Marula acquires 8 mining licences in Tanzania
Marula Mining has announced it received approval for eight new mining licences in Tanzania. These licenses, effective from April 19, 2024, will span seven years and are integral to two projects: the expanded Nyorinyori Graphite Project and the NyoriGreen Graphite Project.
With these licenses, the total count of graphite mining licenses within the Projects increases from 27 to 35. Assay results unveiled on April 10, 2024, showcased high-grade graphite mineralization, with levels of up to 15.89% Total Graphitic Carbon (TGC), indicating the area’s significant potential.
Commercial terms
In line with commercial terms announced earlier, NML receives an initial payment of US$25,000 per license, fulfilled by issuing 1,050,000 new ordinary shares in Marula Mining at a price of 13.5 pence per share. These licenses expand the Projects’ total area to around 337 hectares and will be integrated into the Phase 2 Program, focusing on exploration activities such as diamond drilling, geophysical surveys, and mine design work.
Jason Brewer, CEO of Marula Mining PLC, expressed excitement about NyoriGreen’s successful acquisition of the licenses, marking a significant milestone in their commitment to high-grade graphite projects in Tanzania. He highlighted the potential for high-grade graphite mineralization in the region and emphasized the company’s strategic positioning to enhance exploration efforts and streamline activities in targeted areas. Brewer assured shareholders of further updates on progress in the near future.
Marula Mining PLC (AQSE:MARU) is a London stock exchange listed and African focused mining and exploration investment company. The firms aims at identifying and investing in advanced and high-value mining projects throughout East, Central and Southern Africa that can deliver rapidly for its shareholders and can be taken through to production and generate positive returns for all stakeholders.
