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LONDON (Alliance News) - Kodal Minerals PLC on Thursday said it has received positive drilling results from the Grimeli copper and zinc project in Norway and said it has raised GBP400,000 via a share placing
Kodal said high-grade copper and zinc occurrences have been found at the Grimeli site, with the best copper grade at 8.39% and the best zinc grade at the site at 6.98%. The drilling results confirm the presence of previously un-mined mineralised bodies at the prospect, Kodal said.
"These drilling results, following on from underground channel sample results released previously, provide further confirmation that the Grimeli VMS system contains high grade copper. We are also pleased to note the presence of significant zinc grades, which we have not observed in this location previously," said Kodal Chief Executive Luke Bryan.
In order to back further work at the site, Kodal has issued 222.2 million shares at 0.18 pence per share to raise GBP400,000.
Shares in the company were down 22% to 0.18 pence on Thursday morning, one of the worst performers in the AIM All-Share.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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