Total
0
Shares
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • MRG Metals is up more than 57 per cent today after the footprint at its Koko Massava project extended beyond 20 square kilometres
  • 31 of the 34 holes showed an average downhole grade of more than three per cent total heavy mineral
  • Infill drill program remains ongoing with further assays pending
  • MRG’s share price is currently up 57.1 per cent with shares trading for 1.1 cents apiece

MRG Metals is up more than 57 per cent today after its footprint at the Koko Massava project extended beyond 20 square kilometres.

The company also reported on further high-grade assay results from ongoing drilling at the heavy mineral sands (HMS) project.

Results also confirm that the mineralisation remains open in all directions and this high-grade footprint will likely expand more and further, underpinning the significant potential for the discovery of high-grade HMS mineralisation.

“Koko Massava continues to grow in terms of scale. Additionally, its high-grade nature is reinforced by this next batch of outstanding assays,” Chairman Andrew Van Der Zwan commented.

“Also pleasing is the number of 10.5-metre auger drill holes that are ending in high-grade mineralisation. We have every confidence that the project’s footprint will expand well beyond 20 square kilometres,” he added.

Laboratory results show that 31 of the 34 holes attained an uncut average downhole grade of more than three per cent total heavy mineral (THM) and seven of them had an average grade of more than five per cent THM.

Auger samples were sent to Western GeoLabs in Perth for heavy liquid separation analysis.

Samples were initially oven-dried and broken down, if required, by hand, weighed and then split to 100-gram subsamples.

The sub-sample was wetted and weakened to initiate further breakdown of any clay aggregates and then de-slimed at 45 micrometres to measure slime per cent.

This auger drilling was part of an exploration program of broad-spaced holes at 500-metre stations on traverses 1000 metres apart and designed to test for extensions of the footprint of the Koko Massava target.

These new laboratory results further validate the potential for discovery of significant HMS mineralisation and support the visual estimated grades for THM reported for aircore drilling within the same area.

Laboratory results for the first aircore drill samples are expected by the end of November.

“Infill drilling is advancing well and this will likely be the catalyst that confirms continuity of the high grade throughout the large footprint we have identified,” Andrew said.

“Beyond this, we have a project that is open in all directions and we reiterate that Koko Massava is likely to be another one of Mozambique’s very large and high-grade heavy mineral sands deposits,” he added.

MRG’s share price is currently up 57.1 per cent with shares trading for 1.1 cents apiece at 1:02 pm AEDT.

MRQ by the numbers
More From The Market Herald

" Peregrine Gold (ASX:PGD) identifies new prospect at Pilbara

Peregrine Gold (PGD) has identified a second high-grade gold and silver prospect at the Pilbara gold project in Western Australia.
Golden Mile Resources (ASX:G88) - Managing Director, James Merrillees (right)

" Golden Mile Resources (ASX:G88) Managing Director resigns

Golden Mile Resources’ (G88) Managing Director has resigned as the company undertakes surveys and testwork across its Western Australia-based projects.
Poseidon Nickel (ASX:POS) - Managing Director & CEO, Peter Harold

" Poseidon Nickel (ASX:POS) receives Golden Swan MRE

Poseidon Nickel (POS) has unveiled a maiden mineral resource estimate for the Golden Swan deposit at its Black Swan Project in WA.

" Torian Resources (ASX:TNR) hits high-grade results at Diorite

Torian Resources (TNR) has intercepted high-grade results from the Diorite North prospect which is part of the company’s wider Mt Stirling Gold Project.