Good afternoon
Nasdaq is getting a bit of a hammering today, and general profit-taking in the US is dragging down European equities now, after having been firm all day until later in the afternoon. There is a lot of profit-taking around - I guess this had to happen! Economic numbers from the States have been mixed - labour markets still not out of the worst, and Services PMI have been strong.
Macron unveiled his100 bill Euro spending program, to revive the French economy.
Base metals are joing into the major profit-taking…copper down 2% currently, nickel down 4%. Gold is down 1% at 1925 in the moment - so as everything went up recently, everything is falling now!
Marvel Gold - the previous Graphex, is back on the board. The company restructured debt as well as the African graphite project, and is now concentraing of advanced exploration plays in Western Africa, especially Mali. Unlucky timing, with the coupe happening - but I am sure, that this will only represent a temporary issue.There are now 413 Mill shares outstanding, from recapitalising the company, as well as issuing shares for the new projects - capitilasing the company at 22,8 Mill A$ as at today.
Marcel Gold still owns the graphite project in Tanzania, but it will be sold at the best possible price - I guess to some Chinese company. Experienced geologist Chris van Wihk is heading exploration, and has been involved previously in the two new projects, which have been injected by Capital Drliing, an Australian drilling company, which is very active in Western Africa and is continuing as largest shareholder, with now 14% of MVL. The two main projects are Tabakorole, with a 2007-resource of about 600.000 oz , and Lakanfla. Just a few days ago, MVL also aquired Oklo´s South Mali exploration interests, to allow OKU to concentrate on it´s very promising projects around Seko. MVL believe, that Tabakorole has been misinterpreted, and will hold a resource with potntially better grades ( perhaps 1.3 or 1.5g/t ) as well as have larger size. They probably have already proved this, with recent, strong exploration results. like 38m with 2.1g. There are also numerous, older drilling results, which had not been incporporated in the 2007-resource. MVL will publish a new resource estimate this month - probably with less tonnes at better grades for hopefully 650-700.000 oz. Not enough as yet to be sure of having a mine there, but a strong step in the right direction.
The other promising project is Lakanfla, which is only 6 km from Sadiola, which is a large deposit, but largely mined out - with a very hungry plant. There are many similarities between the two deposits from a geologic viepoint, and Lakanfla has the potential to be a large deposit, nearly undrilled. First drilling under the roof of MVL will start later this month. I think MVL are correctly priced in this market, at the current share price - with a lot of upside from these two projects. The other projects are at a much earlier stage. Especially Lakanfla could be very large, providing current holders with massive blue sky and the hope, to see MVL again at substantially higher prices! I hope, that ypu particiüated in the recent 1:1 at 2ct! We are a long way off the previous price level of an adjusted 15-20ct - but I certainly see a good chance to see tehse prices again. Subsequently, I am holding a reasonably large position in MVL, hoping, that I will succeed with this gold explorer, which started as a graphite-developer!
Have a nice weekend - I will be at a conference tomorrow - and avoid looking at the markets in the meantime!
WS
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