Gold

Marvel Gold launches drilling program in Mali

Tue 10 May 22, 11:39am (AEST)
An auger drill bit
Source: An auger drill bit

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Key Points

  • Results of multi-element soil geochemistry tests onsite the company’s Mali Yanfolila project reveal priority target
  • Several coherent gold anomalies clustered parallel to the northeast trending Siékerolé shear zone
  • Follow up auger drilling has commenced to be complete by mid-late June

Marvel Gold (ASX:MVL) has identified a high-priority target zone onsite its southern Mali acreage comprising its Yanfolila Gold Project on the back of fresh soil geochemistry results. 

The target is immediately northwest of known mineralisation at the Solona Main Zone target within the boundaries of Marvel Gold's Yanfolila project held in a JV with Oklo Resources Limited (ASX:OKU)

Marvel Gold holds the lion's share of interest at 80%. 

(Source: Marvel Gold) A map highlighting Marvel Gold's Yanfolila prospect
(Source: Marvel Gold) A map highlighting Marvel Gold's Yanfolila prospect

Data builds on 2021 sample collection

The geochemical data comes from an interpretation of samples collected in 2021 wherein the company amassed some 2,160 samples in a maiden exploration exercise. 

The newly identified target is prospective for gold and the company believes the data provides evidence of several large targets exhibiting gold and multi-element anomalies. 

Historical drilling at Solona has previously intersected 9m @ 20.1 grams of gold per tonne from 43m, and 16m @ 2.1g/t from surface. 

Marvel Gold believes there is potentially 1.5 million ounces of gold across all of its Mali acreage. 

Follow-up drilling program complete by July 2022

Marvel Gold is to launch a new auger drilling program to better extrapolate on the promising geochem results, which the company anticipates to provide a low-cost and meaningful approach to defining the dimensions of deposits onsite. 

The program is underway with completion expected by the start of July. 

Share price riding rough waters

Marvel Gold shares are currently worth 4.2cps, trading at a significant discount to the share price in early January, when the price reflected 6.2cps. 

Investors should note there are no immediately obvious indications the decline in price is separate from a larger index-wide selloff prompted by concerns over the war in Ukraine and rising interest rates. 

The shape of Marvel Gold's chart over the last six months
The shape of Marvel Gold's chart over the last six months

 

Marvel Gold was a Market Index client at the time of publishing. All coverage contains factual information only and should not be interpreted as opinion of financial advice.

 

Written By

Jonathon Davidson

Journalist

Jonathon is a journalism graduate and avid market watcher with exposure to governance, NGO and mining environments. He was most recently hired as an oil and gas specialist for a trade publication.

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