Africa-focused Marula Mining’s subsidiary NyoriGreen Mining (NML) has received eight new graphite mining licences in Tanzania.
Effective from 19 April 2024, these licences are set to expand the Nyorinyori Graphite Project and the NyoriGreen Graphite Project for seven years.
The new licences are deemed significant by the company's management as they enhance Marula's presence in a region known for high-grade and large flake graphite mineralisation.
Assay results from 10 April 2024 have confirmed high-grade graphite mineralisation, with total graphitic carbon (TGC) percentages reaching up to 15.89%.
Marula has bolstered 75% commercial interest in the projects by funding exploration, mining and development activities.
The addition of the new licences brings the total number of graphite mining licences in the projects to 35, covering an area of around 337ha.
An upfront consideration of $25,000 per licence has been agreed upon with NML, to be satisfied through the issuance of 1,050,000 new ordinary shares in Marula at 13.5p each. These terms were announced on 15 January 2024.
The inclusion of the new licences in the Phase 2 programme will see a comprehensive exploration strategy, including diamond drilling, geophysical surveys, trenching programmes, economic analyses and preliminary design work for mining and processing facilities.
Furthermore, the company is awaiting the approval of an additional prospecting licence expected in the second quarter.
Marula Mining CEO Jason Brewer said: “We are delighted to announce that NyoriGreen has been awarded eight mining licences, marking another significant milestone for us in our focus on high-grade graphite projects in Tanzania.
"With a total of 35 graphite mining licences at the projects, we are well-positioned to concentrate our exploration efforts in the area and target potential high-grade graphite mineralisation.
"The assay results have already indicated the area's potential for high-grade graphite mineralisation. Therefore, by expanding our licence area we are poised to consolidate exploration activities in the target region.”
