Marvel Gold Ltd (ASX:MVL) recently signed an agreement with Oklo Resources Limited (ASX:OKU) to acquire an 80% interest in Oklos three South Mali gold projects covering 675 square kilometres of highly prospective Birimian Greenstone terrain.
The company, which recently changed its name from Graphex Mining to reflect its new gold focus, believes that the location and size of the three new projects will provide further opportunity for gold discoveries.
These projects will enhance Marvels existing primary exploration project Tabakorole along with the other project at Lakanfla.
London-based financial boutique Tamesis Partners believes the geological optionality in Marvels portfolio is highly attractive and that the market has not yet had the chance to fully respond to this fresh equity story.
The following is an extract from Tamesis Partners prospect note on Marvel:
A NEW DIRECTION WITH A NEW MODEL
Marvel Gold (ASX:MVL), previously known as Graphex, has been reborn a Mali focused gold explorer. The company has ring fenced its Chilalo graphite project and has already built an exciting portfolio of gold exploration assets. Capital Limited (LSE:CAPD) played an instrumental role enabling this metamorphosis and retains a significant stake in the business. The company has an exciting combination of local knowledge, geological IP and corporate experience, exemplified by the recent appointment of Andrew Pardey (formerly CEO Centamin LSE: CEY) to the board.
GRAPHITE VALUE TO BE CRYSTALLISED
Chilalo is now ringfenced and MVL is seeking a buyer of the asset with proceeds in excess of the liabilities (c. US$6.8m) to be retained by MVL. While some may view this as a defeat, it has inadvertently formed the foundation for a west-African gold explorer with strong credentials. Marvel Golds management deserve credit in wasting no time steering the company in a new strategic direction.
A NEW MARVEL
Marvel Gold has joint ventured with Altus Strategies (LON:ALS) into two exciting exploration plays in Mali: Tabakorole and Lakanfla. MVL is fully funded for its next stage of exploration and can earn up to an 80% interest in both projects by completing four key stages ending in a Definitive Feasibility Study. The company also recently acquired an 80% interest in Oklo Resources Limiteds (ASX: OKU) three South Mali gold projects in a cash and share deal. From this acquisition, MVL has increased its land holdings in Mali to approximately 800km2.
Complementing the companys new strategic direction the management team has also refreshed the board. As mentioned above, the appointment of Andrew Pardey, as Non-Executive Director, is a significant addition due to the regional expertise he brings. Moreover, the appointment of Chris van Wijk, a geologist with extensive African exploration experience, as Exploration Director adds to the companys strong exploration credentials.
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