Marula Mining PLC - London-based mining company with operations in Africa - Subsidiary Muchai Mining South Africa Proprietary Ltd signs binding term sheet with South African Mansena Cobalt Proprietary Ltd to acquire a 51% interest in Mansena Kruisrivier Cobalt Proprietary Ltd. MKC holds prospecting right to over 2,340,90 hectares of the Kruisrivier 74 JC Farm located in Elias Motsoaledi District in Limpopo Province South Africa. Site contains the historic Kruisrivier Cobalt Mine for which MKC has lodged a mining permit application expected to be issued in due course.
The Kruisrivier mine saw operations during 55 years until the 1930s. Records confirm presence of high-grade cobalt, gold, nickel, copper, chromium, zinc, lead, platinum and silver mineralisation as well as cobalt ore of up to 16.67% cobalt and gold grades of up to 68 grammes per tonne. Non-Joint Ore Reserves Committee compliant resource estimates report 733,000 tonnes of ore grading 8% cobalt down to 200 metres.
Marula will also issue €100,00 worth of shares to be followed by a €100,000 cash payment after due diligence. Will also fund an updated bankable feasibility study and pay a monthly management fee of R 100,000, about £4,300, to MC until study completion. Company to issue further £200,000 worth shares and pay cash fee of $1.7 million either at the one-year anniversary of signing or once a decision to mine is made.
Current share price: 7.47 pence
12-month change: down 21%
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