LONDON – Marula Mining PLC (AQSE: MARU), an African mining and development company, has announced the initiation of a 2,000-meter diamond drilling program at its Nyorinyori and NyoriGreen graphite projects in Tanzania. The company has also disclosed its decision to withdraw from the Bagamoyo Graphite Project, opting to concentrate efforts on the newly prioritized sites.
The drilling campaign, part of a US$2.44 million exploration budget approved in January 2024, aims to explore the high-grade and large flake graphite mineralization identified at the surface. Results from sampling programs have shown Total (EPA:TTEF) Graphitic Carbon (TGC) assays ranging from 11.22% to 15.89%, indicating promising concentrations of graphite.
The exploration activities are expected to test the depth potential of approximately 1.20 kilometers of surface-exposed graphite mineralization, which remains open and has been observed with widths of up to 120 meters. Previous sampling included significant widths and grades, such as 60 meters at 9.39% TGC and 107 meters at 9.24% TGC.
Strategic meetings between Marula Mining, Takela Mining Tanzania Limited, and NyoriGreen Mining Limited have resulted in a mutual agreement to move forward with the drilling program in the first quarter of 2025. The goal is to commence small-scale open-pit mining on the 35 granted mining licenses by June 30, 2025.
In alignment with the promising results from the Phase 1 Exploration Program, Marula has decided to focus all its graphite mining activities in Tanzania on the Nyorinyori and NyoriGreen Projects. Consequently, Marula has relinquished its 73% commercial interest in the Bagamoyo Graphite Project for nil consideration.
Marula Mining is an investment and exploration company with interests in several high-value mining operations and development projects in Africa. The company is traded on the AQUIS Stock Exchange in London and A2X Markets in South Africa, with plans to expand its trading presence to exchanges in Kenya and South Africa.
The announcement contains forward-looking statements based on the directors' current expectations and assumptions regarding the company's future growth. These statements are not guarantees of future performance and are subject to risks, uncertainties, and changes in circumstances.
This news is based on a press release statement from Marula Mining PLC.
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