Update on Mining Licence Application for Bougouni

RNS Number : 8237D

Kodal Minerals PLC

24 February 2020

 

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

24 February 2020

Kodal Minerals plc ('Kodal Minerals' or the 'Company')

Update on Mining Licence Application for the Bougouni Lithium Project

Kodal Minerals, the mineral exploration and development company focused on its Bougouni Lithium Project (the 'Project' or the 'Bougouni Project') in southern Mali, is pleased to provide this update on the progress of the Mining Licence application for the Bougouni Lithium project located in southern Mali. 

Senior representatives from Kodal Minerals, including CEO Bernard Aylward, Project Manager, Steve Zaninovich and Country Manager Mohamed Niare, attended the first technical meeting to review the Mining Licence application with the Direction Nationale de la Géologie et des Mines ('DNGM').  The meeting reviewed all technical aspects of the project and proposed development, as outlined in the Feasibility Study submitted by the Company.  Kodal Minerals provided a summary presentation and responded to general questions regarding the proposed operation.

Following endorsement from the DNGM, and with Environmental Approval already granted, the next step in the Mining Licence application process is for the Company to attend the ministerial commission meeting. This session is convened by the Ministry of Mines and representatives from various ministries are invited, including the Ministry of Finance.  This meeting will be called after formal reporting of the DNGM meeting is received by the Ministry of Mines.

Bernard Aylward, CEO of Kodal Minerals, remarked: "Our mining licence application is proceeding quickly, and we are pleased with how the DNGM technical review meeting progressed.  Kodal Minerals has previously presented the geology, resources and proposed mining development to the DNGM and has hosted technical visits to our Bougouni site on previous occasions and continues our practice of working closely with the Malian authorities to ensure progress of our project.  We look forward to providing further updates as the application proceeds."

**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	Tel: [phone]
St Brides Partners Ltd, Financial PR Catherine Leftley/Cosima Akerman	Tel: [phone]

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.

 

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