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Graphex Mining hits high-grade gold and extends strike length at Tabakorole in southern Mali

Assay results are pending from a recently completed 8-hole diamond drilling program and will be included in an upgraded mineral resource estimate.

Graphex Mining Ltd - Graphex Minings' latest AC drilling results confirm gold mineralisation along 600m strike at Tabakorole deposit in Southern Mali
The strike extension provides a platform for resource growth at Tabakorole

Graphex Mining Ltd (ASX:GPX) has received high-grade gold results of up to 6 metres at 6.2 g/t gold from 14 metres including 3 metres at 11 g/t and extended the strike length by around 600 metres during drilling at the recently acquired Tabakorole Gold Project in southern Mali.

Results from shallow aircore (AC) drilling have confirmed the presence of gold mineralisation along a 600-metre northwest strike of Tabakorole deposit and the project now has a combined 3-kilometre strike length.

The company, which is changing its name to Marvel Gold Limited (ASX:MVL), has received assays from the 1,811-metre 92-hole drilling program, which identified a 28-metre-wide horizontal target zone with ‘significant’ intersections in three adjacent holes.

Platform for resource growth

The average grade of the intersections over the defined width is 2.7 g/t gold, with the most notable intersections including:

  • 6 metres at 6.2 g/t from 14 metres, including 3 metres at 11 g/t from 14 metres;
  • 6 metres at 1.1 g/t from 5 metres; and
  • 6 metres at 0.9 g/t from 11 metres.

The strike extension provides a platform for resource growth at Tabakorole, with a mineral resource estimate expected for the December quarter of 2020.

Objective to increase mineral resource

Managing director Phil Hoskin said: “Our primary objective at Tabakorole is to cost-effectively increase the mineral resource while improving the grade.

“An intersection of 6 metres at 6.2 grams per tonne is an exceptional result for AC drilling which reinforces our confidence that this objective can be achieved.

“We now look forward to receiving the results from the recently completed diamond drilling, which will provide further insight into the opportunity at Tabakorole.”

AC drilling was used as a first pass reconnaissance method to test magnetic anomalies under shallow soil cover and de-risk prospective targets prior to higher precision (and higher cost) drilling techniques such as diamond and reverse circulation drilling.

The drilling sought to build on the encouraging results of AC drilling completed in March 2020.

The location of the AC drilling and significant intersections  

Graphex is awaiting assay results from the recently completed 8-hole 1,544 diamond drilling program at Tabakorole, which was designed to test high-grade plunge extensions as well as drill untested gaps in the deposit.

The company intends to use these results to produce a maiden resource estimate in accordance with the 2012 JORC code.

Shares have been as much as 4% higher to 7 cents intra-day.

Quick facts: Marvel Gold Ltd

Price: 0.059 AUD

ASX:MVL
Market: ASX
Market Cap: $24.4 m
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Marvel Gold's Phil Hoskins hails significant increase to resource at Tabakorole

Marvel Gold Ltd's (ASX:MVL) Phil Hoskins speaks to Proactive's Andrew Scott after delivering an upgraded mineral resource for the Tabakorole Gold Project in Mali, West Africa, with 910,000 ounces grading 1.2 g/t. The new JORC-compliant resource represents a 54% increase in ounces and a 20%...

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