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(Alliance News) - Kodal Minerals PLC shares fell on Monday after the miner said that several holes in the initial drilling programme of its Fatou project were not able to reach their target depth to due "poor ground conditions."
Shares in the London-based company were down 3.7% at 0.32 pence each on Monday midday in London.
The miner developing projects in southern Mali and Ivory Coast said its initial reverse circulation drilling at the Fatou gold project in southern Mali consisted of 11 reverse circulation drill holes.
These holes were completed for a depth of 1,242 meters, it continued.
The assay results found multiple zones of gold mineralisation with broad intersections and grade of up to 7.1 grams per tonne of gold. Furthermore, the reverse circulation drilling highlighted gold mineralisation extensions to the north and the south.
Kodal still noted that further drilling is required to test the Fatou prospect and said that geological mapping and sampling of "artisanal workings" is in progress.
First pass sampling of the southern extension of the mineralised structure into the Foutiere concession has also started, it added.
However, the miner stated that the drill holes were unable to reach the planned depth in five of 11 of the completed holes.
Kodal blamed this on the presence of "artisanal workings" and "poor ground conditions."
Going forward, the company will focus on "strike extensions" of the mineralised structures away from the workings and historical drilling.
"Unfortunately, several of the drill holes in this initial programme were not able to reach target depth due to issues with the artisanal workings and drilling problems. The next stage of drilling will focus on strike extensions of the mineralised structures away from the workings and historical drilling," Chief Executive Bernard Aylward commented.
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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