ASX-listed Marvel Gold has extended its landholding in Mali after executing binding documents to acquire an 80% interest in three gold projects Oklo Resources.
The South Mali Gold Projects, which comprise Tabakorole, Yanfolila and Kolondieba – are located in the highly prospective Birimian Greenstone terrain in South Mali and will increase Marvel Gold’s landholding in Mali to 752 km2.
All the conditional precedent to achieve completion on the transaction have been met.
Initial work programmes
Both Oklo and Marvel have agreed the initial work programmes for the South Mali Gold Projects, with multi-element soil geochemistry and high-resolution ground magnetics under way at each project.
The immediate priority for these programmes will be regionally at Tabakorole, in particular the Sirakourou tenement, given its potential to host the strike extension of gold mineralisation at Tabakorole. The maiden JORC resource at Tabakorole of 910 000 oz grading at 1.2 g/t of gold was announced on 30 September 2020.
According to Marvel Gold MD Phil Hoskins, the company recently commenced a 6 300 m drill programme aimed at extending the 910 000 oz resource along stroke in both directions. This will allow the company to accelerate the geophysics and soils programmes that are expected to generate new targets outside of the immediate resource area on the contiguous licences.
Once all projects have equivalent baseline datasets, drill targets can then be ranked according to their potential to add shareholder value.
Meanwhile, five of the tenements are awaiting renewable but now that the tenements are held under the new structure – the Oklo South Mali joint venture company – the renewals are expected to be forthcoming.
Under the agreement, Oklo will receive total consideration of A$200 000 and 20 million Marvel shares upon confirmation of renewal of licences.
An additional 20 million Marvel shares will be issued to Oklo on completion of certain project milestones.