Marvel Gold Ltd (ASX:MVL)’s interest in the Altus joint venture has increased to 70% from 51% following recent exploration work and amendments to the joint venture agreement with UK-listed Altus Strategies PLC (AIM:ALS, TSX-V:ALTS, OTCQX:ALTUF).
Its ownership interest can further increase to 75% by spending US$5 million on exploration and project development through to December 17, 2023, and ultimately increasing to 80% upon completion of a definitive feasibility study (DFS).
Exploration across the Tabakorole landholding is continuing, with auger and reverse circulation (RC) drilling at the Sirakourou, Solabougouda and Solabougouda licences.
Focus on additional ounces
Marvel Gold managing director Phil Hoskins said: “We are very excited to move to 70% ownership of our flagship Tabakorole project.
“Whilst we know there are incremental growth opportunities around the existing one million-ounce resource, we are focused on discovering additional ounces with the aim of turning Tabakorole into a multi-million-ounce gold project.
“We have consolidated a belt-scale landholding within the structural corridor northwest of the Bannifin Shear Zone, with a landholding that now exceeds 800 square kilometres.
“Other than the 7.5-million-ounce Morila Gold Mine, Tabakorole is the only deposit of significance on the Malian side of the Bannifin Shear Zone.”
Altus JV amendments
The material amendments to the Altus JV include:
➢ Two additional exploration licences – Npanyala and Sirakoroble Sud – have been formally added to become Altus JV properties;
➢ Marvel can move to a 75% interest in the Altus JV by completing US$5 million of exploration and project development prior to December 17, 2023;
➢ Deferral of the date on which the company is required to proceed to a DFS by two years from December 2021 to December 2023, providing the company with greater flexibility in its exploration planning;
➢ On completion of a DFS, Marvel’s interest in the Altus JV will increase to 80%; and
➢ Marvel has agreed to return the Lakanfla exploration licence to Altus, with the attributed expenditure on Lakanfla contributing towards reaching the 70% JV interest milestone.
2021-22 exploration strategy
During 2021, Marvel collected soil samples over around half its landholding at the Tabakorole Project and received multi-element assays.
It also collected high-resolution magnetics over 292 square kilometres of the landholding.
In 2022, Marvel will complete the soil geochemistry over the remainder of the licences and undertake high-resolution magnetic surveys as appropriate on its southern tenements – Solabougouda, Sirakourou Sud, Sirakoroble Sud and Ngolobala.
The potential for new discoveries has led to a focus on systematic exploration using auger and aircore drilling ahead of RC and diamond drilling.
Currently, there are three auger rigs and one aircore rig active across multiple prospects on the Tabakorole project.
To date, the company has drilled 22,500 metres of auger and around 13,000 metres of aircore across the properties.
The results of these drilling campaigns are expected to improve the company’s understanding of the geology and to enhance the multi-element soil geochemistry dataset in areas where soils have been ineffective.
Marvel is awaiting multi-element assay results for this drilling and will update the market when results have been received.
Tabakorole MRE
In relation to Tabakorole’s mineral resource estimate, the company said it was not aware of any new information or data that materially affected the information included in its October 5, 2021, announcement and that all material assumptions and technical parameters underpinning the mineral resource continued to apply and had not materially changed.