MRG Metals (ASX:MRQ) reports it has received ‘excellent’ mineralogical results for the new Azaria Very High Valuable Heavy Minerals (VHM) Target, located within the Corridor Central HMS Projects in Mozambique.
The company says laboratory results from 3 aircore drillholes (22CCAC776 to 22 CCAC778) drilling within the Azaria Target confirmed the laboratory THM grades from reconnaissance auger holes indicating large areas of over 3% THM, while hole 22CCA777 with 4.48% THM over 19.5m also confirms areas with over 4% THM.
‘Excellent’ mineralogical results from 5 lithologically composited HMC (heavy mineral concentrate) samples from the 3 aircore holes has also confirmed Azaria as a new ‘large’ target for ‘very high value’ HMC situated in the White Sand lithology. With average VHM (zircon, rutile, leucoxene, altered ilmenite and ilmenite) results from the 5 samples at 72.4%, the company says the VHM is higher than the average of 41% VHM found within the nearby Koko Massava MRE area, or the average of 43% VHM from the Global Nhacutse and Poiombo MRE area.
The additional 9.1% of titanomagnetite also results in an economic product of over 80% of the HMC within the Azaria Target, and additionally the ‘high-value’ zircon and rutile heavy minerals are also higher than found in the Koko Massava, Nhacutse and Poiombo deposits.
MRG Metals Chairman Andrew Van Der Zwan said as the company detailed in its previously released PEA and scoping study, it is MRG’s intention to significantly improve the already impressive A $413 million NPV of the Corridor Sands Project.
“We highlighted that MRG has identified multiple opportunities to do so as we progress through the pre-feasibility stage and we are simply thrilled that we are able to deliver on one of these so quickly, with the announcement of a brand new target in Azaria.
“This is an exceptional new target that promises much higher VHM content”
This is an exceptional new target that promises much higher VHM content. Azaria could well deliver substantial tonnage at a significantly higher in-ground value per tonne than Koko Massava.”
MRG reports ongoing mineralogical studies at Corridor Central have identified a ‘strong’ lithological boundary in the eastern side of the Corridor licences, with red to red/brown coloured sand to the west of the boundary and white to grey coloured sand to the east of the boundary.
The VHM in the type 2 sand is as high as 73.37% from previous studies, and the 3 aircore holes were drilling in a ‘large’ area of type 2 sand east of the Koko Massava deposit.
The company collected a total of 67 samples at 1.5m intervals and these were analysed at Western Geolabs in Perth. Aircore drillhole 22CCAC777 returned 4.38% THM over 19.5m, 22CCAC778 returned 3.50% THM over 19.5m and 22CCAC776 returned 3.20% THM over 16.5m, all with mineralisation from surface and individual 1.5m intervals showed THM results as high as 8.15%.
MRG also send 5 HMC composites derived from observed lithologies for mineralogical investigations conducted by SJMetMin Laboratories, which showed the average total VHM of 72.4% as well as ‘high’ individual valuable minerals from the type 2 sand.
MRG Metals is a heavy mineral sands exploration company with a portfolio of exploration opportunities in Mozambique including the Corridor Sands, Marao, Marruca, and Linhuane projects, as well as 3 exploration licences for rare earth elements and uranium including Patricio, Fotinho and Adriano.
Images: MRG Metals Ltd
