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MRG Metals shifts from exploration phase on Corridor Sands Project to potential development

Highlights

  • MRG Metals Limited (ASX:MRQ) is moving from exploration focus on its Corridor Sands Project to the potential development phase.
  • The Company has partnered with IHC Robbins and IHC Mining, who will carry out the work program.
  • The explorer will continue to explore its existing and potential expanding portfolio in Mozambique. However, the main aim is to position the Company as a potential HMS producer.

Junior ASX explorer MRG Metals Limited (ASX:MRQ) continues to punch way above its weight. With a world-class JORC classified discovery in the bag at Mozambique’s prolific HMS province, MRG Metals has been efficiently working towards a 100-year mine development.

The Company has partnered with IHC Robbins and IHC Mining and is progressing the Corridor Sands Project from the exploration phase towards the mine development phase. After this upbeat market update, MRQ was trading up by over 9% on the ASX at A$0.012, on 17 September 2021, with a whopping trading volume of over 4 million shares (2:08 PM AEST).

MUST-READ: MRG Metals displays flurry of developments in June 2021 quarter

MRG Projects in Mozambique

Image Source: Company announcement, Sept 2021

Why is the shift from exploration to potential development significant?

MRG Metals has decided to progress the Corridor Sands Project from the exploration phase towards the mine development phase after significant consultant review. The Company’s primary aim is to position itself as a potential HMS producer. To achieve the same, the leap from growing and high grading the resource base to proving the economic viability of its expansion plans in Mozambique is a critical step.

RELATED WATCH: Executive Corner- Expert Talks | Mr Andrew Van Der Zwan – Non Executive Chairman of MRG Metals

IHC Robbins and IHC Mining have been onboarded to carry out the associated work program. Notably, these companies have had extensive involvement and knowledge of several HMS projects globally.

Besides, the potential accommodating infrastructure programs in Mozambique, including port/rail and power, suggests that it is an ideal time for MRG Metals to take the substantial step towards the development stage.

GOOD READ: Very high VHM sand highlights significant future upside for MRG Metals

The scope of works

Approval and commissioning have commenced for a few Scope of Works. These include significant milestones like-

  • Updated Mineral Resource Estimate (MRE) at Koko Massava utilising recent infill drilling and expansion drilling results- to be completed late October 2021.
  • Pit optimisation/mine planning studies for Koko Massava- scheduled for completion in late November 2021.
  • Maiden MRE (Nhacutsce and Poiombo)- will conclude in late November 2021.
  • Re-run pit optimisation / mine planning for all three MRE’s to achieve the best scenario- will finish in early December 2021.

RELATED READ: MRG Metals’ shares soar after Nhacutse assay results confirm very high-grade zones

Next stages

Once the outcomes of the above scope of works have been received and accepted, MRG Metals will pursue the following stages. These include significant milestones that are scheduled to commence in mid-January 2021-

Pipeline; activities in store

Meanwhile, MRG Metals will continue to explore on its existing and potential expanding portfolio in Mozambique. It will be an exciting time for the Company, its shareholders, and the market as MRG Metals strives forward towards development and ultimately, production.

DON’T MISS: MRG Metals achieves new milestone at Marao with discovery of Maduacua Target

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