Marula Mining Plc Exploration Activities Commence at the Bagamoyo Project
11 January 2023 - 11:02PM
UK Regulatory
TIDMMARU
Marula Mining PLC
("Marula" or the "Company")
11 January 2023
Graphite Exploration Activities Commence at the Bagamoyo Project
Marula Mining (AQSE: MARU) an African focused mining and development company,
is pleased to announce that initial exploration activities at the Bagamoyo
Graphite Project ("Bagamoyo" or "the Project") in Tanzania have commenced. This
follows the announcement made on 30 November 2022, when Marula secured a 73%
commercial interest from local Tanzanian company Kusini Gateway Industrial Park
Limited ("KGIP") in 22 granted graphite mining licenses located in the Bagamoyo
District in the Pwanai Region of Tanzania.
Highlights:
* Initial exploration activities ("Phase 1 Program') have now commenced at
the Bagamoyo Project in accordance with the Heads of Agreement signed with
KGIP in November 2022
* Geofields Tanzania Limited ("Geofields"), one of Tanzania's leading
exploration and mining service companies, has been engaged to complete the
Phase 1 Program and has mobilised their team to the site and work is
already underway
* The Phase 1 Program will include mapping, sampling and trenching across the
22 granted mining licenses and targeting high-grade, jumbo and large flake
graphite mineralisation
* Samples from the Phase 1 Program will be collected and prepared to be sent
for analyses in Tanzania
* A comprehensive geological database will be produced as part of Phase 1
Program allowing the Company's management team and technical consultants to
move towards with implementing its Phase 2 Program work
* The Phase 1 Program will be completed in Q1 2023. The results and
recommendations from the Phase 1 Program completed by Geofields will be
released following a review by the Company's technical management team,
along with the details of the planned Phase 2 Program that will follow
* Marula's Board and management team will be on site with KGIP in January
2023 to review Geofields' progress and preliminary results
Jason Brewer, Marula Mining PLC CEO said:
"I am delighted to confirm that Marula continues to rapidly progress its
activities at pace, and across what is fast becoming a very exciting portfolio
of battery metals projects here in Africa.
"Since signing the agreement with KGIP in late November 2022, we have focused
our efforts on assessing the opportunity that exists on account of our 73%
interest in the Bagamoyo Graphite Project. I was on site at the Bagamoyo
Project last month together with the KGIP team last month, and our Country
Manager. We were very pleased with what we saw and what we believe can be
accomplished in the short and medium term in partnership with KGIP.
"We have been impressed by the speed and competence in which Geofields has
approached the Phase 1 exploration program to date. Geofields is strategic
service provider company to the Tanzanian exploration and mining industry, and
they will be working closely with our team in providing ground exploration
survey works, drilling services, and in completing this Phase 1 Program.
"Graphite continues to stand out as an essential ingredient in the manufacture
of electric vehicle batteries, and as global demand for electric vehicles
continues to escalate it is expected to drive a considerable increase in demand
for graphite, Marula intends to work towards supplying the product to the
global markets from its exploration and development activities in Tanzania and
in support of the green transition.
"I look forward to updating our shareholders and stakeholders alike, on our
progress at Bagamoyo over this coming quarter and in releasing the results from
the Phase 1 Program currently being completed by Geofields."
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 in the projects, Marula is open to look into
other high-quality commodities in several jurisdictions.
Marula aims at identifying and investing in advanced and high-value mining
projects throughout East, Central and Southern Africa that can deliver rapidly
for its shareholders and can be taken through to production and generate
positive returns for all stakeholders. Our 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 quoted on the AQUIS Stock Exchange (AQSE) and is exploring
opportunities to dual list on the London Stock Exchange's AIM Market 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
AQSE Corporate Adviser +44 (0)20 7213 0880
Cairn Financial Advisers LLP,
Liam Murray / Ludovico Lazzaretti
Broker +44 (0) 20 7392 1568
OvalX,
Tom Curran / Thomas Smith
Financial PR and IR +44 (0)20 7138 3204
BlytheRay
Tim Blythe / Megan Ray
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
(END) Dow Jones Newswires
January 11, 2023 07:02 ET (12:02 GMT)
Marula Mining (AQSE:MARU)
Historical Stock Chart
From Apr 2024 to May 2024
Marula Mining (AQSE:MARU)
Historical Stock Chart
From May 2023 to May 2024