Marvel Gold Limited announced the results of the high-resolution Gradient Array Induced Polarisation geophysical survey which was completed at the Kolondieba Gold Project (Kolondieba), located in south-east Mali in December 2022. Kolondieba is held under a joint venture with B2Gold Corporation in which Marvel holds an 80% interest. Three targets were selected for follow-up with GAIP based on the results of auger drilling carried out earlier in 2022.

The Gradient Array IP survey has shown the underlying fabric within the bedrock, in particular that the anomalies are sitting atop north-south trending structures which link to the BSZ. These north-south trending structures were not evident in the magnetics, which in this area shows the BSZ but is otherwise magnetically quiet. The auger drilling results themselves are particularly significant as they confirm that the mineralisation evident in the soil geochemistry is in-situ and not transported.

Furthermore, the level of anomalism is noteworthy; numerous holes show results at greater than 10 times the detection limit (>0.05ppm) and many holes display values that are over 20 times the detection limit (>0.1ppm). Peak values above 1g/t (200x detection) in Auger drilling are both exceptional and rare. Auger drilling has been used to successfully demonstrate the presence of ore grade mineralisation in West Africa with Predictive Discovery Limited's (PDI) North-East Bankan deposit in Guinea being a notable example.

The Company continues to interpret the geophysical results and notes that a number of the structures thought to host mineralisation are open along strike on the structures thought to host mineralisation in bedrock. Further reconnaissance drilling to extend and infill the currently defined anomalies is the most likely outcome of this process. Kolondieba straddles the BSZ, which is a major geological structure in the south of Mali.

The BSZ is interpreted to be the major controlling (first order) structure responsible for gold mineralisation at the 7.5 million ounce Morila gold mine, and Marvel's one million ounce Tabakorole gold deposit, both of which are located on splays (second order structures) linked to the BSZ. Mineralisation at Kolondieba appears to be associated with a lithological contact between felsic intrusives and metasediments, and a major adjacent structure parallel with the BSZ. Mafic and ultramafic lithologies also appear to have some control over gold mineralisation.

This is a very similar geological setting to the nearby Morila deposit, where gold mineralisation is thought to be partly controlled by the emplacement of Birimian-aged granitic intrusives into the overlying sediments. Gradient Array IP is a certain type of IP survey configuration which allows for relatively quick and cost-effective surveying of large areas. IP is an electrical geophysical method for the mapping of rock properties potentially indicative of gold mineralisation.

In particular, it maps-out the resistivity-conductivity and chargeability characteristics of rock. Mineralisation is frequently found in rock formations that are both resistive and chargeable; the resistive nature caused by intense silicification during the hydrothermal deposition of gold and the chargeable nature due to the presence of disseminated sulphide minerals (such as pyrite) which carry the gold. Therefore, targets that are both resistive and chargeable are potentially very significant.