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Kodal Minerals PLC Gold Exploration Joint Venture Update

Source: UK Regulatory (RNS & others)
TIDMKOD

RNS Number : 5813J

Kodal Minerals PLC

06 December 2018

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR")

Kodal Minerals Plc / Index: AIM / Epic: KOD / Sector: Mining

6 December 2018

Kodal Minerals plc ('Kodal' or 'the Company')

Gold Exploration Joint Venture Update

Kodal Minerals plc, the mineral exploration and development company focussed on West Africa, is pleased to provide an update on the Company's joint venture with Resolute Mining Limited ("Resolute") relating to three gold exploration licences located in central and northern Cote d'Ivoire (the "Licences") (the "Joint Venture"). Kodal currently holds a 100% interest in all three Licences, with Resolute, which is financing and managing the exploration programme, earning into a maximum 75% interest.

Highlights:

Resolute Joint Venture - Nielle prospect Exploration Programme

-- Reverse Circulation drilling totalling 27 drill holes for 3,117m completed.
Results include:

o 10m at 2.00g/t gold from 26m in drill hole NLRC0004;

o 8m at 4.26g/t gold from 8m in drill hole NLRC0006,

including 2m at 11.63g/t gold from 10m;

o 14m at 1.73g/t gold from 26m in drill hole NLRC0008;

o 26m at 1.95g/t gold from 32m in drill hole NLRC0012,

including 4m at 5.51g/t gold from 42m; and

o 26m at 1.79g/t gold from 108m in drill hole NLRC0018,

including 2m at 6.07g/t gold from 110m.

-- Results confirm wide zones of gold mineralisation, with areas of high-grade gold up to 13.88g/t gold over 2m returned.

-- Gold mineralisation associated with shear zone and quartz veining with alteration in mafic volcanics and mineralisation in altered granitoid intrusion.

-- Exploration is continuing at Nielle with the mineralisation remaining open along strike and at depth.

-- Resolute has requested, and been granted, an extension of term for the earn-in period of the Joint Venture to February 2021.

Bernard Aylward, CEO of Kodal Minerals, said: "The Nielle prospect is located in the north of Cote d'Ivoire approximately 50km north of Randgold's Tongon gold mine. This is a highly prospective region with several exploration prospects returning significant gold mineralised zones. These new RC drill results highlight the potential to define a new zone of gold mineralisation within the under-explored Nielle concession and exploration is focussed on defining zones of high-grade mineralisation and extending the current footprint of anomalous gold mineralisation.

"Resolute continues to operate the Joint Venture and has spent approximately US$1.35 million to date. The Nielle concession has been renewed during the year and Kodal is continuing to progress the M'Bahiakro prospect application. Resolute has indicated that it w

Our gold assets are probably worth more than the current mcap at the moment, this is nuts.

I’ll need this to multi bag just to break even.

Sxxswe, I wouldn’t like him to be paid full time If only working part time either. Thing is do we know what he’s receiving as I’ve not seen any figures to date. That’s unless I’ve missed it?

I doubt we will find out until results are published.

James you make some valid sobering points, like most on here I’ve been in this for a long time and even though your points hit home I will see it out until at least the AGM. I’m hopeful BA will have a lot of your concerns answered because if he doesn’t it will be very unpleasant for him.

Guys the share price is very disappointing but don’t think it’s just KOD that is suffering. The whole sector is taking a hiding due to the news released by PLS stating oversupply issues. These oversupply issues will evaporate as soon as the gigafactorys that are being built come on line. The demand for EVs cannot keep up with supply so the future looks as promising as it always has done. Look at our neighbours and the hot copper board, it’s like a mirror image in regards to share price decline and comments by shareholders.

My only negative will be the spod price will likely be negotiated in the $550 - $600 range which will obviously hit us, let’s see what figures the scoping study throws up before we all start to panic though.

In regards to our new PM I’m not concerned with him taking other roles at present for me his role with Kod will not be full time until we start the submission of the mining license and funding is sorted.

Just goes to show you, they’re all worried about supply https://www.businessinsider.com/elon-musk-says-tesla-might-get-into-mining-business-2019-6?r=US&IR=T

I get it Daz, it was a sarcastic comment from myself based on the UK government now trying to scramble a foothold in lithium.

Can someone explain this, if lithium is so abundant why are national governments scrambling for supply?

https://www.ft.com/content/08ef0d38-8c5a-11e9-a1c1-51bf8f989972

Horne, thanks for the warning as it’s always good to keep an eye on these Sort of things. I personally can’t see the Bellzone situation playing out here if I’m honest, we should have enough funds now to at least get us to mining permit and by that time we should know via the scoping study if it’s economic enough to mine. If it is and the spod price stays around the $600-$650 (I believe it will start to rise soon) then other parties will start to take a look at us. Worst case scenario our assets get brought by whoever invests into Mali Lithium Or we get taken out on the cheap but at a price for a lot of us to make a small profit or break even. As I said I believe these are our worst case scenarios.

In regards to questions for the AGM it’s to premature at present, a lot of information will be coming our way soon. Hopefully by the time of the AGM we’re all celebrating being back in profit.

The lid is going to blow soon, hopefully all of us that have been feeling the pain in lithium stocks will reap rich rewards. https://asia.nikkei.com/Spotlight/Electric-cars-in-China/Toyota-teams-with-China-s-CATL-and-BYD-to-power-electric-ambitions

James in all honesty do you think the ratio will be 1:6 once we have a scoping study and mining permit approved. I understand your frustrations with the recent RNS but things will improve.

We live in a money oriented world so you could be right Daz, who knows as nothing makes sense to me at the moment.

If it is the case a move will need to be made soon as both companies are getting ever closer to mining and the spod price will only increase as future EV demand takes hold.

Any game changing news by either company will probably mean multi bags from the current share prices, we probably all know the feeling of being locked out and wishful thinking.

Not just us Ned, BGS are taking an absolute hiding too.
Both being manipulated down for one big swoop, who knows? One thing I do know is whoever is selling is surely selling at a loss.

https://www.brrmedia.co.uk/broadcasts/5cf50715221579216107c4ea/kodal-minerals-update-on-development-and-exploration-activities

What an article that is, covers everything even funding.

https://www.miningreview.com/battery-metals/kodal-minerals-bougouni-project-bigger-better/

Watching the podcast it looks as if BA wasn’t expecting the share sell off on Friday, all addressed in my eyes.

Happy after that.

Troajin, thanks.

Crikey, what’s not to like about that update.