Marula Mining PLC Commencement of a Ground Geophysics Survey

RNS Number : 1874E

Marula Mining PLC

13 September 2024

 

 

 

Marula Mining PLC

 

("Marula'' or the "Company")

13 September 2024  

Commencement of a Ground Geophysics Survey at the Larisoro Manganese Mine

Marula Mining PLC (AQSE: MARU A2X: MARU) an African focused mining and development company, is pleased to announce the commencement of a ground magnetic geophysics survey programme ("Geophysics Programme") at the Larisoro Manganese Mine ("Larisoro" or the "Mine") in Samburu County, Kenya.

Under the terms of the Company's Mine Support Services Agreement ("MMSA") with Kenyan company Gems and Industrial Minerals Limited ("GIM"), Marula agreed to invest approximate US$1.75 million in an initial exploration programme  aimed at increasing the understanding of the broader extent and characteristics of the manganese mineralisation and defining a maiden mineral resource estimate at Larisoro, as announced on 27 June 2024.

To date, work by the Company's geological team, headed by its Head of Exploration East Africa, Mr Collins Aseto, has confirmed strike extensions of the manganese mineralisation over 2.5 kilometres ('km') south of the existing open pit operations (as announced on 27 March 2024) through detailed mapping and sampling activities across the mining licenced area. This work has further confirmed the high-grade manganese mineralisation and demonstrated that this mineralisation appears to remain open down-dip and along strike and provides initial support for the Company's plans to expand and invest further in the current open pit mining operations.

The Company has appointed Kenyan geophysics consultancy group, Remmy Africa Geoscience Limited, who has over 14 years of experience in geological and geophysical exploration in the region, to carry out the Geophysics Programme. Mobilisation to the Larisoro mine site is underway, and the work will be completed by end of September 2024 with the results of the Geophysics Programme expected to be available in Q4 2024.

Highlights:

·    experienced Kenyan geophysics consultancy group appointed to complete Geophysics Programme at Larisoro

·    work is part of the Company's planned approximately US$1.75 million exploration programme to be undertaken across the two mining permits that make up the Larisoro mine site

·    mobilisation to site has commenced and the work is to be completed in September 2024, with the results to be presented to the Company in Q4 2024

·    the Company's mapping and sampling work has confirmed historical regional mapping work that indicates that the manganese mineralisation is found in the faulted contact zone between quartz-feldspar granulites and leucocratic biotite gneiss and extends for over 5km regionally the survey work to be completed as part of the Geophysics Programme across the mining permits at Larisoro will consist of 1km line surveys at a line spacing of 40 metres, for a cumulative total of 50-line km

·    existing geological data from the Company's exploration activities on the manganese occurrences at Larisoro will also be incorporated into the data from the Geophysics Programme and with subsequent data processing, analyses, and interpretation

·    the Geophysics Programme is expected to highlight additional areas of manganese mineralisation and provide greater confidence in the down-dip and strike length continuity of the manganese ore body at shallower and deeper depths and importantly beyond the current areas of known manganese mineralisation

·    findings from the Geophysics Programme will be used by the Company's geological team in finalising the planning of the Company's maiden resource drilling programme that is to be undertaken and completed at Larisoro in Q4 2024

·    this programme is part of the Company's US$1.75 million exploration investment plan which is in addition to a planned investment of approximately US$1.5 million in new mining, crushing, screening and processing equipment

Collins Aseto, Head of Exploration East Africa Marula Mining said:

"We are delighted to announce the commencement of this next phase of exploration activities at Larisoro. This phase of work will build on previously completed regional survey work and our own mapping, sampling and trenching work and greatly assist us as we advance with our exploration plans there.

This work will provide greater insight into the mineralisation continuity and the mines potential.

The data collected will be instrumental in advancing the mine to the next stage, as we aim to unlock the full potential of this high-grade manganese resource that we have seen.

Further updates will be provided as the exploration activities continue to advance."

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 PLC (AQSE: MARU A2X: MARU) is an African focused battery metals investment and exploration company and has interests in several high value mining operations and mine development projects in Africa: the Blesberg Lithium and Tantalum Mine, Northern Cape Lithium and Tungsten Project, Korridor Lithium Project and Kruisrivier Cobalt Mine, all in South Africa; the Larisoro Mnaganese Mine and Kilifi Manganese Processing Operation both in Kenya; 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 AQUIS Stock Exchange (AQSE) in London and A2X Markets in South Africa. Marula is exploring opportunities to admit its shares to trading on 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 : [e-mail]   Email : [e-mail]
AQSE Corporate Adviser Cairn Financial Advisers LLP, Liam Murray / Ludovico Lazzaretti	[phone]
Broker Peterhouse Capital Limited, Charles Goodfellow / Duncan Vasey	[phone]
Financial PR and IR BlytheRay Tim Blythe / Megan Ray / Said Izagaren	[phone]
A2X Advisor AcaciaCap Advisors Proprietary Limited Michelle Krastanov	[phone]

 

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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