- MRG Metals (MRQ) is applying for three new exploration licenses in Mozambique to diversify its portfolio and possibly extract rare earth elements (REE) and uranium
- The Heavy Mineral Sands (HMS) researcher plans to explore several REEs and uranium sites in the new licensed areas, with fieldwork to begin as soon as applications are satisfied
- The three applications for an exploration license cover approximately 59,400 hectares of land with some of the highest anomalies identified by the regional national on-board survey.
- Chairman Andrew van der Zwan says exploration license applications (ELAs) are a “very important” step for the company in its forward-looking strategy.
- Shares of MRG Metals rose 13.3 percent to 0.9 cents
Heavy Mineral Sands (HMS) researcher MRG Metals (MRQ) has applied for three new exploration licenses in Mozambique to diversify its portfolio and potentially mine rare earth elements (REE) and uranium.
The new licenses are located approximately 780 kilometers northeast of the existing MRG Corridor Sands residential buildings, near the port city of Beira.
MRG said it plans to explore a number of hard rocks and sedimentary REEs and uranium facilities in the new licensed areas, and fieldwork could begin as soon as license applications are approved.
Chairman Andrew van der Zwan said exploration license (ELA) applications are a “very important” step for the company in its forward-looking strategy.
“Although we remain committed to moving our HMS projects to development, and have published three significant mineral resource assessments to date, these new ELAs are diversifying our portfolio, providing access to growing rare earth and uranium markets,” said Mr. Van der Zwan.
“We have an excellent local team involved in the further development of our HMS resources in the Corridor, and we will have the free potential to expand our reconnaissance program in very promising areas of Mozambique.”
According to the MRG, the radiometric spectrometer data of the regional national survey in Mozambique revealed some very abnormal radiometric areas. Three MRG applications for an exploration license cover approximately 59,400 hectares of land on some of the highest anomalies.
In addition, the company said that a 2014 report on historical exploration in the area highlights the presence of monocyte samples with thorium content of more than 1,000 parts per million (ppm) in the soil sample and 559 parts per million in the rock sample.
Shares of MRG Metals rose 13.3 percent to 0.9 cents at 2:08 p.m. on AEST.