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ReGIonAL RoUnDUP AFRIcA

Marvel-ous opportunity in Mali

hil Hoskins christened Marvel Gold Ltd
Pwith the acquisition of interests in three
of Oklo Resources Ltd’s South Mali gold
projects.
Marvel’s landgrab now means the com-
pany occupies 799sq km of ground in Mali,
further underlining its commitment to gold
exploration in the country.
Marvel, formerly Tanzanian graphite-
focused company Graphex, holds the La-
kanfla project 6km from Sadiola in Mali’s
north-west, while its portfolio in the south
comprises Tabakorole, Yanfolila and
Kolondieba.
Marvel was set to start drilling at Lakan-
fla (3,500m) and announce a resource at
Tabakorole last month.
Importantly for Marvel, the recent deal
with Oklo added 275sq km of ground ad-
joining its Tabakorole project.
“We will have our maiden JORC re-
source for Tabakorole in late September,”
a confident Hoskins, Marvel’s managing
director, told Paydirt.
“There was a historical resource from
2007 of about 600,000oz gold and there Marvel Gold expanded its holdings in Southern Mali with a binding term sheet to acquire
has been 13,000m of drilling done since, an 80% interest in three of Oklo’s projects
including the 1,500m [14m @ 4.7 g/t from
diamond drilling and 6m @ 6.2 g/t from air-
core] we’ve done. All of that is going to be Hoskins said. “So, even in the face of chal- transaction.
incorporated into a resource in late Sep- lenging times things are getting done in Oklo has been in Mali for seven years
tember.” the mining industry, which demonstrates and will deliver a maiden resource and
The existing resource at Tabakorole to- how important mining is to the country.” scoping study activities at the Dandoko
tals 7.88mt @ 0.95 g/t gold for 241,000oz After a frustrating period in the Tanza- project in the second half of 2020.
(indicated) and 10.55mt @ 1.05 g/t for nian mining sector with Graphex at the Oklo has $20 million to complete its ac-
353,000oz (inferred). Chilalo graphite project, shareholders of tivities and has Lycopodium onboard car-
“In addition to the resource at Taba- Marvel are due some respite from political rying out early-stage scoping studies at
korole, we are also getting on with drill- upheavals and Hoskins is confident Mali is Dandoko, west Mali.
ing at Karst [at Lakanfla] which was one the right place for the company to deliver. “We certainly hope that is seen as posi-
of the first projects we bought that had Furthermore, former Centamin plc chief tive to the outside world that we are deal-
300,000m of drilling on it. Following that executive Andrew Pardey (non-executive ing with Oklo. Oklo could have dealt with
we will have met test work coming out in director) and noted geologist Chris van a number of parties on these projects but
Q4 and with these new projects we will be Wijk (executive director and exploration chose to work with us and come on the
consolidating the data and coming up with manager) provide Marvel with the requisite register to back us to further these pro-
new targets to get on with,” Hoskins said. African experience for success. jects. That is a vote of confidence in our
Despite political turmoil in Mali, which “We did look at projects in Australia and team and exploring in Mali moving forward
saw President Ibrahim Boubacar Keita had to balance the value there in the Aus- with them as a JV partner as well,” Hoskins
overthrown in a military coup in August tralian projects where there is certainly a said.
amid growing security and corruption lot of competition for projects,” Hoskins A binding term sheet signed will see
concerns within the country, miners in the said. Marvel acquire an 80% interest in three of
country have not reported any operational “We felt that our management team Oklo’s projects, which were identified by
disruptions. with the addition of Andrew Pardey and Dr Madani Diallo, in south Mali.
“It was a passive coup. B2 Gold [Corp] Zimbabwean-born Chris van Wijk, who Hoskins said the influence of Diallo
and Resolute [Mining Ltd] are report- has spent time exploring in Africa, means couldn’t be underestimated given his in-
ing business as usual and from our point the team has experience managing those volvement in multi-million ounce gold dis-
of view the next cab off the rank was to risks in Africa. Our shareholders under- coveries such as Syama, Morila, Sadiola
drill out the Karst project and we are still stand where we are and the potential of and Essakane.
sending a rig out there in September to do investing in gold in West Africa.” – Mark Andrews
that. Our projects are 500km and 250km Shareholders can also find comfort in
away, respectively, from the capital, which the fact that Marvel was the company of
is back to business as usual anyway,” choice for Oklo to deal with in the recent

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