Marula Mining, in collaboration with local partners Takela Mining Tanzania (TMT) and NyoriGreen Mining Limited (NML), has successfully obtained seven new mining licences for the Nyorinyori and NyoriGreen graphite projects in Tanzania.
Valid for seven years starting January 10, these licences enhance Marula’s commercial interest in the projects, further solidifying the company’s position in the region.
As part of the agreements, an upfront consideration of $25,000 per licence has been paid to TMT and NML, satisfied through the issuance of 1.05 million new ordinary shares.
TMT and NML have received 450,000 and 600,000 consideration shares, respectively, corresponding to the licences granted at Nyorinyori and NyoriGreen.
The consideration shares are set to be admitted to trading on the Aquis Stock Exchange Growth Market around January 19.
These new licences, totaling 27 under the projects, have been strategically secured based on recommendations from independent geological consultants Geofields Tanzania.
Considered highly prospective for high-grade and large flake graphite mineralisation, the licences result from technical discussions and aim to expand Marula’s exploration and development efforts.
A Phase 1 exploration program, conducted by Geofields, has been completed, with findings scheduled for incorporation into the Phase 2 program following the receipt of the initial report by the end of January.
Approximately 200 samples collected during Phase 1 will undergo preparation by SGS Tanzania before being sent to South Africa for assay work.
Marula CEO Jason Brewer expressed satisfaction with the expansion of exploration activities, emphasizing the company’s commitment to targeting locations with prospective high-grade graphite mineralization.
