Marvel Gold (ASX:MVL) has entered into a binding agreement with Pangani Minerals to acquire its rights to applications for two prospecting licences adjoining the Hanang Project in Central Tanzania.
As part of the deal, Marvel will pay US$100,000 ($150,208) through its wholly owned subsidiary Cobra Resources to Pangani Minerals. The company has also applied for an additional 110km2 prospecting licence, south of existing tenements at Hanang.
Once granted, Marvel’s landholding at Hanang will increase from 230km2 to 380km2.
Executive Director Timothy Strong says the company believes the Iramba-Sekenke Greenstone Belt to be prospective for gold mineralisation.
“Increasing our landholding in the region is an integral part of the company’s strategy to discover an economic deposit at Hanang,” Strong says.
“The Pangani acquisition increases our exposure to the already identified Boundary Zone area of interest which is interpreted to be a fold nose adjacent to the main regional shear zone. These new areas will be included in the upcoming drone-borne magnetic survey allowing the company to plan for its maiden drilling campaign.”
A tender for a drone-borne geophysical survey to cover the entire project area is complete with the bidder expected to be mobilised prior to the end of September 2026.
The company expects the results to assist with planning a maiden drilling program at the Hanang Gold Project which lies within the underexplored Iramba-Sekenke Greenstone Belt within Nyanzian volcanic rocks, sediments, and banded iron formations.
Marvel Gold is a Tanzania-focused gold explorer with advanced projects and a substantial landholding in the nation’s key gold-bearing regions.
Write to Aaliyah Rogan at Mining.com.au
Images: Marvel Gold
