29% Increase In Landholding At Npanyala And Npanyala West In Mali
Marvel Gold Limited (ASX: MVL) has expanded both the length of strike and its landholdings at the Tabakorole Gold Project located in southern Mali.
Following conclusion of the recently completed RC programme in March, the company drilled four diamond holes and one diamond tail (totalling 950m) in the south-east of the deposit. These holes are expected to add around 150m of strike extension to the existing 910koz mineral resource.
Managing Director, Phil Hoskins, said the company has also increased the size of its Tabakorole land position to 387 sq. km following the grant of two new exploration permits, Npanyala and Npanyala West.
These two permits are situated adjacent to the Tabakorole permit and as such, will form part of the company’s joint venture with UK and TSX-listed Altus Strategies plc. Marvel currently owns 51% of this joint venture but expects to have satisfied the earn-in requirements to move to 70% in the coming months.
“We are pleased with the results of our resource expansion drilling program, which have increased the strike length of the Tabakorole deposit to 3.2km. Drilling to follow up near-surface, high-grade intercepts sitting outside of previously modelled mineralisation is under way and will feed into an upgraded Mineral Resource estimate in Q3,” Mr Hoskins said.
“The addition of Npanyala and Npanyala West continue the company’s strategy of land consolidation around Tabakorole, which is situated in an underexplored yet highly prospective region along the Bannifin Shear Zone. Making incremental discoveries, as we have consistently achieved over the past 10 months, will significantly enhance the value of the Tabakorole deposit whilst the extensive regional exploration undertaken this year will ensure a pipeline of targets for future drilling.”
The company has commenced additional diamond drilling to follow up on promising RC results in the central and north-west areas of the deposit, targeting newly discovered shallow, high-grade zones outside of the previously modelled resource. It anticipates that the results of this drilling will be incorporated in an upgraded Mineral Resource Estimate in the September Quarter of 2021.
Marvel has also collected 3,545 line km covering 200 sq.km over the regional tenure, as well as multi- element soil geochemistry over the entire 387 sq, km landholding, the results of which remain outstanding. This provides the company with excellent datasets for a regional exploration effort targeting potential satellite deposits later this year.
