- MRG Metals (MRQ) confirms the Nhacutse area as a high-potential start-up mining opportunity following some positive results
- A 16-hole drilling program at the Mozambique-based tenement has returned high-grade results of up to 8.5 per cent total heavy minerals
- Drilling has also extended mineralisation, which remains open in some directions
- MRG will use these findings to complete a second mineral resource estimate and to supply over 100 million tonnes to the Corridor project’s inventory
- MRG Metals’ shares are up 33.3 per cent to trade at 0.8 cents
MRG Metals (MRQ) has announced “excellent” results from aircore drilling at the Nhacutse area within its Corridor South tenement in Mozambique.
The 16-hole drilling program targeted open strike areas identified during a recent infill and extension drilling program.
Most holes returned positive visually estimated results including 58.5 metres at 5.5 per cent total heavy minerals including 15 metres at 8.5 per cent THM; and 58.5 metres at 6.1 per cent THM including 18 metres at 7.4 per cent THM.
Company Chairman Andrew Van Der Zwan was very pleased with the drilling results.
“MRG is confident that this target area represents an excellent opportunity to present the company’s second mineral resource estimate (MRE) and resource report, with it also meeting the company’s goal to supply over 100 million tonnes of very high-grade resource to the Corridor inventory, at THM grades higher than its existing JORC-compliant Koko Massava MRE.”
In addition to the high grades, drilling extended mineralisation which remains open in some directions, particularly to the north-northeast and west of the very high-grade zone which now covers four square kilometres.
The company has undertaken leapfrog 3D modelling on the visually estimated data to support upcoming MRE studies.
MRG Metals’ shares were up 33.3 per cent to trade at 0.8 cents at 10:42 am AEST.