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

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

 MRG Metals’ stock jumps ~15% on new target discovery at Marao
Image source: Company presentation, Nov 2020


  • MRG Metals Limited (ASX:MRQ) has identified a significant second target, named Mandende, at the Marao project.
  • Mandende has been unearthed three months after the company announced the discovery of the first target, Magonde, at the project.
  • Covering an area of more than 9 km2 , the Mandende target comprises 19 auger holes with visually estimated total heavy minerals (THM) grades of more than 3 per cent THM.
  • Mineralogical studies are ongoing from composite HMC samples from the auger drilling at Marao.

HMS explorer MRG Metals Limited (ASX:MRQ) continues to report significant milestones from its Mozambique-based prospects. The work program at Marao continues to be hugely successful as the Company has identified a new target, Mandende at the prospect where drilling commenced in February 2021.

The upbeat announcement sent the stock of MRG Metals soaring 14.2% at mid-day on 18 June 2021.

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

Presenting the Mandende target

MRG Metals’ second aircore target, Mandende, has a surface footprint of >9 km2, and comprises 19 auger holes with visually estimated (VIS EST) +3% Total Heavy Mineral (THM). It remains open to the north and at depth.

Within the larger Mandende footprint, a 3 km2 high-grade zone of visually estimated 4.5 % THM bounded by 8 auger holes has also been revealed. Its details are:

  • 21MUHA074 0 – 13.5m 13.5m @ 5.9% THM
  • 21MUHA059 0 – 13.5m 13.5m @ 4.1% THM
  • 21MUHA060 0 – 13.5m 13.5m @ 4.0% THM
  • 21MUHA072 0 – 13.5m 13.5m @ 4.3% THM
  • 21MUHA075 0 – 13.5m 13.5m @ 4.8% THM
  • 21MUHA080 0 – 13.5m 13.5m @ 4.2% THM
  • 21MUHA081 0 – 13.5m 13.5m @ 4.3% THM
  • 21MUHA082 0 – 13.5m 13.5m @ 4.5% THM

Panned HMC from hand auger holes within Mandende, Source: Company’s announcement, Jun 2021

GOOD READ: MRG Metals’ Reveals Encouraging Marao Mineral Assemblage Results

Recent activities at Marao

The exploration program at Marao continues to proceed smoothly. Notably, the Company discovered the Magonde target in March 2021 after drilling of the initial 25 auger holes in the vicinity of the Guezane camp.

Auger drilling continued on the 500m X 1000m spaced reconnaissance from the western edge of the Marao licence.

Since March 2021, an additional 60 auger holes were drilled (21MUHA026 to 21MUHA085), which resulted in the identification of the significant second target, Mandende.

MUST RELATED: Run of good results continues for MRG Metals, HMS target outlined at Marao

Initial mineralogical investigations

While auger drilling continues on the reconnaissance grid, initial mineralogical investigations from grab samples at two road quarry sites showed encouraging Valuable Heavy Mineral (VHM) content of up to 50.05% (Ilmenite, Altered Ilmenite, Rutile and Zircon).

A significant percentage of the HMC (up to 8.36%) is represented by Andalusite, the Zircon content of 3.12% is also relatively high compared to MRG’s Koko Massava deposit.

Way ahead

Currently, mineralogical studies are in progress on the composite HMC samples from the auger drilling. The Company is eager to explore Mandende, to potentially extend the known footprint. It also looks forward to conducting the ongoing grid auger program at Marao to identify further prospective targets.

The identification of two significant targets – Mandende and Magonde –  validates the strength and calibre of MRG Metals’ team on site, highlighting their efficiency in carrying out productive exploration programs.

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


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