Marula Mining (AQSE: MARU) an African focused mining and development company, is pleased to announce that the Board has approved an approx. ZAR 26 million (approx. US$1.35M) resource drilling exploration and mine planning program (the “Program”) for the Blesberg Lithium and Tantalum Mine in South Africa (“Blesberg” or the “Project”).
The Program will be funded by Q Global Mining (Pty) Ltd, a subsidiary of Q Global Commodities (“Q Global”), with the cost of the Program to be offset against subscription funds to be received from Q Global, pending the approval of the conditional subscription agreement and Rule 9 waiver as announced 31 January 2023.
The appointment of drilling contractors to complete the Program, which is planned to consist of a two-phase 2,900 metre (“m”) and 38 hole diamond drilling, is in advanced stages and expected to be completed shortly, with mobilisation to site and the commencement of drilling to then follow. Appointment of additional contractors to complete other key reports and studies within the Program is underway and will be announced in due course.
Highlights:
- Scope of work for the Program to comprise:
- airborne geophysics study across the Blesberg prospecting license and new license areas under consideration by the Company
- 2,900m, 38 hole diamond drilling program
- exploration trenching program
- geological modelling and JORC Code 2012 compliant resource statement and report
- open pit mine design study and initial mining works program
- slope stability, groundwater and geohydrology studies
- environmental management studies
- discounted cashflow analyses and competent person reports
- Airborne geophysics program to now commence and extend over the existing Blesberg Prospecting License and an additional 1,200 km2 area for a survey size of 539 line kilometres with a line spacing of 100m
- Trenching program to comprise an initial 5 trenches has already commenced
- The resource drilling program is to be completed in two phases, with an initial 20-hole, 1,500m diamond drilling program to be completed on a 25m x 50m drill spacing to then be followed by a subsequent 18-hole, 1,400m diamond drilling program to be completed on a 25m x 25m drill spacing
- The two phase resource drilling program is expected to be completed within a 6-month period
- The first phase drilling program is aimed at defining a maiden JORC Code 2012 compliant Mineral Resource Estimate (“MRE”) and to support the initial hard rock open pit mining plan
- The second drilling program is aimed at both increasing the confidence level of the MRE and further expanding and confirming the area of mineralisation to support the broader mine development plans for Blesberg
- The Company’s geological consultant, Mr Jacques Perold has been appointed as Project Manager and will oversee the Program
The appointment of drilling contractors and additional consultants to complete the Program on these agreed terms is well advanced further announcements on their appointments will be made shortly.
Jason Brewer, Marula Mining PLC CEO said:
“Our activities at the Blesberg Lithium and Tantalum Mine are moving ahead at pace. Whilst we are continuing to progress the mining and processing of the high-grade spodumene and lithium mineralisation in the historic stockpiles, we are now also moving ahead with a resource drilling exploration and mining program.
“A ZAR 26 million program has been approved by the Board and is now to commence once drilling contractors have been appointed. This work will comprise a geophysics program across over a 1,200km2 area, a 5-trench exploration program and a two-phased 38-hole, 2,900m diamond drilling program, but will also comprise associated open pit mine design studies and initial mining works programs.
“This study work will give us an indication of the opportunity that I believe Blesberg presents to Marula and to shareholders.
“It is important to highlight that it is through the funding agreements and ever strengthening relationship that we have with Q Global Commodities, that we are able to make these commitments for the planned resource drilling exploration and mining program and move ahead so quickly.
“I am pleased that we have already been able to commence the trenching work and I look forward to be able to update shareholders very soon on the appointment of drilling contractors and their mobilisation to site as well as ongoing activities and results from the Program.”
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.
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; Blesberg Lithium and Tantalum Mine in South Africa, Nkombwa Hill Project in Zambia and Kinusi Copper mine, Bagamoyo Graphite Project and Nyorinyori Graphite Project in Tanzania. 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 AIM, the market operated by the London Stock Exchange Group plc, Kenya’s Nairobi Securities Exchange and South Africa’s Johannesburg Stock Exchange.
