Sponsored

MRG Metals’ Infill Aircore Drilling At Poiombo Delivers Excellent Results

Summary

  • MRG Metals Limited (ASX:MRQ) has completed the Infill aircore drilling at the Poiombo Target.
  • The drilling program returned excellent VIS EST Total Heavy Mineral (THM) results in all 6 holes and confirmed a high-grade mineralised area of ~ 0.84 sq km.
  • Across all targets, MRG Metals has identified 3 areas that satisfy its desire to identify the best 100+MT of early-mine resource.
  • A potential 100-year mine life capacity has been already identified at Koko Massava.

The stock of heavy mineral sands (HMS) explorer MRG Metals Limited (ASX:MRQ) traded up by over 12% as the market opened on Monday, 17 May 2021. MRQ quoted A$0.009 at a market capitalisation of A$12.32 million.

Price is Less albeit Opportunities are Immense; Invest Wise with Kalkine LITE Just at $19.99

The whopping trading volume of over 1.5 million shares demonstrates that the market welcomed the Company’s latest upbeat market update with positivity. MRG Metals revealed that it had completed the Infill aircore drilling at the Poiombo Target and results were exceptional.

ALSO READ: MRG Metals uncovers high-grade mineralisation at Koko Massava

Significant Findings From Infill Aircore Drilling At Poiombo

The infill drilling program of 6 aircore holes (21CSAC715 to ‘720) returned excellent VIS THM results in all 6 holes.

The aircore program delivered high, visually estimated grades of >6% THM. A high-grade mineralised area of approximately 0.84 sq km has now been confirmed. Aircore drilling herein is at a 250m to 300m inter-hole spacing. It remains open at depth in nearly all the holes.

Besides, mineralisation is from surface and the very high grades remain open at depth.

Source: Company announcement, May 2021

“With the potential for enhanced assemblage, results we may have another early-mine life resource,” says Chairman Mr Andrew Van Der Zwan.

DON’T MISS: MRG Metals’ March 2021 quarter paints a bright picture for HMS prospects

Significant Results

A total of 334m was drilled in the 6 holes (20CSAC715 to ‘720). Two hundred thirty-three samples at 1.5m intervals were collected (including QA/QC samples). Hole depths ranged from 42m to 60m. Inter-drillhole spacing is now at 250m to 300m.

Notably, all the holes returned excellent VIS EST THM results. The below illustrates the most significant results-

RELATED READ: MRG Metals Limited (ASX:MRQ) Reveals Impressive Assay Results From Phase 2 Aircore Drilling At Poiombo

Infill Aircore Drilling At Poiombo- An Overview

The infill drilling program of 6 aircore holes (21CSAC715 to ‘720) focussed on an area west of the town of Poiombo. This had been previously identified in historic aircore and hand auger drilling in 2020.

The excellent reconnaissance aircore and hand auger drilling results within this mineralised area saw-

  • Aircore holes 20CSAC355 and 20CSAC356 yielding assay results of 36m @ 7.09% THM and 51m @ 5.40% THM, respectively.
  • Both were mineralised from surface and still in high THM grades at the end of holes, 5.84% THM and 6.23% THM, respectively.
  • In a follow-up drilling program, 20CSAC556 intersected 30m @ 5.22% THM, again mineralised from surface and still in high assay THM grades at the end of hole, 7.74% THM in this case.

Besides, previous mineral assemblage work shows combined ilmenite & leucoxene 46.50%, Rutile 0.75% and zircon 1.78%.

DID YOU MISS? MRG Metals looks forward to second MRE post high-grade results at Nhacutse

Source: Company announcement, May 2021

Coming Next

Additional mineralogical studies are currently taking place at Poiombo. The Company is also planning to conduct sonic drilling. This will test the veracity of the mineralisation below the water table.

It should be noted that as the latest drilling was deeper than previous drilling programs, the water table was intersected within most of the holes (with the water table generally at 37 to 43m depth). Most of the mineralisation is above the water table.

The Company is also awaiting the lab results to validate the visuals and quantify the assemblage data within the high-grade resource. It is highly likely that MRG Metals will proceed to 3 MRE calculations in Q3.

GOOD READ: MRG Metals in fine fettle across Corridor Projects, infill drilling to begin at Koko Massava

Comment


Disclaimer

Ad

GET A FREE STOCK REPORT


Top Penny Picks under 20 Cents to Fit Your Pocket! Get Exclusive Report on Penny Stocks For FREE Now.


   
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK