In a significant development, seven new mining licence applications (MLAs) have been approved for 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. These licences, with a validity of seven years starting from January 10, are being integrated into the commercial and technical services agreements, enabling Marula to secure a 75% commercial interest through funding exploration and mining activities.
As part of the deal, an upfront consideration of $25,000 per licence is being paid to TMT and NML, satisfied by issuing 1.05 million new ordinary shares in the company. TMT has received 450,000 consideration shares for the three new mining licences at Nyorinyori, while NML has been issued 600,000 consideration shares for the four new mining licences at NyoriGreen.
Application has been made for these consideration shares to be traded on the Aquis Stock Exchange Growth Market, expected around January 19. These new licences, secured with input from the company’s independent geological consultants Geofields Tanzania, adjoin the existing Nyorinyori and NyoriGreen projects, increasing the total licences held under these projects to 27.
The new licences hold great potential for high-grade and large and jumbo flake graphite mineralisation, further enhancing Marula’s exploration and development prospects. Geofields recently completed a Phase 1 exploration programme at Nyorinyori and NyoriGreen, with the initial findings expected by the end of January, contributing to the Phase 2 programme.
Approximately 200 samples collected during Phase 1 will undergo sample preparation in Tanzania by SGS, followed by assay work in South Africa. Marula CEO Jason Brewer expressed optimism about the expansion, stating, “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.”
