TIDMKOD
RNS Number : 2319C
Kodal Minerals PLC
18 January 2018
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
18 January 2018
Kodal Minerals plc ('Kodal Minerals' or 'the Company')
Infill and Extension Drilling Confirms High-Grade Lithium
Mineralisation
Bougouni Project, Southern Mali
Kodal Minerals plc, the mineral exploration and development
company focussed on West Africa, is pleased to provide this update
on drilling progress at the Company's Bougouni Lithium Project in
Southern Mali ("Bougouni" or the "Project"). These initial results
are from drilling completed as part of the major exploration
campaign consisting of drilling, metallurgical testing and bulk
sampling that the Company announced in October 2017.
Highlights
-- Assay results have been received for the first 11 Reverse
Circulation (RC) drill holes completed at the Ngoualana (7 drill
holes) and Sogola-Baoule (4 drill holes) prospects.
-- Ngoualana drilling focussed on infill and extension drilling
with the prospect remaining open along strike and at depth.
-- Ngoualana prospect new intersections include:
o 31m at 1.61% Li(2) O from 65m;
o 20m at 1.69% Li(2) O from 71m; and
o 18m at 1.66% Li(2) O from 66m.
-- Drilling at Ngoualana has targeted shallow depths and
confirms wide, consistent pegmatite hosted mineralisation that
confirms the existing geological model. A total of 32 RC drill
holes for 4,023m have been completed in this phase of exploration
drilling.
-- Drilling at the Sogola-Baoule prospect, 10 RC drill holes for
1,263m, targeted the southwestern extension of the pegmatite bodies
and confirms multiple zones of lithium bearing pegmatite
including:
o 12m at 1.69% Li(2) O from 110m; and
o 10m at 1.56% Li(2) O from 128m;
Bernard Aylward, CEO of Kodal Minerals, said: "These drilling
results are very pleasing for the Ngoualana prospect where our
current drilling programme is defining strike extensions to the
mineralised pegmatite body, and our infill drilling is confirming
continuity and wide zones of high-grade mineralisation. At the
Sogola-Baoule prospect we are intersecting multiple zones of
pegmatite intrusions and our drilling is continuing to extend this
prospect along strike as well. This is very encouraging as we are
seeking to build up the number of mineralised zones as we continue
to look to develop a mining hub sourcing from multiple veins.
"Our exploration campaign is ongoing with drilling expected to
recommence shortly following a Christmas break and the awarding of
the bulk sampling contract to be finalised and activities shortly
to commence. Additional assay for the drilling completed in
December 2017 will be reported to the market as soon as they become
available."
Further Information
Bougouni Lithium Project -Drilling Update
The exploration drilling campaign re-commenced at Bougouni in
October 2017 with a total of 36 RC drill holes for 5,286m completed
prior to the Christmas break. The drilling targeted two key
prospects initially - the Ngoualana prospect and the Sogola-Baoule
prospect. Drilling has been slower than anticipated as a result of
some difficult ground conditions due to higher water table levels
following the wet season, and increased travel time to some
prospects due to high river levels. The drilling conditions are
expected to improve in the next phase of drilling.
At the Ngoualana prospect a total of 32 drill holes for 4,023m
were completed with drilling focussed on shallow infill holes,
strike extension holes and reconnaissance targeting of off-set
structures and parallel pegmatite intrusions. Review of the drill
holes indicates that the main pegmatite veins have been
successfully extended along strike, and that the shallow infill
drill holes are returning wide zones of pegmatite consistent with
previous drilling. This information is providing Kodal with
additional confidence in the geological model and improves the
Company's targeting for ongoing drilling.
At the Sogola-Baoule prospect an additional 10 RC drill holes
for 1,263m have been completed targeting the southwestern extension
of the pegmatite bodies. Drilling has successfully delineated
extensions to the pegmatite bodies with the prospect remaining open
along strike and at depth. The geological interpretation of the
Sogola-Baoule prospect indicates multiple pegmatite veins in close
proximity with good continuity and width. This prospect is being
assessed for a potential bulk tonnage mining scenario, however the
Company's initial interpretation is focussed on the delineation of
individual mineralised veins.
Initial assay results have been received for seven drill holes
at the Ngoualana prospect and four drill holes at the Sogola-Baoule
prospect. Intersections are tabled below, with intersections
calculated using a 1% Li(2) O lower cut-off, maximum 2m internal
dilution and only reporting intersections of greater than 5m
width:
Hole Li(2)
Hole Depth From To Thickness O
Prospect Id Northing Easting m m m m %
----------- ---------- --------- -------- ------- ----- ---- ---------- ------
Ngoualana KLRC056 1255428 664186 85 59 75 16 1.65
----------- ---------- --------- -------- ------- ----- ---- ---------- ------
Ngoualana KLRC057 1255424 664214 109 79 95 16 1.64
----------- ---------- --------- -------- ------- ----- ---- ---------- ------
Ngoualana KLRC058 1255394 664351 102 66 84 18 1.66
----------- ---------- --------- -------- ------- ----- ---- ---------- ------
Ngoualana KLRC059 1255387 664376 126 82 93 11 1.47
----------- ---------- --------- -------- ------- ----- ---- ---------- ------
Ngoualana KLRC060 1255381 664407 105 71 91 20 1.69
----------- ---------- --------- -------- ------- ----- ---- ---------- ------
Ngoualana KLRC061 1255376 664431 108 65 96 31 1.61
----------- ---------- --------- -------- ------- ----- ---- ---------- ------
Ngoualana KLRC062 1255325 664459 51 42 49 7 1.58
----------- ---------- --------- -------- ------- ----- ---- ---------- ------
Baoule MDRC021B 1253183 652582 168 81 86 5 1.5
----------- ---------- --------- -------- ------- ----- ---- ---------- ------
MDRC021B 91 97 6 0.98
---------------------- --------- -------- ------- ----- ---- ---------- ------
MDRC021B 110 122 12 1.69
---------------------- --------- -------- ------- ----- ---- ---------- ------
Baoule MDRC022 1253061 652627 170 128 138 10 1.56
----------- ---------- --------- -------- ------- ----- ---- ---------- ------
MDRC022 158 163 5 1.55
---------------------- --------- -------- ------- ----- ---- ---------- ------
Notes: Drill holes are reverse circulation drill holes completed
by specialist contractor Geodrill Limited. Drill holes have been
sampled on a 1m basis, with samples collected via a cyclone and
riffle splitter. Drill hole collars are surveyed using a hand-held
GPS with sub1-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. 1m samples of pegmatite rock have been collected via
riffle splitter, and 3 metre composite samples of metasediment host
rock. Samples analysed by ALS Global. Assay results are reported as
Li% and converted to Li(2) O% by a factor of 2.153. Intersections
are reported using a 1%Li(2) O lower-cut-off, and allowing for a
maximum of 2m internal dilution.
Samples were analysed by ALS Laboratories, with sample receipt
and preparation at ALS Bamako, Mali, with final analysis completed
at ALS Vancouver, Canada. Samples analysis was completed with a
four-acid digest and final detection by ICP-AES method.
Lithium
The pegmatite veins intersected by drilling at Bougouni are
spodumene rich (20-30% spodumene content) low mica pegmatite bodies
with spodumene being the main lithium bearing mineral in most hard
rock lithium deposits. The high-grade lithium mineralisation
returned in the assays compares favourably with other hard rock
spodumene mineralised pegmatite veins under development around the
world where grades range from 1.1% Li(2) O through to 1.4% Li(2) O.
The intersections reported in this announcement have been estimated
using a 1.0% Li(2) O lower-cut, and have consistently high
mineralisation throughout the pegmatite bodies.
An initial review of the development process for the Bougouni
lithium pegmatite bodies was completed as part of the World Bank
sponsored SYSMIN study completed by CSA Global in 2008. This report
indicated that a process of mine site crushing, screening and dense
media separation techniques was able to produce a good quality
spodumene concentrate, with grade over 6% Li(2) O. Chemical grade
spodumene concentrate (typically containing 6% Li(2) O) is sold for
use in battery manufacturing and other industrial applications.
Recent lithium concentrate (grade 6%) prices are approximately
US$600/t.
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 Tel: 020 3328
Jeremy Porter/Nick Harriss 5656
SP Angel Corporate Finance LLP,
Financial Adviser & Broker Tel: 020 3470
John Mackay/Laura Harrison 0470
St Brides Partners Ltd, Financial
PR Tel: 020 7236
Susie Geliher/Megan Dennison 1177
This information is provided by RNS
The company news service from the London Stock Exchange
END
DRLSFLSMAFASEIF
(END) Dow Jones Newswires
January 18, 2018 02:00 ET (07:00 GMT)
Kodal Minerals (LSE:KOD)
Historical Stock Chart
From Apr 2024 to May 2024
Kodal Minerals (LSE:KOD)
Historical Stock Chart
From May 2023 to May 2024