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
25 July 2017
Kodal Minerals plc ('Kodal Minerals' or 'the Company')
Final RC drill hole returned from Ngoualana Prospect and Update of Activities
Within Bougouni Lithium Project, Mali
Kodal Minerals plc, the mineral exploration and development company focussed on West Africa, is pleased to announce the result of the final reverse circulation ("RC") drill hole from the 'Ngoualana' prospect, located at the Company's Bougouni lithium project in Southern Mali ("Bougouni" or the "Bougouni Project"). In addition, the Company is pleased to provide a brief update of on-going field and exploration activities.
Kodal completed the major RC drilling programme at the Bougouni project in June 2017. The Company has released a series of market updates as drilling results have been received and is now reporting the final RC drill intersection results. The final assay results have been received for drill hole KLRC055 which returned an intersection of 7m at 1.52% Li2O from 79m depth*. This drill hole is located at the eastern end of the Ngoualana prospect and confirms the eastern extension and that the prospect remains open along strike and at depth. Further drilling is planned and is expected to re-commence after the end of the wet season in southern Mali.
Th drill core from the five diamond drill holes at Ngoualana is being processed, with core from the first holes submitted to the laboratory for analysis and for the remaining holes being cut onsite. In addition to the analysis for Li2O, samples are being selected for additional metallurgical testing.
Kodal is maintaining its busy exploration programme, with work at the Bougouni Project currently involving preparation for a ground geophysical survey designed to test if the structures hosting the mineralised pegmatite veins can be detected and delineated to assist in future drill targeting.
In addition, the Company is continuing with the metallurgical testing of the original samples sent to China to extend processing through to the production of a battery grade Lithium Carbonate to confirm the specifications of the product.
Kodal also advises that it is continuing to work with major shareholder Suay Chin International Pte to ensure completion of its investment in the Company and the off-take agreement.
*The intersection reported is based on a 1% Li2O lower-cut off, with maximum 2m continued dilution. Only intersections greater than 5m are reported. Drilling was RC, completed by West African drilling contractors Geodrill Limited. Assays are of 1m riffle split samples. Analysis was completed by SGS laboratories, with preparation in Bamako, Mali, and final analysis at Vancouver, Canada.
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.
**ENDS**
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, AIM Nominated Adviser Jeremy Porter/Nick Harriss |
Tel: 020 3328 5656 |
SP Angel Corporate Finance LLP, Financial Adviser & Broker John Mackay |
Tel: 020 3470 0470 |
St Brides Partners Ltd, Financial PR Susie Geliher/Lottie Brocklehurst/Megan Dennison |
Tel: 020 7236 1177 |
