Marvel Gold : Outstanding high-grade gold intercepts at Tabakorole

26 April 2022

LONE WOLF DELIVERS OUTSTANDING HIGH-GRADE

GOLD INTERCEPTS

HIGHLIGHTS

•  Results received for 5 shallow Reverse Circulation (RC) drillholes at the Lone Wolf Prospect, aiming to test the tenor of mineralisation under artisanal workings.

•  Three holes hit mineralisation with a best intercept of 14m at 4.9g/t Au from 33m including 4m at 16.3gt/t Au from 33m.

•  Mineralisation remains open along strike and at depth.

•  One Aircore hole at Target H at Tabakorole (refer Figure 3) reported mineralisation, returning 7m at 2.1g/t Au from 26m and ending in mineralisation.

Marvel Gold Limited (ASX: MVL) (Marvel or the Company) is pleased to announce the results of RC drilling at the Lone Wolf Prospect (Lone Wolf) on the Tabakorole License (Tabakorole or the Project), located in southern Mali. The Tabakorole License is held under a joint venture with Altus Strategies plc, in which Marvel holds a 70% interest.

During March 2022, the Company completed a 5-hole reconnaissance 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. Historical drilling at Lone Wolf intersected 12m at 1.2g/t Au from surface (ASX announcement 17th June 2020) 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 20m (ASX announcement 8th July 2021), 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

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.

Due to the artisanal workings, drillholes had to be drilled towards both the north-east and south-west to intersect the mineralisation which is believed to be sub-vertical and trending in a north-northwesterly direction based on the artisanal workings.

The current RC program has shown 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 suggests that Induced Polarity (IP) would work well to define the mineralisation at Lone Wolf and this is the planned next step before further drilling is undertaken later in the current season.

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 will be sent for multi-element analysis to allow further geochemical discrimination using pathfinder elements. Due to the reconnaissance nature of the drilling, true heel-toe coverage was not achieved and thus it is likely that other pods of mineralisation exist in the near vicinity and these should be detectable using geophysics (IP).

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

Figure 2: Lone Wolf aerial view showing drillhole locations relative to artisanal workings.

XX June 2021

Final Aircore and Auger drilling results

Initial (gold only) results have now been received for all outstanding Aircore and auger drilling at Tabakorole, with end of hole samples remaining to be sent off for multi-element analysis overseas.

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

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.

Importantly these results demonstrate the presence of mineralisation at these targets and the results are planned be followed up with IP concurrently with Lone Wolf.

Figure 3: Results at Targets H, I and J.

For further information, please contact:

For more information, visitwww.marvelgold.com.au.

Competent Person's Statement

The information in this announcement that relates to exploration results at Tabakorole is based on information compiled by Company geologists and reviewed by Mr Chris van Wijk, in his capacity as Managing Director of Marvel Gold Limited. 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.

In relation to the exploration results included in this announcement, the dates of which are referenced, the Company confirms that it is not aware of any new information or data that materially affects the information included in those announcements.

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