Southern Mali Gold Project Open In All Directions
Marvel Gold Limited (ASX: MVL) has commenced a 44-hole, 6,300m reverse circulation (RC) drill programme at its Tabakorole Gold Project in southern Mali.
Tabakorole hosts a JORC Mineral Resource of 23.9 million tonnes at 1.2 g/t gold for 910,000oz which remains open along strike in both directions, and at depth.
This programme is designed to increase the existing resource by extending gold mineralisation along strike in both directions (to the north-west and the south-east).
There are also a number of holes within the existing 2.9km strike length which are designed to infill existing sections where there is only one hole on the drill section, or to further delineate the interpreted high-grade plunging shoots within the orebody.
Managing Director, Phil Hoskins, said results of the programme are expected to be available in Q1 2021.
“Tabakorole is a resource growth story and we’re very excited to announce an upsized resource expansion drill program to kick off the field season,” Mr Hoskins said.
“We recently announced a 54% increase in the JORC Mineral Resource to 910,000 ozi and we expect this program will continue that growth. Regional soils and geophysics programs across the 375 sq. km landholding are underway to deliver additional regional targets for follow-up drilling during 2021.
“Marvel shareholders will benefit not only from any increase in the resource, but also from an increase in our ownership, with this program resulting in the Company’s project interest growing to 51%.”
The Tabakorole landholding is held under two separate joint ventures:
- A joint venture with UK and TSX-listed Altus Strategies plc (Altus JV); and
- A joint venture with ASX-listed Oklo Resources Limited.
This drill programme is being undertaken on the Altus JV tenement. The company has agreed with Altus that the portion of this accelerated drill programme in excess of the Stage 2 requirement will be allocated to future earn-in requirements as the company moves towards an 80% interest.
Whilst the company is undertaking resource expansion drilling at Tabakorole, extensive multi-element soil geochemistry and geophysics programmes have commenced across all of the company’s exploration projects where little to no exploration has been previously conducted. It is anticipated that these baseline datasets, being collected under the supervision of the company’s exploration manager, will be completed by the end of Q1 2021. The company is fully funded to follow up the resulting drill targets.