Marvel raises $6m for gold projects

Perth-based Marvel Gold has received commitments to raise $5.7 million from a share placement, with the proceeds to go towards its gold projects in Mali.

Marvel says the funds will help meet the cost of its 2020-21 exploration program, which runs from November to July next year.

The company is planning to grow the 910,000-ounce mineral resource at its Tabakorole project, as well as continue a 3,800-metre maiden drill program at its Lakanfla project.

Managing director Phil Hoskins said Mali was an underexplored and highly prospective country.

“The combination of Marvel’s exciting portfolio, focused exploration strategy, and well-credentialed team has seen a number of high-quality institutions join our register,” he said.

“Marvel’s strategy is to add value through exploration and discovery, a strategy supported by the well-documented decline in the mining reserves of global gold companies.”

Marvel will issue 95 million shares priced at 6 cents each, with the placement to be managed by Bridge Street Capital Partners. UK-based Tamesis Partners is acting as co-manager.

Marvel shares closed down 4.7 per cent to trade at 6.1 cents.