Update on Resource Drilling Exploration and Mining Program for Blesberg
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Marula Mining PLC
("Marula'' or the "Company")
15 November 2023
Update on Resource Drilling Exploration and Mining Program for the
Blesberg Lithium and Tantalum Mine
Marula Mining (AQSE: MARU), an African focused mining and development company, is pleased to provide an update on its two phase resource drilling and mining program that is ongoing at the Blesberg Lithium and Tantalum Mine in South Africa ("Blesberg" or the "Project").
The Phase 1 drilling program has been completed, ahead of schedule, with the increased number of 21 drill holes completed, and with samples sent for assay and analyses. The Phase 2 drilling program is well advanced with 15 holes of the 21 planned diamond drill holes completed as at 13 November 2023.
Highlights:
- The approx. ZAR25 million (US$1.35M) resource drilling and mine planning program continues to proceed well and is both within budget and ahead of schedule
- The Phase 1 drilling program has now been completed with 21 diamond drill holes completed for a total of 1,136.67 metres ("m") drilled
- All samples from the Phase 1 drill cores have been prepared and dispatched to ALS Laboratories ("ALS") in South Africa for assay and analyses
- Assay results from the Phase 1 drilling program are due shortly
- As previously announced the results from the Phase 1 drilling program will be used by the Company in defining a maiden, JORC Code 2012 compliant, Mineral Resource Estimate ("MRE") to support an initial hard rock open pit mining plan for the Blesberg operations
- Drilling of the Phase 2 drilling program is ongoing and is on schedule to be completed mid-December 2023
- As at 13 November 2023, PDS Africa Pty Limited ("PDS Drilling"), who were appointed as the drilling contractor in August 2023, had completed 15 of the 21 hole Phase 2 drill program with a total of 838.49m drilled to date
- Daily drilling rates of 29.48m across both the Phase 1 and Phase 2 drill program, remains ahead of budgeted daily drilling rates of 28m
- Core logging, cutting and sample preparation of the Phase 2 diamond drill cores is expected to be completed in the second half of December 2023 with samples then submitted to ALS for analyses
- Preparation of an Independent Competent Persons Report ("CPR") is underway and will be submitted as part of a mining-right application at Blesberg
- As part of the broader exploration and mining program at Blesberg geological and geophysical modelling is planned to commence in January 2024.
- Multi-spectral satellite imaging analyses and results from the airborne geophysics program which commenced in October 2023 are both on schedule to be completed by the end of 2023
- Initial open pit mine design work has commenced and completion of cut-off grade estimation is planned to be completed in early Q1 2024
- Detailed mine planning and financial forecasts and economic analyses of the initial hard rock open pit mining plan for the Blesberg operations is also scheduled to be completed in early Q1 2024
Jason Brewer, Marula Mining PLC CEO said:
"I am pleased to confirm that the Phase 1 drilling program has been completed, and we are ahead of schedule with the Phase 2 drilling. Samples from that first phase of drilling are with ALS in South Africa, and we eagerly anticipate the assay results.
"Marula's management is pleased with the progress that is being made on this, the Company's first drilling program across its battery metals portfolio of project. These are exciting developments as we target the release of a maiden, JORC 2012 Code compliant mineral resource for Blesberg, an independent Competent Persons Report and detailed financial forecasts for the planned open pit hard rock mining plan which we anticipate will commence in early 2024.
"The progress of the exploration activities at Blesberg has been pleasing to see and we look forward to updating shareholders on the continued progress at Blesberg in due course."
The Directors of Marula are responsible for the contents of this announcement.
Review of Announcement by Qualified Person
This announcement has been reviewed by Mr Jacques Perold (PrSciNat, MGSSA, MIQ MSc(Eng), MSc(ESPM), NDSURMA, Datametrics), who is engaged by Marula Mining plc as its professional consulting geologist.
Mr Jacques Perold is a professional geologist with 37 years of experience in the field and extensive knowledge of all aspects of mineral resource management.
Mr Jacques Perold is Member of the Geological Society of South Africa (No. 965505) and a registered scientist of the South African Council for Natural Scientific Professions (Reg No. 400171/05) in terms of section 20(3) of the Natural Scientific Professions Act, 2002 (Act 27 of 2003) in the field of Geological Science (Professional Natural Scientist).
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 Peterhouse Capital Limited, Charles Goodfellow / Duncan Vasey | +44 (0)20 7138 3204
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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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