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MRG secures Mozambique uranium and REE licence
5:53 CAT | 07 Apr 2024
The Olinga exploration licence 1105L covers a 16,534.47 hectare area and sits 270km northeast of the port city of Beira. [Image: MRG]
MRG Metals (ASX:MRG) has been granted a uranium and rare earth element (REE) prospective licence in Mozambique, and plans to begin on-ground exploration in Q2 2024.
The Olinga exploration licence 1105L covers a 16,534.47 hectare area and sits 270km northeast of the port city of Beira.
Upon completing an environmental management plan, MRG will initiate an exploration program which is anticipated to be announced shortly.
Chairman Andrew Van Der Zwan says Olinga is an exciting prospect for MRG that expands its presence in Mozambique, whilst diversifying the company’s commodity base even further into uranium and REEs.
The Olinga licence was generated based on radiometric spectrometer data of the regional national airborne geophysical and characterised by higher uranium:thorium ratio compared to the Adriano REE exploration licence (11002L).
MRG Metals is a heavy mineral sands explorer focused on development projects in Mozambique.
As of 31 December 2023, the company had $920,000 in cash and cash equivalents at hand, according to its latest quarterly report.
Source: Mining Australia
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