Marvel Gold Ltd (ASX:MVL) has signed a binding term sheet with Oklo Resources Limited (ASX:OKU) to acquire an 80% interest in Oklos three South Mali gold projects covering 675 square kilometres of highly prospective Birimian Greenstone terrain.
The company, which has this week changed its name to reflect its new gold focus, believes that the location and size of the three new projects will provide further opportunity for gold discoveries.
These projects will enhance Marvels existing primary exploration project Tabakorole along with the other project at Lakanfla.
“Leading Malian gold explorer”
Marvel managing director Phil Hoskins said: “We are extremely pleased with this acquisition which provides a 275% increase in the Tabakorole landholding and an overall 544% increase in our Mali footprint to 799 square kilometres.
“The acquisition positions Marvel as a leading Malian gold explorer with a portfolio of gold exploration projects and a pipeline for adding shareholder value.
“It reaffirms our commitment to gold exploration in Mali, a country we believe possesses outstanding prospectivity with well-established mining laws.”
Acquisition of the Sirakourou tenement adjoining Tabakorole has increased the area to 375 square kilometres with Marvel planning to carry out further systematic exploration.
Kolondieba is another advanced exploration project spread over 200 square kilometres and hosts numerous artisanal workings over 15 kilometres of the strike on the Bannifin Shear Zone, one of the major controlling structures in southern Mali.
Adjacent to the existing infrastructure of roads, hydroelectric power, water sources and telecommunications, the 200 square kilometre Yanfolila project is on splays off the Siekerole Shear Zone with historical intersections including 27 metres at 3.6 g/t and 16 metres at 2 g/t.
Marvel has started consolidating and interpreting the data on these projects before undertaking new work programs.
The company intends to employ multi-element soil geochemistry combined with high-resolution ground magnetics to generate baseline datasets at each project.
Tabakorole and Sirakourou will be the prRead More – Source