Marvel Gold (ASX: MVL) has unveiled an upgrade to its Tabakorole mineral resource which has pushed it past the 1 million ounce mark.
Indicated and inferred resources for the project now stand at 26.5 million tonnes at 1.2 grams per tonne gold for 1.025Moz of contained metal.
Marvel noted 715,000oz of the resource is within 150m of surface and would be amenable to a low strip, open pit mining scenario.
“The upgraded mineral resource at Tabakorole is a real exclamation point on a solid year’s exploration in Mali,” Marvel managing director Phil Hoskins said.
“The deposit continues to demonstrate consistent thickness and grades over 3.2km of strike length and the discovery of two shallow, higher-grade zones of mineralisation adjacent to the existing deposit has provided some excellent low-strip starter pit options for a subsequent mining operation.”
Additionally, initial metallurgical testwork has generated metallurgical recoveries averaging 97% using a simple processing flowsheet.
Mr Hoskins said the fact that 70% of the resource is within 150m of surface, combined with high metallurgical recoveries and 1Moz resource, Tabakorole is shaping up to meet development criteria.
Opportunities for growing Tabakorole gold project
Marvel anticipates there are more opportunities for growth at Tabakorole which spans 830 square kilometres in Mali.
At the newly discovered higher-grade zones, only wide-spaced drilling has been undertaken and modelled to a maximum depth of 140m.
The company expects infill and deeper drilling will build confidence and add to the resource inventory.
Meanwhile, an expansive drilling program is planned across the 830sq km tenements. This is due to begin in the current quarter.
“In the coming year, our focus will be on making additional discoveries across our 830sq km landholding (one of Mali’s largest) to complement our growing baseload resource,” Mr Hoskins explained.
“We will provide an update on the company’s specific plans later this month as we embark on our near-deposit exploration program,” he added.