Marvel Gold Ltd (ASX:MVL) (FRA:GR2) has grown its landholding at the Tabakorole Gold Project in Mali by 29% following the grant of two new exploration permits – Npanyala and Npanyala West.
These permits are adjacent to the Tabakorole permit and will form part of Marvel’s joint venture with UK and TSX-listed Altus Strategies PLC (LON:ALS) (CVE:ALTS) (OTCMKTS:ALTUF).
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.
Strike extension
The company has also confirmed 150 metres of strike extension at Tabakorole with the drilling of four diamond holes and one diamond tail, following the conclusion of a reverse circulation program in March.
These holes, which are in the southeast of the deposit, are expected to add to the existing 910,000-ounce mineral resource.
Continuing land consolidation strategy
Managing director Phil Hoskins said: “Drilling to follow up near-surface, high-grade intercepts sitting outside of previously modelled mineralisation is underway and will feed into an upgraded mineral resource estimate in Q3.
“The addition of Npanyala and Npanyala West continue the company’s strategy of land consolidation around Tabakorole, which is 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.”
Diamond drilling to follow-up results
Marvel Gold has started diamond drilling to follow up on promising results in the central and northwest areas of the deposit, targeting newly discovered shallow, high-grade zones outside of the previously modelled resource.
The company anticipates that the results of this drilling will be incorporated in an upgraded mineral resource estimate in the September quarter of 2021.
MVL has also collected 3,545 line kilometres covering 200 square kilometres over the regional tenure, as well as multi-element soil geochemistry over the entire 387 square kilometres landholding, the results of which remain outstanding.
This provides the company with strong datasets for a regional exploration effort targeting potential satellite deposits later this year.
Magnetic survey results.