# MRQ - MRG Metals



## System (25 May 2011)

MRG Metals Limted (MRQ) is an Australian public company based in Victoria. The Company was established to undertake mineral exploration and production in Western Australia, initially through the acquisition of a number of prospective Tenements.

http://www.mrgmetals.com.au


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## springhill (14 August 2012)

MC - $8m
SP - 13c
Shares - 63m
Options - 44m
Cash - $4.4m

MRG have acquired projects at the Frasers Range area, of Sirius fame. They picked these up in April, before the SIR horse bolted, so may have slipped under the radar that they hold land in this area. Having said that, their tenements are still around 70-80km from SIR's Nova, but in a direct line south of 5 projects with significant mineral resources. Does mineralisation extend this far??
Cash position not high enough to fund exploration on all projects, where will Frasers range sit in the pecking order?

*Kalgoorlie East Project (Gold and Silver)*
3 Targets identified.
After completing further soil sampling analysis at its Kalgoorlie East Project during the March 2012 Quarter and the results of the ground electromagnetic survey (EM), the Company completed its first pass RAB and RC drilling program on the key targets at Kalgoorlie East.
● A total of 5,183 metres of RAB drilling was completed across a number of Gold and Silver targets. In addition two RC holes were drilled in areas identified through the ground EM program targeting base metals.
● Of the eight soil anomalies drill tested for Gold, two have returned elevated precious metal values. The first of these is located within the tenement P26/3604 (Figure 1) and comprises a narrow auriferous shear structure with a strike length in excess of 400 metres.

*Collie South Project (Coal and Bauxite)*
The Collie tenement covers 33km of strike directly south of the main Collie coal bearing basin & ground surrounding the western sub-basin of the lesser Wilga coal bearing basin. (Figure 2) An exhaustive compilation of has been made of all available data for the area of the Collie tenements & environs. This has included data from previous drilling, gravity & airborne magnetic surveys and mapping. This compilation has identified 7 targets considered worthy of follow up.

*Xanadu Project (Gold)*
Work completed at the Xanadu Project during the Quarter consisted of database compilation and verification. All historical data relevant to the project dating back to the mid-1980’s was acquired in both digital and hard copy format. Once finalised, the Xanadu database will be reviewed and priority targets identified for further exploration.

*Braemore Battery (Gold)*
A soil program was completed at Braemore Battery to cover the northern portion of the project which overlay the historical Au-As anomalies. The results from the soil analysis confirmed previous soil results and ground work to commence in Q3, 2012 to access the significance of the preliminary work.

*Acquisitions*
 The Board of MRG is pleased to advise its successful application for prospective Gold tenements along the Tropicana geological feature extension, known as Fraser Range. Tropicana Gold has identified over 5 million ounce resource.
o The project is consistent with MRG’s strategy to develop world class Gold assets.
o The tenements sit within MRG’s WA tenement focus.
o The project is in an area currently being evaluated by Thor Mining Ltd, Ausquest Ltd and Anglogold Ashanti Ltd.
o The Company expects that these new tenements will be granted late in 2012.
o Recent Ni/Cu discovery by Sirius Resources Limited in their Fraser Range tenement to the North further enhances the potential of this relatively under explored region


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## burglar (14 August 2012)

springhill said:


> MC - $8m
> SP - 13c
> Shares - 63m
> Options - 44m
> ...




Under the radar? The chart would bear you out.


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## springhill (14 August 2012)

I don't think that SP rise reflects properly the prospectivity of their piece of land, is what I mean.
IMO only.


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## burglar (14 August 2012)

springhill said:


> I don't think that SP rise reflects properly the prospectivity of their piece of land, is what I mean.
> IMO only.




I think they are not claiming nearology as the Nova Discovery lays in a different geological setting.
They do claim prospectivity which can be verified by the drill! (IMO)


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## Cam019 (1 January 2020)

Not a peep for over 7 years. MRQ seems to have found some liquidity and a little resistance from early 2017. Chart is looking good here.


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## Pict (31 August 2020)

Gotta feeling this will get some movement soon, Linhuane lease grant should be soon


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## frugal.rock (1 October 2020)

ASX ANNOUNCEMENT 
1 October 2020 

RESULTS FOR INFILL HOLES AT ZULENE, SAIA AND VIARIA TARGETS  
SUPPORT EXPANDED AIRCORE DRILLING PROGRAM AT CORRIDOR
SOUTH PROJECT 

Key Highlights 
• Auger assay results returned from infill holes at Zulene and Viaria Targets indicate continuity of mineralisation between the two targets.

• Aggregate Zulene-Viaria mineralised zone contains a large footprint of approximately 17km² Auger drilling across radiometric and magnetic anomalies in  
Corridor South and has identified high grade Total Heavy Mineral (THM) areas with  coincident high Valuable Heavy Mineral (VHM) assemblage which warrant drill  
testing. 

• The significance of grade and assemblage combinations support an immediate expanded drill program given drill rig is still currently on site.

• Based on these latest results, MRG Metals will commence a 7 hole reconnaissance aircore program comprising 5 holes at Zulene Target and 2 holes at Viaria Target, focussed on:  

Zulene Target 
o Deeper drill testing of high grade THM zones which correlate with high VHM assemblage in the northwest; and 
o Depth test of high grade auger results (20CSHA413 – avg 6.3% THM). 

Viaria Target 
Depth test broader target area for higher grades >5% THM over best auger hole results. 

• Field preparation currently in progress for drilling at Zulene and Viaria Targets with  drilling to commence approximately 1 October 2020.


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## Dona Ferentes (1 October 2020)

frugal.rock said:


> • Auger assay results returned from infill holes at Zulene and Viaria Targets indicate continuity of mineralisation between the two targets.
> • Aggregate Zulene-Viaria mineralised zone contains a large footprint of approximately 17km² Auger drilling across radiometric and magnetic anomalies in Corridor South and has identified high grade Total Heavy Mineral areas with  coincident high Valuable Heavy Mineral assemblage which warrant drill testing.
> • The significance of grade and assemblage combinations support an immediate expanded drill program given drill rig is still currently on site.
> • MRG Metals will commence a 7 hole reconnaissance aircore program comprising 5 holes at Zulene Target and 2 holes at Viaria Target:
> • Field preparation currently in progress for drilling at Zulene and Viaria Targets with  drilling to commence approximately 1 October 2020.



on the banks of the great grey green greasy Limpopo River


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## barney (1 October 2020)

Results look tidy although Sands I don't know a lot about.  A lot of liquidation at the 012 level ... Recent smallish cap raise at 006 so price is currently double so typical "stall" zone I guess.

Also plenty of Supply at the 013 level on the market depth, so that will need to get eaten into before any further moves. 

Technically it looks to be a potential accumulation target on/if any dips ... assuming general market sentiment and price action is appropriate. 

50% from recent highs would be around 010-011 ...... Back on the watchlist, thanks Froogs.


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## over9k (9 October 2020)

Out just a few minutes ago.


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## frugal.rock (24 January 2022)

From recent announcement.
17/1/2022

"The Company is continuing its Mineral Resource Estimate (MRE) work within Corridor South and  
expects maiden MRE’s for Poiombo and Nhacutse targets within Corridor South, to be  
completed in January 2022."

It was the chart that got my attention though...


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## frugal.rock (2 February 2022)

ASX ANNOUNCEMENT 
2 February 2022 

OUTSTANDING MAIDEN MRE FOR NHACUTSE AND POIOMBO INCLUDES EXCELLENT COMBINED HIGH GRADE INFERRED RESOURCE OF 
256 MT @ 6.0% THM

Key Highlights 
• Maiden JORC Mineral Resource Estimates delivered for Nhacutse and Poiombo deposits.  

At 4% THM cut-off: 
o Nhacutse 535 Mt @ 4.9% THM (Inferred Resource) 
o Poiombo 325 Mt @ 4.8% THM (Inferred Resource) 
o Combined 860 Mt @ 4.9% THM (Inferred Resource) 
(Refer Table 1). 

• Both Nhacutse and Poiombo deposits demonstrate exceptional homogeneity and also good continuity of higher grade zones of mineralisation at 5% THM cut-off: 
o Nhacutse 172 Mt @ 6.0% THM (Inferred Resource) 
o Poiombo 84 Mt @ 6.1% THM (Inferred Resource) 
o Combined 256 Mt @ 6.0% THM (Inferred Resource) 
(Refer Table 3).


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## Dona Ferentes (2 February 2022)

o


frugal.rock said:


> UTSTANDING MAIDEN MRE FOR NHACUTSE AND POIOMBO INCLUDES EXCELLENT COMBINED HIGH GRADE INFERRED RESOURCE OF 256 MT @ 6.0% THM



Had to dig into the acronym soup

THM is Total Heavy Mineral and there is a subset of VHM.

THM : composite samples show a mineral assemblage averaging ilmenite 39% (ilmenite plus altered ilmenite plus leucoxene); rutile 1%, zircon 2% and titanomagnetite 31%.  The *valuable heavy mineral *content (VHM) is therefore 73%


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## frugal.rock (7 February 2022)

Today's bar. 
Reduced the holding. 
Closed strongly.


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## Swervin Mervin (9 February 2022)

frugal.rock said:


> View attachment 137164
> 
> 
> Today's bar.
> ...



Building nicely mate, took a position here at 1.4c today. Volume says it all


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## frugal.rock (20 March 2022)

ASX ANNOUNCEMENT
17 March 2022

ENGINEERING SCOPING STUDY AND PRELIMINARY ECONOMIC 
ASSESSMENT COMMISSIONED FOR IMMEDIATE START ON CORRIDOR PROJECTS

Key Highlights

• MRG has commissioned IHC Mining to immediately commence an Engineering Scoping Study and Preliminary Economic Assessment for its Corridor Projects in Mozambique, focused on the Koko Massava, Nhacutse and Poiombo deposits. 
The Study will be completed in July 2022.

• The study is augmented by the following ongoing Scoping Level geology and project development studies:
o An updated Mineral Resource estimate (MRE) for Koko Massava deposit (Joint Ore Reserves Committee - JORC), refer ASX Announcement 16 December 2021.

o A maiden MRE for Nhacutse and Poiombo deposits (JORC), refer ASX 
Announcement 2 February 2022.

o Initial Pit Optimisation studies of high grade (+6% THM) at-surface tonnages at Koko Massava, Nhacutse and Poiombo deposits by IHC Mining.

o Metallurgical process development studies comprising a 6.5 tonne bulk sample currently processed by IHC Mining, refer ASX Announcement 16 December 2021.

o A Heavy Mineral Sand market study in progress by TZMI, refer ASX Announcement 27 January 2022.

o An updated MRE to be undertaken for Nhacutse and Poiombo deposits to establish JORC Indicated Resource, incorporating new mineralogy data, to be announced shortly.

• MRG is continuing aircore drilling exploration at Marao Project before moving to Corridor to test previously reported, substantially elevated valuable heavy mineral (VHM) occurrences there, to be announced shortly.


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## frugal.rock (1 April 2022)

ASX ANNOUNCEMENT 
1 April 2022 

MINERAL ASSEMBLAGE STUDY RETURNS SUBSTANTIALLY HIGHER  VALUABLE HEAVY MINERAL RESULTS AT NHACUTSE AND POIOMBO  

Key Highlights 
• A mineralogical study of 27 composite samples from Nhacutse and Poiombo deposits  
returned substantially improved Valuable Heavy Mineral (VHM) results (Tables 1 and 2)  
compared to the widely spaced earlier mineralogy data used in the recent Mineral Resource estimate (Tables 3 and 4). 

• The updated results show a VHM increase to 45.3 % at Nhacutse (was 44%) and 45.9 % at  Poiombo (was 39%) (refer Tables 1, 2, 3 and 4). Titanomagnetite results show 26.4% for Nhacutse and 26.1% for Poiombo. 

• For clarity, VHM is the measure of ilmenite + altered ilmenite + leucoxene + zircon + rutile,  
as a percentage of the heavy mineral concentrate. 

• These results are material and will be used for an MRE update for Nhacutse and Poiombo  
deposits, which is expected to deliver JORC Indicated Resource. 

• The existing MRE for Nhacutse and Poiombo delivered a JORC Inferred Resource of 256 Mt  
@ 6.0% THM at 5% THM cut-off; or 860 Mt @ 4.9% THM at 4% THM cut-off (refer ASX 
Announcement 2 February 2022). 

• Further observations from this new VHM data at Nhacutse / Poiombo: 
o Significantly higher (circa 10%) than the recently updated MRE for Koko Massava deposit (refer ASX Announcement 16 December 2021).  
o Increase in the VHM component of the heavy mineral concentrate (HMC) from west to east (from average 45.8 in the west to 47.5 in the east of Nhacutse; Figure  3) and north to south as per previous studies (refer ASX Announcements 31 July  
2020 and 11 August 2021).


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## frugal.rock (1 April 2022)

Have been meaning to buy more recently after having reduced holding at higher prices (disclosed previously) but failed to do so, and was a thought to put it into the comp also, but it was hanging below allowable 1 cent entry point.


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## frugal.rock (8 April 2022)

Updated MRE out today.


frugal.rock said:


> Have been meaning to buy more



Added some yesty, based on the chart looking up. 
Must admit, I need to do some research on mineral sands. Don't have much clue on it overall.  A very speccie price and outlook for me.🧐


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## frugal.rock (21 July 2022)

ASX ANNOUNCEMENT 
21 July 2022 

MARAO DELIVERS HIGH LABORATORY GRADES FROM AIRCORE DRILLING – 
MAGONDE ESTABLISHED AS VERY HIGH GRADE TARGET 

Key Highlights 

• Aircore drilling of 3 Heavy Mineral Sands (HMS) Targets at Marao (6842L) delivered high grade analytical results (refer Table 1): 
o 22MUAC003 Magonde 0 – 27.0m 27.0m @ 6.04 % THM, 
Including 16.5 – 25.5m 9.0m @ 9.93 % THM, (highest individual 1.5m interval grade of 13.49% THM); 
o 22MUAC008 Mandende 0 – 42.0m 45.0m @ 3.65 % THM, 
Including 33.0 – 40.5m 7.5m @ 7.12 % THM, (highest individual 1.5m interval grade of 10.63% THM); 
o 22MUAC001 Magonde 0 – 37.5m 37.5m @ 3.04 % THM; 
o 22MUAC006 Maduacua 0 – 45.0m 45.0m @ 3.37 % THM; and 
o 22MUAC007 Maduacua 0 – 28.5m 28.5m @ 3.07 % THM. 

• Magonde has already delivered significant mineral assemblage results of 50.05% Valuable Heavy Mineral (VHM) content (Ilmenite, Altered Ilmenite, Rutile and Zircon) by Scanning Electron Microscopy (SEM, refer ASX Announcement 27 April 2021).

• Significant outcomes of this target testing include: 
o HMS grades of >3 % THM results were delivered from aircore holes in all 3 targets (Figures 2 and 3), confirming again the effectiveness of MRG’s auger drilling exploration technique; 
o Magonde is now established as a very high grade (>6 % THM) target from results of 22MUAC003 (Figure 4); 
o Decent grades of >3 % THM mineralisation confirmed from surface up to 45m depth; 
o Very high grades of >10 % THM over 1.5m intersections confirmed in the Magonde and Mandende targets.

• Mineral assemblage investigation is currently underway for 14 composite samples taken from representative lithologies of the 3 targets. 

• Marao has the potential to deliver HMS Mineral Resources of equivalent THM grade and higher VHM % than Koko Massava, Nhacutse and Poiombo deposits.


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## frugal.rock (24 August 2022)

ASX ANNOUNCEMENT
23 August 2022

ENGINEERING SCOPING STUDY COMPLETED - PRELIMINARY ECONOMIC ASSESSMENT NEARING COMPLETION

Key Highlights

• IHC Mining was appointed by MRG to conduct an Engineering Scoping Study and  Preliminary Economic Assessment (PEA) for the Corridor Sands Project, specifically the Koko Massava, Nhacutse and Poiombo deposits.

• The Engineering Scoping Study phase is complete and demonstrates an exceptionally favourable operating cost structure, due to the following project characteristics:
o Pit Optimisation shows that all of the resource will be processed with Nil Strip;
o Strongly homogeneous resource showing favourable heavy mineral sands (HMS) grain size and easy clay fines removal characteristics which will reduce cost;
o Simple HMS processing with low level of impurities in the sand throughput;
o Proximity to port, road and infrastructure;
o Access to human resources; and
o Use of slurry pumping.
• MRG plans to mine and process ROM material by establishing Mining Unit Plants (MUP) and a Wet Concentrator Plant (WCP) initially capable of processing 20.1mtpa.

(Best to read the rest yourself if interested)

I'm expecting some of the late 2019 interest to return, soon enough.


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## frugal.rock (Monday at 10:37 AM)

I'm considering this one again. Looking like an interesting outlook for the year. 🧐

Small MC, not too many shares on issue.
How's cash on hand I wonder... must look further.

ASX ANNOUNCEMENT
9 January 2023

EXCELLENT NEW DISCOVERIES DEMONSTRATE POTENTIAL TO
SIGNIFICANTLY UPGRADE EXISTING PEA AT CORRIDOR HMS PROJECT

Key Highlights
• MRG’s Preliminary Economic Assessment (PEA) (refer ASX Announcement 3 November 2022), which delivered an NPV of A$417 million, has already been eclipsed by excellent aircore drilling results in the past two months.

• New discoveries with significantly better mineral assemblage at similar grade compared to the existing PEA material (45% VHM) have been identified at Azaria (72.4% VHM), Malambane (61.6% VHM), Cihari (58.1% VHM), Viaria (63.5% VHM)
and Zulene (62.6% VHM) targets (refer Figures 2, 3 and 4; Table 1).

• This breakthrough has come about because of MRG’s strong technical approach and determination to understand the geological (economic) significance of the red sand and white sand lithological boundary.

• An exciting work program in 2023 is planned (refer Table 2), including:
o Metallurgical study
▪ Azaria and Malambane drillhole material; and
▪ Non magnetic (zircon) upgrade testwork on existing PEA material.

o Infill / Extension aircore drilling of Azaria and Malambane for MRE and pit
optimisation purposes.

o Update the PEA.

o Commence exploration at MRG’s REE + U projects immediately upon grant
of their Exploration Licences.

o Timing of Infill / Extension aircore drilling of Cihari, Viaria, Zulene and
Magonde target at Marao project will be dependent on the funds raised in
the current rights issue.


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## frugal.rock (Monday at 10:43 AM)

That second last dot point above was something I wasn't aware of or didn't remember.
They are mid process of raising funds ($~1mill) through an entitlement offer at $0.004 I believe.


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