Marvel Gold Starts 5,000m Drilling Campaign, Exits Mali Projects

Maiden Drilling Campaign Kicks Off at Hanang

Marvel Gold Limited (ASX:MVL) has begun an inaugural Reverse Circulation (RC) drilling program at its Hanang Gold Project in Tanzania, marking a significant operational milestone. The campaign targets five high-priority zones within the Iramba–Sekenke Greenstone Belt, a region known for orogenic gold mineralisation but historically underexplored. Mobilisation of Coreworthy’s local RC rig commenced in late May, with drilling starting on 31 May and continuing through the June quarter. The company has dispatched initial samples to MSALabs in Geita, with assay results expected in the third quarter of 2026.

While minor mechanical setbacks with the drilling rig have occurred, Marvel is proactively addressing these issues by introducing a second RC rig to boost drilling throughput. The maiden program is designed to test both near-surface and deeper targets identified through prior geochemical and geophysical surveys, aiming to unlock the project's gold potential.

Community Engagement and Local Compliance

Executive Director Timothy Strong spent considerable time on site in June, engaging directly with local village leaders to foster support and ensure compliance with Tanzanian local content regulations. These efforts have been met with positive responses, with community elders pledging ongoing support for Marvel's exploration activities. Maintaining strong local relationships remains a priority to secure uninterrupted land access and operational continuity.

Strategic Exit from Mali Exploration Assets

In a notable portfolio shift, Marvel Gold has formally exited its Mali exploration holdings. The company terminated its Share and Tenement Transfer Agreement with B2Gold Corporation concerning the Kolondieba Gold Project after failing to secure necessary tenement transfers due to the closure of the Mali Mining Cadastre. This regulatory impasse also led to the collapse of the joint venture agreement with Resolute Mining Limited, which had included a refundable US$250,000 upfront payment. Negotiations over repayment terms with Resolute are ongoing.

Separately, Marvel completed the regulatory requirements to sell its wholly owned Yanfolila Gold Project subsidiary to Askiya Mineral Resources S.A.R.L for up to US$1.94 million. This divestment aligns with the company's strategic refocus on East African assets.

Financial Position and Next Steps

As at 30 June 2026, Marvel held cash reserves of A$2.737 million. The company incurred A$452,000 in exploration and evaluation expenditure during the quarter, with no mining production or development activities undertaken. Payments to related parties, including executive and non-executive director fees, amounted to A$119,000.

Looking ahead, Marvel plans to complete its maiden RC drilling campaign at Hanang during the September quarter, focusing on targets exhibiting favourable geological and geochemical signatures. The company will also analyse drilling results as they become available and continue evaluating new project opportunities across Tanzania and the broader East Africa region to expand its landholdings.