The board of Africa-focused mining and development company Marula Mining has approved a R26-million (about $1.35-million) resource drilling exploration and mine planning programme for the company’s Blesberg lithium and tantalum mine, in South Africa.
The programme will be funded by logistics services provider Q Global Commodities subsidiary Q Global Mining. The cost of the programme will be offset against subscription funds to be received from Q Global, pending the approval of the conditional subscription agreement and Rule 9 waiver as announced on January 31 this year.
The appointment of drilling contractors to complete the programme, which is planned to entail 2 900 m of drilling in 38 holes over two phases, is in advanced stages and expected to be completed shortly. Mobilisation to site and the start of drilling will then follow.
The appointment of drilling contractors and additional consultants to complete the programme on these agreed terms is well advanced and further announcements on their appointments will be made shortly.
"Our activities at the Blesberg mine are moving ahead at pace. While we are continuing to progress the mining and processing of the high-grade spodumene and lithium mineralisation in the historic stockpiles, we are now also moving ahead with a resource drilling exploration and mining programme,” says CEO Jason Brewer.
The work will comprise a geophysics programme across over a 1 200 km2 area, a five-trench exploration programme and a two-phased 38-hole, 2 900 m diamond drilling programme, but will also comprise associated openpit mine design studies and initial mining works programmme.
Brewer adds that this study work will give Marula an indication of the opportunity that the company believes Blesberg presents to Marula and to shareholders.
"It is important to highlight that it is through the funding agreements and ever-strengthening relationship that we have with Q Global Commodities, that we are able to make these commitments for the planned resource drilling exploration and mining programme and move ahead so quickly.
"I am pleased that we have already been able to commence the trenching work and I look forward to be able to update shareholders very soon on the appointment of drilling contractors and their mobilisation to site as well as ongoing activities and results from the programme.”