Marula Mining Acquires Majority Stake in South African Cobalt Project
Marula Mining has announced the acquisition of a 51% stake in Mansena Kruisrivier Cobalt, a South African mining entity, through its wholly owned subsidiary Muchai Mining South Africa. This move secures Marula's involvement in the Kruisrivier Cobalt Project, located in Limpopo Province, South Africa.
The Kruisrivier Cobalt Project spans over 2,340.90 hectares on the Kruisrivier 74 JC Farm and includes the historic Kruisrivier Cobalt Mine. The project, which operated intermittently until the 1930s, has documented high-grade cobalt, gold, nickel, copper, chromium, zinc, lead, platinum, and silver mineralization. Historical resources report 733,000 tonnes of ore grading 8% cobalt down to 200 meters.
Marula's due diligence confirmed the presence of high-grade cobalt mineralization both at the surface and in shallow underground workings. Samples from Q4 2023 revealed significant concentrations of cobalt, nickel, molybdenum, gold, palladium, platinum, and rhodium. Under the agreement, Marula will issue GBP 100,000 worth of shares and make a further cash payment of GBP 100,000 upon completion of final due diligence. Additionally, Marula will fund the costs for a bankable feasibility study and pay a monthly management fee of ZAR 100,000 to Mansena Cobalt until the study's completion. Upon finalizing the study or deciding to mine, Marula will issue an additional GBP 200,000 worth of shares and pay a cash fee of USD 1.7 million.
The Kruisrivier Cobalt Project benefits from excellent infrastructure, including road access. Historical production at the site yielded high-grade cobalt and gold concentrates, with the highest reported grades being 16.67% cobalt and 68 g/t gold.
Marula plans a comprehensive exploration and geological investigation to confirm historical data and establish a JORC-compliant mineral resource. This will include multispectral analyses, geophysics, sampling, resource drilling, and core analyses. The project aims to complete a bankable feasibility study over the next 12 months, covering process mineralogy, metallurgy, plant design, and necessary permitting.
