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(Sharecast News) - Mineral exploration and development company Kodal Minerals announced on Monday that high-grade gold mineralisation had been returned from re-split sampling for the reverse circulation (RC) drilling at the Nielle Project in northern Cote d'Ivoire.
The AIM-traded firm said the sampling was completed to confirm characteristics of gold mineralised zones, returning grades up to 38.5 grams of gold per tonne.
The intersections included 13 metres at 5.07 grams of gold per tonne from 12 metres in drill hole NLRC035 including three metres at 16.33 grams per tonne from 13 metres.
It also highlighted 12 metres at 3.14 grams of gold per tonne from 21 metres in drill hole NLRC038 including two metres at 10.79 grams per tonne from 27 metres, as well as five metres at 15.42 grams of gold per tonne from seven metres in drill hole NLRC032, including two metres at 31.54 grams per tonne from eight metres.
The company also noted nine metres at 4.33 grams of gold per tonne from 86 metres in drill hole NLRC038, including two metres at 16.88 grams per tonne from 88 metres.
Kodal said the intersections confirmed the extent and high-grade mineralisation at Nielle, and would be used to focus follow-up drilling to target the definition of high-grade zones.
The gold mineralisation was associated with quartz-carbonate-sulphide mineralisation, and remained open along strike and at depth.
Kodal said its first drilling campaign at Nielle had extended the main zone of gold mineralisation, identified new parallel zones of mineralisation, and with aircore drilling, had extended the target zone.
"The shallow, high-grade gold mineralisation up to 38.5 grams of gold per tonne from this latest sampling is very encouraging," said chief executive officer Bernard Aylward.
"Our first detailed drilling programme at Nielle has confirmed and extended the initial exploration work of our former joint venture partner, and we are very keen to re-commence drilling as soon as the access to the area is available again, following the seasonal rains.
"The extent of the shallow-high grade gold mineralisation will be important to determine as well as continuing to extend the depth of the gold mineralised structures."
Exploration of the mineralised systems throughout West Africa was continuing to highlight the importance of the controls on the high-grade gold mineralised shoots, Aylward said, and the firm's next phase of drilling would also attempt to define the controls and possible plunge directions of the high-grade zones.
"In addition to the gold exploration activity, Kodal is continuing to monitor the progress of its mining licence application for the Bougouni lithium project and can confirm that the licence is with the office of the prime minister awaiting final signature.
"Updates to shareholders will be provided as soon as further information is available."
At 1452 BST, shares in Kodal Minerals were up 6.03% at 0.36p.
30 Dec 2016 08:02