Drilling commences at Bougouni Lithium Project

RNS Number : 4844Q

Kodal Minerals PLC

30 November 2016

 

Kodal Minerals Plc / Index: AIM / Epic: KOD / Sector: Mining

30 November 2016

Kodal Minerals Plc

('Kodal' or 'the Company')

Reverse Circulation Drilling Commenced at Bougouni Lithium Project, Mali

Kodal Minerals, the mineral exploration and development company focussed on West Africa, is pleased to announce that reverse circulation drilling has commenced at its Bougouni Lithium Project in Southern Mali ("Bougouni Project"). 

Highlights

·    Kodal commenced 2,000m reverse circulation ("RC") drilling programme targeting high-grade lithium mineralisation within the Bougouni Project.

·    Kodal acquired the Bougouni Project in September 2016, and has commenced a detailed geological study and rock chip sampling programme.

·    The drilling programme will target three identified lithium mineralised pegmatite veins, as well as new pegmatite veins identified by Kodal's geological study.

·    No previous drilling has targeted the pegmatite veins for lithium mineralisation.

·    Drilling has commenced at the Sogola pegmatite vein where previous rock chip sampling has returned lithium mineralisation exceeding 2.2%Li₂O.

·    Kodal has acquired an exciting portfolio of lithium projects with the Bougouni Project and recently announced the acquisition of the Diendio lithium project in southern Mali.

Bernard Aylward, CEO of Kodal Minerals, said: "We have commenced an exciting phase of exploration at the Bougouni lithium project targeting the high-grade lithium mineralised pegmatite veins identified within the project area. Our drill programme is commencing at the Sogola vein where previous sampling has identified high grade lithium mineralisation in excess of 2.2% Li₂O.

"We have been able to acquire a very exciting suite of lithium mineralised projects in southern Mali over the previous three months.  We were delighted to bolster our lithium portfolio with our recent acquisition of the Diendio lithium project also in southern Mali.  This area of West Africa is an emerging province for high-grade lithium mineralisation and we are well positioned to advance its projects.

"This drilling programme is expected to be completed by the end of the year and we are also continuing the mapping and rock-chip sampling of the Bougouni and Diendio projects in order to determine exploration programmes with a view to unlocking the lithium potential.  I look forward to providing further updates in due course." 

Further Information

Bougouni Project

The Bougouni project 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.

Regional geological studies were undertaken in 2008 to assess the lithium mineralisation of the Bougouni-Sikasso region of southern Mali and identified areas of high potential.  The studies were completed by consultants CSA Global ("CSA") and were commissioned and funded by the World Bank as part of the SYSMIN economic development programme. 

Drilling Programme

Kodal has commenced an RC drilling programme at the Bougouni lithium project with the programme designed as a first pass test of three main pegmatite veins as well as new pegmatite veins identified by the Company during its geological mapping and sampling.

The Company has commenced drilling at the Sogola pegmatite vein where initial regional work completed in the SYSMIN study has returned assay values in excess of 2.2% Li₂0.  Geological mapping and review by the Company's geologist has outlined a zone of coarse grained pegmatite units, with potentially three pegmatite veins, up to 25m in width identified within a defined target area.  Drilling will test an approximate 200m strike length and will traverse the high-grade lithium pegmatite veins.

The second target is the Ngouanala pegmatite vein where previous sampling and mapping identified a strike length in excess of 150m and returned assay values up to 1.89% Li₂0.  Geological reconnaissance by Kodal has indicated substantial widths and strike length exceeding 300m.

The third target area is the Kola prospect with Kodal reconnaissance indicating a zone of outcropping pegmatite veining with a strike length exceeding 400m and a width in excess of 20m. Field reconnaissance has further identified parallel pegmatite veins not previously recognised, and extensions to the zone of interest.  Previous investigation at the Kola prospect had returned anomalous lithium results up to 1.1% Li2O from very limited sampling.

The exploration results and activity reported in this announcement has 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.

**ENDS**

For further information, please visit www.kodalminerals.com or contact the following:

Kodal Minerals plc Bernard Aylward, CEO	Tel: [phone]
Allenby Capital Limited, Nominated Adviser Jeremy Porter/Nick Harriss	Tel: [phone]
SP Angel Corporate Finance LLP, Financial Adviser & Broker John Mackay/Laura Harrison	Tel: [phone]
St Brides Partners Ltd, Financial PR Susie Geliher/Lottie Brocklehurst/Megan Dennison	Tel: [phone]

 

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