Marvel Gold (ASX:MVL) has reached an agreement with B2Gold (TSE:BTO) to acquire the remaining 20% interest in five exploration licences located in southern Mali under joint venture (JV) with B2Gold.
The company reports it has been in negotiations with B2Gold since B2Gold’s acquisition of Oklo Resources in September 2022 with respect to acquiring the remaining 20% of B2Gold’s inherited interests in the JV exploration licences.
As part of B2Gold’s ongoing restructure of its interests in Mali, B2Gold has agreed to relinquish its interest in the JV exploration licences to Marvel, and the parties have agreed to release each other from any and all future obligations and liabilities under the previous JV agreement.
This includes B2Gold’s obligation to renew and transfer the tenements, and Marvel’s obligation to issue shares to B2Gold upon renewal of the JV exploration licences.
Commenting on the agreement, Marvel Gold Executive Director Exploration, Chris van Wijk, says: “We are very pleased to acquire the remaining interest in the JV exploration licences, which takes us to 100% ownership of the Kolondieba and Yanfolila projects as well as several tenements contiguous with Tabakorole.
This acquisition allows for greater exposure to future exploration success on the projects and also enhances the prospects of a transaction on these licences.”
“This acquisition allows for greater exposure to future exploration success on the projects and also enhances the prospects of a transaction on these licences”
Marvel Gold reports completion of the acquisition is subject to Mali Government and third-party approvals, including assignment of a royalty interest in connection with the JV exploration licences.
Marvel Gold is a listed Australian resources company focused on advancing its gold exploration projects and ‘extensive’ landholdings in South and West Mali.
The company’s flagship Tabakorole Gold Project is located approximately 230km south of Mali’s capital Bamako, covering 10 tenements across 830km-square. The project has a JORC mineral resource of 1.025 million ounces grading 1.2g/t Au, with ‘strong’ growth prospects along strike.
Tabakorole is held through wholly owned licences as well as a JV with Canadian company, Elemental Altus Royalties (CVE:ELE), which Marvel holds a 70% interest in.
Images: Marvel Gold Ltd
