By Alex MacDonald

LONDON--Kodal Minerals PLC(KOD.LN) said Monday it is progressing with the development of two gold joint ventures in the Ivory Coast with fellow partners and operators Resolute Mining Ltd (RSG.AU) and Newcrest Mining Ltd (NCM.AU).

The U.K.-listed miner, with interests in lithium and gold, said Resolute found up to 12 meters of ore containing 0.34 grams of gold per ton of rock at the Tiebissou concession and identified a new gold zone at its Nielle concession.

Resolute agreed to spend $3 million within four years to earn a 75% in the joint venture that holds the concessions.

In a separate joint venutre, Newcrest said it is progressing with a drilling program at the Dabakala concession. Newcrest agreed to spend $1.75 million to earn 75% of the Dabakala concession.

"Whilst work by our JV partners continues, Kodal's immediate focus remains the Bougouni Lithium Project in Mali," said Bernard Aylward, Chief Executive of Kodal Minerals.

The company plans to start a 2,000 meter drill program at Bougouni this month and will provide a resource update in the near future.

Kodal said last month it had decided to temporarily suspend development work on its non-core Kodal phosphate and titanomagnetite project located in Norway to prioritize development of its lithium projects in Mali and gold projects in West Africa.

Write to Alex MacDonald at alex.macdonald@wsj.com

(END) Dow Jones Newswires

November 07, 2016 02:41 ET (07:41 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
Resolute Mining (ASX:RSG)
Historical Stock Chart
From Nov 2024 to Dec 2024 Click Here for more Resolute Mining Charts.
Resolute Mining (ASX:RSG)
Historical Stock Chart
From Dec 2023 to Dec 2024 Click Here for more Resolute Mining Charts.