As the world fights COVID 19, activities have slowed slightly due the associated constraints to movement and transport, plus a prudent approach to preserving capital. Even in these crucial times, explorer of Heavy Mineral Sands (HMS) MRG Metals Limited (ASX:MRQ) continues to operate and will have more news coming soon.
The Company has just reported receiving very significant Initial visual results of the Total Heavy Mineral (THM) grades from the Poiombo target (part of the Corridor South project).
Let’s deep dive-
Results of Reconnaissance Phase Aircore Drill Program
MRQ was all set to begin a maiden Aircore drill programme at Poiombo in mid to late March, which has now concluded. An initial 10 Aircore holes were planned to begin with and the drilling was then planned to progress east and west. A strandline style target was explored. Results have been very significant-
- 4 of the 10 holes intersecting grades suggest strandline style mineralisation
- Two holes (20CSAC352 and 20CSAC356) yielded individual 3m sample intervals with visual estimated grade of over 10% THM, with the best interval having an estimated THM grade of 19.5%.
- A total of 8 of the 10 holes have over 3% downhole average visual estimated THM from surface to hole depths ranging from 36m–51m
- 50% of holes were collared in visual THM grades over 3%, with hole 20CSAC352 collared in 5.8% visual THM
- The eastern-most Aircore hole, 20CSAC354, was drilled to 51m to explore the thickness of the grey basinal sand. The underlying redbrown sand was intersected at 42m depth and coincided with a distinct increase in grades of up to 6.5% visual THM
Below are the most significant results from the drill program-
Poiombo Aircore Drill Program- Features
The Aircore drill program was designed to follow-up the excellent visual estimates of THM grade from hand auger holes over the central, eastern and western sections of the Poiombo target. Below are few features of the same-
- The reconnaissance phase Aircore drill program comprised of 10 holes.
- The holes were spaced variably at 250m and 500m stations along drill lines
- The drill lines were spaced at up to 1, 2 and 3km apart
- Samples were collected at 3m intervals downhole, with each sample interval panned to estimate a visual THM grade.
- In total, 420m was drilled in the 10 holes (20CSAC348 to 20CSAC357) with the collection of 146 samples, including QA/QC samples.
- Hole depths range was 36m–51m deep, with an average depth of 42m
- Aircore hole 20CSAC352 was drilled outside the main well-defined Poiombo linear magnetic anomaly but correlated with a more subtle magnetic feature
- The holes with lower overall grades are located in the eastern zone which contains a basinal geomorphic feature. It comprises a typically grey, low-silt sand and contrasts with the remainder of holes that are collared in the red-brown sand that is more typical of the Corridor projects area.
Poiombo Aircore Drill Program- Inferences
The initial visual results of THM at Poiombo suggest that the grades are very significant (high estimated THM grades) and are of strandline style mineralisation. They confirm the discovery of an HMS zone mineralisation that is both laterally extensive and can extend from surface to depths of more than 30m.
Currently, Aircore drill samples are being split in the field in preparation for transport to Maputo and export permit application. However, there are few constraints in the form of reduction in international flights due to the ongoing COVID-19 Pandemic. While this may impact the efficiency of exporting samples from Mozambique to Australia, MRQ is investigating options for land transport of samples to a laboratory in South Africa for analysis.
The stock zoomed by 25% during the days’ trade on 25 March 2020 after the release of positive results and reached $0.005 whereas it ended the day flat at $0.004. The stock is currently trading at $0.005, 25% higher, on March 26, 2020 (AEDT: 01:11pm).