Marvel Gold Limited (ASX: MVL) has announced it is increasing its land holding in Tanzania through a binding agreement to acquire rights to two prospecting licence applications and a separate licence application. Marvel Gold is an Australian resources company listed on the ASX, and it has recently acquired the Hanang Gold Project in Tanzania, located on the prospective Iramba-Sekenke Greenstone Belt. The company also holds exploration projects in Mali.
The agreement, made through Marvel’s subsidiary Cobra Resources Limited, is with Pangani Minerals Company Limited to acquire rights to applications for two Prospecting Licences (PLs) south of the Hanang project. The total consideration for the Pangani acquisition is US$100,000. Marvel has also applied for an additional 110km² prospecting licence south of existing tenements at Hanang, which has been approved by the Tanzania Mining Commission.
Upon granting of both the Pangani licences and the new application, Marvel’s landholding at Hanang will increase from 230km² to 380km². The company has completed a tender for a drone-borne geophysical survey to cover the entire project area, with mobilisation of the successful bidder expected before the end of September. Results from the survey will be used to plan a maiden drilling program at Hanang.
Executive Director Timothy Strong stated that the increased land holding in the Iramba-Sekenke Greenstone belt is integral to the company’s strategy to discover an economic deposit at Hanang. The Pangani acquisition increases exposure to the ‘Boundary Zone’ area of interest, which will be included in the upcoming drone-borne magnetic survey.
