TIDMKOD
RNS Number : 4827N
Kodal Minerals PLC
18 January 2019
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 2019
Kodal Minerals plc ("Kodal Minerals" or "the Company")
High-Grade Lithium Intersections for the Sogola-Baoule and
Boumou prospects,
Bougouni Lithium Project, Southern Mali
Kodal Minerals, the mineral exploration and development company
focused on the Bougouni Lithium Project, is pleased to report
further high-grade assay results for the diamond drilling and
reverse circulation ("RC") drilling completed in November and
December 2018 at the Company's 450km(2) Bougouni Lithium Project in
Southern Mali ("Bougouni" or "the Project").
Highlights
-- Sogola-Baoule prospect focused on infill and extension
drilling of the defined mineralisation and continued to high grade
mineralisation:
o 18.5m at 1.52% Li(2) O from 99.3m in drill hole MDDH007
o 14m at 1.43% Li(2) O from 142.5m in drill hole MDDH008
o 26m at 1.24% Li(2) O from 73m in drill hole MDRC115B
Including 13m at 1.70% Li(2) O from 86m
o 21m at 1.58% Li(2) O from 108m in drill hole MDRC117;
(Note all depths are downhole depth, and true vertical depth
will be shallower or closer to surface. Holes MDDH are diamond
holes, MDRC are RC holes))
-- Boumou prospect final diamond drill holes intersected
multiple mineralised pegmatite veins including:
o 7.5m at 1.04% Li(2) O from 130.3m and
9.5m at 1.04% Li(2) O from 142.8m in drill hole KLDH006;
(Note all depths are downhole depth, and true vertical depth
will be shallower or closer to surface)
-- Bougouni Project's geological model confirmed by drilling
results and an update of interpretation is in progress. Assay
results pending for a further 2,732 samples currently in process of
analysis
-- Mineral Resource estimate update expected by the end of February 2019
Bernard Aylward, CEO of Kodal Minerals, said: "The drilling
programme completed last year at the Sogola-Baoule and Boumou
prospects has confirmed the continuity and robustness of the
lithium mineralisation at Bougouni. This gives us great confidence
as we continue to fast track our development plans for the Project.
As such, we are in the process of completing a Mineral Resource
estimate update that will include all drilling results to date as
we look to confirm a long term mine life. This is on track for
delivery at the end of February 2019.
"The opportunity highlighted by these continuing good results is
that we are now able to assess our proposed operation parameters
and factor in a larger mining operation with an initial 1.2Mtpa
processing plant, expanding to 1.5Mtpa as the operation moves into
steady production phase.
"With this in mind, we are continuing to map out a development
programme and will be looking to provide an update to the market on
our recent activity and engagement of specialised Engineering
contractors to work with Kodal and support this development
schedule in due course."
Further Information
Bougouni Lithium Project - Drilling Update
Sogola-Baoule Prospect
Kodal completed a diamond drilling and RC drilling campaign at
the Sogola-Baoule prospect in November and December 2018. The
drilling programme consisted of:
Sogola-Baoule No. Drill Total Metres
Prospect Holes Drilled
RC Drilling 19 3,045
Diamond Drilling 4 763.3
Grand Total 23 3,808.3
The diamond core portion of the drilling programme was aimed at
providing detailed geological information on the pegmatite hosted
mineralisation along the strike length of the prospect and
providing high quality data to validate our geological model.
Geological logging of the diamond core confirms the existing
geological interpretation, and importantly highlights the
consistency of the mineralised veins along the strike length of the
deposit.
The RC portion of the drilling programme was designed to provide
infill and definition data for the main zone of the Sogola-Baoule
prospect, as well as to continue to define extensions to the
mineralisation. Following the Maiden Resource estimate and
preliminary open pit optimisation it was evident that the resource
could be economically tested at depth as well as along strike. This
programme of drilling has confirmed continuity of mineralisation at
depth and has potential to impact on future mine design following a
Mineral Resource update.
The Sogola-Baoule prospect remains open along strike and at
depth and is a priority target for further drill testing. During
December 2018 and January 2019 Kodal has completed a ground
magnetic survey aimed at providing further understanding of the
geological structure of the Sogola-Baoule prospect and assisting in
the ranking of targets for further drilling. The interpretation of
the ground magnetics is continuing.
This announcement is reporting assay results for a further three
diamond drill holes (MDDH006 to MDDH008) and twelve RC drill holes
(MDRC110 to MDRC121). 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)
Hole Id Northing Easting m m m m O %
MDRC110 1253487 653001 187 52 57 5 1.56
81 85 4 1.34
89 92 3 1.61
107 115 8 1.54
--------- -------- --------- ------- ------- ---------- ------
MDRC111 1253515 653056 169 48 59 11 1.03
92 105 13 1.46
--------- -------- --------- ------- ------- ---------- ------
MDRC112 1253529 653085 151 52 60 8 1.35
90 109 19 1.30
--------- -------- --------- ------- ------- ---------- ------
MDRC114 1253443 652952 133 38 60 22 1.10
93 106 13 1.48
--------- -------- --------- ------- ------- ---------- ------
MDRC115B 1253544 653129 133 73 99 26 1.24
Includes 86 99 13 1.7
--------- -------- --------- ------- ------- ---------- ------
MDRC116 1253719 653421 121 76 82 6 1.91
87 96 9 1.17
--------- -------- --------- ------- ------- ---------- ------
MDRC117 1253779 653499 165 108 129 21 1.58
151 157 6 1.47
--------- -------- --------- ------- ------- ---------- ------
MDDH006 1253889 653625. 180.4 126.07 129.07 3.00 1.28
146.00 146.50 0.50 1.87
-------- --------- ------- ------- ---------- ------
MDDH007 1253638 653288 129.3 53.00 54.00 1.00 1.39
80.80 81.30 0.50 1.1
84.80 86.80 2.00 1.92
99.30 117.80 18.50 1.52
--------- -------- --------- ------- ------- ---------- ------
MDDH008 12533045 652806 225.3 41.45 42.45 1.00 1.14
57.80 59.8 2.00 1.31
72.15 73.15 1.00 1.7
84.15 86.15 2.00 1.65
101.65 102.65 1.00 1.7
107.15 113.65 6.50 1.76
122.35 123.85 1.50 1.52
142.54 156.54 14.00 1.43
192.90 193.9 1.00 2.27
209.40 214.4 5.00 1.22
--------- -------- --------- ------- ------- ---------- ------
Notes: Drill holes prefixed MDDH* 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 holes prefixed
MDRC* are RC drill holes. 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 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.
Drill hole MDDH006 is located to the northeast of the prospect
and is interpreted to have intersected a fault zone. Review of the
ground magnetics does highlight potential geological offset in this
region, and further drilling will target an area further to the
northeast.
Assay results are pending for an additional 18 RC drill holes
and one diamond drill hole. Following receipt of all assay
information the Company will complete a geological interpretation
and validation followed by completing an updated Mineral Resource
estimate. This estimate will be used as a guide to prioritise
further drilling at the Sogola-Baoule prospect.
Boumou Prospect
This announcement reports the final diamond drill hole for the
Boumou prospect, hole KLDH006, located in the northern zone of the
prospect area. In addition to completing the diamond drill hole a
programme of RC drilling targeting definition and extensions to the
southern zone of pegmatite veins at the Boumou prospect has been
completed. All assays are pending for the RC drilling. The
completed drilling for November and December 2018 consists of:
No. Drill Total Metres
BoumounProspect Holes Drilled
RC Drilling 11 1,337
Diamond Drilling 1 225.3
Grand Total 12 1,562.3
Drill hole KLDH006 intersected multiple pegmatite veins, consist
with the geological interpretation, and significant intersections
are tabled below:
Hole
Depth From To Thickness Li(2)
Hole Id Northing Easting m m m m O %
KLDH006 1256400 655500 225.3 56.55 58.05 1.50 1.48
59.55 60.55 1.00 1.43
81.15 82.15 1.00 1.34
117.77 119.77 2.00 1.40
130.30 137.80 7.50 1.04
142.80 152.30 9.50 1.04
--------- -------- ------- ------- ------- ---------- ------
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.
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 maiden
Mineral Resource estimate for the prospect highlight two distinct
zones being the "North" and South" zones. The results of the
completed drilling and geological review of the data highlights
that the southern zone is proving more robust and will be the
target for further definition and extensions drilling. The
completed RC drilling programme has continued to demonstrate the
extensions of the mineralised pegmatite bodies and further
geological review in conjunction with the ground magnetic survey is
highlighting priority targets for next phase drilling.
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 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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END
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