Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Marula Mining PLC on Tuesday said it has appointed South African drilling contractor PDS Africa Pty Ltd to carry out exploration at its Blesberg site.
The Africa-focused mining and development company said PDS has mobilised its drill rig and equipment to the Blesberg lithium and tantalum mine, and is in the process of drilling the first hole of a 2,900 metre resource drilling programme.
Last week, the firm approved a R 26 million, or £1.1 million, resource drilling exploration and mine planning programme at its Blesberg mine in South Africa.
The exploration project at its lithium and tantalum mine will be funded by Q Global Mining Ltd, a subsidiary of Q Global Commodities, with the exploration cost offset against subscription funds to be received from Q Global.
The firm noted that the first phase of drilling will see 20 holes, a total of 1,500 metres, drilled in order to define a maiden mineral resource estimate.
The second phase will see a further 1,400 metres of drilling of 18 holes, aimed at increasing the confidence of the resource estimate and confirming ‘the area of mineralisation to support the broader mine development plans for Blesberg’.
The drilling programme is expected to be completed within six months.
Chief Executive Jason Brewer said: ‘We are pleased to see that this resource drilling program has now commenced and have been impressed at how PDS Drilling have been quick and efficient to now start this drilling work on site.
‘This resource drilling program is aimed at defining a maiden JORC resource for Blesberg and to be the basis of the initial hard rock open pit mining plan that is to be developed under the broader resource drilling exploration and mine planning program that is now underway.’
Marula shares rose fell 3.2% to 15.00 pence each on Tuesday morning in London.
Copyright 2023 Alliance News Ltd. All Rights Reserved.