Marvel Gold Ltd (ASX:MVL) has delivered a busy September quarter, focusing primarily on the continued exploration and growth of the Tabakorole Gold Project in Mali.
During the period, the company identified a new parallel lode at the Tabakorole Northwest Zone, opening the potential for additional ounces within the optimised pit shell.
Furthermore, Marvel progressed the transaction to spin out the Chilalo Graphite Project into a wholly-owned subsidiary Evolution Energy Minerals Limited, and an IPO to facilitate listing on the ASX.
“New parallel lode”
Marvel managing director Phil Hoskins said: “The highlight of the quarter was the identification of the new parallel lode at the Tabakorole Northwest Zone, opening the potential for additional ounces within the optimised pit shell.
“With the mineral resource at Tabakorole now exceeding one million ounces, we are firmly focused on continuing our process of systematic exploration, at both Tabakorole and surrounding tenements, to further grow the resource.”
Plan view showing results from Tabakorole Northwest Zone drilling.
Tabakorole Project
During the quarter, Marvel spent about $2.65 million advancing the Tabakorole Project with the key focus of diamond and aircore drilling and strategic tenement acquisitions to increase the company’s landholding.
Diamond drill results confirmed continuity of mineralisation at the Tabakorole Central Zone, with results including 21 metres at 2.6 g/t gold from 70 metres.
In addition, diamond drilling at the Tabakorole Northwest Zone identified a new parallel lode over a strike extent of at least 120 metres, with results including 17 metres at 3.6 g/t gold from the surface and 24 metres at 2.4 g/t gold from 35 metres.
The mineral resource estimate for Tabakorole has increased to 1.025 million ounces (post quarter end) and the size of the Tabakorole land position increased to 75 square kilometres from the acquisition of a new exploration licence.
Chilalo spin-out
On completion of the spin-out and IPO, Marvel will be issued 50 million Evolution shares and will receive up to $2 million cash.
The proposed IPO of Evolution will raise a minimum of $22 million, with ARCH Sustainable Resources Fund to invest $8 million as a cornerstone investor.
Marvel will receive 50 million Evolution shares for a 31% shareholding in Evolution and up to $2 million cash consideration.