African explorer MRG Metals (ASX: MRQ) has confirmed “extensive high-grade” heavy mineral sand mineralisation at the Poiombo target within its Corridor South project in Mozambique.
According to MRG, assays received now confirm visual estimates revealed in March and underpin the potential for a resource at Poiombo.
Results received are from 201 samples arising from 31 auger holes and confirm mineralisation remains open to the north-west and south-east.
Highlight assays were 12m at 5.48% total heavy mineralisation from surface and ending in 5.82% THM; 12m at 5.34% THM from surface and ending in 5.09% THM; and 10.5m at 5.17% THM from surface and ending in 5.22% THM.
MRG chairman Andrew Van Der Zwan said the results confirm Poiombo’s potential for a “very high-grade resource from surface”, with mineralisation in some areas continuing at depth.
“This is exactly what we are looking for with our targeted programs, which we believe will provide multiple infill programs for later in the year.”
Mr Van Der Zwan added it looks like the company has identified “potential for significant tonnage at very significant grades” at Poiombo.
The laboratory results show 12 of the holes had an average uncut downhole grade greater than 4% THM.
Of those 12 holes, three had grades exceeding 5% THM, with six of the 12 holes also ending in mineralisation over 5% THM.
More Poiombo results on their way
As well as the auger drilling, MRG completed a 10-hole reconnaissance aircore drilling program at Poiombo in March. Assays from this program are expected next week.
MRG noted that visual estimates from these holes included 51m at 6.1% THM, 36m at 5.5% THM and 36m at 5.4% THM.
These holes also comprised individual 3m intervals with grades up to 19% THM – calculated from visual estimates.
It is expected the Poiombo results will complement MRG’s more advanced Koko Massava target where a maiden resource was revealed in April.
Koko Massava has an indicated and inferred resource of 1.423 billion tonnes at 5.2% THM for in-situ THM of 74Mt.
Making up the THM resource assemblage is 42% ilmenite, 7% low titanium ilmenite, 2% zircon, 1% rutile, 1% leucoxene and 0.2% monazite.
MRG has also estimated a further exploration target for Koko Massava of 234-967Mt at 4.5-5.9% THM.
The exploration news saw MRG’s share price rally 40% to $0.007 by midday.