Marvel Gold : Gold and multi-element soil anomalies at Kolondieba

12 April 2022

SOIL ASSAYS HIGHLIGHT GOLD AND MULTI-ELEMENT ANOMALIES OVER 15KM OF STRIKE AT KOLONDIEBA

HIGHLIGHTS

•  Results of multi-element soil geochemistry demonstrate several compelling gold anomalies with multi-element support over 15km of strike at Kolondieba.

•  Numerous targets exhibit a similar geochemical signature to the nearby Morila deposit, being anomalous in gold, arsenic and copper (Au, As, Cu) (Figures 1 and 2).

•  Geochemical anomalies appear to follow the NE trending structural corridor coincident with the Bannifin shear zone.

•  Follow up auger drilling has commenced

Marvel Gold Limited (ASX: MVL) (Marvel or the Company) is pleased to announce the results from multi-element soil geochemistry carried out at the Kolondieba Gold Project (Kolondieba or the Project), located in southern Mali. The Project is held under a joint venture with Oklo Resources (ASX: OKU), in which Marvel holds an 80% interest.

During November 2021, the Company collected approximately 1,300 soil samples as part of its maiden exploration program at Kolondieba. The main objective of this program was to verify the results of historical sampling (carried out by Randgold Resources in the early 2000s) using modern low-detection, multi-element analyses. Randgold Resources encountered a number of high-grade samples containing up to 3.03g/t gold as shown in Figure 1 below.

The soil geochemistry was extremely successful in that it both spatially verified the historical Randgold results and confirmed the presence of several large, discrete targets exhibiting gold and multi-element anomalism within the regional trend along the Bannifin shear zone. In addition, one new target has been uncovered, in an area previously unsampled by Randgold (See Figure 1).

Managing Director Chris van Wijk commented: "These soils results have confirmed numerous coherent targets with strong coincident gold and multi-element anomalism over a strike length of around 15km along the major Bannifin Shear Zone. We are particularly encouraged by these results as they confirm and reinforce our original view of the prospectivity of Kolondieba. The historical airborne magnetics provides the structural data to deliver robust targets and increased confidence in our interpretations and are being used to guide a maiden auger drilling program that is now under way."

Figure 1: Soil geochemistry grids showing historical Randgold Resources (fire assay) and Marvel (ionic leach) gold results confirming the historical soil anomalies and outlining one new target not previously sampled.

personal use only

XX June 2021

Figure 2: Soil geochemistry grids for arsenic (As) and copper (Cu)

In keeping with Marvel's philosophy of conducting systematic exploration on its exploration properties, the Company embarked on a soil sampling program at our

Kolondieba project in November 2021. Soil sampling was completed on a 400m x 400m sampling grid with soil samples subjected to ionic leach followed by ICP-MS analysis to establish the pathfinder element anomalism across the Kolondieba project.

Ionic leach is a powerful geochemical method of determining soil anomalism derived from underlying in situ mineralisation. Over multiple cycles of rain and evaporation, meteoric waters dissolve elements in the ground which rise upwards towards the surface, with the ions being deposited on the surface of soil grains. During analysis the grains themselves are NOT dissolved (as with a 4-acid digest, or Aqua Regia digest), but the ions that coat the grain surfaces are washed-off using a weak alkali solution. It is the chemistry of this solution which is assayed and not the chemistry of the physical soil; this means that Ionic Leach will typically yield low absolute values, but the signal-to-noise ratio is enhanced, allowing for robust anomaly detection over large areas.

In the case of Kolondieba, the soils have allowed for verification of the historical Randgold soils as well as providing pathfinder elements which lend additional support to the targets generated. The pathfinder elements with the greatest correlation to gold are arsenic and copper as shown in Figure 2 above. Arsenic and copper are common pathfinders associated with gold deposits in the Birimian terranes of West Africa and the close spatial association of these pathfinders with the gold anomalies reinforces the validity of the gold anomalies and helps to eliminate false positive gold anomalies produced by alluvial gold.

The targets generated from the soil geochemistry at Kolondieba are currently being followed up with auger drilling.

This announcement has been approved for release by the Board.

For further information, please contact:

CHRIS VAN WIJK

Managing Director

Tel: [phone]

Email:[e-mail] Web:www.marvelgold.com.au.

Competent Person's Statement

The information in this announcement that relates to results of exploration at Kolondieba undertaken by Randgold Resources Limited is based on information prepared by Randgold Resources Limited and reviewed by Mr Chris van Wijk in his capacity as Managing Director of Marvel. All other information in this announcement that relates to exploration results at Kolondieba is based on information compiled by Company geologists and reviewed by Mr Chris van Wijk, in his capacity as Managing Director of Marvel.

Mr. van Wijk is a Member of the Australian Institute of Mining and Metallurgy and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (2012 JORC Code). Mr. van Wijk consents to the inclusion in the report of the matters based upon the information in the form and context in which it appears.

Reference to previous ASX announcements

In relation to the announcement of the Tabakorole Mineral Resource estimate on 5 October 2021, the Company confirms that it is not aware of any new information or data that materially affects the information included in that announcement and that all material assumptions and technical parameters underpinning the Mineral Resource in that announcement continue to apply and have not materially changed.

About Marvel Gold

Marvel Gold Limited is an Australian resources company listed on the Australian Securities Exchange under stock code MVL. Marvel is a Mali-focused gold explorer with advanced gold exploration projects and extensive landholdings in South Mali.

The Tabakorole Gold Project has a JORC Mineral Resource of 1.025Moz grading 1.2 g/t gold (see ASX announcement dated 5 October 2021), with strong growth prospects along strike and via near-deposit prospectivity over an extensive landholding in excess of 800km2. Tabakorole is held through 100%-owned licences as well as two separate joint ventures, with Oklo Resources Limited (ASX: OKU) (Oklo JV), in which the Company holds an 80% interest, and with Altus Strategies plc (Altus JV), in which the Company currently holds a 70% interest which is moving towards 75% through committed expenditure.

Pursuant to the disposal of the Chilalo Graphite Project, Marvel also holds 50 million shares in ASX listed graphite company, Evolution Energy Minerals Limited (ASX Code: EV1).

Marvel has an experienced board and management team with specific skills, and extensive experience, in African based exploration, project development and mining.