ASX-listed MRG Metals (ASX: MRQ) has been gaining great investor and media traction off late, ever since it relinquished its Australian projects to focus on the highly prospective and recently acquired Corridor Projects Heavy Mineral Sands (HMS) in Mozambique.
The Company has been developing its first target at the Project, Koko Massava has been showing signs of being globally significant as the initial HMS exploration depict excellent results.
To know about the recent Aircore drilling results from Koko Massava, READ HERE-
Chairman Mr Andrew Van Der Zwan had intimated that 2020 will be an exciting time for MRQ, with extensive flow of information (especially in early 2020) as the Company materialises developments at Koko Massava with other HMS assets to follow. Adhering to the same, on 13 February 2020, MRQ provided an update of the shallow hand auger drilling that had begun in early January 2020.
Shallow Hand Auger Drilling Results
The hand Auger drilling was designed to explore for extensions of the high-grade mineralisation that are defined at Koko Massava. It began in early January 2020, where holes were drilled at 500m stations on lines spaced at 1000m apart. After this, the samples were collected at 1.5m intervals downhole.
Each sample interval was panned to estimate a visual Total Heavy Mineral (THM) grade. MRQ reported that 32 holes (20CCHA186–197;199-216;222-223) were planned and had been completed, primarily on the northeast and southwest portions of the Koko Massava area.
- Average downhole visual estimate THM grades range between 0.6–4.7%.
- Hole depths range from 1.7–13m deep, with an average depth of 10.9m
- A total of 245 samples, including QAQC samples, have been collected in the 32 holes.
- In the southeast, four holes (20CCHA195;197;213;222) contain downhole average visual THM grades of over 4.2%, with maximum individual sample intervals of up to 5.9% visual estimated THM
- At least three of the auger drill lines shows visual estimated high grade is still open in the southwest at over 3% THM
- On the western-most drill line the higher grade, near surface, mineralisation reportedly is fading with several holes returning average downhole grades of 1–3% visual estimated THM
- In the northwest, the new auger drill holes have downhole averages 2–3.3% visual THM
Reconnaissance Hand Auger Drill at Poiombo
Besides developments fostering at Koko Massava, MRQ has been conducting a reconnaissance hand auger drill program at the Poiombo target (TMI magnetic anomaly 10), expected to be complete in mid-February 2020. Till now, 40 auger holes (20CSHA224–263) have been completed.
The program is designed to explore the extent of high-grade mineralisation identified in reconnaissance auger holes in the past. The drillholes in this phase are spaced at 500m stations along lines 1000m apart and the hole depths range from 1.5–12m deep, with an average depth of 9.4m. 261 samples from 40 holes were collected at 1.5m intervals downhole with each sample interval panned to estimate a visual THM grade-
- Average downhole visual estimated THM grades range between 1.5–5.8% (excl. three holes -CSHA224-226, drilled in the Limpopo river flood plain)
- HMS mineralisation of over 3% visual estimate THM approximately 4km X 3km occurs in the central part of Poiombo (assay result of 9m @ 6.63% THM)
- The highest average downhole estimated visual grade is 5.8% THM from hole CSHA254 and the zone is open to the north and south at over 3% visual estimated THM
MRQ notified that the western side of the Poiombo target is bounded by the Limpopo river flood plain and is constrained in the east by a drainage basin. Linear magnetic geophysical anomaly continues northeast into the drainage basin, indicating that the HMS mineralisation possibly lays beneath recent alluvial material in the basin.
This program suggests the identification of another significant, high grade HMS mineralized footprint.
What’s Next For MRQ?
With positive results flowing in successively, the Company now plans to expand the soil Auger grid to cover the Nhacutse target. Besides this, a new Aircore program will soon be finalised.
On this day, the company also announced the issuance of 6,000,000 ordinary fully paid shares and 3,000,000 options expiring on 20 December 2020, to its shareholders as approved in the general meeting held on 7 February 2020.
MRQ has been building onto investor sentiment positively, with its stock (priced at $0.011 up by 10% (AEDT: 01:07 pm) on 18 February 2020 delivering impressive returns of 120% in the last one year.
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