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MRG Metals uncovers high-grade mineralisation at Koko Massava

Summary

  • MRG Metals Limited (ASX:MRQ) has obtained visually estimated results from aircore drilling program at a very high-grade area (+6% THM from assay results) at the Koko Massava prospect.
  • The company has detected two potentially very high-grade +6% THM areas within the Inferred Resource area.
  • The explorer believes that the original bulk assemblage analysis over the entire two billion tonnes at Koko Massava may not reflect the true potential for improved assemblage in this targeted zone.

The stock of heavy mineral sands (HMS) explorer MRG Metals Limited (ASX:MRQ) rose by over 12% and traded at A$0.009 on 10 May 2021. The surge came hot on the heels of the Company’s announcement of aircore drilling results in Moazmbique, revealing two very high-grade zones at Koko Massava, based on visual estimation.

The Company has been garnering ample market attention in the past few months as developments at its HMS projects in southern Mozambique have been proceeding well. MRG Metals’ aim has been to identify more than 100MT potential early mine life and high-grade feed. This seems to have been justified in the follow up program at the Koko Massava target.

MRE resource areas & drilled aircore holes at Koko Massava, Source: Company announcement, May 2021

Overview Of High-grade Zones At Koko Massava

The company has detected two potentially very high-grade areas after further interpretation of analytical, lithological, and mineralogical data. Both the high-grade zones sit within the larger Koko Massava Mineral Resource Estimate (MRE), within an Inferred Resource portion of the MRE.

Aircore drilling of 34 holes totalling 2,085m was completed on these two areas. Subsequently, excellent VIS EST THM grades, for individual samples and thick intersections within holes, were found from 31 holes.

  • Drill holes in both zones consistently show VIS EST grades of more than 6% Total Heavy Mineral (THM).
  • The combined surface footprint of the zones is approximately 1.8 sq km.
  • Grade more than 10% THM (VIS EST) exists in individual or multiple 1.5m intervals in 21 of the holes.

Notably, further potential exists to expand both the zones laterally and at depth.

Very high-grade target drilling areas (in white), larger high-grade area (in black), Source: Company announcement, May 2021

Significant VIS EST THM Results

18 of the 31 resource holes returned VIS EST results of over 5.5% THM (over significant intervals). Of these, 12 holes demonstrate VIS EST grades >6% THM (also over significant intervals). Besides, several very high VIS EST grade individual samples of >6% THM are present with 21 of the holes, showing individual 1.5m intervals of VIS EST grade of 10% THM or higher.

Significant VIS EST THM results from surface include-

  • 21CCAC709: 0 – 69m 69m @ VIS EST 7.5% THM incl. 24 – 33m 9m @ VIS EST 13.2% THM and 39 – 58.5m 19.5m @ VIS EST 10.4% THM.
  • 21CCAC703: 0 – 69m 69m @ VIS EST 6.7% THM incl. 36 – 60m 24m @ VIS EST 11.1% THM.
  • 21CCAC687: 0 – 42m 42m @ VIS EST 6.6% THM incl. 0 – 21m 21m @ VIS EST 8.8% THM.
  • 21CCAC686: 0 – 22.5m 22.5m @ VIS EST 6.5% THM.
  • 21CCAC699: 0 – 33.0m 33m @ VIS EST 6.4% THM incl. 4.5 – 21m 16.5m @ VIS EST 8.5% THM.
  • 21CCAC711: 0 – 30m 30m @ VIS EST 6.3% THM incl. 21 – 28.5m 7.5m @ VIS EST 10.6% THM.
  • 21CCAC696: 0 – 30m 30m @ VIS EST 6.3% THM.
  • 21CCAC688: 0 – 28.5m 28.5m @ VIS EST 6.2% THM.
  • 21CCAC679: 0 – 25.5m 25.5m @ VIS EST 6.2% THM.
  • 21CCAC705: 0 – 28.5m 28.5m @ VIS EST 6.1% THM.
  • 21CCAC701: 0 – 18m 18m @ VIS EST 6.1% THM.
  • 21CCAC691: 0 – 54m 54m @ VIS EST 6% THM.
  • 21CCAC710: 0 – 36m 36m @ VIS EST 6% THM.

Cross section through the two very high grade target zones, Source: Company announcement, May 2021

Coming Next

The company will utilise the drilling material in further mineral assemblage investigations. It will enhance preceding studies done during and for the MRE.

Besides, the drilling allows MRG Metals to commission an updated MRE and JORC compliant resource report for Koko Massava.

Citing that the company had recently revealed significant high-grade mineralisation from surface at Nhacutse in April 2021, MRG Metals’ Chairman Andrew Van Der Zwan hopes to receive similar results from Poiombo in the following weeks.

The Company also awaits the targeted assemblage analysis along with the assay results.


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