Highlights:

• MRG Metals (ASX:MRQ) has confirmed the identification of a new very high VHM Azaria target near the Koko Massava deposit.
• The target yielded exceptional mineralogy, as confirmed by its laboratory and mineralogical results.
• Laboratory result confirms THM grades from reconnaissance auger holes.
• QEMSCAN-based mineralogy has returned excellent VHM results.

MRG Metals Limited (ASX:MRQ), an ASX-listed Heavy mineral sands (HMS) player, has confirmed the identification of a new very high valuable heavy minerals (VHM) Azaria target near the Koko Massava deposit.

Today’s announcement is the first delivery on the promise made by MRG with the recent Scoping Study & PEA update to further upgrade the NPV of Corridor Sands deposits as the company moves towards feasibility study.

The target is just 3km east of Koko Massava within the Corridor Central (11142C) HMS projects and has yielded exceptional mineralogy based on its laboratory and mineralogical results. It covers a surface mineralised footprint of approximately 8km².

Source: © 2022 Kalkine Media®, data source: Company update

Laboratory result confirms THM grades from reconnaissance auger holes

Laboratory results from three aircore drill holes (22CCAC776, 777 and 778) drilled within the target support the total heavy mineral (THM) grades from reconnaissance auger holes.

The high-grade assay results (>3%THM) are shown below:

• Hole ID: 22CCAC776 - A 16.5-meter interval running from the surface with 3.20 % THM.
• Hole ID: 22CCAC777- A 19.5-meter interval running from the surface with 4.38 % THM.

(Also, the highest interval grade value of 8.15% THM for a 1.5m interval)

• Hole ID: 22CCAC778 - A 19.5-meter interval running from the surface with 3.50 % THM.

The hole 22CCAC777 confirms areas with >4% THM as seen in auger holes 20CCHA505 @ 4.01% THM and 20CCHA195 @ 4.21% THM over 12.0m and 13.0m, respectively, both from the surface.

QEMSCAN-based mineralogy: returned excellent VHM results.

As per MRG, the mineralogical results from five lithologically composited HMC samples from the holes have confirmed Azaria's status as an exciting new large target for very high-value HMC.  

Azaria, positioned in the White Sand lithology (just across the red sand/white sand mineralogical boundary), has an average 72.4% VHM value, substantially higher than the 41% VHM (average) found within the Koko Massava MRE area. Also, the VHM values are greater than that found in Global Nhacutse and Poiombo MRE area.

Source: Company update

Apart from VHM, the additional 9.1% of Titanomagnetite results in an economic product of >80% of the HMC within the Azaria Target. The VHM comprises of:

Source: © 2022 Kalkine Media®, data source: Company update

Corridor Central (11142C) Drilling Program and Mineralogy

As per the company, the ongoing mineralogical studies have identified a very strong lithological boundary in the eastern part of Corridor licences, with the following sand colour:

Type 2 sand holds a VHM% value of as high as 73.37% from previous studies.

The drilling program is composed of the following attributes:

Source: © 2022 Kalkine Media®, data source: Company update 

In essence, the company believes that based on its higher VHM content, Azaria can deliver substantial tonnage at a significantly higher inground value per tonne than Koko Massava.