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- MRG Metals’ (MRQ) Maiden Mineral Resource Estimate has confirmed a massive high-grade discovery at Koko Massava in Mozambique
- The company reported a total JORC Mineral Resource of 1,423 million tonnes at 5.2 per cent of total heavy mineral, using a cut-off grade of 4 per cent
- The resource estimate also identified an exploration target in the range of 234 to 967 million tonnes at 4.5 to 5.9 per cent of total heavy mineral
- Chairman Andrew Der Zwan believes this discovery is the “most significant heavy mineral sand discovery in at least the last decade”
- The next steps include testing bulk samples to investigate the treatment of the potential ore and determine product quality
- Despite the positive news, MRG is down 11.1 per cent on the market this morning, trading for 0.8¢ per share
MRG Metals’ (MRQ) Maiden Mineral Resource Estimate has confirmed a massive high-grade discovery at Koko Massava in Mozambique.
The company reported a total JORC Mineral Resource of 1,423 million tonnes at 5.2 per cent of total heavy mineral (THM), using a cut-off grade of 4 per cent of THM.
This includes an Indicated Mineral Resources of 289 million tonnes at 4.9 per cent of THM and an Inferred Mineral Resource of 1,133 million tonnes at 5.3 per cent of THM.
The resource estimate also identified an exploration target in the range of 234 to 967 million tonnes at 4.5 to 5.9 per cent of THM, at cut off grades of 3 and 5 per cent.
The exploration target has been based on the results of aircore and auger drill hole assays.
MRG drilled 82 aircore holes along with 77 auger holes to identity the Maiden JORC Mineral Resource which will underpin the future exploration and development at Koko.
Chairman Andrew Der Zwan believes this discovery is the “most significant HMS (heavy mineral sand) discovery in at least the last decade.”
“This is a major achievement for MRG and not only underpins the value of the company but also its potential place in the global titanium feedstock industry going forward,” he said.
MRG says its strategy is to look for additional high-grade and high- value per tonne of the resource, rather than to simply add tonnage.
“The potential to achieve this appears to be very high across the Corridor tenements and could result in a multi-decade asset with the built-in potential to optimise operations in the early years to enhance project returns,” Andrew explained.
Next Steps
The next steps include metallurgical testing of bulk samples to investigate the treatment of the potential ore and determine product quality. MRG will also perform further infill drilling to increase grade confidence in certain areas and extend other areas.
“While MRG is focused on the next steps towards a mineral development at Koko Massava, our auger and aircore drilling exploration programs are also succeeding strongly at Poiombo and Nhacutse targets,” Andrew said.
“We still have a number of high calibre airborne radiometric and magnetic targets to move on to in the Corridor Central and Corridor South tenements,” he added.
Andrew has stated that Koko Massava is now MRG’s foundation asset on which it plans to build and with early success from Poiombo and Nhacutse.
“We are excited about our future and thank our shareholders for their support,” Andrew said.
Despite the positive news, MRG is down 11.1 per cent on the market this morning, trading for 0.8¢ per share at 12:18 pm AEST.
