MetalsGrove Mining (ASX:MGA) Exploration Update

MetalsGrove Mining Limited (ASX:MGA) has announced its plan to conduct an initial surface mapping and sampling program at the Bruce Gold-Copper Prospect in the Central Desert Region, Northern Territory. The company aims to explore areas prospective for high-grade gold and copper, building on the 2022 mapping program that identified significant ferruginous quartz vein sets. Additionally, the company has decided to relinquish the Upper Coondina Lithium Prospect following disappointing exploration results and market conditions.

Managing Director and CEO's Perspective

With the gold price at or near its all-time high and the supply-demand profile for copper looking very encouraging, it seems sensible for us to revisit the Bruce Gold-Copper Prospect in the Northern Territory. I am particularly encouraged by the fact that, of the small number of veins so far sampled, assay results including gold values of 53 g/t, 15 g/t and 7.2 g/t, and copper values of up to 2.66% have been recorded. These at-surface values are highly encouraging, particularly in the context that the majority of known veins are yet to be sampled, and with much of the project area yet to be mapped. I look forward to reporting the results of the upcoming program to shareholders.

Exploration Update Summary

MetalsGrove Mining Limited (ASX:MGA) is set to conduct an initial surface mapping and sampling program at the Bruce Gold-Copper Prospect in the Northern Territory, focusing on areas prospective for high-grade gold and copper. The company's decision to relinquish the Upper Coondina Lithium Prospect reflects the disappointing exploration results and the current weakness in the lithium market. MetalsGrove also holds other exploration projects in Australia, including the Edwards Creek Copper-Zinc Prospect, Box Hole Lead-Zinc Prospect, Woodie Woodie North Manganese Prospect, and Dundas Prospect. The company's exploration strategy is based on information provided by Mr Lijun Yang, who is a Competent Person as defined in the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. MetalsGrove Mining Limited cautions that forward-looking statements are subject to various risks and uncertainties, and it does not undertake any obligation to release revisions to any forward-looking statement to reflect events or circumstances after the date of this announcement.