Marula Mining Plc Consultants to Commence Exploration at Kinusi Project

 
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 : [e-mail] 
 
Faith Kinyanjui Mumbi                            Email : [e-mail] 
Investor Relations 
 
AQSE Corporate Adviser                                     [phone] 
Cairn Financial Advisers LLP, 
Liam Murray / Ludovico Lazzaretti 
 
Broker                                               [phone] 
OvalX, 
Tom Curran / Thomas Smith 
 
Financial PR and IR                                        [phone] 
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 20, 2023 03:41 ET (08:41 GMT)