MRG Metals Limited announced the excellent mineralogy results from heavy mineral concentrate (HMC) samples sourced from three target testing aircore drillholes within MRG's Magonde Target in the Marao (6842L) Heavy Mineral Sands licence. MRG is also pleased to announce the laboratory results for hand auger drillholes in the Magonde Target area. The Magonde Target was generated via visual estimated THM grade of reconnaissance hand auger grid drilling.

Three very widely spaced target testing aircore drillholes were then drilled during March 2022 within the Magonde Target, with the highest laboratory derived grade of 6.04% THM over 27.0m from surface returned from 22MUAC003 within the Target. Laboratory grade from selected hand auger drillholes delivered five drillholes with >3% THM, which very clearly defines the Magonde Target as a >3% THM Target, with the target area 2.6 km². With two of the auger drillholes returning >4% THM results from surface, a higher >4% THM grade target including the very high grade aircore drillhole 22MUAC003 has an area of 1.1km².

Five Composite samples were generated from HMC of all three aircore drillholes, covering all interpreted lithologies. The mineralogical results follow the very encouraging results from initial grab sample from within the Magonde target that showed 50.05% VHM content results (Ilmenite, Altered Ilmenite, Rutile and Zircon) from Scanning Electron Microscopy (SEM). The mineralogical results from the aircore HMC composites show even higher VHM results from the red sand lithology than the grab samples, with between 58.2% and 61.8% VHM in the Magonde Target.

Additionally, Titanomagnetite content of the HMC in these samples are between 14.2% and 15.1%. The VHM + Titanomagnetite product is therefore in the 73.4% to 76.5% of the HMC range. The red sand portion of 22MUAC003 with the very high VHM has 5.25% THM from surface to 19.5m.

This clearly shows the potential for high grade and high value HMC within the Magonde Target in Marao, with follow-up closer spaced aircore drilling and additional mineralogical work to follow in 2023. The VHM % for the Magonde red sand lithology is significantly higher than results reported in MRG's updated Koko Massava JORC Mineral Resource estimate of average 41% VHM of the HMC for the high- grade area and from the updated Nhacutse and Poiombo JORC Mineral Resource Estimate at average 45% and 46 % VHM respectively of the HMC within the >4% THM areas.