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MRG Metals Limited (ASX:MRQ) Reveals Impressive Assay Results From Phase 2 Aircore Drilling At Poiombo

  • November 30, 2020 06:30 PM AEDT
  • Kunal Sawhney
    CEO Kunal Sawhney
    2365 Posts

    Kunal Sawhney is founder & CEO at Kalkine and is a richly experienced and accomplished financial professional with a wealth of knowledge in the Australian Equities Market. Kunal obtained a Master of Business Administration degree from University of T...

MRG Metals Limited (ASX:MRQ) Reveals Impressive Assay Results From Phase 2 Aircore Drilling At Poiombo

Summary

  • MRG Metals Limited (ASX:MRQ) announced the assay results from Phase 2 aircore drilling at Poiombo Target.
  • The Phase 2 aircore data set has demonstrated zones of high grade heavy mineral sand mineralisation at the southwest end as well as central sector of Poiombo.
  • 7 of the 12 Poiombo aircore holes average down-the-hole THM grades of >4%THM over 30m, 3 other holes average down-the-hole THM grades of 3.5-4% THM over 30m.
  • The Company looks forward to reporting on the upcoming mineral assemblage, as representative samples are being sent for the study.
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MRG Metals Limited (ASX:MRQ) has been continuing exploration activities across its exciting and expanding portfolio of HMS targets.

The Company has announced the assay results from Phase 2 aircore drilling at Poiombo Target from its Corridor South Project. The aircore data set has affirmed zones of high grade HMS mineralisation- one at the southwest end and the other in the central sector. The assay results also demonstrate high grade THM and the potential for enhanced valuable heavy mineral components (VHM).

Shortly after the release of this significant assay result, the Company’s stock, MRQ, traded up by 9.99% at $0.011 on 30 November 2020 (1:22 PM AEST).

Corridor Central and Corridor South Projects where drilling took place (Source: MRQ’s ASX Report, 30 November 2020)

Poiombo Phase 2 Reconnaissance Aircore Assay Results

The aircore program followed up the excellent, high grade THM mineralisation from aircore drillholes 20CSAC355 (returned 36m @ 7.09% THM) and 20CSAC356 (returned 51m @ 5.40% THM). Other significant high grade holes are-

  • 20CSAC348 (36m @ 4.45% THM)
  • 20CSAC349 (36m @ 5.93% THM)
  • 20CSAC350 (36m @ 4.29% THM)
  • 20CSAC352 (36m @ 5.12% THM)

Southwestern Portion Results

Kalkine Image (Source: MRQ’s ASX Report, 30 November 2020)

Central And Eastern Portion Results

In the eastern part, a high Valuable Heavy Mineral (VHM) surface footprint of ~5 km2 identified by auger drilling was followed up with a single aircore hole, close to the hand auger hole where previous mineral assemblage results exhibited 63.84% Ilmenite+Leucoxene, 2.06% Rutile as well as 2.92% Zircon.

Kalkine Image (Source: MRQ’s ASX Report, 30 November 2020)

Let us walk through more significant revelations of hole 20CSAC564 from the Poiombo phase 2 reconnaissance aircore assay results. Notably, the exploration target here is to discover a volume of mineralized sand with coincidental grade and high VHM mineral assemblage-

  • 20CSAC564 was drilled 30m from the hand auger hole (20CSHA259) where the mineral assemblage results displayed 63.84% Ilmenite+Leucoxene, 2.06% Rutile as well as 2.92% Zircon.
  • The hole was drilled to examine and test the THM grades at depth; and source supplementary HMC at depth for additional mineralogical testing.
  • It returned average downhole grades of 30m @ 2.59% THM, with a higher grade at a 3% THM lower cut-off of 15m @ 3.07% THM from the surface to 15m depth.

READ ABOUT MRG METALS’ SEPTEMBER 2020 QUARTER HERE

Poiombo Phase 2 Reconnaissance Aircore Drilling – An Overview

The Phase 2 program included 12 holes (20CSAC552 to 20CSAC563). Besides, it comprised 125 samples in total (containing QAQC samples). 8 holes were located in the southwest zone and 4 holes in the central and eastern zones, including 1 hole (20CSAC564 with 10 samples) drilled specifically to generate Heavy Mineral Concentrate (HMC) for additional mineralogical testing.

The consistent high grade of the Poiombo Prospect is shown in the individual 3m interval THM results, with 106 of the 120 samples (sans QAQC samples) with assay grades of >3% THM.

Notably, there is a good correlation of the reported visible (VIS) % THM grades to the actual assay results on averages per drillholes. On individual drillholes, 9 of 13 have VIS estimates within 0.5% THM (of the actual assay results). 2 holes are in the 0.5-1.0% THM range out. The remaining two holes 20CSAC554 and 20CSAC557 were underestimated on VIS vs actual assays by 1.19 and 1.23% THM, respectively.

The estimations on higher grades of +5% THM are relatively less precise. However, the correlation in is very good. It supports the use of VIS estimated THM grades for reporting as well as planning.

READ ABOUT NHACUTSE & BUNGANE MAIDEN AIRCORE DRILLING PROGRAM RESULTS HERE.

 

 


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