Marvel Gold (ASX:MVL) has entered a memorandum of understanding (MoU) with Askiya Mineral Resources to sell its interest in Yanfo for US$1.94 million ($2.93 million).
The sale will allow Askiya to acquire the Yanfolila Gold Project in Mali, which is currently being renewed by the Mali Mining Cadastre.
The consideration includes an option fee of US$25,000, which is payable in three business days from the MoU, US$25,000 on exercise of the option, and US$40,000 60 days after the settlement consideration.
Askiya will then pay US$250,000 upon completion of a JORC-compliant resource estimate of 300,000 ounces of gold, US$600,000 upon completion of a resource of 500,000 ounces of gold, and the remaining $1 million upon completion of a resource of 1 million ounces of gold.
The buyer will be able to undertake further technical and legal due diligence over a 30-day period.
Marvel Executive Director Timothy Strong says the company is pleased to enter this agreement, as a part of its greater strategy to divest Mali assets and shift its focus on the Hanang Gold Project in Tanzania.
“Askiya has a strong local presence in Mali, and I am confident that they are well placed to take this asset forward in the exploration cycle and we wish them well with their exploration efforts,” Strong says.
Marvel Gold is an Australian resources company focused on gold exploration at the Hanang Gold Project in the Iramba-Sekenke Greenstone Belt of Tanzania.
Write to Maddison Elliott at Mining.com.au
Images: Marvel Gold
