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Kodal Minerals Ivory Coast Joint Venture Shows Significant Gold Zones

Thu, 6th Dec 2018 14:35


LONDON (Alliance News) - Kodal Minerals PLC said Thursday drilling at its joint venture project with Resolute Mining Ltd in Cote d'Ivoire highlighted the potential to define a new zone of gold mineralisation.

The joint venture prospect, Nielle, contains three gold exploration licences in central and northern Cote d'Ivoire, West Africa. Kodal holds a 100% interest in all three licences, but Resolute, which is financing and managing the exploration programme, can obtain a maximum 75% interest.

Reverse circulation drilling at Nielle, which totalled 27 drill holes reaching 3,117 metres, included results of 8 metres at 4.3 grammes per tonne gold from an 8 metre drill hole, with this including 2 metres at 11.6 grammes per tonne gold from 10 metres.

The results also included 26 metres at 2.0 grammes per tonne from a 32 metre drill hole, with this including 4 metres at 5.5 grammes per tonne gold 42 metres.

Kodal said the results confirmed "wide zones" of gold mineralisation.

"The Nielle prospect is located about 50 kilometres north of Randgold's Tongon gold mine. This is a highly prospective region with several exploration prospects returning significant gold mineralised zones," said Chief Executive Officer Bernard Aylward.

"These new reverse circulation drill results highlight the potential to define a new zone of gold mineralisation within the under-explored Nielle concession and exploration is focussed on defining zones of high-grade mineralisation and extending the current footprint of anomalous gold mineralisation."

Resolute continues to operate the joint venture and has spent about USD1.4 million. The Australian-listed miner said it intends to complete the exploration programme, spending the USD3 million minimum required under the joint-venture agreement.

Shares in Kodal Minerals were up 5.2% Thursday at 0.15 pence.

By Paul McGowan; paulmcgowan@alliancenews.com

Copyright 2018 Alliance News Limited. All Rights Reserved.

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