MRG Metals shines on ASX after positive visually estimated findings from Nhacutse drilling

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MRG Metals shines on ASX after positive visually estimated findings from Nhacutse drilling

 MRG Metals shines on ASX after positive visually estimated findings from Nhacutse drilling
Image source: Company announcement, June 2021

Summary

  • MRG Metals Limited (ASX:MRQ) has announced very positive visually estimated (VIS EST) findings from the follow-up extension Aircore drilling program at Nhacutse High- to Very High-Grade mineralised areas.
  • The Company is confident that Nhacutse represents an excellent opportunity to present the Company’s second MRE and resource report.
  • Assay results for the 16-hole aircore drilling program are still pending.

On 29 June 2021, shares of HMS explorer MRG Metals Limited (ASX:MRQ) soared by more than 16%. Trading at A$0.007 with a trading volume of over 6.7 million shares, MRQ’s market capitalisation stood at AU$9.24 million.

The significant uptick in the stock performance can be attributed to what Chairman Mr Andrew Van Der Zwan describes as “very positive VIS EST findings” from the recently completed follow-up extension Aircore drilling program at Nhacutse High- to Very High-Grade mineralised areas.

DON’T MISS: Executive Corner- Expert Talks | Mr Andrew Van Der Zwan – Non Executive Chairman of MRG Metals

The Nhacutse target lies within MRG Metals’ Corridor South (6621L) exploration license in Mozambique. Prior to this drilling program, Nhacutse was interpreted to contain 2 smaller, discrete zones of similar very high grade. Notably, it now represents an excellent opportunity to present the Company’s second MRE and resource report.

GOOD READ: MRG Metals’ (ASX:MRQ) HMS Potential highlighted at Mines and Money Connect Conference  

VIS EST Results

The 16-hole aircore drilling program targeted open strike areas discovered during the recent infill and extension drilling program around the 2 high- to very high-grade zones. Excellent VIS EST results were returned from a majority of the holes.

Key highlights from Nhacutse drilling program

The 16 infill/extension aircore holes have expanded the surface footprint of the Nhacutse very high-grade mineralisation to a zone of 4 sq km. Mineralisation in all holes is from surface and demonstrated significantly thick intersections with VIS EST of over 6% THM mineralisation in some holes. For instance, hole 21CSAC729 shows VIS EST THM of 6.1% over 58.5m from surface to 58.5m.

Some very high-grade intersections are also present within some holes. Individual 1.5m intervals also show some very high VIS EST THM grades, up to 12% THM.

ALSO READ: MRG Metals’ March 2021 quarter paints a bright picture for HMS prospects

Significance of VIS EST findings

Owing to very positive VIS EST findings from Nhacutse’s drilling program, MRG Metals is confident that this target area offers a high potential mine start-up opportunity for MRG. It represents an excellent prospect to present the Company’s second MRE and resource report.

Nhacutse could also meet MRG Metals’ goal of supplying +100 Mt very high-grade resource to the Corridor inventory at THM grades, higher than its existing JORC-compliant Koko Massava Mineral Resource Estimate (MRE) of 1.423 Mt @ 5.2% THM.

High grade intersections, Source: Company’s announcement, Jun 2021

Nhacutse Infill Drilling: An Overview

Previous reconnaissance hand auger and Aircore drilling programs identified very high-grade THM mineralisation north to north-east of the town of Nhacutse.

The recent aircore drilling program further delineated two very high-grade mineralised zones. The drilling also depicted strike potential in most directions of the two zones.

RELATED READ: MRG Metals looks forward to second MRE post high-grade results at Nhacutse

  • A 16 aircore hole program of 829m and 576 X 1.5m individual interval samples (inclusive of QAQC samples) specifically targeted these areas.
  • Excellent VIS EST THM results, and outcomes were obtained.
  • The mineralisation was extended and remains open in some of the directions, particularly to the north-northeast and west of the very high-grade zone.
  • From the VIS EST results it appears as if the two zones are also connected, with very high VIS EST grades intersected between the two zones, with 21CSAC729, for instance returning VIS EST 6.2% THM from surface to 58.5m.
  • The combined mineralised area now has an approximately 4 sq km area.

Assay results from the 16-hole aircore drilling program are pending.

A junior ASX explorer punching way above its weight, MRG Metals can unveil the largest HMS discovery of the last decade. The next few months will move the Company to scoping phase while continuing upside exploration.

ALSO READ: MRG Metals’ stock jumps ~15% on new target discovery at Marao

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