Last checked at 16 Apr 2020 07:00
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
16 April 2020
Kodal Minerals plc ('Kodal Minerals' or the 'Company')
Côte d'Ivoire Gold Exploration Permits Renewed for Dabakala and Korhogo Projects
Kodal Minerals, the mineral exploration and development company is pleased to provide an update on its Côte d'Ivoire gold exploration concessions and the renewal of the exploration permits for the Dabakala and Korhogo projects.
Kodal Minerals maintains a suite of prospective gold exploration projects in Mali and Côte d'Ivoire. The Côte d'Ivoire exploration concessions consist of the Dabakala, Korhogo and Boundiali (under application) projects, which are owned and operated 100% by Kodal Minerals, and the Tiebissou, Nielle and M'Bahaikro (under application) projects, which are owned in a Joint Venture with Resolute Mining Limited ('Resolute'), an ASX and LSE listed gold mining and exploration company.
Kodal has received confirmation that the exploration licences for the Dabakala and Korhogo concessions have each been renewed for a further three-year term, expiring in April 2023. (The other Côte d'Ivoire concessions named above expire after 1 to 2 years and upon grant will be for an initial three-year term with potential for renewal.)
In addition, the Company provides an update on activity on the Resolute Joint Venture. Exploration drilling has been planned for the Nielle project, located in the north of Côte d'Ivoire, to follow up on the gold mineralisation that was defined in previous drilling. Due to the outbreak of the COVID-19 virus, exploration activity planned by Resolute for Côte d'Ivoire is currently postponed and is not expected to re-commence until after the wet season towards the end of this year.
Kodal Minerals' CEO, Bernard Aylward, said: "We are delighted to have been awarded a further three-year term on two of our wholly-owned concessions in Côte d'Ivoire which secures the Company's exploration interests in these gold projects. During this unprecedented period, I am very pleased to be able to report a strong increase in interest in gold assets, demonstrating the potential value in the Company's portfolio. "
Further information on the concessions
The Dabakala project is located in central Côte d'Ivoire where previous work completed by Kodal Minerals has defined a new extensive surface geochemical anomaly. Field geological mapping highlights the association of sheared and altered geology associated with the anomaly, and the presence of artisanal workings further defines zones of interest. This is a large surface anomaly, extending for over 10km of strike and up to 800m in width. Exploration at Dabakala is at an early stage, with no previous drilling occurring within this zone. Further work is required to determine the potential for economic gold mineralisation to be defined.
The Korhogo project is located in north central Cote d'Ivoire and several phases of geochemical sampling have defined surface gold anomalous zones extending for over 2km in strike and up to 600m in width. Further exploration is required to review these targets and prioritise further work.
**ENDS**
For further information, please visit www.kodalminerals.com or contact the following:
Kodal Minerals plc Bernard Aylward, CEO |
Tel: +61 418 943 345
|
Allenby Capital Limited, Nominated Adviser Jeremy Porter/Nick Harriss
|
Tel: 020 3328 5656 |
SP Angel Corporate Finance LLP, Financial Adviser & Broker John Mackay
|
Tel: 020 3470 0470 |
St Brides Partners Ltd, Financial PR Catherine Leftley/Cosima Akerman
|
Tel: 020 7236 1177 |
About Kodal Minerals
Kodal Minerals' primary focus is on the rapid advancement towards production of its flagship Bougouni Lithium Project in Southern Mali. The JORC Resource Estimate places the Bougouni Project in the top 15 hard rock lithium projects globally and was calculated using only three of the eight currently recognised prospects demonstrating the significant exploration upside potential remaining across the 450km2 project area. The Mineral Resource estimate for the Ngoualana, Sogola-Baoule and Boumou prospects are tabulated below. These mineral resources are reported in accordance with the JORC Code:
Prospect | Indicated | Inferred | Total | ||||||
Tonnes (Mt) | Li2O% Grade | Contained Li2O (kt) | Tonnes (Mt) | Li2O% Grade | Contained Li2O (kt) | Tonnes (Mt) | Li2O% Grade | Contained Li2O (kt) | |
Sogola_Baoule | 8.4 | 1.09 | 91.9 | 3.8 | 1.13 | 42.8 | 12.2 | 1.10 | 134.8 |
Ngoualana | 3.1 | 1.25 | 39.2 | 2.0 | 1.12 | 22.1 | 5.1 | 1.20 | 61.3 |
Boumou | 4.0 | 1.02 | 40.4 | 4.0 | 1.02 | 40.4 | |||
TOTAL | 11.6 | 1.13 | 131.2 | 9.7 | 1.08 | 105.3 | 21.3 | 1.11 | 236.5 |
Notes: Mineral resources are reported using a 0.5%Li2O cut-off. Figures may not sum due to rounding. The contained metal is determined by the estimated tonnage and grade.
The Bougouni Project and recently acquired 200km2 Bougouni West project are located in an emerging lithium province that is already attracting the attention of investors and off-take partners interested in securing a long-term supply of lithium. With the support of its strategic investor and off-take partner Suay Chin International Pte, a Singapore-based lithium and chemical trader, Kodal Minerals is well positioned to continue its ambitious development programme at Bougouni.
Further to this, Kodal Minerals is the manager of additional lithium and gold projects that are undergoing low cost exploration programmes in addition to JV funded gold properties in Cote d'Ivoire that offer potentially significant long-term value.