MRG Metals (MRQ.AX) has released additional assay results which appear to confirm the current interpretation of widespread mineralization on the mineral sands of Koko Massava, its heavy minerals sands project in Mozambique.
As MRG Metals used aircore drilling to drill-test the project, the average depth of the holes is quite limited as these rigs typically don’t go too deep. The assay results were very intriguing with 51 meters at 5.66% HM including 9 meters of 8.7% HM while another hole also contained 51 meters at 5.24% HM. Both holes started from surface and it also looks like both holes did end in mineralization and MRG didn’t drill deeper because of the limitations of the drill rig.
MRG Metals now seems to be quite convinced the continuity along its 20 square kilometer land package is excellent although we would like to warn these are just aircore drill results and the assay results were based on visuals. The samples have been shipped to the lab for a more precise procedure, and results could be available as early as next week. A second batch of samples is currently being cleared by Australian customs (as MRG uses a Perth-based lab), and we’ll probably have to wait until January before we see the assay results of the second batch.
Disclosure: The author has no position in MRG Metals.
