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 January 2019
Kodal Minerals plc ('Kodal Minerals' or the 'Company')
High-Grade Lithium Intersections continue for the Bougouni Lithium Project,
Southern Mali
Kodal Minerals, the mineral exploration and development company focused on the Bougouni Lithium Project, is pleased to report the final set of assay results for the diamond drilling completed at the Company's 450km2 Bougouni Lithium Project in Southern Mali ("Bougouni"). This announcement relates to drilling completed in November and December 2018 and reports four diamond drill holes from the Sogola-Baoule and Ngoualana prospects, and seven RC drill results from the Sogola-Baoule and Boumou prospects. Final assay results from further RC drill holes are expected in the upcoming weeks.
Highlights
· Diamond drill holes at the Sogola-Baoule and Ngoualana prospects continue to return high-grade mineralisation confirming geological interpretation:
o 9.0m at 1.27% Li2O from 36.65m in drill hole MDDH009
10.5m at 1.23% Li2O from 50.15m in drill hole MDDH009
11.5m at 1.76% Li2O from 88.2m in drill hole MDDH009
o 14.5m at 1.74% Li2O from 113.85m in drill hole KLDH015
(Note all depths are downhole depth, and true vertical depth will be shallower or closer to surface. Hole MDDH009 is from the Sogola-Baoule prospect, KLDH015 is from Ngoualana prospect)
· RC drilling at the Sogola-Baoule and Boumou prospect continued to define and extend mineralisation. Multiple mineralised intersections include:
o 28m at 1.33% Li2O from 76m in drill hole MDRC122;
o 10m at 1.25% Li2O from 105m in drill hole KLRC143;
o 11m at 1.32% Li2O from 114m in drill hole KLRC145;
(Note all depths are downhole depth, and true vertical depth will be shallower or closer to surface. Hole MDRC122 is from Sogola-Baoule and holes KLRC143 and KLRC145 are from Boumou propsect)
· Final assay results are expected within the next two weeks with RC drill holes remaining for Sogola-Baoule and Boumou to report
· Mineral Resource estimate remains on schedule for announcement by the end of February 2019
Bernard Aylward, CEO of Kodal Minerals, said: "These drilling results reported today again highlight the continuity of mineralisation and confirm the geological model at all three of our advanced prospects that formed the basis of our Maiden Mineral Resource estimate of 17.3Mt at 1.20% Li2O announced on 5 September 2018. Indeed, the main aim of the drilling programme, completed in November and December 2018, was to continue to expand the defined mineralisation and also importantly provide confidence in our models as we look to update our JORC Mineral Resource estimate and the classification in the Indicated and Inferred categories.
"These results and updated Mineral Resource estimate are important components of our development programme. Our Project Manager Steve Zaninovich is on site at Bougouni this week continuing to work with our geological team as well as conducting site visits for Engineering contractors to review the scope of work required for potential site infrastructure."
Further Information
Bougouni Lithium Project - Drilling Update
Diamond Core Results
This announcement provides the final assay results for the diamond core completed at the Sogola-Baoule and Ngoualana prospects.
At the Ngoualana prospect, three diamond core holes were completed targeting the eastern extension of the mineralisation. This area is modelled as a zone of multiple pegmatite veins and the drill holes were targeting intersections in the fresh rock as well as providing additional samples for metallurgical testing. The drill holes have intersected pegmatite as expected and the assay results and geological logging of the diamond core confirm the existing geological interpretation, and importantly highlight the consistency of the mineralised veins along the strike length of the deposit.
The final drill hole for the Sogola-Baoule diamond core drilling was located in the western portion of the prospect and was designed to provide detailed representation of the pegmatite vein along the strike of the mineralisation.
Significant intersections for the four diamond drill holes calculated using a 1% Li2O lower cut-off, maximum 2m internal dilution are tabled below:
Hole Id |
Northing |
Easting |
Hole Depth m |
From m |
To m |
Thickness m |
Li2O % |
MDDH009 |
1253431 |
652930 |
228.3 |
26.95 |
27.95 |
1.00 |
1.78 |
MDDH009 |
|
|
|
36.65 |
45.65 |
9.00 |
1.27 |
MDDH009 |
|
|
|
50.15 |
60.65 |
10.50 |
1.23 |
MDDH009 |
|
|
|
88.20 |
99.7 |
11.50 |
1.76 |
MDDH009 |
|
|
|
105.70 |
108.7 |
3.00 |
1.03 |
KLDH013 |
1255199 |
664608 |
96.3 |
70.60 |
74.6 |
4.00 |
1.88 |
KLDH013 |
|
|
|
81.10 |
83.1 |
2.00 |
1.42 |
KLDH014 |
1255239 |
664549 |
99.3 |
70.00 |
74.5 |
4.50 |
1.74 |
KLDH015 |
1255218 |
664452 |
150.3 |
72.80 |
74.3 |
1.50 |
1.60 |
KLDH015 |
|
|
|
104.85 |
106.35 |
1.50 |
1.36 |
KLDH015 |
|
|
|
113.85 |
128.35 |
14.50 |
1.74 |
Notes: Drill holes prefixed MDDH* are diamond core drill holes at the Sogola-Baoule prospect, and drill holes prefixed KLDH* are diamond core drill holes at the Ngoualana prospect. Drill holes are completed with core at HQ diameter. Drill holes have been sampled on a 0.5m basis, with core cut along an orientation line, and subsequent quarter 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 surveyed 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 Li2O% by a factor of 2.153. Intersections are reported using a 1%Li2O lower-cut-off, and allowing for a maximum of 2m internal dilution.
RC Drill Holes - Sogola-Baoule and Boumou Prospects
As previously announced, RC drill holes were completed in November and December 2018 designed to define and extend the identified lithium mineralisation at the Sogola-Baoule and Boumou prospects. The results announced today continue the results previously announced on 18 January 2019.
Significant intersections for the RC drilling calculated using a 1% Li2O lower cut-off, maximum 2m internal dilution are tabled below:
Hole Id |
Northing |
Easting |
Hole Depth m |
From m |
To m |
Thickness m |
Li2O % |
MDRC122 |
1253569 |
653181 |
157 |
47 |
55 |
8 |
1.14 |
|
|
|
|
76 |
104 |
28 |
1.33 |
KLRC141B |
1255758 |
655195 |
127 |
96 |
101 |
5 |
0.57 |
KLRC142 |
1255701 |
655200 |
121 |
72 |
78 |
6 |
0.78 |
KLRC143 |
1255642 |
655200 |
121 |
64 |
72 |
8 |
1.06 |
|
|
|
|
66 |
70 |
4 |
1.34 |
|
|
|
|
105 |
115 |
10 |
1.25 |
KLRC144B |
1255575 |
655199 |
133 |
82 |
85 |
3 |
1.19 |
|
|
|
|
113 |
116 |
3 |
1.31 |
KLRC145 |
1255519 |
65519 |
145 |
114 |
125 |
11 |
1.32 |
|
|
|
|
|
|
|
|
|
Notes: Drill holes are RC drill holes. Drill holes prefixed MDRC* are from the Sogola-Baoule prospect, and drill holes prefixed KLRC* are from the Boumou prospect. Drill holes have been sampled on a 1.0 basis with samples collected via a riffle split system. 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 Li2O% by a factor of 2.153. Intersections are reported using a 1%Li2O lower-cut-off, and allowing for a maximum of 2m internal dilution.
The drill hole MDRC122 is located in the central portion of the Sogola-Baoule prospect and is an infill drill hole designed to confirm the presence of shallow mineralisation and close in drill hole spacing to approximately 50m. This wide, high-grade zone is continuous from near surface to over 150m depth and is confirmed on adjacent sections. This is a priority zone for assessment of mining for the Sogola-Baoule prospect.
The drilling results for the Boumou prospect are from holes located in the southern portion of the prospect and have demonstrated a continued extension of the multiple mineralised pegmatite veins and further indicate that the prospect remains open to the southwest and north east. This drilling has extended the known strike length of mineralisation for over 150m and confirmed depth continuity.
Final RC drill results are pending for Boumou and Sogola-Baoule prospects and will be reported as soon as available.
Competent Persons Statement
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, 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/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 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:
|
Tonnes (Mt) |
Li2O% Grade |
Contained Li2O (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.
