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LONDON (Alliance News) - Kodal Minerals PLC on Thursday reported a 23% increase in the mineral resource at the Bougouni project in Mali.
The new resource at the lithium project is based on a drilling campaign carried out between October and December.
The new resource, Kodal said, has 21.3 million tonnes of ore at a grade of 1.11% lithium oxide.
The indicated category has 11.6 million tonnes at 1.13% lithium oxide and the inferred 9.7 million tonnes at 1.08% lithium oxide.
Kodal's resource covers three prospects at Bougouni: Sogola-Baoule, Ngoualana, and Boumou.
Chief Executive Bernard Aylward said: "The significance of this updated and increased mineral resource estimate lies in the fact it enabled us to classify a large portion of the mineral resource estimate as an indicated resource - this is fundamental for our ongoing mine development study.
"The drilling recently completed was focused on defining and extending the known resources utilising the important target areas contained within the previously optimised open pit mining shells," he continued.
"The initial review of this updated mineral resource highlights the increases in the resource are contained within the previous optimised shells, that the interpretation now has been strengthened and that the areas of very wide pegmatite hosted mineralisation have been clearly defined."
Shares were down 9.5% on Thursday at a price of 0.18 pence each.