Marvel Gold boosts interest in Tabakorole gold project to 70% as drilling continues

Marvel Gold ASX MVL Tabakorole Mali Altus Strategies
Marvel managing director Phil Hoskins said the company is focused on building a multi-million-ounce resource at Tabakorole.

Africa focused explorer Marvel Gold (ASX: MVL) has upped its interest in the 1.025 million ounce Tabakorole gold resource in southern Mali from 51% to 70%, after amending the joint venture with Altus Strategies (LON: ALS).

The companies made several key changes to the joint venture agreement, which included Marvel retuning the Lakanfla exploration licence to Altus. In return for Marvel’s expenditure on advancing Lakanfla and relinquishing the licence, its ownership in the Tabakorole gold project was upped to the 70% milestone.

Commenting on the increased ownership in Tabakorole, Marvel managing director Phil Hoskins said the company was “very excited”.

“While we know there are incremental growth opportunities around the existing 1Moz resource, we are focused on discovering additional ounces with the aim of turning Tabakorole into a multi-million-ounce gold project.”

Other joint venture amendments

Other joint venture amendments include Marvel being able to increase ownership in Tabakorole to 75% by spending US$5 million on exploration and development prior to 17 December 2023 and a deferral in the definitive feasibility study completion date from December 2021 to December 2023.

Once the definitive feasibility study has been completed, Marvel’s interest will be boosted to 80%.

Two additional exploration licences (Npanyala and Sirakoroble Sud) have been included in the joint venture agreement.

Marvel’s landholding in the region now exceeds 800sq km.

“Other than the 7.5Moz Morila gold mine, Tabakorole is the only deposit of significance on the Malian side of the Bannifin Shear Zone,” Mr Hoskins noted.

Advancing Tabakorole

During 2021, Marvel collected soil samples over about half of its Tabakorole project, with soil geochemistry to be completed over the remainder of the company’s licences.

High-resolution magnetic surveys will also be carried out on the southern tenements – Solabougouda, Sirakourou Sud, Sirakoroble Sud and Ngolobala.

Drilling is underway at Tabakorole with three auger and one aircore rig active across several prospects.

To-date, Marvel has completed 22,500m of auger and 13,000m of aircore drilling across its licences.

Assays are pending and will be announced as they come to hand.

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