Kodal Minerals Plc / Index: AIM / Epic: KOD / Sector: Mining
30 December 2016
Kodal Minerals Plc
('Kodal' or 'the Company')
High-Grade Rock Chip Samples and Completion of Drilling at Bougouni Lithium Project
Kodal Minerals, the mineral exploration and development company focussed on West Africa, is pleased to announce further high grade rock chip results from the reconnaissance rock chip sampling at its lithium interests in Southern Mali. The sampling programme was undertaken in November 2016 and the results from the first samples were announced on 7 December 2016 with this current announcement covering the final 44 samples.
The Company is further pleased to advise that the first pass reverse circulation ("RC") drilling programme targeting three priority areas at the Bougouni Lithium project ("Bougouni") has been completed. The drilling targeted the Sogola, Ngoualana and Kola veins.
· High-grade lithium mineralisation at Bougouni continues to be returned in rock chip samples.
· Assay results up to 2.03% Li2O (Lithium oxide) returned for sampling at a newly identified pegmatite vein located to the south of the Bougouni concession area.
· Rock-chip sampling confirms high grade lithium mineralisation at the Ngoualana (pronounced N-gwar-lana) prospect with assays up to 1.9% Li2O.
· RC drilling completed at Bougouni with a total of 18 drill holes for 1,323m.
· All samples for the drilling have been submitted for laboratory analysis and results are expected by the end of January 2017.
Bernard Aylward, CEO of Kodal Minerals, said: "We have completed the initial reconnaissance drilling at Bougouni and are now eagerly awaiting the assay results. Our ongoing geological mapping and rock-chip sampling programme is continuing to return high-grade lithium samples and is defining new target zones. These results from our ongoing exploration programme highlight the prospectivity and value of our Bougouni project.
"Kodal has a busy exploration programme planned, with a focus on our Bougouni and Diendio lithium projects. "
Geological Reconnaissance and Rock Chip Sampling Programme
The Company is undertaking a systematic geological reconnaissance and rock-chip sampling programme at Bougouni. These final results from the initial geological reconnaissance and rock chip sampling programme continue to identify new zones of pegmatite hosted lithium mineralisation with initial assays including 2.03% Li2O and 1.96% Li2O within Bougouni. These new results will be followed up in the new year, along with the previous rock chip results and reconnaissance drilling programme. The exploration programme completed to date is a reconnaissance programme which has now identified three new high priority areas with high-grade lithium mineralisation and extensive pegmatite zones that have had no previous exploration or systematic testing.
A total of 51 samples are reported in this batch from Bougouni (44 sample locations and 7 QAQC samples). The assay range for the samples varies from a minimum of below detection limit (0.005% Li) to a maximum result of 2.03% Li2O. Samples are reported as Li% and converted to Li2O% by multiplication of a factor of 2.153.
As announced on 7 December 2016, previous rock chip results had returned 2.04% Li2O at the Sogola vein and 1.9% Li2O and 1.65% Li2O from newly identified areas. The geological mapping and rock chip sampling is expected to continue in the new year as the understanding on the controls of the pegmatite veins increases.
Samples were analysed by ALS Laboratories, with sample receipt at ALS Bamako Mali, sample preparation at ALS Ouagoudougou, Burkina Faso with final analysis completed at ALS Vancouver, Canada. Samples analysis was completed with a four acid digest and final detection by ICP-AES method.
RC Drilling Programme Update
The first pass RC drilling programme targeting the Sogola, Ngoualana and Kola pegmatite veins at Bougouni was completed in mid-December 2016. The programme consisted of 18 drill holes for 1,323m completed (six holes for 415m at Sogola, eight holes for 712m at Ngoualana and four holes for 196m at Kola) with all geological logging and sampling completed. All samples have been dispatched for analysis at ALS Laboratories with results expected by the end of January 2017.
Bougouni consists of two concessions, the Kolassokoro and Madina concessions, which cover a contiguous area of 500km2. The project area is located approximately 180km south of Bamako, the capital of Mali, with excellent access to the project via sealed road from Bamako. Kodal has recently entered into Option to Purchase and Access agreements that grant Kodal exclusive rights to explore and develop any identified mineralisation within the project area. Details of the agreements have previously been announced to the market.
The exploration results and activity reported in this announcement have been reviewed by Mr Bernard Aylward who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Aylward has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Qualified Person as defined in the AIM Note for Mining and Oil & Gas Companies dated June 2009. Mr Aylward consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.
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/Laura Harrison
Tel: 020 3470 0470
St Brides Partners Ltd, Financial PR
Susie Geliher/Lottie Brocklehurst/Megan Dennison
Tel: 020 7236 1177
This information is provided by RNS