Kinusi Copper Mine Update
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Marula Mining PLC
(“Marula’’ or the “Company”)
29 June 2023
Kinusi Copper Mine Update
Marula Mining (AQSE: MARU) an African focused mining and development company, is pleased to announce the initial findings from the exploration work completed by the Company’s independent geological consultants, Geofields Tanzania Limited ("Geofields") at the Kinusi Copper Mine (“Kinusi” or the “Project”), where the Company holds a 75% commercial interest with local Tanzanian mining company Takela Mining Tanzania Limited.
Geofields has completed the Phase 1 Program of exploration activities (announced on 20 January 2023) and from the detailed geological mapping and sampling work completed over all of the 10 granted mining licenses, they have confirmed the presence of a copper mineralised corridor that extends for over 1 kilometre (“km”) in strike length and 300 metres (“m”) wide and with high-grade narrow veins visually estimated to contain approx. 20% to 30% mineralised copper-bearing minerals which are mainly malachite and azurite.
Samples have been collected and prepared by Geofields as part of the Phase 1 Program and have now been sent for laboratory analyses at SGS testing facilities in Tanzania. Assay results from these samples and from samples previously collected by the Company are expected to be received by late July 2023 and a further announcement of these results will be made in due course.
Highlights:
- Phase 1 Program of field exploration activities have now been completed by Geofields across all 10 of the granted mining licenses at Kinusi
- Geofields has confirmed that a copper mineralised corridor has been identified at Kinusi which extends on a Northeast-Southwest orientation for over 1km of strike length across eight of the granted mining licenses at the Sasimo Prospect, which is one of the two license blocks held by the Company’s local partner Takela Mining Tanzania Limited
- This copper mineralised corridor, with its strike length of over 1km and which remains open to the southwest, has been determined to be approximately 300m wide with multiple mineralised quartz and pegmatite veins ranging from 1m to 3m, and with an average copper content of 20%-30% from their visual estimates
- Malachite and azurite have been identified as the main copper-bearing minerals in the veins with minor occasional copper sulphides also observed in some veins
- The Director are of the view that this initial work by Geofields has confirmed the presence of a major mineralised copper system at the Kinusi Copper Mine and one that supports the Company’s accelerated mine development plans
- Surface exposure of copper mineralisation was observed across PML2921DOM, PML2919DOM, PML2922DOM, PML2927DOM, and PML2925DOM mining licenses at Sasimo, where artisanal mining activities have taken place at various locations
- Copper mineralisation at PML 2926DOM, one of the two Mseke mining licenses, is considered by Geofields to be similar to that observed at the eight Sasimo mining licenses, with visual estimates of the copper mineralisation being an average of approximately 15% copper
- The other Mseke mining license PML2928DOM, is close to active mines, located approximately 1km to the northwest and Geofields have recommended further work to be undertaken there to detect any potential mineralisation that is not exposed at surface
- A total of 51 samples have been collected and prepared by Geofields as part of the Phase 1 Program and these are being sent for laboratory analyses at SGS testing facilities in Tanzania
- Assay results from these samples are due to be received late in July 2023 and are expected to be received along with assay and metallurgical results from the previously submitted samples (announced on 23 May 2023) which have been delayed
- Geofields have confirmed that the quality assurance and quality control protocols implemented in the sampling program at the Project are consistent with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012)
- Geofields final Phase 1 Program Report, including a comprehensive geological database incorporating all the mapping and results from the Phase 1 Program is also expected to be received in July 2023
- Recommendations for the next Phase 2 Program of activities at Kinusi will also be submitted by Geofields as part of the Phase 1 Program Report and will include a geophysical survey across the full license area and the detailed exploration and resource drilling program work
- Given the initial findings by Geofields, Marula’s executive management along with technical representatives from Q Global Commodities will be visiting Kinusi in July 2023 following the delivery of the final Phase 1 Program Report to follow up on their findings and assist with planning of the Phase 2 Program of exploration and drilling activities and ongoing site development works
Jason Brewer, Marula Mining PLC CEO said:
"We are pleased with these initial findings from Geofields exploration activities at Kinusi. The presence of a copper mineralised system, with the strike length and widths and high-grade copper mineralisation estimated across the granted mining licenses at Sasimo, supports our ongoing accelerated development and processing plans for Kinusi.
“The initial findings of the Phase 1 exploration work at the Kinusi Copper Mine, which have been released by Geofields, highlights the highly promising nature of the Project. We maintain a very strong commitment to continue advancing Kinusi.
“We look forward to receiving Geofields final Phase 1 Program Report and the assay results from the samples that have been submitted to SGS for analyses in the coming weeks. These will assist in the next phase of geophysical survey work and exploration and resource drilling to be completed at the Project.
"I look forward to updating our shareholders and stakeholders on our ongoing work at Kinusi , which will include the full results from the Phase 1 Program of exploration work as well as further updates on the planned copper processing operations and processing plant design and construction work which is ongoing.”
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, and Kenya’s Nairobi Securities 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 Peterhouse Capital Limited, | +44 (0)20 7469 0930
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| Financial PR and IR BlytheRay Tim Blythe / Megan Ray | +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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