- Heavy minerals sands explorer MRG Metals (MRQ) has released assay results from the latest drilling at its Corridor South project in Mozambique
- The assays come from 36 infill holes across the Zulene, Viaria, and Saia targets in the project area
- MRG said 27 of the 31 holes showed an uncut average downhole grade of more than three per cent total heavy mineral
- Of these, five holes graded more than four per cent total heavy minerals
- Importantly, the results extend both the Zulene and Viaria targets, suggesting continuity of heavy mineral sands (HMS) exists between the two targets
- Shares in MRG are grey in midday trade, currently worth 1.2 cents each
Heavy minerals sands explorer MRG Metals (MRQ) has released assay results from the latest bout of drilling at its Corridor South project in Mozambique.
The assays are from 36 infill holes across the Zulene, Viaria, and Saia targets in the project area. The results extend both the Zulene and Viaria targets, which MRG said suggests the continuity of heavy mineral sands (HMS) exists between the two targets.
Some of the best results from the drilling include a 12-metre hit at 4.16 per cent total heavy mineral (THM) from the surface with a maximum 5.92 per cent THM from 7.5-to-nine metres, and another 12 metres hit at 4.06 per cent THM from the surface.
In fact, MRG said 27 of the 31 holes showed an uncut average downhole grade of more than three per cent THM, with five of the 31 gradings more than four per cent THM.
MRG Chairman Andrew Van Der Zwan said these latest results from the infill auger drilling program continue to excite the company.
“Of huge importance is the extension of both Zulene and Viaria footprint, [which] means we could potentially be looking at a much bigger target than originally anticipated,” Andrew explained.
Looking ahead, the company said its drill contractor already has the drill rig set up at Corridor South and is ready to start drilling again as soon as field prep work is finished at Zulene and Viaria.
“We are very fortunate to already have the drilling contractor on site meaning we can immediately move to expand the program with a further seven aircole holes at the Zulene-Viaria Target — the very first aircore holes to be put into either target,” Andrew said.
To keep investors eager, MRG said it would release “numerous” announcements on drilling results and follow-up programs over the next three months.
Shares in the junior explorer gained at much at 16.67 per cent in early action today but have since slipped back to the grey line. At 12:49 pm AEST, MRG shares are flat at 1.2 cents each.