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Graphex Mining takes new strategic direction by acquiring two advanced gold projects in Mali

Gold price soared past the technical $1,800 threshold yesterday, scaling its highest since September 2011, as investors bolted for safety amidst the COVID-19 pandemic.

Graphex Mining Ltd - Graphex Mining takes new strategic direction by acquiring two advanced gold projects in Mali
Graphex can earn 100% in two gold projects subject to certain milestones

Graphex Mining Ltd (ASX:GPX) is taking a new strategic direction via the acquisition of two gold exploration projects in Mali - Tabakorole and Lakanfla.

With the focus of its activities now on gold exploration, the company is planning to change its name to Marvel Gold Limited.

Location of gold projects in Mali

Planned acquisition stages

Tabakorole Gold Project

The Tabakorole Gold Project covers an area of 100 square kilometres and is in southern Mali, about 230 kilometres south of the capital city of Bamako.

Graphex has significantly advanced its conceptual understanding of the Tabakorole Gold Project following a detailed analysis of past exploration data and an updated 3D model of the mineralised system.

Based on this analysis, the company believes that there is an immediate opportunity to increase the resource size and ore grade at Tabakorole.

Graphex has completed a 1,600 metres Stage 1 diamond drilling program (results awaited) to produce an updated resource in accordance with the 2012 JORC Code.

Lakanfla Gold Project

The Lakanfla Gold Project is in the Kenieba inlier of western Mali, adjacent to the northern section of the gold-rich Senegal Mali Shear Zone (SMSZ).

The project lies 6 kilometres southeast of the tier 1 Sadiola Gold Mine (13.5 million ounces production historically) and 35 kilometres from the Yatela Gold Mine (4.5 million ounces production historically).

Lakanfla hosts a significant number of active and historical artisanal gold workings which are coincident with major geochemical and gravity anomalies.

Graphex is undertaking a non-renounceable entitlement offer and a share placement to sophisticated and professional investors, which together are expected to raise a total of $5 million.

This will help the company meet the conditions of an agreement with its financier and to provide funding for gold exploration at the Mali Gold Projects.

Quick facts: Graphex Mining Ltd

Price: 0.06 AUD

Market: ASX
Market Cap: $24.82 m

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