Marvel's Tabakorole hits 1Moz

MARVEL Gold has updated the resource for its Tabakorole gold project in Mali to over 1 million ounces of gold.
Marvel's Tabakorole hits 1Moz Marvel's Tabakorole hits 1Moz Marvel's Tabakorole hits 1Moz Marvel's Tabakorole hits 1Moz Marvel's Tabakorole hits 1Moz

Drilling at Tabakorole in Mali

The indicated and inferred resource for the project is now 26.5 million tonnes at 1.2 grams per tonne gold for 1.025Moz, using a 0.6gpt cut-off, representing a 12% increase in ounces.

Marvel managing director Phil Hoskins told the NWR Resources Series that the resource had doubled in the 18 months since the company picked up the project.

The resource is shallow, with 70% sitting within 150m of surface.

The recent discovery of shallow, higher-grade zones adjacent to the main deposit contributed to the upgrade, with their location expected to provide low-strip starter pit options.

There are also gaps of up to 200m in the new zones that require infill drilling.

Hoskins said the NW zone could be up to 800m long.

"This is a very likely area for us to have a starter pit," he said.

Early metallurgical work at Tabakorole has confirmed the ore is not refractory and returned high recoveries of 97%.

"It does have all the attributes of something that can be developed one day," Hoskins said.

Marvel will kick off an extensive drilling program this quarter across its entire 830sq.km landholding.

No exploration has been conducted on the ground outside Tabakorole since the 1990s.

Marvel had A$5.7 million at the end of June, but expects to receive $2 million cash shortly as part of the spin-off of its Chilalo graphite project into new company Evolution Energy Minerals.

Evolution has launched a $22 million initial public offering and expects to list on the ASX next month.

Marvel shares closed at 6.6c yesterday, giving the company a market capitalisation of $38.2 million.