MRG Metals Limited announced an extensive exploration program planned by the Company for 2023. The activities are compelled by the excellent Fourth Quarter 2022 results from aircore drilling and associated laboratory Total Heavy Mineral (THM) % and from detailed mineralogical investigations at Corridor Central (11142C), Corridor South (11137C) and Marao (6842L) licences. Aircore drilling within the Corridor licences focused on the red sand/white sand lithological boundary where previous mineralogical investigations showed significantly higher Valuable Heavy Mineral (VHM) content of the Heavy Mineral Concentrate (HMC) in the red sand close to the boundary compared to what was found in the Koko Massava, Nhacutse and Poiombo Mineral Resource Estimations (MREs); studies also showed very high VHM in the white sand.

The drilling therefore aimed to target areas with significantly better VHM % than used in the Corridor Sands Preliminary Economic Assessment (PEA) average of 41% VHM found within the Koko Massava MRE areaor the average 45% VHM from the >4% THM Nhacutse and Poiombo MRE area. The aircore drilling resulted in the discovery of the new Azaria Target east of the Koko Massava deposit within the white sand lithology. This new large approximately 8.0 km² discovery has very high VHM of 72.4% and additionally 9.1% Titanomagnetite.

The Malambane Target within the red sand lithology, close to the red sand/white sand boundary, was infill drilled and returned very high laboratory average THM results of 5.93% and average mineralised depth of 19.5m from 5 aircore holes within the target. Additionally, comprehensive mineralogical studies showed high VHM results of 61.6% and 21.0% Titanomagnetite. The Malambane Target falls inside the >4% THM grade MRE of the Poiombo deposit, but importantly falls outside the high grade (>5% THM) PEA pit optimised areas.

Malambane therefore has the potential to add very high grade and significantly higher VHM material to a PEA update. The aircore drilling also resulted in the discovery of the new Cihari Target, north-east of the Nhacutse deposit at the edge of the red sand lithology. This new discovery has very high VHM of 58.1.4% and additionally 21.6% Titanomagnetite.

Aircore drilling at Viaria and Zulene returned similar high VHM results of 63.5% and 19.1% Titanomagnetite at Viaria and 62.6% VHM with 19.6% Titanomagnetite at Zulene. Aircore drilling at Marao (6842L) on the Magonde, Maduacua and Mandende Targets showed the Magonde Target as a very high-grade target, supported by mineralogical studies of the heavy mineral concentrate that showed high VHM of 58.2% and additionally 15.1% Titanomagnetite. The exploration activities and 2023 HMS work plan will focus on new data to update and hopefully further increase the already substantial NPV for the Corridor Project.

This will likely comprise infill /extension aircore drilling, mineralogical and metallurgical studies, with new grade and metallurgical recovery work to be undertaken initially on Azaria and Malambane drill samples.