viewMarvel Gold Ltd

Marvel Gold advances gold exploration projects in Mali

The company is about to complete 6,300 metres of resource expansion drilling at Tabakorole Gold Project and is now more focused on the obvious resource growth potential rather than progressing further test work or economic studies.

Marvel Gold Ltd - Marvel Gold advances gold exploration projects in Mali
Tabakorole Gold Project has a mineral resource of 910,000 ounces at 1.2 g/t gold.

Marvel Gold Ltd (ASX:MVL) (FRA:GR2) has received positive news from its advanced gold exploration projects in Mali that include low gold mineralisation from the 3,800 metres reverse circulation program from its Lakanfla Gold Project, and non-refractory metallurgical characteristics from the preliminary bottle roll metallurgical test work at its Tabakorole Gold Project.

Bottle roll test work on fresh ore composite samples at Tabakorole, undertaken by ALS Metallurgy, highlight straightforward, non-refractory metallurgical characteristics for the ore.

Drill results received from the stage one 3,800 metres reverse circulation (RC) drilling program at the Lakanfla Gold Project proved the existence of karst and returned widespread low-grade gold mineralisation.

Tabakorole Gold Project

Marvel has earned a 51% interest at Tabakorole and the JV partner, Altus Strategies plc (Altus), has been notified of Marvel’s intention to proceed to Stage Three of the JV.

Results from 6,300 metres resource expansion drill program, designed to upgrade the current JORC resource of 7.3 million tonnes at 1.2 g/t gold (910,000 ounces ), are expected in batches across March / April 2021.

Average gold recoveries ranging from 92.7% to 96.6% for grind sizes (P80) of 150 to 75 microns, with attractive leach kinetics, indicating a likely processing route incorporating a simple, industry-standard cyanide leach circuit.

Low reagent consumption points to a favourable impact on costs and future testing programs will focus on comminution work and optimisation of grind size versus reagent concentrations.

“Metallurgical results are especially encouraging”

Marvel managing director Phil Hoskins said: “These preliminary metallurgical results are especially encouraging and are an important step in de-risking our Tabakorole Project.

“Non-refractory mineralisation with high gold recoveries from direct cyanidation highlights the potential for a simple, industry-standard gold processing flowsheet.

“Future metallurgical test work is expected to include potential optimisations of grind size and residence times.

“A 6,300 metres resource expansion drill program is nearing completion with the company more focused on the obvious resource growth potential rather than progressing further test work or economic studies.

“In a short space of time, Tabakorole has emerged as a significant deposit within a west African gold context and these metallurgical test work results, coupled with the expected results of the current drill program, represent significant steps in advancing this project.”

Lakanfla Gold Project

On completion of the stage one drilling at Lakanfla, a 33% interest has been earned and the JV partner, Altus, has been notified of Marvel’s intention to proceed to the stage Two of the JV.

Results of recently completed drilling, soil geochemistry and passive seismic surveys are being reviewed together with existing data sets to refine the karst model and identify future opportunities.

Encouraging results received from soil geochemistry with multi-element analysis pending.

The next phase of Lakanfla drilling will be designed to support resource estimation for this mineralisation.

Targets within the granite intrusion remain to be tested – existing gold mineralisation has been defined by the previous drilling including 44 metres at 1.3 g/t gold and 72 metres at 1.0g/t gold.

“Encouraged by the anomalous intercepts”

Hoskins said: “Whilst this maiden drill program has been unable to discover economic gold mineralisation within the karst system at Lakanfla, we are encouraged by the anomalous intercepts which provide further proof of the karst concept.

“We’ve informed Altus of our intention to proceed to Stage 2 of the JV, which will broaden the exploration focus via a 3-pronged strategy of continued exploration of the karst, systematic exploration of non-karst targets and the delineation and development of near-surface gold mineralisation that has already been defined within Lakanfla’s central granite intrusion.”

Framework for future drilling

With the addition of the passive seismic data giving a three-dimensional structure and the ability to target the ‘shoulders’ of the granodiorite body, the company has a framework for future drilling targeting the fringes of the karst and granodiorite system.

The company is developing a work program required to convert the known mineralisation within the granite intrusion to a JORC-compliant resource.

This program is expected to include diamond drilling to establish the density and metallurgical characteristics of the deposit and to expand the area of mineralisation.

Quick facts: Marvel Gold Ltd

Price: 0.048 AUD

Market: ASX
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