Mining and exploration investment company Marula Mining has been awarded eight graphite mining licenses in Tanzania. The licenses cover a period of seven years – effective 19 April 2024 – and will expand the Nyorinyori and NyoriGreen projects.
The company – through its subsidiary NyoriGreen Mining – will pay an upfront consideration of $25,000 per license, which will be satisfied through the issuance of 1,050,000 new ordinary shares in Marula Mining. With the addition of the new licenses, the total number of licenses covering the two projects – where Marula Mining currently owns a 75% stake – has increased to 35.
“With a total of 35 graphite mining licenses at the projects, we are well-positioned to concentrate our exploration efforts in the area and target potential high-grade graphite mineralization. The assay results have already indicated the area’s potential for high-grade graphite mineralization. Therefore, by expanding our license area, we are poised to consolidate exploration activities in the target region,” said Jason Brewer, Marula Mining CEO.
The license addition enables Marula Mining to proceed with Phase 2 of its exploration program in the Nyorinyori and NyoriGreen projects, which includes a diamond drilling program over the surface-identified graphite mineralized zones; geophysical surveys; and trenching operations.
