18/01/18 – Kodal Minerals PLC said on Thursday that the Malian government has approved its subsidiary’s application for two new 100 square kilometre licences in the Kolassokoro area of the Bougouni lithium project in southern Mali.
The AIM-listed miner said the Directorate Nationale de la Geologie et des Mines and the Malian inter-ministerial committee have approved its Future Minerals SARL subsidiary’s application for the tracts in the Kolassokoro área.
Kodal has said that it will grant Triumvirat Mining Co SARL a 10% interest in the new licences, which will have an initial life of three years and be eligible for two extensions each of a further two years.
Meanwhile, Kodal said it has received assay results for the first 11 reverse circulation drill holes completed at the Ngoualana and Sogola-Baoule propects.
Ngoualana drilling focussed on infill and extension drilling with the prospect remaining open along strike and at depth, and yielded 31 metres at 1.61% lithium oxide from 65 metres, 20 metres at 1.69% lithium oxide, and 18 metres at 1.66% lithium oxide from 66 metres.
Drilling at Ngoualana has, Kodal said, targeted shallow depths and confirms wide, consistent pegmatite-hosted mineralisation that confirms the existing geological model. A total of 32 reverse circulation drill holes for 4,023 metres have been completed in this phase of exploration drilling.
« These drilling results are very pleasing for the Ngoualana prospect where our current drilling programme is defining strike extensions to the mineralised pegmatite body, and our infill drilling is confirming continuity and wide zones of high-grade mineralisation. At the Sogola-Baoule prospect we are intersecting multiple zones of pegmatite intrusions and our drilling is continuing to extend this prospect along strike as well. This is very encouraging as we are seeking to build up the number of mineralised zones as we continue to look to develop a mining hub sourcing from multiple veins, » Kodal Chief Executive Bernard Aylward said.
« Our exploration campaign is ongoing with drilling expected to recommence shortly following a Christmas break and the awarding of the bulk sampling contract to be finalised and activities shortly to commence. Additional assay for the drilling completed in December 2017 will be reported to the market as soon as they become available, » Aylward added.
Kodal shares were up 13% at 0.203 pence each on Thursday.
Source: London South Est