Total
0
Shares
Source: MRG Metals
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • MRG Metals (MRQ) shares trade in the green after latest results from its Nhacutse prospect tout “very high-grade” heavy mineral sands open at depth
  • The company completed a 17 hole aircore infill and extension drilling programme at the Mozambique situated deposit
  • Notable assays include 34.5 metres at 5.29 per cent total heavy mineral and 42 metres at 6.35 per cent total heavy mineral including 15 metres at 9.06 per cent
  • The company believes it could be on track for a 200 million tonne high grade resource at Nhacutse
  • MEG Metals shares were up 18.8 per cent and trading at 1 cent

MRG Metals (MRQ) shares are trading in the green after latest results from its Nhacutse prospect tout “very high-grade” heavy mineral sands open at depth.

The results conclude the company’s 17-hole aircore infill and extension drilling programme at Nhacutse, which is situated at the company’s its Corridor South tenement in Mozambique.

Notable assays from the programme include 34.5 metres at 5.29 per cent total heavy mineral and 42 metres at 6.35 per cent total heavy mineral including 15 metres at 9.06 per cent.

MRG said the results also confirm recently announced Leapfrog modelling of assay and visually estimated aircore data, which established potential at Nhacutse for 140 million cubic metres at five per cent total heavy mineral.

MRG Metals Chairman Andrew Van Der Zwan said the programme highlighted the high-grade tonnage potential of the Nhacutse deposit.

“MRG is confident that Nhacutse could deliver a significantly larger very high grade resource that we were originally targeting,” he said.

“Given the depth of the resource that the drilling is detailing, we could be looking at a 200 million tonne high grade resource at Nhacutse.”

Planning is reportedly underway for upcoming Mineral Resource Estimates to be commissioned for MRG’s prospects.

MEG Metals shares were up 18.8 per cent and trading at 1 cent at 3:57 pm AEST.

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.