Fully Funded For Significant Mali Drilling Campaign
Marvel Gold Limited (ASX: MVL) has received binding commitments to raise a total of A$5.7 million through a placement of 95 million to professional and sophisticated investors.
Proceeds from the Placement will be used to meet costs associated with Marvel’s 2020-21 exploration programme.
Managing Director, Phil Hoskins, said the company is now fully funded to accelerate its exploration plans in the upcoming Mali field season running from November 2020 to July 2021.
“This is a fantastic time to be undertaking gold exploration in Mali, an underexplored and highly prospective country,” Mr Hoskins said.
“The combination of Marvel’s exciting portfolio, focused exploration strategy, and well-credentialed team has seen a number of high-quality institutions join our register.
“Marvel’s strategy is to add value through exploration and discovery, a strategy supported by the well-documented decline in the mining reserves of global gold companies.
“Following this Placement, the company will be fully funded to undertake systematic exploration programs with a primary focus on growing the 910,000oz Tabakorole mineral resource.
We have also been encouraged by ongoing drilling at the Lakanfla Project which has proved the existence of a karst, which is a deposit model responsible for the 4.5Moz Yatela deposit 30km to the north of Lakanfla.
“With assays expected in December, this funding gives us flexibility to accelerate drilling should these extensive karsts prove to be mineralised.”
The first phase drill programme at Lakanfla is intended to prove the existence of a karst and identify the potentially mineralised areas of the gravity lows.
Subject to the assay results (expected in December), it is likely that follow-up drill programmes will be required, using the information gathered in this first phase, to vector in on potentially economic concentrations of gold mineralisation.
The Tabakorole Mineral Resource was recently increased to 23.9 million tonnes at 1.2 g/t for 910,000oz. The Resource remains open along strike to the north-west and to the south-east and at depth.
The company will maintain an exploration focus at Tabakorole and defer infill drilling and economic studies until the scale of the resource is better known.
Marvel intends to undertake a resource expansion drill program at Tabakorole later in Q4. A programme of 2,500m is required to complete Stage 2 of the company’s earn-in obligations to reach a 51% JV interest at Tabakorole, however this programme is likely to be upsized given the resource upside potential along strike in both directions.
Following the recently announced increase from 100km2 to 375km2 in the Tabakorole, the company intends to advance regional exploration targets where little to no exploration has been previously conducted.
The company will undertake multi-element soil geochemistry and complete ground magnetics coverage of the Tabakorole project as a priority.
The company anticipates collecting these baseline datasets by the end of Q1 2021.
