LONDON (Alliance News) - Kodal Minerals PLC Monday said it has been granted seven new exploration permits by the Norwegian Directorate of Mining.
The mining exploration company, with licences for a phosphate and iron project in Norway, said the new permits are for a 19,795 kilometre squared area surrounding three extraction permits already held by the company in southern Norway.
The company said the first of its new licences, includes a reported positive magnetic and gravity anomaly identified by ground geophysics.
Kodal said it intends to complete geological mapping of the entire new area once it is free of snow and will then likely follow up with ground geophysics prior to any decision to drill test the anomaly.
The company said the reported space is indicated to extend over a length of roughly 1,000 metres and has a geophysical signature broadly similar to the Kodal deposit.
Kodal Minerals shares were up 2.0% to 0.831 pence Monday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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Kodal Minerals (KOD)