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Kodal Minerals PLC - miner developing Bougouni lithium project in southern Mali - Says review of Fatou gold project, Mali, continuing with further field reconnaissance highlighting "extensive artisanal workings" and geological control on mineralisation. Adds it has completed an infill surface geochemical sampling programme at the Dabakala project in Cote d'Ivoire to add definition to the previously defined anomalous zone. Further, has received initial USD300,000 of funding advance under term sheet and has completed the stage 1 consideration payments for the acquisition of the Fininko and Foutiere concessions that form the Fatou gold project.
Good progress being made in finalising the proposed funding agreement with due diligence nearing completion and documentation in progress, however due to delays over the Christmas period an extension of two weeks has been granted to the investors.
"We are looking forward to commencing drilling at the Fatou Project as soon as possible once the Funding Agreement is finalised. The review is continuing to highlight opportunities to extend the previously defined gold prospect, as well as priority exploration targets. The focus of the drilling will initially be to confirm findings of previous drilling and geological information, however, we will also be targeting extensions to the mineralised structure to determine the size potential of the Fatou Project," says Chief Executive Bernard Aylward.
Current stock price: 0.0975 pence
Year-to-date change: down 7.1%
By Lucy Heming; lucyheming@alliancenews.com
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