of Koko Massava Footprint.
The Auger drilling at Koko Massava has been a highly cost effective, reliable and successful exploration tool. This has given MRQ the necessary support for geological interpretations in association with the upcoming Mineral Resource Calculations.
Extensive flow of information expected in 2020
MRG Chairman, Mr Andrew Van Der Zwan believes that 2020 will be an exciting time for MRG, with an extensive flow of information to come to Shareholders as the Company materialise the development of a World class HMS asset at Koko Massava and other HMS assets to follow.
The information expected to flow in early 2020, began with Auger Extension Drilling to test the expansion of Koko Massava Footprint. It is planned to start drilling at Poiombo and Nhacutse immediately following the Koko Massava Expansion Program, using the same exploration techniques.
In the coming few weeks-
- Aircore drill assay results for batch 2 is due from laboratory on or about January 17, will be verified and released to the market within two days of receipt
- Batch 3 is currently at laboratory with results expected by late January
- Batch 4 is currently clearing Australian quarantine with results expected in early February
- IHC Robbins will have the assay results from the remaining 74 Aircore drill holes by early February with its resource output expected in March
- Aircore drill rig is on standby due to recommence in February and is targeting best Auger extension drilling
Well-funded and encouraged to put Shareholders’ funds into the ground, the Company is well positioned to deliver promising results in 2020. The stock is up by 5% on 13th January 2020 (AEDT: 03:41pm), at $0.021 and has delivered an attractive 400% return in the last 6 months.
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