Zak’s traders cafe14 Nov 2023 09:44
Kodal Minerals (KOD), the mineral exploration and development company, announced a new JORC Mineral Resource estimate (MRE) for the Bougouni Lithium Project located in southern Mali of 31.9 million tonnes (Mt) at 1.06% Lithium Oxide (Li2O), an increase of over 40% from the previous Mineral Resource completed in 2019.
Author @ZaksTradersCafe
The significant increase is specific to the Ngoualana and Boumou deposits following the drilling programmes completed in early 2023. The company said the significant increase in Bougouni’s lithium endowment is a further step towards becoming a West African spodumene producer of substance and scale. With the results from the latest drilling campaign delivering over 10Mt of resource, it is looking forward to bringing Bougouni into production at the end of 2024.
Comment: KOD finesses its recent funding news with a chunky rise in the new JORC resource, something which should be more enough as a combo to take the shares back towards the highs of this year near 0.9p, by the end of this year.