Marvel Gold : June Quarterly Activities Report and Appendix 5B

29 July 2022

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QUARTERLY ACTIVITIES REPORT

Quarter ended 30 June 2022

Marvel Gold Limited (ASX: MVL) (Marvel or the Company) is pleased to provide an update on its activities undertaken during the June quarter.

HIGHLIGHTS

• Marvel's maiden RC drilling at the Lone Wolf Target at Tabakorole successfully intersected mineralisation1

1. 8m at 1.8g/t Au from 16m; and

1. 14m at 4.9g/t Au (including 4m at 16.3gt/t Au) from 33m; and

1. 10m at 1.9g/t Au from 55m in hole 22TBKRC021.

1. 6m at 1g/t Au from 1m and 11m at 0.9g/t Au from 64m in hole 22TBKRC017; and

• 1. 4m at 0.9g/t Au from 63m in hole 22TBKRC019.
• Auger drilling at Kolondieba tested four targets, all of which confirmed strong and spatially extensive bedrock gold anomalism:2
• 1. At Target One, six holes returned intercepts greater than 1 g/t Au, with a peak value of 2.35 g/t Au in auger hole 22KDBAG1337

1. At Target Two, a peak value of 0.74 g/t Au was reported, with anomalism remaining open along strike to both the north and south

1. At Target Three eight holes returned intercepts greater than 0.5 g/t Au, with a peak value of 1.54 g/t Au in auger hole 22KDBAG1474

• 1. At Target Four, nine holes returned intercepts greater than 0.5 g/t Au, with a peak value of 1.68 g/t Au in hole 22KDBAG0646
• Results of multi-element soil sampling outlined several strong targets with coincident gold and pathfinder anomalism at Yanfolila.
• A maiden auger program was completed at Yanfolila with results still outstanding at the quarter end.

1. ASX announcement 26 April 2022
2. ASX announcements 16 May 2022 and 22 June 2022

TABAKOROLE GOLD PROJECT

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During March 2022, the Company completed a 5-hole reconnaissance reverse circulation (RC) drilling program, for a total of 415m at Lone Wolf, located approximately 3km south of Tabakorole in an area that was previously the subject of artisanal mining activity.3

Historical drilling at Lone Wolf intersected 12m at 1.2g/t Au from surface4 and was followed up by Marvel with Aircore drilling which intersected 4m at 1.3g/t Au from 8m and 4m at 2.7g/t Au from 20m5, ending in mineralisation.

The shallow RC program was designed to test whether Lone Wolf hosts potentially economic mineralisation by drilling follow-up RC holes on sections 50m to either side of the mineralised Aircore intercept.

The program successfully intersected mineralisation in 3 out of 5 holes with best intercepts recorded in hole 22TBKRC021:

• 8m at 1.8g/t Au from 16m and
• 14m at 4.9g/t Au (including 4m at 16.3gt/t Au) from 33m and
• 10m at 1.9g/t Au from 55m in hole 22TBKRC021.

Additional notable intercepts included:

• 6m at 1g/t Au from 1m and 11m at 0.9g/t Au from 64m in hole 22TBKRC017; and
• 4m at 0.9g/t Au from 63m in hole 22TBKRC019.

The initial interpretation of Lone Wolf was that mineralisation was associated with the contacts of a magnetic low unit (interpreted as a granite body) within the surrounding metasediments (See Figures 1 and 2 below). Artisanal miners had initially set about mining the base of the laterite, however had transitioned to mining the in-situ mineralisation following the completion of the Company's 2021 Aircore drilling program.

The current RC program demonstrated that the mineralisation is hosted both within a unit logged as a metagreywacke (a metamorphosed mudstone) but with the best intercepts being within granitic host rocks and at or near to the contacts with the metasediments. The mineralisation in the drillholes was associated with sulphides (Pyrite and Pyrrhotite) with visual estimates up to 10% sulphides in RC chips. This suggested that Induced Polarity (IP) would work well to define the mineralisation at Lone Wolf and a survey was carried out during the Quarter, the results of which are pending.

The Company also drilled a series of Aircore lines along strike from the Lone Wolf artisanal workings with many holes encountering anomalous gold in the range of 30-100ppb gold. The end of hole samples have been sent for multi-element analysis with results still pending.

1. Results of the RC drilling program were reported in ASX announcement dated 26 April 2022
2. ASX announcement 17th June 2020
3. ASX announcement 8 July 2021

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Figure 1: Lone Wolf aerial view showing drillhole locations and	Figure 2: Lone Wolf aerial view showing drillhole locations
traces relative to granite contact	relative to artisanal workings

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Initial gold assay results were received for Aircore drilling at Tabakorole, with end of hole samples for multi-element analysis dispatched for assay.

The previously reported Target H results were followed up with 3 further lines of Aircore drilling and included one potentially economic intercept of 7m at 2.1g/t Au and ending in mineralisation.6

Target I encountered several high gold values with peaks of 2m at 5.2g/t and 2m at 0.33g/t while Target J returned a peak value of 2m at 0.49g/t with moderately anomalous gold ranging between 30-80ppb encountered on adjacent lines.6

Importantly, these results demonstrate the presence of mineralisation at these targets, which have been followed up with an IP survey, the results of which are pending.

Figure 3: Aircore and auger drilling results at Targets H, I and J

6 ASX announcement 26 April 2022

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KOLONDIEBA GOLD PROJECT

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During the Quarter, auger drilling at the Kolondieba Gold Project (Kolondieba) located in southern Mali confirmed the presence of significant bedrock anomalism in alltargets tested, with many targets remaining open along strike. Four targets were tested, each of which exhibited strong and spatially extensive bedrock gold anomalism (Figure 1).7

The auger drilling was conducted as follow-up to a previous soil sampling program which defined strong and largely coherent gold anomalism passing through the centre of the Kolondieba permit.8 Auger drilling has confirmed that these soil anomalies are not transported but are derived from the underlying bedrock. The strongest gold-in-soil anomalies were drill tested, however several other soil anomalies remain untested. Of the targets drilled, many remain open along strike.

At Target One, six holes returned intercepts greater than 1 g/t Au, with a peak value of

2.35 g/t Au in auger hole 22KDBAG1337.

At Target Two, mineralisation extends over an approximate strike length of 1km and a peak value of 0.74 g/t Au was reported. Anomalism remains open along strike to both the north and south.

At Target Three, mineralisation has a strike length of approximately 1.6km and a width of almost 800m and remains open along strike to both the north and south. Eight holes returned intercepts greater than 0.5 g/t Au, with a peak value of 1.54 g/t Au in auger hole 22KDBAG1474.

At Target Four, mineralisation has a strike length of approximately 650m and a width of 350m. It remains open along strike to both the north and south. Nine holes returned intercepts greater than 0.5 g/t Au, with a peak value of 1.68 g/t Au in hole 22KDBAG0646.

Target Four is located to the east of Kolondieba and is interpreted to be the strike extension of mineralisation found in the neighbouring Kalaka licence of London-listed Panthera Resources. Historical drilling in the Kalaka licence has returned 249.3m at 0.54 g/t (from 52m to end of hole), including 8m at 3.17 g/t.

1. The results of auger drilling at Kolondieba were reported in ASX announcements dated 16 May 2022 and 22 June 2022
2. ASX announcement 12 April 2022

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