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The past few weeks have been a very exciting time for Heavy Mineral Sands (HMS) explorer MRG Metals (ASX:MRQ) as it completes the Aircore drilling program at the first target of its Mozambique-based HMS projects, Koko Massava.
Located within the Corridor Central tenement (6620L), Koko Massava target was supported by an airborne magnetic / radiometric survey and had followed up wide spaced historic drilling. Since September 2019, MRQ has been drilling wide spaced and then infill grid Aircore drilling programs over the target.
The Company’s fast-tracked exploration program can be attuned to indicate the huge potential of the target at depth and surface.
MRQ’s Aircore drilling program was conducted in batches with each delivering promising results. The implications of results from all batches has been both unequivocal and significant, with high grade visual estimations recorded in the field.
On 18 February 2020, MRQ announced excellent final batch of laboratory assay results that provided further high-grade HMS intersections over substantial vertical and lateral extents. Before diving into the latest results, we encourage you to read the previous results from Koko Massava-
First Batch Aircore Drilling Results- MRG Metals Receives Promising Assay Results From Aircore Drilling At Koko Massava
Second Batch Aircore Drilling Results- MRG Metals Reveals Significant Assay Results From Second Aircore Drilling at Koko Massava, Remaining Results Awaited
Third Batch Aircore Drilling Results- MRG Metals’ Third Aircore Drilling Results Indicate Continued Heavy Mineral Grades at Koko Massava
The Final Batch Drill Holes
The last batch of drill holes at the Koko Massava target represented the remaining 38 Aircore drill holes completed in 2019. The laboratory results are for a batch of 649 samples, inclusive of QAQC samples. The hole numbers consist of 19CCAC148–185.
Replicating the stance of the previous samples, the Aircore samples underwent heavy liquid separation analysis at Western GeoLabs in Perth.
Aircore Sample Laboratory Results
The laboratory data set depicts that the Aircore holes attained an uncut average downhole grade range of 2.40%–6.53% THM, from hole depths of that range from 24–69m. The results emphasize on the robust continuity of high-grade HMS mineralisation, beginning near surface and continuing to the end of hole in numerous cases at Koko Massava.
Interestingly, the final batch results has delivered the two best overall hole results for the entire program-
- Hole 19CCAC161 assaying 54m from 0–54m THM from surface to end of hole (maximum of 10.88% THM). This includes 24m @ 5.00% THM from 0-24m, and 30m @ 7.74% THM from 24-54m (average of 6.53%).
- Hole 19CCAC159 that returned an uncut 51m @ 6.39% THM from surface to end of hole. Its maximum grade sample interval was 9.70% THM (42-45m) and the hole ended with 6.70% THM from the interval 48-51m.
Besides this, 73 percent of holes (0-3m) were seized in sand and had grades of more than 3.0 percent THM. The final results demonstrate that the refined surface footprint of the main zone of high grade HMS mineralisation of more than 5% THM is-
- Up to 5km in strike and 1.0km in width
- Remains open in several places and at depth in numerous holes (for instance- 19CCAC150,155,157,159,161).
- There are substantial sections of grades higher than 5% within the zone (southwest, northwest and along the flank of the Limpopo River valley)
What do the Final Results Signify?
MRQ’s final Aircore laboratory results confirm the potential for definition of a substantial HMS mineral resource. The outstanding success of the Aircore drilling program has been a great milestone for the Company.
The laboratory assays confirm the enormous size of the mineralized footprint of the Koko Massava discovery, within which, a discreet higher-grade zone measuring over 5 km long and 1 km wide with assays consistently over 5% THM average down hole to 50 metres was also confirmed.
What Remains in Pipeline?
The Mineral Resource Estimate work remains underway with independent consultant IHC Robbins and can now accelerate with the complete assay data set available. Furthermore, geological and THM grade domains will be defined for selection of samples to be used for detailed mineral assemblage characterization.
Stock Performance
Investors welcomed the final results of the Aircore drilling program with much enthusiasm, as the MRQ stock shot up by 10% on 18 February 2020 (AEDT: 03:15 pm) and quoted $0.011. In the past one-year till 18 February 2020, the stock has generated returns of 120%.
At the back of excellent exploration, successful drilling programs, timely achievements and a robust pipeline, MRQ seems to be on the right path to have a momentous 2020.
