Join our daily newsletter At The Bell to receive exclusive market insights
- MRG Metals (MRQ) updates the Koko Massava deposit’s mineral resource estimate to 1534 million tonnes at 5.1 per cent total heavy minerals (THM) for 78 million tonnes
- This marks a 110-million tonne increase to the Mozambique-based deposit’s maiden resource, which was announced in April 2020
- The mineral resource has also delivered an exploration target of 120 to 603 million tonnes between 4.5 and 6 per cent THM
- MRG Metals believes the high-grade zone presents a potential high-grade start-up opportunity, which is being assessed by a pit optimisation study that’s currently underway
- Company shares have been trading steady at 1.1 cents
MRG Metals (MRQ) has updated the JORC mineral resource estimate for the Koko Massava deposit in Mozambique.
The updated mineral resource stands at 1534 million tonnes at 5.1 per cent total heavy minerals (THM) with 17 per cent slimes for 78 million tonnes. This marks a 110-million tonne increase to the maiden resource of 1423 million tonnes at 5.2 per cent of THM using a cut-off grade of 4 per cent of THM.
The updated resource comprises 557 million tonnes at 5.1 per cent THM in the indicated category and 977 million tonnes at 5 per cent THM in the inferred resource category.
MRG was particularly impressed with the increase of the indicated portion, which grew to 268 million tonnes and also saw an average grade increase of 0.2 per cent THM.
In addition, the updated resource estimate also delivered a high-grade zone of 103 million tonnes at 6.6 per cent THM at a 5.5 per cent cut-off grade.
Importantly, the mineral resource estimate at Koko Massava also delivered an exploration target of 120 to 603 million tonnes between 4.5 and 6 per cent THM at a cut-off grade of 3 and 5 per cent for a total range of contained THM of between seven and 30 million tonnes.
MRG Metals Chairman Andrew Van Der Zwan said the mineral resource estimate was a significant step in meeting its exploration goal of 100 million tonnes of high-grade resource.
“The increase in indicated resource will facilitate the next steps towards feasibility studies. In addition, we await the MRE results at Poiombo and Nhacutsce to add to the high-grade tonnage.”
MRG Metals believes the high-grade zone presents a potential high-grade start-up opportunity, which is being assessed by a pit optimisation study that’s currently underway.
Company shares were trading steady at 1.1 cents at 12:19 pm AEDT.
