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Marvel Gold (ASX:MVL) is expanding its exploration footprint in Africa by acquiring a gold project along Tanzania’s prospective Iramba-Sekenke Greenstone Belt.
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The company has entered two binding share purchase agreements to acquire the total capital of Tanzanian company Cobra Resources for $200,000, plus $175K worth of Marvel shares upon completion of the agreements.
These key agreements are now anticipated to happen within the next six months.
Once signed and sealed, the deal will deliver Marvel Gold five contiguous prospecting licenses comprising the Hanag project, where several targets have already been identified, adding to the attractiveness of its location on a relatively unexplored greenstone belt proximal to the Lake Victoria gold field.
The latter hosts more than 70 million ounces of gold and includes mines like Barrick Gold’s Geita, the Bulyanhulu gold mine, and Perseus Mining’s project, Nyanzaga.
Marvel already has a cluster of gold exploration projects in South Mali, including the Tabakorole, Yanfolila, and Kolondieba gold projects.
Alongside the acquisition, the Aussie company also undertook a successful capital raising which will now deliver $4.2 million, with shares – priced at 0.8 cents a pop – allocated in two tranches to sophisticated investors.
“The acquisition of Hanang Gold and completion of a successful $4.2 million capital raising is a significant milestone for Marvel,” Chairman Stephen Dennis said.
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Continuing, the Marvel boss explained: “After a rigorous study of potential African gold projects, the Hanang Project in Tanzania stood out as a highly prospective opportunity and importantly, located in a proven mining jurisdiction.
“Following completion of the successful placement and the appointment of Timothy Strong to the board as executive director, Marvel is now well positioned to advance exploration at Hanang.”
Marvel shares have been trading at 1.1 cents on Friday.
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