Makes Strategic Move To Acquire Sakaar Permit
Marvel Gold Limited (ASX: MVL) has signed a binding option agreement with Mali project vendor SOMICO over the Sakaar Exploration Permit in western Mali. Sakaar is located 15km south of the company’s Lakanfla project.
Managing Director Phil Hoskins, said Sakaar is a strategic acquisition in an area of strength for Marvel.
“We are pleased to have signed a binding option agreement to acquire this strategic tenement, which continues to strengthen our position as a leading Mali-focused gold explorer,” Mr Hoskins said.
“Sakaar has exploration synergies with our Lakanfla project and both projects are strategically important due to their proximity to the Sadiola Gold Mine which we understand will require additional oxide feed in the relative near term.
“A discovery at either of these projects will be economically significant for Marvel shareholders.”
Marvel can earn an 80% interest in Sakaar under a three-stage exploration arrangement and sole funding expenditure to completion of a Pre-Feasibility Study (PFS). Marvel will reimburse SOMICO for the Sakaar licence application fee (approximately US$18,000).
Sakaar is located on the northern extent of the prolific Senegal Mali Shear Zone (SMSZ), which is one of the fundamental structures controlling mineralisation in western Mali and contributing to mineralisation at Sadiola and Yatela.
The first exploration at Sakaar was conducted by Barrick Gold between 1995-1999 however results of this exploration are not publicly available. Most recently, prior to SOMICO gaining ownership of Sakaar, the license was in a joint venture between Legend Gold Mali and Randgold Resources. Historical government data from the SYSMIN program indicated anomalous gold and boron which has been supported by recent fieldwork.
Marvel has commenced the geological mapping and soil geochemistry required under Stage 1 of the option agreement. The ground magnetic survey also required under Stage 1 will be carried out after the upcoming 3,500m drill program at Lakanfla. The geological mapping, geochemical sampling and magnetic surveys are the first phase of a systematic process to identify drill targets at Sakaar.