Marula Mining Approves Funding For Planned Resource Drilling Exploration And Mining Program In South Africa
Marula Mining Approves Funding For Planned Resource Drilling Exploration And Mining Program In South Africa. Marula Mining an African focused mining and development company, is pleased to announce that the Board has approved an approx. ZAR 26 million (approx. US$1.35M) resource drilling exploration and mine planning program for the Blesberg Lithium and Tantalum Mine in South Africa.
The Program will be funded by Q Global Mining (Pty) Ltd, a subsidiary of Q Global Commodities (“Q Global”), with the cost of the Program to 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 31 January 2023.
The appointment of drilling contractors to complete the Program, which is planned to consist of a two-phase 2,900 metre (“m”) and 38 hole diamond drilling, is in advanced stages and expected to be completed shortly, with mobilisation to site and the commencement of drilling to then follow. Appointment of additional contractors to complete other key reports and studies within the Program is underway and will be announced in due course.
Marula focuses on upgrading resources and near-term production that seeks to explore Africa’s rich minerals that offer long term investments with near term production. Marula intends to capitalize on its knowledge and relationships in the advanced battery business and rare earths not only in Africa but globally as to create shareholder value via the focused investment of financial and intellectual resources in a carefully selected collection of core assets accessible in the sector and beyond.
The Company’s aim is to disrupt and transform the advanced battery market through investments, newly developed strategies, and near-term production at its current Blesberg Lithium and Tantalum plant in South Africa. According to Marula, this sector is accessible to green energy since demand for lithium is increasing rapidly due to the increased use of electric vehicles and grid-scale lithium-ion batteries for energy storage.
There is an obvious need to accelerate production and implement transformative methods that will enhance supply of this high-quality metal to the market and raise investor and shareholder confidence.
