TIDMKOD
RNS Number : 4919H
Kodal Minerals PLC
15 November 2018
This announcement replaces the Bougouni Project Update
announcement released today at 09:22 under RNS number 4670H as the
title was incorrect. The title has been corrected in the
announcement below and all other details remain unchanged.
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
15 November 2018
Kodal Minerals plc ('Kodal Minerals' or the 'Company')
Bougouni Project update - high grade Diamond Core drill results
from Sogola-Baoule Prospect and Boumou Prospect
Kodal Minerals, the mineral exploration and development company
focused on the Bougouni Lithium Project, is pleased to report
further assay results for the diamond drill holes completed during
the wet season at the Sogola-Baoule prospect ("Sogola-Baoule") and
Boumou prospect ("Boumou") located on the Company's 450km(2)
Bougouni Lithium Project in Southern Mali ("Bougouni").
Highlights
-- At Sogola-Baoule, diamond core intersections include:
o 18m at 1.35% Li(2) O from 74.75m in drill hole MDDH005;
o 16.5m at 1.32% Li(2) O from 153.5m in drill hole MDDH004;
(Note all depths are downhole depth, and true vertical depth
will be shallower or closer to surface)
-- First diamond core intersections at Boumou prospect return
multiple mineralised pegmatite intersections including:
o 6m at 1.39% Li(2) O from 65.55m;
5m at 1.32% Li(2) O from 80.5m; and
9.5m at 1.41% Li(2) O from 93.3m in drill hole KLDH007; and
o 7m at 1.43% Li(2) O from 43.49m in drill hole KLD008;
(Note all depths are downhole depth, and true vertical depth
will be shallower or closer to surface)
-- Diamond drilling recommencing at Sogola-Baoule today
Bernard Aylward, CEO of Kodal Minerals, said: "These continued
high-grade results for Sogola-Baoule are very pleasing. The main
pegmatite zone is proving to be very consistent and we are planning
our drill holes to infill the prospect for updating our mineral
resource estimate and continuing to extend the prospect to the
northeast. At Boumou we are adding definition to our multiple
pegmatite veins and we will be looking to extend these zones where
we have veins in close proximity that will improve our potential
mining optimisations."
"Our new drilling season is commencing today, and this is a very
important stage for us as we look to move rapidly to development.
Our programme will commence with two drill rigs at Sogola-Baoule
and then following with extension drilling at Boumou and
Ngoualana."
Further Information
Bougouni Lithium Project - Drilling Update
This announcement updates the drilling results for Sogola-Boule
with additional results for three diamond drill holes and the first
three holes for the Boumou prospect. We are pending results for the
remaining three core holes at Boumou. Following a site visit and
review of the core, additional sampling is being completed for the
Sogola-Baoule core. Significant intersections calculated using a 1%
Li(2) O lower cut-off, maximum 2m internal dilution are tabled
below:
Hole
Depth From To Thickness Li(2)
Prospect Hole Id Northing Easting m m m m O %
Baoule MDDH003 1253718 653445 102.2 70.45 73.95 3.5 1.61
MDDH003 70.45 76.45 6 1.30
MDDH003 81.23 90.23 9 1.62
---------- --------- -------- ------- ------- ------- ---------- ------
Baoule MDDH004 1253627 653184 234.5 116.44 120.94 4.5 1.16
MDDH004 153.50 170.00 16.5 1.32
MDDH004 227.45 232.45 5 1.28
---------- --------- -------- ------- ------- ------- ---------- ------
Baoule MDDH005 1253784 653603 135.21 74.75 92.75 18 1.35
---------- --------- -------- ------- ------- ------- ---------- ------
Boumou KLDH007 1255574 655328 108.4 65.55 71.55 6 1.39
KLDH007 80.50 85.50 5 1.32
KLDH007 93.30 102.80 9.5 1.41
---------- --------- -------- ------- ------- ------- ---------- ------
Boumou KLDH008 1255792 655401 174.5 36.99 43.99 7 1.43
KLDH008 89.19 92.19 3 1.32
KLDH008 103.78 106.28 2.5 1.42
---------- --------- -------- ------- ------- ------- ---------- ------
Notes: Drill holes are diamond core drill holes 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 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 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.
Sogola-Baoule Prospect
The results at Sogola-Baoule prospect continue to have a very
high correlation with the Company's current geological model and
increase our confidence in the interpretation. The current drilling
programme is designed to infill the geological model and is
focussed on providing data to upgrade our mineral resource
estimate. The reverse circulation ("RC") drilling will focus on
extension of the main pegmatite zone as well as delineating the
parallel veins.
Kodal Minerals is undertaking some further sampling of the
diamond core and completing detailed geological logging.
Boumou Prospect
Diamond core drilling at the Boumou prospect targeted both the
'northern' and 'southern' zones for the prospect. The Boumou
prospect is characterised by multiple lithium mineralised pegmatite
veins with an overall strike trending
east-northeast/south-southwest and dipping to the north. The
geological interpretation from our initial RC drilling highlighted
the separate 'northern' and 'southern' zones that formed the
initial minerals resource estimate. This announcement details assay
results received for the first three diamond core holes that
targeted the southern zone. Geological logging and assay results
for the prospect received so far confirm our geological model.
The Boumou prospect will be targeted by RC drilling in the next
campaign with a focus on continuing to expand the mineralised zone
and define mineralisation with potential to support open pit
mining.
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.
**S**
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 Tel: 020 3470
John Mackay 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 450km(2) 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:
Contained Li(2)
Tonnes Li(2) O% O
(Mt) Grade (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.
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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