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Marula Mining PLC on Friday announced an exploration target at its Kinusi mine, referring to a report from its geological consultants Geofields Tanzania Ltd.
The Africa-focused mining and development company said a new report confirmed preliminary findings from June of the identification of a copper mineralised corridor at Kinusi that extends over 1 kilometre length and over 300 metres in width at the main Sasimo project.
‘Field observations by Geofields suggest visible copper grades of up to 30%,’ Marula said.
Marula Mining announced an exploration target of 10 to 15 million tonnes deposit of high-grade copper, gold and other base metals, with the potential to increase this to over 50 million tonnes.
The results of the samples taken by Geofields as part of the phase 1 programme, to be re-assayed by SGS Laboratories at their facilities in Tanzania, are expected next month.
Looking ahead, a phase 2 programme ‘will be undertaken to increase the geological confidence and knowledge at Kinusi’.
Marula Chief Executive Officer Jason Brewer said: ‘The receipt of Geofields’ report on the phase 1 exploration program is a major step forward for our planned activities at the Kinusi copper mine.’
Marula Mining shares rose 1.6% to 15.50 pence each on Friday morning in London.
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