MRQ - MRG Metals

[System]

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

 

[springhill]

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

 

[burglar]

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

...

Under the radar? The chart would bear you out.

 

[springhill]

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

 

[burglar]

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)

 

[Cam019]

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.

 

[Pict]

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

 

[frugal.rock]

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.

 

[Dona Ferentes]

• 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

 

[barney]

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.

 

[over9k]

Out just a few minutes ago.

 

[frugal.rock]

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...

 

[frugal.rock]

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).

 

[Dona Ferentes]

o

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%

 

[frugal.rock]

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

 

[Swervin Mervin]

View attachment 137164

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

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

 

[frugal.rock]

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.

 

[frugal.rock]

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).

 

[frugal.rock]

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.

 

[frugal.rock]

Updated MRE out today.

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.?