Assay Results from Phase 1 Exploration Program at Kinusi

Marula Mining PLC

 (“Marula’’ or the “Company”)

5 October 2023

Assay Results from Phase 1 Exploration Program at the Kinusi Copper Mine

Marula Mining (AQSE: MARU) an African focused mining and development company, announces that further to the announcement on 18 August 2023, that assay results on the samples taken from the Kinusi Copper Mine (“Kinusi” or the “Project”), as part of the Phase 1 Program of exploration activities have now been received.

The average grade of the samples (excluding reference material samples) was 2.68% copper, with the highest reported grade being 15.48% and the lowest being 0.1% copper of a sample taken outside of mineralised zones.

The assay results from channel and rock chip sampling have confirmed the high grade copper mineralisation at the main Sasimo Prospect at Kinusi, where assays results of up to 15.48% copper have been recorded on the copper mineralised corridor that extends for over 1 kilometre (“km”) length and over 300 metres (“m”) in width and where an initial Exploration Target at Kinusi of a 10-15 million tonne (“Mt”) deposit of high-grade copper, gold, and other base metals was estimated by Geofields Tanzania Limited (“Geofields”) as announced on 18 August 2023.

Geofields have confirmed that the quality assurance and quality control protocols implemented in the sampling program at Kinusi are consistent with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012).

Highlights

• A total of 51 samples including reference material samples were collected and prepared by Geofields and sent for laboratory analyses at SGS testing facilities in Tanzania as part of the Phase 1 Program of exploration activities at Kinusi
• 49 of these samples were taken at the main Sasimo Prospect which extends over 8 of the 10 granted mining licenses and where the the Exploration Target of 10-15Mt deposit of high-grade copper, gold, and other base metals at Kinusi has been estimated by Geofields
• The remaining samples were taken from the Mseke Prospect that comprise 2 of the 10 mining licenses and which are located close to active mines
• High-grade assays from the Sasimo Prospect included 15.48%, 11.69%, 11.03%, 8.11%, 6.55% and 6.54% copper
• Bulk samples were taken of the shallow and at surface visible blue-green / azurite-malachite copper mineralisation and also outside of the visible mineralised zones to ensure a broad understanding of the copper mineralisation at Kinusi was obtained
• The high-grade mineralised zones appear to be related to high levels of bornite copper mineralisation, whilst the medium grade zones contain strong concentrations of azurite copper mineralisation and throughout the mineralised structures there appears significant concentrations of malachite copper mineralisation
• Assays from the 2 samples taken from the Mseke Prospect averaged 0.5% copper and were taken from outside of exposed visible copper mineralised zones
• The high-grade copper assays demonstrate the potential that exists at the Sasimo Prospect and are broadly consistent with the visual estimations made by Geofields field geologists during the Phase 1 Program of exploration activities
• A comprehensive geological database incorporating all the mapping and assay results from the Phase 1 Program at Kinusi has been prepared by Geofields and is being used by the Company’s Board and management team to finalise the next Phase 2 Program of activities at Kinusi

• This Phase 2 work will include a geophysical survey across the full license area and a resource drilling program that is aimed at increasing geological confidence and knowledge at Kinusi
• The Phase 2 Program of work will also comprise detailed economic analyses, larger scale mine design study work and initial mining works programs

• The copper assays results will be incorporated into the initial mining plan for the processing of high-grade material from the Sasimo Prospect
• The receipt of these assay results also allows the Company the opportunity to optimise the concentrate grades for the processing plant which has been designed with up-front crushing capacity of 20 tonnes per hour (“TPH”) with initial milling capacity set at 5TPH and with the capacity to be increased to 20TPH   

Jason Brewer, Marula Mining PLC CEO said:

“The assay results have confirmed the high-grade nature of the Kinusi Copper Mine with copper grades of 15.48%, 11.69%, 11.03% and 8.11% reported from certain samples.

“The copper grades across the project area and 10 mining licenses average approx. 3% copper and have met our expectations particularly given that the sampling program was done to ensure these samples were not just taken from the visible greenish-blue mineralisation within the pegmatite veins but also across some of the lower grade material outside of these areas, so that we can getting a better understanding of the potential for a larger scale bulk mining operation at Kinusi.

“The assay results received from the SGS testing facilities in Tanzania, now allow us to move forward with both the next Phase 2 Program of exploration activities at Kinusi and some of the more detailed mine planning for the processing of material through the new modular processing facilities that will be transported to site in this current quarter.

“The next phase of exploration work at Kinusi can now proceed and will look at an initial resource drilling program primarily aimed at taking the Geofields estimates of an initial exploration target of 10-15 million tonnes, all the way through to a formal JORC compliant ore resource.

“I look forward to updating shareholders further on our activities at the Kinusi Copper Mine as we look to move towards the commencement of the next phase of exploration and initial copper processing activities.”

The Directors of Marula are responsible for the contents of this announcement. This announcement contains inside information for the purposes of UK Market Abuse Regulation.

Review of Announcement by Qualified Person

This announcement has been reviewed by Mr Jacques Perold (PrSciNat, MGSSA, MIQ MSc(Eng), MSc(ESPM), NDSURMA, Datametrics), who is engaged by Marula Mining plc as its professional consulting geologist. 

Mr Jacques Perold is a professional geologist with 37 years of experience in the field and extensive knowledge of all aspects of mineral resource management.

 Mr Jacques Perold is Member of the Geological Society of South Africa (No. 965505) and a registered scientist of the South African Council for Natural Scientific Professions (Reg No. 400171/05) in terms of section 20(3) of the Natural Scientific Professions Act, 2002 (Act 27 of 2003) in the field of Geological Science (Professional Natural Scientist).

Geofields Tanzania Limited Technical Disclaimer

Geofields has been commissioned by Marula Mining plc to provide an Independent Initial Technical Report on Takela’s Primary Mining Licenses at the Kinusi Copper Mine. This report may be utilized for the development of the property provided that no portion is used out of context in such a manner as to convey a meaning that differs from that set out in whole.

The report contains factual surface exploration data and geological interpretation based on the author’s views following a month’s surface mapping and sampling program. Geofields’ technical team considers the property sufficient for a potential small-scale mining project subject to varying degrees of exploration risks to warrant further assessment of its economic potential.

The report has been prepared to support Marula’s corporate objectives and activities. Geofields has recommended specific stage exploration and evaluation programs for the project’s potential.
Neither Geofields nor the authors of this report have or have previously had any material interest in Marula, Takela or the mineral properties in which Marula has an interest.

Our relationship with Marula is a professional association between Marula and the independent consultancy. The report has been prepared in return for professional fees based on agreed commercial rates, and the payment of these fees is in no way contingent on the results of the report.

About Marula Mining

Marula Mining (AQSE: MARU) is an African focused battery metals investment and exploration company and has interests in several high value mine projects in Africa; the Blesberg Lithium and Tantalum Mine and Korridor Lithium Project in South Africa, the Kinusi Copper Mine, the Nyorinyori Graphite Project, the NyoriGreen Graphite Project and the Bagamoyo Graphite Project all in Tanzania and the Nkombwa Hill Project in Zambia. As we advance operations at these battery metals focused projects, Marula will continue to build and expand its interests in other high-quality projects in Africa.

Marula’s strategy is to identify and invest in advanced and high-value mining projects throughout East, Central and Southern Africa that the Directors believe would deliver returns for its shareholders. The Board and management team aims to establish Marula as a socially and environmentally responsible, sustainable, and profitable producer of critical metals and commodities that are of increasingly strategic importance to modern technologies and the global economy.

Marula’s shares are traded on the AQUIS Stock Exchange (AQSE), Marula is exploring opportunities to admit its shares to trading on the London Stock Exchange plc’s Standard List or AIM Market, Kenya’s Nairobi Securities Exchange and South Africa’s Johannesburg Stock Exchange.

For enquiries contact:

Marula Mining PLC Jason Brewer, Chief Executive Officer Faith Kinyanjui Mumbi Investor Relations	Email : [e-mail] Email : [e-mail]
AQSE Corporate Adviser Cairn Financial Advisers LLP, Liam Murray / Ludovico Lazzaretti	[phone]
Broker Peterhouse Capital Limited, Charles Goodfellow / Duncan Vasey	[phone]
Financial PR and IR BlytheRay Tim Blythe / Megan Ray / Said Izagaren	[phone]

Caution

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.

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