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- MRG Metals (MRQ) shares trade in the green after latest results from its Nhacutse prospect tout “very high-grade” heavy mineral sands open at depth
- The company completed a 17 hole aircore infill and extension drilling programme at the Mozambique situated deposit
- Notable assays include 34.5 metres at 5.29 per cent total heavy mineral and 42 metres at 6.35 per cent total heavy mineral including 15 metres at 9.06 per cent
- The company believes it could be on track for a 200 million tonne high grade resource at Nhacutse
- MEG Metals shares were up 18.8 per cent and trading at 1 cent
MRG Metals (MRQ) shares are trading in the green after latest results from its Nhacutse prospect tout “very high-grade” heavy mineral sands open at depth.
The results conclude the company’s 17-hole aircore infill and extension drilling programme at Nhacutse, which is situated at the company’s its Corridor South tenement in Mozambique.
Notable assays from the programme include 34.5 metres at 5.29 per cent total heavy mineral and 42 metres at 6.35 per cent total heavy mineral including 15 metres at 9.06 per cent.
MRG said the results also confirm recently announced Leapfrog modelling of assay and visually estimated aircore data, which established potential at Nhacutse for 140 million cubic metres at five per cent total heavy mineral.
MRG Metals Chairman Andrew Van Der Zwan said the programme highlighted the high-grade tonnage potential of the Nhacutse deposit.
“MRG is confident that Nhacutse could deliver a significantly larger very high grade resource that we were originally targeting,” he said.
“Given the depth of the resource that the drilling is detailing, we could be looking at a 200 million tonne high grade resource at Nhacutse.”
Planning is reportedly underway for upcoming Mineral Resource Estimates to be commissioned for MRG’s prospects.
MEG Metals shares were up 18.8 per cent and trading at 1 cent at 3:57 pm AEST.
