Bulk Metals: MRG maps out the good stuff at Mozambique mineral sands project

MRG Metals (ASX:MRQ) has completed an aircore drilling program that has highlighted the size of its Koko Massava heavy mineral sands project in Mozambique.

Final results from the drilling have returned consistently high grades from surface, with a top intersection of 54m at 6.53 per cent total heavy minerals (THM) including 30m at 7.74 per cent THM.

The company says the results have defined a discreet higher grade zone measuring over 5km long and 1km wide with grades consistently over 5 per cent THM from surface to an average depth of 50m.

Results from the drilling have been sent to independent consultant IHC Robbins for a resource estimate.

MRG is now moving to step up exploration at the Poiombo target, one of 13 targets that it has pinpointed in the Corridor Central and Corridor South tenements.

READ: Mineral sands isn’t sexy, but here’s why the sector still has appeal

Strandline Resources (ASX:STA) is advancing negotiations with potential lenders for its Coburn mineral sands project in Western Australia.

Detailed technical due diligence is currently underway with SRK Consulting appointed as the independent technical expert on behalf of the lenders.

This is expected to feed into the selection of preferred lender(s) and will play a key role in securing debt financing.

Strandline noted that the tenders called for major construction contracts have given early indications that the prices would be in line with its estimates in the definitive feasibility study while product offtake negotiations were progressing well.

The company is also planning to update the Coburn financial model as part of the project funding process.