TIDMKOD
RNS Number : 1154H
Kodal Minerals PLC
13 November 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
13 November 2018
Kodal Minerals plc ('Kodal Minerals' or the 'Company')
Diamond Core drill intersections up to 30m at 1.51% Li2O
from Sogola-Baoule Prospect confirming geological model-
Bougouni Project, Southern Mali
Kodal Minerals, the mineral exploration and development company
focused on the Bougouni Lithium Project, is pleased to report assay
results for the first two diamond drill holes completed during the
wet season at the Sogola-Baoule ("Sogola-Baoule") and Boumou
("Boumou") prospects located on the Company's 450km(2) Bougouni
Lithium Project in Southern Mali ("Bougouni").
Highlights
-- At Sogola-Baoule, diamond core intersections confirm
geological model and continue to extend mineralisation -
intersections include:
o 30m at 1.51% Li(2) O from 56.08m and
5.50m at 1.59% Li(2) O from 96.48m in drill hole MDDH002;
o 16m at 1.85% Li(2) O from 94.35m in drill hole MDDH001;
(Note all depths are downhole depth, and true vertical depth
will be shallower or closer to surface)
-- High grade assays up to 3.6% Li(2) O returned at
Sogola-Baoule and multiple parallel veins intersected at shallow
depths
-- Diamond core drilling at Boumou intersected multiple
pegmatite veins confirming and extending the geological model of
mineralisation
-- Bougouni Project development and review activities continue
with environmental assessment evaluations continuing and site visit
by Independent Mineral Resource Geologist completed
Bernard Aylward, CEO of Kodal Minerals, said: "We continue to
make solid progress with both drilling and development activities
at Bougouni and have successfully added definition to the
geological interpretation and extended the areas of known
mineralisation at our key prospects at Sogola-Baoule and Boumou
despite a very extensive wet season in West Africa.
"We intend to re-commence diamond core drilling this week,
followed by reverse circulation drilling next week and will
maintain two rigs through to the Christmas break. We are expecting
to be able to continue to expand our current resource base as we
look to move rapidly to development.
"Running in parallel to our drilling programme, we have been
completing our wet-season environmental review including river
ecology, local flora and fauna studies as well as water sampling
and dust monitoring. This will be complemented by the dry-seasons
studies and used to finalise our ESIA (Environmental and Social
Impact Assessment) submission to the Mali government. In addition
to the environmental studies we have also completed a site visit
with our Independent Mineral Resource geologist to complete a
review of site activities and support potential future upgrading of
our Mineral Resource estimate."
Further Information
Bougouni Lithium Project - Drilling Update
Kodal Minerals has continued drilling in the wet-season with
diamond core drill holes targeting the Sogola-Boule and Boumou
prospects. A total of 12 core drill holes (five at Sogola-Baoule
for 763.7m and seven at Boumou for 1,044.5m) have been completed
where access has been possible. This announcement refers to the
first two drill holes for the Sogola-Boule prospect and has
returned multiple mineralise pegmatite intersections. Significant
intersections calculated using a 1% Li(2) O lower cut-off, maximum
2m internal dilution are tabled below:
Hole
Depth From To Thickness Li(2)
Hole Id Northing Easting m m m m O %
--------- -------- ------- ------ ------- ---------- ------
MDDH001 1253499 653029 162.3 51.95 54.95 3.00 1.66
MDDH001 82.20 84.20 2.00 1.92
MDDH001 94.35 110.35 16.00 1.85
--------- -------- ------- ------ ------- ---------- ------
MDDH002 1253757 653546 129.44 56.08 86.08 30.00 1.51
MDDH002 96.48 101.98 5.50 1.59
--------- -------- ------- ------ ------- ---------- ------
Notes: Drill holes are diamond core drill holes with core at HQ
diameter. Drill holes have been sampled on a 0.5m basis, with core
cut along an orientation line, and subsequent quarte core collected
for assay test work. Drill hole collars are surveyed using a
differential GPS with sub 1-metre accuracy, coordinate system WGS84
- Zone 29N, and all holes are survey down-hole for dip and azimuth
on approximately 30m intervals. All drill holes are geologically
logged, and sampling for analysis in based on geological
boundaries. Samples analysed by ALS Global. Assay results are
reported as Li% and converted to Li(2) O% by a factor of 2.153.
Intersections are reported using a 1%Li(2) O lower-cut-off, and
allowing for a maximum of 2m internal dilution.
The assay result for MDDH001 at 82.4m includes a 0.5m zones
grading 3.6% Li(2) O. Review of this core zone indicates a
spodumene rich pegmatite with both coarse crystals exceeding 5cm in
length as well as fine grained spodumene. This zone is located with
a sub-parallel pegmatite vein to the main mineralisation.
Sogola-Baoule Prospect
The drill holes for the Sogola-Baoule prospect were designed to
test key zones within the north-eastern extension of the prospect
and target areas with potential to add to the existing JORC Mineral
Resource Estimate. The intersections detailed in the geological
logging and the initial assay results have a very high correlation
with the Company's current geological model.
Kodal Minerals is awaiting the receipt of the final three
diamond core drill holes and will also continue its programme at
Sogola-Baoule when drilling re-commences. The mineralisation at
this prospect remains open to the north-east and at depth and the
Company will focus future drilling on upgrading and extending the
current Mineral Resource estimate.
Boumou Prospect
Diamond core drilling at the Boumou prospect targeted both the
'northern' and 'southern' zones for the prospect. The Boumou
prospect is characterised by multiple lithium mineralised pegmatite
veins with an overall strike trending
east-northeast/south-southwest and dipping to the north. The
geological interpretation from initial RC drilling highlighted the
separate 'northern' and 'southern' zones that formed the initial
minerals resource estimate. All assays are pending for the
completed drilling, however geological logging of the diamond core
confirms the continuity of Kodal Minerals' geological model and
indicates the potential to extend the current mineralised zone.
The Boumou prospect will be targeted by RC drilling in the next
campaign with a focus on continuing to expand the mineralised zone
and define mineralisation with potential to support open pit
mining.
Bougouni Lithium Project - Development Update
Kodal Minerals has continued to work on the Environmental and
Social Impact Assessment studies, with key wet-season studies being
completed on site. Kodal Minerals has had expert consultants
reviewing the local flora and fauna, studying local wetlands,
reviewing river ecology and aquatics and undertaken hydrological
assessment. The assessment work will continue throughout the
following months as the Company continues to undertake water
sampling and dust monitoring. In addition, Kodal Minerals will
continue with the community consultation to ensure successful
permitting of the project.
Kodal Minerals has also completed a site visit by the
Independent Resource Geologist to support future upgrading of the
categories of the minerals resource estimates as well as confirm
that all Kodal Minerals' site activities are being completed to a
high standard suitable to support future mining assessment.
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.
**S**
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 Tel: 020 3470
John Mackay 0470
St Brides Partners Ltd, Financial PR
Susie Geliher/Cosima Akerman Tel: 020 7236
1177
About Kodal Minerals
Kodal Minerals' primary focus is on the rapid advancement of its
flagship Bougouni Lithium Project in Southern Mali towards
production. The recently completed Maiden JORC Resource Estimate
placed 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 450km(2) 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:
Contained Li(2)
Tonnes Li(2) O% O
(Mt) Grade (kt)
Sogola_Baoule 10.4 1.18 122.2
------- --------- ----------------
Ngoualana 4.7 1.34 62.8
------- --------- ----------------
Boumou 2.2 1.04 22.9
------- --------- ----------------
Total 17.3 1.20 207.9
------- --------- ----------------
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 is 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 funded 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.
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END
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