Marula Mining Plc Consultants to Commence Exploration at Kinusi Project
January 20 2023 - 2:41AM
UK Regulatory
TIDMMARU
Marula Mining PLC
("Marula" or the "Company")
20 January 2023
Appointment of Consultants to Commence Exploration at Kinusi Copper Project
Marula Mining (AQSE: MARU) an African focused mining and development company,
is pleased to announce that it has appointed exploration and mining service
company Geofields Tanzania Limited ("Geofields") to commence copper
exploration work at the Kinusi Copper Project ("Kinusi" or the "Project") in
Tanzania. The appointment of Geofields follows the commencement of exploration
activities by them at the Company's Bagamoyo Graphite Project earlier this
month.
Work at the Kinusi Project, where the Company has secured a 49% commercial
interest from local Tanzanian company Takela Mining Tanzania Ltd ("Takela") in
10 granted copper mining licenses (the "Licenses") located in Mpwapwa District
in the Dodoma Region of central Tanzania, is to commence in February 2023.
Highlights:
* Experienced Tanzanian geological and mining consultancy group Geofields
engaged to commence copper exploration work at Kinusi
* Geofields is already working with the Company and on site progressing the
Phase 1 Exploration Program at the Bagamoyo Graphite Project in Tanzania
* Exploration at Kinusi will focus initially on the small-scale shallow
copper mining activities which have demonstrated potentially widespread
high grade copper mineralisation
* In addition, Geofields exploration activities will also focus on over 30
additional surface exposures of copper mineralisation that were identified
from previous work completed by the Company's technical representatives and
consultants and Takela in November 2022
* Work to be undertaken by Geofields at Kinusi will include mapping,
sampling, trenching and establishment of a comprehensive geological
database that is expected to enable the Company to advance project
development across the 10 granted mining licenses
* All samples from the planned exploration work will be sent for analyses in
Tanzania with initial results expected in Q2 2023
* Geofields are scheduled to commence work at Kinusi in February 2023 and
will be completed early in Q2 2023
* Marula's Board and management team will be on site with Takela and
Geofields later this month and in February 2023 to review Geofields'
progress and activities
Jason Brewer, Marula Mining PLC CEO said:
"I am delighted to confirm the appointment of Geofields to now move quickly and
commence broad systematic exploration activities at the Kinusi Copper Project
in Tanzania. Marula is focused on continuing its growth with its portfolio of
battery metals projects here in Africa.
"Kicking off these initial activities at the Kinusi mine only reaffirms our
belief in the potential to develop a low-cost copper mining operation with
sales of copper concentrates to the international markets.
"Our visits and activities in Q4 2022, which included a detailed inspection of
the small-scale mining areas, indicated potentially widespread copper
mineralisation across the granted mining licenses, and this has been a major
driving force behind our reason to get Geofields onboard now to proceed with
the next steps.
"Geofields is a strategic service provider company to the Tanzanian
exploration and mining industry, and they have already demonstrated with their
approach to the work at our Bagamoyo Graphite Project how aligned they are to
our strategy of fast racking exploration and development of projects in
Tanzania.
"Copper prices have risen beyond $9,000/tonne, and copper demand is expected to
increase as the transition to renewables and electric vehicles accelerates.
Copper is one of the major components in electric cars, used in the electric
motor, batteries, and wiring, as well as charging stations, and its attraction
to investors as a key green metal will drive higher prices in the coming years.
"We believe that Kinusi has the potential to be the Company's second operating
mine in 2023 and we look forward to working with the Takela team in making it a
success.
"I look forward to updating our shareholders and stakeholders, on our progress
at Kinusi over 2023 and reports from the exploration activities."
Kinusi Copper Project
The Kinusi Project is located in the Mpwapwa District in the Dodoma Region of
central Tanzania. It comprises 10 granted primary mining licences which are
held by Tanzanian company Takela Mining Tanzania Ltd.
As announced on 4 October 2022, Marula has secured the rights to a 49%
commercial interest in Kinusi, by agreeing to advance funds to Takela, to allow
them to complete additional exploration and expansion and development on the
Licences and to the current small scale mining activities.
Initial exploration and survey work has begun and will continue over 2022 has
included the inspection and assessment of high-grade mineralisation from small
scale mining areas, as well as mapping and sampling work across the Licences.
Previous samples taken by the Company from Kinusi reported copper grades of
7.28%, 19.12% and 31.32%.
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; Blesberg Lithium and Tantalum Mine in South Africa, Nkombwa Hill
Project in Zambia and Kinusi Copper mine and Bagamoyo 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 proposed 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's plc, and Kenya's Nairobi Securities
Exchange.
For enquiries contact:
Marula Mining PLC
Jason Brewer,
Chief Executive Officer Email : jason@marulamining.com
Faith Kinyanjui Mumbi Email : info@marulamining.com
Investor Relations
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Caution;
Certain statements in this announcement, are, or may be deemed to be, forward
looking statements. Forward looking statements are identi?ed 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 re?ect the
Directors' current beliefs and assumptions and are based on information
currently available to the Directors.
END
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