Highlights

• Paving its way from discovery to development, MRG Metals (ASX:MRQ) had a productive March 2022 quarter.
• The quarter saw significant progress across MRG’s Corridor Portfolio and beyond - Maiden JORC Mineral Resource Estimates (MRE) reported, various studies conducted while drilling programs continued.
• On the corporate front, MRG successfully completed an AU$1.6 million Placement.

A significant Heavy Mineral Sands (HMS) player, MRG Metals Limited (ASX:MRQ) has a world-class JORC classified discovery in the bag and is now working towards a 100-year mine development. Paving its way from discovery to development, MRG has unveiled its productive March 2022 quarterly report.

The Company is the owner of four high calibre projects with further projects under application in the world prolific HMS province of Mozambique. Corridor Central and South Portfolio are two contiguous tenements containing 13 high priority targets.

MRG tenements

Source- Company announcement, April 2022

The March 2022 quarter saw progresses across MRG’s Corridor Portfolio, with Maiden JORC Mineral Resource Estimates (MRE) reported for Nhacutse and Poiombo targets. Mineralogical studies were conducted, results of which were used in planning of a recently initiated targeted aircore drilling program.

Additionally, an Engineering Scoping Study and Preliminary Economic Assessment (PEA) also commenced. To undertake a market study, the Company has engaged TZ Minerals International. At MRG’s Marao and Marruca Projects, an aircore drilling project has started. On the corporate front, MRG successfully completed an AU$1,600,000 Placement.

Let’s dig deeper!

Maiden MRE for Nhacutse & Poiombo

Analytical results, including inter-laboratory QA/QC analysis, and results from initial mineralogical studies facilitated the preparation of JORC MREs at a 4% THM cut-off for the for Nhacutse and Poiombo deposits.

MRG has revealed that at a cut-off grade of 4% THM, the Global MRE for the combined Nhacutse and Poiombo deposits comprise a total Mineral Resource of 860 Mt @ 4.9% THM, with 20% Slimes, containing 42 Mt of THM with an assemblage of 43% ilmenite, 27% titano-magnetite, 1% rutile and 1% zircon.

• The maiden Nhacutse MRE comprises a total Mineral Resource of 535 Mt @ 4.9% THM, with 21% Slimes, containing 26 Mt of THM with an assemblage of 41% ilmenite, 32% titano-magnetite, 1% rutile and 2% zircon.
• The maiden Poiombo MRE comprises a total Mineral Resource of 325 Mt @ 4.8% THM, with 19% Slimes, containing 16 Mt of THM with an assemblage of 37% ilmenite, 29% titano-magnetite, 1% rutile and 1% zircon.

Notably, the MRE at these deposits delivered an Exploration Target in the range of 50 and 500 Mt @ between 4.5 and 5.4% THM at cut-off grades of 3% and 5% THM.

READ DETAILS HERE- MRG Metals reveals updated MREs for Nhacutse & Poiombo

©2022 Kalkine Media®

Comprehensive quantitative mineralogical study- Nhacutse & Poiombo

MRG conducted comprehensive quantitative mineralogical study (utilising XRF, XRD, Bulk Mineralogy and QEMSCAN) within the Nhacutse and Poiombo deposits. Excellent results were returned-

• The composites returned average Valuable Heavy Mineral (VHM; ilmenite, altered ilmenite, leucoxene, zircon and rutile) results of average 45.3% VHM for Nhacutse and 45.9% VHM at Poiombo.
• The average Titanomagnetite is 26.4% for Nhacutse and 26.1% for Poiombo.

Notably, the VHM results are higher compared to the widely spaced historic data used in the Inferred Maiden Nhacutse and Poiombo JORC MRE. Besides, the new Nhacutse and Poiombo mineralogy data is significantly better than the recently updated JORC Mineral Resource estimate from the Koko Massava deposit.

READ MORE HERE- MRG Metals’ stock rallies after excellent results from mineralogical study

Results from this comprehensive study, along all other mineralogical work, were used in planning of a recently initiated targeted aircore drilling program focusing on areas where better mineralogy (higher VHM%) meets high THM grades.

Engineering Scoping Study & PEA

In March 2022, MRG announced the commencement of an Engineering Scoping Study and Preliminary Economic Assessment (PEA). This will be done by IHC Mining for the Corridor Central and Corridor South Projects, specifically the Koko Massava, Nhacutse and Poiombo deposits. The Bulk Sample is currently being tested by IHC Mining at their Metallurgical Test Facility, Yatala, Queensland.

Marao and Marruca projects progress

In March 2022, MRG commenced an aircore drilling project of 9 drillholes at the 3 targets (Magonde, Mandende and Maduacua targets) generated from grid auger drilling at Marao (6842L) HMS licence. It is also nearing completion of the hand auger reconnaissance grid drilling at Marao.

Market study of HMS portfolio

MRG wishes to better understand the economic potential of the different product streams of its Mozambique project portfolio. For this, it has engaged world-leading independent consulting group TZ Minerals International Pty Ltd (TZMI) to undertake a market study. Under the terms of the Study, TZMI has been engaged to carry out a work program in two phases.

GET DETAILS ABOUT THE STUDY- MRG Metals involves TZ Minerals International for HMS market study

©2022 Kalkine Media®

Placement to enhance exploration activities

MRG successfully completed a $1,600,000 Placement. This is likely to support developments at Corridor Central and Corridor South and also help in expanding MRG’s exploration programs.

Post quarter progress- Aircore drilling underway

Earlier in April 2022, MRG began an approximate 2,000m aircore drilling program at the Corridor Central and Corridor South Projects. The drilling is specifically targeting 11 areas with higher VHM% than found at the Koko Massava, Nhacutse and Poiombo deposits of average 41% VHM within a High Grade Zone at Koko Massava, 45.3% VHM at Nhacutse and 45.9% at Poiombo, thus where higher VHM% of the HMC meets high THM grade.

Within the Corridor Central licence the drilling program is taking place outside the Koko Massava MRE outline. At the Corridor South licence some drilling is taking place within the eastern edges of the Nhacutse and Poiombo MRE outlines where limited information is available. Drilling will also take place in other targets outside the Nhacutse and Poiombo resource areas.

MORE DETAILS HERE- MRG Metals begins aircore drilling at Corridor Central & Corridor South HMS projects