(Alliance News) - Kodal Minerals PLC on Monday said results from a bulk sample test work at the Bougouni lithium project located in southern Mali has demonstrated significantly higher recovery rates.
The miner said recoveries of the Bougouni bulk sample from the plant achieved an overall recovery of up to 83% for a 5.5% to 6.0% spodumene, a lithium ore mineral. The recovery is significantly higher than the 71% recovery used in Kodal Minerals' initial feasibility study for the project.
The company plans to include the bulk sample test results in an optimisation study to identify upside at Bougouni, whereby improved recoveries have the potential to enhance project economics.
Chief Executive Officer Bernard Aylward said: "The bulk sample was collected from our Ngoualana prospect and this is the first area proposed for mining in our current plan. The significant improvement in the overall recovery of over 80% highlights potential improvement for the Project and future revenue.
"Kodal will internally undertake an update of the optimisation of the recently completed Feasibility Study, to investigate the potential upside possible from this improved recovery outcome using a combination of DMS and flotation".
Shares in Kodal were trading 5.7% lower at 0.033 pence each in London on Monday afternoon.
By Tapan Panchal; tapanpanchal@alliancenews.com
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Kodal Minerals (KOD)