MRG Metals (ASX:MRQ) reports it has an extensive exploration program planned for 2023 following a series of positive drill results last year.
The activities are compelled by the ‘excellent’ Q4 2022 results from aircore drilling and associated laboratory Total Heavy Mineral (THM) percentage and from detailed mineralogical investigations at Corridor Central (11142C), Corridor South (11137C), and Marao (6842L) licences.
Field based exploration activities will start on the applied for REE + U projects immediately upon granting of their exploration licences. MRG notes the timing of infill / extension aircore drilling of Cihari, Viaria, Zulene and Magonde target at Marao Project will be dependent on the funds raised in the current rights issue.
The company’s share price had rocketed 25% as of 12.20pm AWST.
“confidence is growing that we have multiple resources of value”
MRG Metals Chairman, Andrew Van Der Zwan notes: “Following on from our recent announcements and as we progress our extensive aircore drilling programs across our portfolio of assets in Mozambique, confidence is growing that we have multiple resources of value.
Our stated goal now is to dramatically improve the economics of the project via 3 areas of focus – the targeted upgrade of the resource via improved THM grades, dramatically improved VHM components and a combination of both.
In addition, we are pressing hard to gain access to our other Mozambique projects so we can run a project development process while continuing our greenfield exploration opportunities.”
MRG reports aircore drilling within the Corridor licences focused on the red sand/white sand lithological boundary where previous mineralogical investigations showed significantly higher Valuable Heavy Mineral (VHM) content of the Heavy Mineral Concentrate (HMC) in the red sand close to the boundary compared to what was found in the Koko Massava, Nhacutse and Poiombo Mineral Resource Estimations (MREs).
The studies also showed very high VHM in the white sand. The drilling therefore aimed to target areas with significantly better VHM percentage than used in the Corridor Sands Preliminary Economic Assessment (PEA) average of 41% VHM found within the Koko Massava MRE area or the average 45% VHM from the >4% THM Nhacutse and Poiombo MRE area.
Write to Adam Orlando at Mining.com.au
Images: MRG Metals Ltd
