Marvel Gold Ltd (ASX:MVL) has signed a binding term sheet with Oklo Resources Limited (ASX:OKU) to acquire an 80% interest in Oklo’s three South Mali gold projects covering 675 square kilometres of highly prospective Birimian Greenstone terrain.
The company, which has this week changed its name to reflect its new gold focus, believes that the location and size of the three new projects will provide further opportunity for gold discoveries.
These projects will enhance Marvel’s existing primary exploration project Tabakorole along with the other project at Lakanfla.
“Leading Malian gold explorer”
Marvel managing director Phil Hoskins said: “We are extremely pleased with this acquisition which provides a 275% increase in the Tabakorole landholding and an overall 544% increase in our Mali footprint to 799 square kilometres.
“The acquisition positions Marvel as a leading Malian gold explorer with a portfolio of gold exploration projects and a pipeline for adding shareholder value.
“It reaffirms our commitment to gold exploration in Mali, a country we believe possesses outstanding prospectivity with well-established mining laws.”
Acquisition of the Sirakourou tenement adjoining Tabakorole has increased the area to 375 square kilometres with Marvel planning to carry out further systematic exploration.
Kolondieba is another advanced exploration project spread over 200 square kilometres and hosts numerous artisanal workings over 15 kilometres of the strike on the Bannifin Shear Zone, one of the major controlling structures in southern Mali.
Adjacent to the existing infrastructure of roads, hydroelectric power, water sources and telecommunications, the 200 square kilometre Yanfolila project is on splays off the Siekerole Shear Zone with historical intersections including 27 metres at 3.6 g/t and 16 metres at 2 g/t.
Marvel has started consolidating and interpreting the data on these projects before undertaking new work programs.
The company intends to employ multi-element soil geochemistry combined with high-resolution ground magnetics to generate baseline datasets at each project.
Tabakorole and Sirakourou will be the priority for these programs, given the strong potential to host the strike extension of gold mineralisation.
Marvel and Oklo intend to form a joint venture company with Marvel having 80% interest in the licences.
Oklo will retain a 20% interest in the exploration joint venture company until a decision to mine is taken on a licence.
The JV company will be managed and operated on standard terms, with Marvel having the discretion to determine exploration programs and expenditures.
Once the decision is taken, Oklo will have the option either to contribute or dilute with regards to the licence through a newly formed joint venture company and will retain its interest in the exploration joint venture company.
Hoskins said: “We welcome respected Mali gold explorer, Oklo Resources to our share register and look forward to sharing a prosperous JV relationship with them going forwards.”