Last checked at 8 Oct 2020 17:00
Kodal Minerals Plc / Index: AIM / Epic: KOD / Sector: Mining
8 October 2020
Kodal Minerals plc ('Kodal Minerals' or the 'Company')
Update on Republic of Mali Government
Kodal Minerals, the mineral exploration and development company focused on its Bougouni Lithium Project ("Bougouni Project") in southern Mali, provides this update on the recent appointment of a transitional government in the Republic of Mali and the subsequent lifting of sanctions imposed by ECOWAS (Economic Community of West African States), further to the Company's announcement on 19 August 2020.
The transition government is led by President Bah Ndaw and Prime Minister Moctar Ouane, supported by a full Ministry including a new Minister for Mines, Energy and Water, M. Lamine Seydou Traore. This interim government is expected to lead the country as it looks to undertake new elections which are expected in 18 months' time.
Kodal welcomes the appointment of the interim Government and looks forward to working with the Government and progressing the Mining Licence application for the Bougouni Project and moving into a development phase for the project.
**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
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Tel: 020 3328 5656 |
SP Angel Corporate Finance LLP, Financial Adviser & Broker John Mackay
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Tel: 020 3470 0470 |
St Brides Partners Ltd, Financial PR Susie Geliher/Cosima Akerman
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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.