HomeExplorationMarvel Gold fully funded to accelerate its exploration plans in Mali

Marvel Gold fully funded to accelerate its exploration plans in Mali

ASX-listed gold explorer Marvel Gold has received binding commitments to raise a total of $5.7 million to accelerate its exploration programme across its gold portfolio in Mali.

Marvel will raise the proceeds through the placement of 95 million shares at $0.06 per share to professional and sophisticated investors to ensure that it is fully funded to undertake a substantial growth-focused exploration program across its Mali gold exploration portfolio, with a focus on the Tabakorole and Lakanfla gold projects.

According to Marvel Gold MD Phil Hoskins, it is a fantastic time to be undertaking gold exploration in Mali, an underexplored and highly prospective country.

“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,” says Hoskins.

“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, Marvel Gold will be fully funded to undertake systematic exploration programmes with a primary focus on growing the 910 000 oz 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 4.5 Moz Yatela deposit 30 km to the north of Lakanfla,” says Hoskins.

With assays expected in December, the funding will give Marvel the flexibility to accelerate drilling should the extensive karsts prove to be mineralised.

The company is now fully funded to accelerate its exploration plans in the upcoming Mali field season running from November 2020 to July 2021.

Lakanfla gold project
At the Lakanfla gold project, the company is currently undertaking the maiden 3 800 m drill programme, where drilling has successfully confirmed the presence of a karst. The intention of this first phase drill programme is 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.

Marvel Gold now has funding flexibility to accelerate follow-up drill programmes subject to the results from this maiden programme.

Tabakorole gold project

The Tabakorole mineral resource was recently increased to 23.9 Mt at 1.2 g/t for 910 000 oz. 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. The company intends to undertake a resource expansion drill programme at Tabakorole later in Q4.

A programme of 2 500 m 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 100 km2 to 375 km2 in the Tabakorole landholding, the company intends to advance regional exploration targets where little to no exploration has been previously conducted.

The company will undertake multi-element soil 3 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. The company is fully funded to follow up any drill targets with either aircore or RC drilling.

Other projects

Whilst the company will maintain an immediate focus on the regional work at Tabakorole, the company will also undertake multi-element soil geochemistry and high-resolution ground magnetics over the balance of its pipeline of projects. These baseline datasets will allow the company to rank and prioritise targets for follow-up drilling. Both Sakaar (30 km south of Sadiola) and Yanfolila (35 km east of Hummingbird’s Yanfolila mine) are close to existing operations and targets will be ranked accordingly.

According to Marvel Gold executive director Chris van Wijk, there are numerous opportunities to add value for shareholders through the growth of the resource at Tabakorole, by generating assay results from Lakanfla, and by identifying new targets on the other properties.

“I firmly believe that Mali remains a highly prospective and underexplored country offering huge potential. Outside of Tabakorole’s 2.9 km strike, Marvel’s 827 km2 of landholdings have not seen systematic exploration. We are now fully funded to remedy this situation during the forthcoming field season.”