Expansion of Graphite Interests with New Mining License Applications at Nyorinyori and NyoriGreen
|
|
Marula Mining PLC
(“Marula’’ or the “Company”)
13 December 2023
Expansion of Graphite Interests with New Mining License Applications at Nyorinyori and NyoriGreen
Marula Mining (AQSE: MARU), an African focused mining and development company, is pleased to announce that the Company’s local partners Takela Mining Tanzania Limited (“TMT”) and NyoriGreen Mining Limited (“NML”), having collectively made seven new Mining License Applications at the Nyorinyori Graphite Project (“Nyorinyori”) and the NyoriGreen Graphite Project (“NyoriGreen”) located in Tanzania (together the “Projects”).
Following the commencement of the Phase 1 exploration activities at Nyorinyori and NyoriGreen announced on 1 December 2023, a recent exploration workshop in Nairobi, and input from the Company’s independent geological consultants, Geofields Tanzania Limited (“Geofields”), it was agreed that applications were to be made for three new graphite mining licenses by TMT, and a further four new mining licenses by NML. These applications have now been made and are anticipated to be granted in Q1 2024.
The new mining license applications adjoin the existing Project areas and will increase the total number of granted graphite mining licenses in the area to 27, if the new mining license applications are granted. These additional mining licenses consolidate TMT and NML’s position in an area that is considered to have significant potential for new graphite mine development.
The Company is finalising its discussions with TMT and NML to incorporate the new mining license applications under the existing commercial agreements between the parties and expects to have these concluded in early Q1 2024 following the grant of the mining licenses.
Highlights:
- Seven new graphite mining licenses made by TMT and NML
- The new license applications adjoin the existing Nyorinyori and NyoriGreen Graphite Projects and materially increase the footprint in an area considered to be highly prospective for potential for high grade and large and jumbo flake graphite mineralisation
- The new license applications are expected to be issued in Q1 2024
- Upon issuance, the Nyorinyori and NyoriGreen Graphite Projects will together extend over an area of approx. 270 hectares and comprise 27 graphite mining licenses
- The decision to proceed with these mining license applications follows the recent exploration workshop in Nairobi with TMT and NML and Geofields during which time 2024 exploration budgets and schedules of activities were agreed and a decision to expand the Projects areas was agreed by all parties
- It is proposed that these licences will be incorporated under the current commercial and technical agreements between Marula and TMT and NML in respect of the Projects and these discussions are set to be finalised in early Q1 2024
- The expansion in the Projects will increase the Company’s commercial interest in Tanzania’s fast developing graphite sector and further strengthens the Company’s partnerships with TMT and NML
Currently Marula’s independent geological consultants, Geofields, are on-site at both the Nyorinyori and NyoriGreen Graphite Projects completing the Phase 1 Program of exploration work as announced on 1 December 2023. This work is focused on the high-grade and jumbo flake graphite mineralisation that has been observed and includes detailed mapping, sampling and trenching work across the current combined 20 granted graphite mining licenses that make up the Projects.
The Phase 1 program of exploration activities remains on track for completion later this month with the findings and initial report to be completed by the end of January 2024 and assay results from the sampling work to be received by the end of Q1 2024.
Jason Brewer, Marula Mining PLC CEO said:
“Over the past month we have been making considerable progress at both the Nyorinyori and NyoriGreen graphite projects, with the Phase 1 exploration work targeting the high-grade and jumbo flake graphite mineralisation. With the mineralisation identified to extend over an initial strike length of over two kilometres, with our geological consultants, we felt it necessary to look to expand our footprint in the area to include additional graphite mining licenses that are believed to have significant potential for high-grade and jumbo flake graphite mineralisation.
“By increasing to a total of 27 (subject to the seven new licenses being granted) graphite mining licenses, we will be in a strong position to consolidate exploration activities in the area to target potential high-grade graphite mineralisation.
“This has been possible due to the strength of our partnerships with Takela Mining and NyoriGreen Mining which also further strengthens our partnership with them and demonstrates the Company’s ability to develop valuable and strategic partnerships which will enhance the Company’s opportunities to deliver further shareholder value. I look forward to updating shareholders on the progress we make at the project areas.”
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; 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
|
| AQSE Corporate Adviser Cairn Financial Advisers LLP, Liam Murray / Ludovico Lazzaretti | +44 (0)20 7213 0880 |
| Broker Peterhouse Capital Limited, | +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.
Latest directors dealings
- 1 day ago Savannah Energy
- 1 day ago Buccaneer Energy PLC
- 1 day ago Savannah Energy
- 1 day ago Carclo
- 1 day ago Schroder Japan Growth Fund