Commencement of Phase 1 Exploration at the Nyorinyori and NyoriGreen Graphite Projects
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Marula Mining PLC
(“Marula’’ or the “Company”)
1 December 2023
Commencement of Phase 1 Exploration at the Nyorinyori and NyoriGreen Graphite Projects
Marula Mining (AQSE: MARU), an African focused mining and development company, is pleased to confirm that its independent geological consultants, Geofields Tanzania Limited (“Geofields”), have commenced the on-site Phase 1 Program of exploration work at the Nyorinyori Graphite Project (“Nyorinyori") and NyoriGreen Graphite Project (“NyoriGreen”) (together the “Projects”).
The Projects, which are located in the Simanjiro District, in the Manyara Region of Tanzania comprise 20
granted graphite mining licenses and where the Company has secured a 75% commercial interest through agreements with Takela Mining Tanzania Limited (“TML”) at Nyorinyori and recently with NyoriGreen Mining Limited (“NML”) at NyoriGreen.
Highlights:
- Experienced Tanzanian geological and mining consultancy group Geofields have mobilised their exploration team and have commenced an initial Phase 1 Program of exploration work at the Projects
- The mobilisation of Geofields, follows meetings earlier this week in Nairobi between the Company, Geofields and technical representatives from Q Global Commodities (“Q Global”) during which detailed planning, budgeting and scheduling for the accelerated development of the Projects was undertaken and approved
- The Phase 1 Program of exploration at Nyorinyori will focus on the high-grade and jumbo flake graphite mineralisation that has been observed with visual estimates of +90% graphite content in shallow broad graphite veins at Nyorinyori
- This mineralisation has been seen to extend over an initial strike length of over two kilometres at Nyorinyori and is interpreted to extend into the NyoriGreen licenses area
- Geofields on site work will include mapping, sampling, and where applicable additional trenching work as well as the establishment of a comprehensive geological database across the 20 granted mining licenses
- The Phase 1 Program of exploration activities is scheduled to be completed in December 2023 with the findings and initial report to be presented to the Company by the end of January 2024
- Approx. 200 samples across both Nyorinyori and NyoriGreen, will be taken as part of the Phase 1 Program in December 2023, with sample preparation completed by SGS Tanzania at its facilities in Mwanza and assay work then completed by SGS South Africa in Randfontein
- Assay results from these samples are expected to be received by the end of Q1 2024
- The results from the Phase 1 Program of exploration activities will be incorporated into the Phase 2 Program of activities which will commence in Q1 2024 and which is anticipated to include geophysics surveys, multi-spectral satellite imaging work, additional trenching and a diamond drilling program
- Takela’s management team are on site and conducting meetings with local community representatives on the exploration and development activities which have commenced and future activities planned for 2024, and finalising agreed ESG initiatives to be implemented and also overseeing upgrade work to site infrastructure
Jason Brewer, Marula Mining PLC CEO said:
"Over the past week in Nairobi, we have made progress in our planned exploration and development of the Nyorinyori and NyoriGreen Graphite Projects.
“With representatives from Geofields, Takela, Q Global and our own technical management team and Board all here, we have been able to plan, budget and detail for this work.
I am pleased that Geofields exploration team and Takela management teams have commenced this initial Phase 1 Program of exploration activities.
“Our expectations of Nyorinyori and NyoriGreen are high, and we look forward to seeing the results from this Phase 1 Program.
“I look forward to updating our shareholders and stakeholders alike, on our progress at the Projects.”
The Directors of Marula are responsible for the contents of this announcement.
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 or AIM Market, 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
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| AQSE Corporate Adviser Cairn Financial Advisers LLP, Liam Murray / Ludovico Lazzaretti | +44 (0)20 7213 0880 |
| Broker | +44 (0)20 7469 0930
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| Financial PR and IR BlytheRay Tim Blythe / Megan Ray / Said Izagaren | +44 (0)20 7138 3204
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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.
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