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Marvel Gold focused on growth potential of West African gold projects in FY21

Snapshot

The Mali explorer has advanced, drill-ready prospects in southern and western Mali, with a focus on its Tabakorole and Lakanfla projects.

Marvel Gold Ltd - Marvel Gold focused on growth potential of West African Gold projects in FY21

Quick facts: Marvel Gold Ltd

Price: 0.057 AUD

ASX:MVL
Market: ASX
Market Cap: $28.99 m
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Marvel Gold Ltd (ASX:MVL) is confident of the potential of its advanced exploration projects in West Africa, with the recent release of the JORC mineral resource estimate for Tabakorole Gold Project and a 3,800 metre systematic drilling program underway at Lakanfla Gold Project.

The estimate for Tabakorole is 910,000 ounces and represents a 54% increase in ounces and a 20% increase in grade from the 2007 resource estimate.

Tabakarole's total combined resource is 23.9 million tonnes at 1.2 g/t for 910,000 ounces at a 0.6 g/t cut-off, 32% of which is classified as indicated.

Notably, 43%, or 390,000 ounces, sits within 100 metres of surface, increasing the company’s confidence for an open pit production scenario.

Resource expansion drilling

Since acquiring the project interest, Marvel has completed 1,544 metres of diamond drilling which, in combination with the 2010-2014 drilling, has been included in the current resource estimate.

The estimate covers a 2.9-kilometre strike length and remains open along strike in both directions and at depth.

There are also numerous opportunities for resource expansion, including:

  • Recent drilling into the southeast plunge extension demonstrating broad widths of 38 metres at 2.1 g/t gold including 14 metres at 4.7 g/t gold;
  • Around 600 metres of aircore delineated strike to the northwest (6 metres at 6.2 g/t gold) remaining open; and
  • An unexplored structural corridor to the south where limited historical drilling (including 14 metres at 9.8 g/t gold) has defined a 600 metre long zone of mineralisation.

Next steps at Tabakorole

The company plans to undertake the following work at the project:

  • A resource expansion program in quarter four to test strike extensions of the 910,000-ounce resource;
  • Disciplined and systematic exploration over the 375-square-kilometre landholding with multi-element soil geochemistry and high-resolution ground magnetics; and
  • Targeting aircore/auger drilling of regional prospects by quarter two 2021.

Lakanfla drilling underway

The company is confident that the Lakanfla project has huge potential and has started an 18-hole 3,800-metre drill program on site.

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

Significantly, there is evidence of ground collapse at surface, indicative of karst (or cave-like) voids at depth within carbonate rock units.

Prime position

Lakanfla is geologically analogous to the 4.5 million-ounce Yatela deposit some 35 kilometres to the northwest and also the Sadiola FE3 and FE4 pits which are around 3 kilometres to the northwest of the licence boundary.

The projects proximal location ensures that any discovery will be economically significant.

Depending on the drilling results, follow-up programs will use the information gathered to close in on potentially economic concentrations of gold mineralisation.

First results from the drill program are expected towards the end of November and into December.

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