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A cost effective, technically driven exploration company, MRG Metals Limited (ASX:MRQ) is currently exploring for Heavy Mineral Sands (HMS) in the world-class location of Mozambique, which is host to the largest HMS feedstock of the world. The Company has a lucrative project portfolio of 13 high calibre identified targets at its Corridor projects, already being explored.
Recently, MRQ notified that is had received substantial lab assay results from Koko Massava’s extension auger drilling, which is the Company’s first target.
Koko Massava Extension Auger Drilling Results
Located within the Corridor Central tenement (6620L), the Koko Massava deposit has a JORC Mineral Resource of 1,423 Mt @ 5.2% THM at a 4% THM cut-off grade, of which 289 Mt @ 4.9% is in the Indicated category and 1,133 Mt @ 5.3% is in the Inferred category and an additional Exploration Target of 234-967MT @ 4.5-5.9% THM.
On 15 May 2020, the Company provided more highly significant laboratory assay results from extension auger drilling which highlight the robust nature of the HMS mineralisation in the deposit area that still now remains open in all directions.
Inclusively, lab results demonstrate that 31 of 38 holes accomplished an uncut (avg.) downhole grade of >3% THM. 5 of the 31 holes have an uncut (avg.) downhole grade of >5% THM. 17 holes ended in ≥4% THM and 8 were collared at surface with grade ≥4% THM. Taking cues from the result of auger drilling on the periphery of MRQ’s first target deposit, there seems to be possibility for discovery of supplementary HMS mineralisation, predominantly in areas that are adjacent to the east as well as southeast of the deposit (where valuable heavy mineral assemblage is higher).
Let us cast an eye over the most significant results reported by the Company-
Auger Drilling Details
Part of a program of broad-spaced holes at 500m stations on traverses 1000m apart, the auger drilling was precisely designed to examine extensions of the footprint of mineral resource of Koko Massava. The Oversize fraction characteristics of the auger sample batch had a range from 0.18% to 7.30%, with an average of 0.78%.
The samples were directed towards Western GeoLabs for heavy liquid separation analysis (HLS) in Perth. They were oven dried and disaggregated if essential (by hand), to begin with. Once weighed, they were split to almost 100g sub-samples to be wetted and then attritioned to guarantee additional breakdown of clay aggregates, if any.
Post this, the sub-sample was de-slimed to calculate the Slime per cent at 45µm, screened at +1mm to eliminate and calculate oversize per cent. Then, the +45µm-1mm fraction was exposed to HLS with tetrabromoethane (at specific gravity of 2.95).
MRG is enduring exploration of the Corridor projects at a district scale. It remains open to interest from reputable industry players who have experience and the financial capacity to partner with the Company and take its discoveries into the phase of production.
MRQ quoted $0.007 a share on the ASX on 18 May 2020 (AEST 02:29pm). The stock has delivered returns of 40% in the past one-year.
DON’T MISS! To read excerpts from an exclusive interview with MRQ, CLICK HERE- In Discussion with MRG Metals: Transformational Investment Opportunity in HMS
