Marula Mining PLC - London-based mining company with operations in Africa - Subsidiary Muchai Mining South Africa Proprietary Ltd signs binding term sheet with South African Mansena Cobalt Proprietary Ltd to acquire a 51% interest in Mansena Kruisrivier Cobalt Proprietary Ltd. MKC holds prospecting right to over 2,340,90 hectares of the Kruisrivier 74 JC Farm located in Elias Motsoaledi District in Limpopo Province South Africa. Site contains the historic Kruisrivier Cobalt Mine for which MKC has lodged a mining permit application expected to be issued in due course.

The Kruisrivier mine saw operations during 55 years until the 1930s. Records confirm presence of high-grade cobalt, gold, nickel, copper, chromium, zinc, lead, platinum and silver mineralisation as well as cobalt ore of up to 16.67% cobalt and gold grades of up to 68 grammes per tonne. Non-Joint Ore Reserves Committee compliant resource estimates report 733,000 tonnes of ore grading 8% cobalt down to 200 metres.

Marula will also issue EUR100,00 worth of shares to be followed by a EUR100,000 cash payment after due diligence. Will also fund an updated bankable feasibility study and pay a monthly management fee of ZAR100,000, about GBP4,300, to MC until study completion. Company to issue further GBP200,000 worth shares and pay cash fee of USD1.7 million either at the one-year anniversary of signing or once a decision to mine is made.

Current share price: 7.47 pence

12-month change: down 21%

By Aidan Lane, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.