Seven new mining licence applications (MLAs) collectively submitted by AQSE-listed Marula Mining's local partners Takela Mining Tanzania (TMT) and NyoriGreen Mining Limited (NML) at the Nyorinyori and NyoriGreen graphite projects in Tanzania have been granted.
These new mining licences are valid for a period of seven years, effective from January 10 and are being incorporated into the commercial and technical services agreements with TMT and NML, through which Marula has secured its 75% commercial interest through the funding of exploration and mining and development activities.
Upfront consideration of $25 000 per licence is being paid to TMT and NML, which has been satisfied through the issue, in aggregate, of 1.05-million new ordinary shares in the company.
TMT has been issued 450 000 consideration shares for the three new mining licences granted at Nyorinyori.
NML have been issued 600 000 consideration shares for the four new mining licences granted at NyoriGreen.
Application has been made for the consideration shares to be admitted to trading on the Aquis Stock Exchange Growth Market on or around January 19.
These new licences have been secured based on technical discussions with and recommendations from the company’s independent geological consultants Geofields Tanzania and adjoin the existing Nyorinyori and NyoriGreen projects, increasing the number of licences held under the projects to 27.
The new licences are considered to be highly prospective for high-grade and large and jumbo flake graphite mineralisation.
A Phase 1 programme of exploration activities was completed by Geofields. An initial report of the findings from this is on schedule to be received by the end of January, with findings incorporated into the Phase 2 programme.
About 200 samples have been taken as part of this Phase 1 programme and sample preparation will be completed by SGS Tanzania, with the samples then sent to South Africa for assay work.
“Following the completion of the Phase 1 programme at Nyorinyori and NyoriGreen, I am pleased to see that we will be able to expand our area of exploration and development through these highly prospective seven new graphite mining licences.
“By securing these licences and incorporating them into the commercial and technical services agreements Marula has with TMT and NML, we are able to strengthen our position in the area and consolidate our exploration activities at the projects so that we can continue to target locations of prospective high-grade graphite mineralisation,” says Marula CEO Jason Brewer.