- MRG Metals (MRG) has received results from a recent mineralogical study using composite samples from the Nhacutse and Poiombo deposits in Mozambique
- The results showed an average valuable heavy mineral (VHM) of 45.3 per cent for Nhactuse and 45.9 per cent VHM for the Poiombo deposit
- MRG says the results are better than the historical data used for the deposits’ recent maiden inferred resource and are also better than the Koko Massava deposit’s MRE
- The company plans to use the new mineralogical data to complete an MRE update for the Nhacutse and Poiombo deposits
- Shares have been trading 22 per cent higher at 1.1 cents
MRG Metals (MRQ) has received positive results from a recently completed mineralogical study at the Nhacutse and Poiombo deposits in Mozambique.
The study comprised 27 composites, 18 from Nhacutse and nine from Poiombo, and were sourced from 56 aircore holes and 159 individual sample intervals.
The study returned improved results compared to the historical data used for the recently announced Nhacutse and Poiombo maiden inferred mineral resource estimate (MRE).
The Nhacutse deposit’s maiden resource is 535 million tonnes at 4.9 per cent total heavy minerals (THM) and Poiombo’s resource sits at 325 million tonnes at 4.8 per cent THM.
Specifically, the results showed an average valuable heavy mineral (VHM) of 45.3 per cent for Nhacutse and 45.9 per cent at the Poiombo deposit. The average titanomagnetite is 26.4 per cent for Nhacutse and 26.1 per cent for Poiombo.
VHM is the measure of ilmenite, altered ilmenite, leucoxene, zircon and rutile as a percentage of the heavy mineral concentrate (HMC).
Additionally, MRG Metals said the results were “significantly better” (roughly 10 per cent) than found in the recently updated JORC MRE from the Koko Massava deposit, with Koko Massava showing an average of 40 per cent VHM in the global resource area.
“We continue to upgrade our potential mine resource and this enhancement of the valuable heavy mineral component at Nhacutsce and Poiombo may have a significant impact on early year cashflow,” Chair Andrew Van Der Zwan said.
MRG Metals will use the new mineralogical data to complete an MRE update for the Nhacutse and Poiombo deposits.
Company shares were up 22 per cent to trade at 1.1 cents at 2:42 pm AEDT.