LONDON (Alliance News) - Kodal Minerals PLC Thursday said it has identified three new anomalies that could potentially extend the main deposit at its Kodal project in Norway, after it got the results of surface mapping and geophysical studies it undertook over the summer.
"The detailed mapping exercise in difficult ground has yielded very positive results, as has the trial with ground magnetics. The Western anomaly is of particular interest given its position," Chief Executive Luke Bryan said in a statement.
The Kodal project is a phosphate and iron project in southern Norway. It is now planning to complete detailed surveys of the three new anomalies it has identified in the spring of next year.
The company said grade data so far has been obtained using a handheld X-Ray Fluorescence unit to test samples of surface outcrop taken from the anomalous areas. However, outcrop is limited and so these grades cannot be regarded as anything more than indicative. Only one sample per outcrop was analysed, it said.
The XRF grade of the Western anomaly is 7.8% P205.
A preliminary ground magnetic survey over the Southern anomaly revealed a 300 metre long magnetic high which is open to the east, but no detailed dimensions are available at this stage, it said. A laboratory assay grade from the outcrop was 3.1% P2O5
Kodal Minerals shares were up 3.9% at 0.400 pence Thursday morning, having spiked nearly 18% immediately after the news was announced.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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Kodal Minerals (KOD)