Marula Mining
PLC
("Marula'' or the "Company")
10 April
2024
Assay Results Confirm
High-Grade and Broad Graphite Mineralisation at Surface at the
Nyorinyori and NyoriGreen Graphite Projects in
Tanzania
Marula Mining (AQSE: MARU), an
African focused mining and development company, is pleased to
provide an update on the Phase 1 Program of exploration activities
at the Nyorinyori Graphite Project ("Nyorinyori") and the
NyoriGreen Graphite Project ("NyoriGreen") (together the
"Projects") in Tanzania following receipt and analyses of the assay
results from the major sampling program completed in December
2023.
Assays have returned significant
results across the Projects, with analyses of the 122 samples taken
reporting an average of 8.85% Total Graphitic Carbon ("TGC"), with
the highest recording 15.89% TGC and some of the other key assays
of the graphite mineralisation exposed at surface including
14.17%, 13.92%, 12.14%, 11.82%, 11.38%, 11.37%,
11.26% and 11.22% TGC.
Sampling across the width of the
exposed mineralisation at surface also included:
·
60 metres ("m") at 9.39% TGC and including 24m at
11.15% TGC
·
78m at 8.57% TGC and including 12m at 10.18%
TGC
·
107m at 9.24% TGC and including 16m at 10.49%
TGC
·
65m at 9.39% TGC and including 16m at 11.02%
TGC
The assay results suggest the
presence of a strong and graphite mineralised system that has the
potential to support a medium-sized mining operation. The Projects
have exposed graphite mineralisation extending for over 1.20
kilometres ("km") in strike length - over the previously identified
approx. 3km of strike length - and which remains open and has been
mapped with widths of up to 120m and where field observations have
also indicated that the graphite mineralisation is characterised by
large graphite flakes.
The Company's independent geological
consultants, Geofields Tanzania Limited ("Geofields"), has
confirmed that the quality assurance and quality control protocols
implemented in the sampling program at the Projects are consistent
with the Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves (JORC Code
2012).
Highlights
·
A total of 122 samples, excluding reference
material samples, were collected and prepared by Geofields and sent
for laboratory analyses at SGS testing facilities in Tanzania
as part of the Phase 1 Program of exploration activities at the
Projects
·
Samples were taken from the graphite mineralisation which is observed within graphitic
gneiss and occurs as widespread outcrops across the Projects
areas
·
Assays returned significant results with the
average grade of the 122 samples being 8.85% TGC and the highest
assay result being 15.89% TGC
·
High-grade assays included 15.89%, 14.17%, 13.92%,
12.14%, 11.82%, 11.38%, 11.37%, 11.26% and 11.22% TGC
·
Mapping of the exposed graphite mineralisation has
confirmed that it extends for a combined strike length of approx.
1.2km and is interpreted to remain open along strike
·
The surface graphite mineralisation has also been
mapped to have widths of up to 120m
·
A systematic sampling program was conducted across
widths ranging from 50m to 100m of the surface graphite
mineralisation, with rock samples from these broad mineralised
zones collected at intervals of five metres to 10m depending on the
extent of graphite mineralisation
·
The major assay results from this, including the
estimated mineralised widths and grades:
·
60m at 9.39% TGC and including 24m at 11.15%
TGC
·
78m at 8.57% TGC and including 12m at 10.18%
TGC
·
107m at 9.24% TGC and including 16m at 10.49%
TGC
·
65m at 9.39% TGC and including 16m at 11.02%
TGC
·
The assay results from the sampling program have
confirmed high-grade graphite mineralisation across the Projects
and which is interpreted to extend further under cover
·
Field observations have also indicated that the
graphitic gneiss is also characterised by large graphite
flakes
·
Geofields has confirmed the graphite mineralisation at the Projects is open-ended along
strike and the area warrants its potential for a medium-scale
graphite mining operation, with considerable tonnage upside based
on their recent visual observations
·
A comprehensive geological database incorporating
all the mapping and assay results from the Phase 1 Program at the
Projects has now been prepared by Geofields and is being used by
the Company's Board and management team to finalise the planned
Phase 2 Program of activities
·
Geofields has made a number of recommendations for
the Phase 2 Program of exploration activities which
include:
·
A diamond drilling program over the
surface-identified high-grade graphite mineralised zones to
evaluate the down-depth potential of the Projects
·
Geophysical survey work and particularly an
electromagnetic survey over areas where the interpreted graphite
mineralisation is covered by soils and calcrete
·
A trenching program to further assist in defining
surface width and strike continuity of the possibly covered
graphitic mineralised zones
·
The Phase 2 Program of work will also comprise
detailed economic analyses, preliminary mine design study work and
initial processing and plant optimisation work
·
The receipt of these assay results supports the
Company's strategy in consolidating its position at the Projects,
where over 2023 and 2024, its local partners Takela Mining Tanzania
Limited and NyoriGreen Mining Limited have increased the number of
granted mining licenses from 10 to 27, and with a further eight
mining license applications and a larger prospecting license
application
Jason Brewer, Marula Mining PLC CEO said:
"The assay results have returned significant high grades
graphite results which indicate the presence of a strong and
potential graphite mineralised system that can support our existing
strategy to establish a medium-sized mining operation within the
Projects.
"With grades of up to 15.89%, the graphite mineralisation
remining open along strike and with widths extending for over 100m
at surface and grading 9.24% and broad areas in excess of 10% and
11%, this Phase 1 Program of exploration work by Geofields and the
assays results now received from SGS Tanzania has confirmed my firm
belief in its potential to be developed as medium-scale graphite
mining operation.
"The consolidation in the area by the Takela and NyoriGreen
management teams has already been proven to be a strategically
important and supports our plans to look at the Nyorinyori and
NyoriGreen Projects as one combined project area, as we move
forward with the next phase of work.
"The results allow us to now push ahead and finalise the Phase
2 Program of exploration at Nyorinyori and NyoriGreen, and with the
mining teams at Q Global Commodities and our processing consultants
looking at initial shallow open pit mining and processing options
available for us.
"I
look forward to updating shareholders further on our activities
here at Nyorinyori and NyoriGreen."
The
Directors of Marula are responsible for the contents of this
announcement. This announcement contains inside information for the
purposes of UK Market Abuse Regulation.
Review of Announcement by Qualified Person
This announcement has been reviewed
by Mr Jacques Perold (PrSciNat, MGSSA, MIQ MSc(Eng), MSc(ESPM),
NDSURMA, Datametrics), who is engaged by Marula Mining plc as its
professional consulting geologist.
Mr Jacques Perold is a professional
geologist with 37 years of experience in the field and extensive
knowledge of all aspects of mineral resource management.
Mr Jacques Perold is
Member of the Geological Society of South Africa (No.
965505) and a registered scientist of the South African Council for
Natural Scientific Professions (Reg No. 400171/05) in terms of
section 20(3) of the Natural Scientific Professions Act, 2002 (Act
27 of 2003) in the field of Geological Science (Professional
Natural Scientist).
Geofields Tanzania Limited Technical
Disclaimer
Geofields has been commissioned by
Marula Mining plc to provide an Independent Initial Technical
Report on Takela's Primary Mining Licenses at the Kinusi Copper
Mine. This report may be utilised for the development of the
property provided that no portion is used out of context in such a
manner as to convey a meaning that differs from that set out in
whole.
The report contains factual surface
exploration data and geological interpretation based on the
author's views following a month's surface mapping and sampling
program. Geofields' technical team considers the property
sufficient for a potential small-scale mining project subject to
varying degrees of exploration risks to warrant further assessment
of its economic potential.
The report has been prepared to
support Marula's corporate objectives and activities. Geofields has
recommended specific stage exploration and evaluation programs for
the project's potential.
Neither Geofields nor the authors of this report have or have
previously had any material interest in Marula, Takela or the
mineral properties in which Marula has an
interest.
Our relationship with Marula is a
professional association between Marula and the independent
consultancy. The report has been prepared in return for
professional fees based on agreed commercial rates, and the payment
of these fees is in no way contingent on the results of the
report.
About Marula Mining
Marula Mining (AQSE: MARU) is an
African focused battery metals investment and exploration company
and has interests in several high value mine projects in Africa;
the Blesberg Lithium and Tantalum Mine and Korridor Lithium Project
in South Africa, the Kinusi Copper Mine, the Nyorinyori Graphite
Project, the NyoriGreen Graphite Project and the Bagamoyo Graphite
Project all in Tanzania and the Nkombwa Hill Project in Zambia. As
we advance operations at these battery metals focused projects,
Marula will continue to build and expand its interests in other
high-quality projects in Africa.
Marula's strategy is to identify and
invest in advanced and high-value mining projects throughout East,
Central and Southern Africa that the Directors believe would
deliver returns for its shareholders. The Board and management team
aims to establish Marula as a socially and environmentally
responsible, sustainable, and profitable producer of critical
metals and commodities that are of increasingly strategic
importance to modern technologies and the global economy. Marula's
shares are traded on the AQUIS Stock Exchange (AQSE), Marula is
exploring opportunities to admit its shares to trading on the
London Stock Exchange plc's Standard List, Kenya's Nairobi
Securities Exchange and South Africa's Johannesburg Stock
Exchange.
For
enquiries contact:
Marula Mining PLC
Jason Brewer,
Chief Executive Officer
Faith Kinyanjui Mumbi
Investor Relations
|
Email :
jason@marulamining.com
Email :
info@marulamining.com
|
AQSE Corporate Adviser
Cairn Financial Advisers LLP,
Liam Murray / Ludovico Lazzaretti
|
+44 (0)20
7213 0880
|
Broker
Peterhouse Capital Limited,
Charles Goodfellow / Duncan Vasey
|
+44
(0)20 7469 0930
|
Financial PR and IR
BlytheRay
Tim
Blythe / Megan Ray / Said Izagaren
|
+44 (0)20 7138 3204
|
Caution:
Certain statements in this
announcement, are, or may be deemed to be, forward looking
statements. Forward looking statements are identified by their use
of terms and phrases such as ''believe'', ''could'', "should"
''envisage'', ''estimate'', ''intend'', ''may'', ''plan'',
''potentially'', "expect", ''will'' or the negative of those,
variations or comparable expressions, including references to
assumptions. These forward-looking statements are not based on
historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of
operations, performance, future capital and other expenditures
(including the amount, nature and sources of funding thereof),
competitive advantages, business prospects and opportunities. Such
forward looking statements reflect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors.