Marvel Gold Limited (ASX: MVL) has entered into an earn-in and joint venture agreement with Resolute Mining Limited over its Kolondieba Gold Project.
The JV Agreement follows the satisfaction of conditions for completion of the acquisition of 100% of Kolondieba from B2Gold Corp. Under the terms of the JV Agreement, Resolute shall make an up-front payment of USD$250,000 to Marvel and can earn a 51% interest by sole-funding exploration expenditure of USD$750,000 at Kolondieba in the next 24 months.
Resolute can earn a further 19% by electing to sole-fund exploration expenditure of USD$4,000,000 in the 36 months following its election to do so.
Managing Director, Chris van Wijk, commented: “We are pleased to have commenced this joint venture with Resolute Mining, who is a highly a credible and experienced partner that is well respected in Mali. Successfully negotiating a joint venture with Resolute is a credit to the quality of work carried out at Kolondieba and is testament to the prospectivity of the project and the results achieved to date. We look forward to Resolute further advancing Kolondieba. This transaction is consistent with Marvel’s strategy to monetise the exploration interests we hold in Mali, as we progress ongoing project generation work.”
Previous work has highlighted the exploration opportunity at Kolondieba, with an auger drilling program, that followed up results of soil sampling, having returned several significant intercepts, including:
· 2.35g/t gold in auger hole 22KDBAG1337
· 1.54g/t gold in auger hole 22KDBAG1474
· 1.68g/t gold in hole 22KDBAG0646
· 1.65g/t gold in hole 22KDBAG1027
· 2.01g/t gold in hole 22KDBAG1039
The auger drilling identified three standout targets, each of which yielded significant gold anomalism over 1km of strike length and several hundred metres across. It was these three targets that were the focus of a follow up Gradient Array Induced Polarisation (GAIP) geophysical survey.
To find out more, please visit www.marvelgold.com.au
