TIDMKOD
RNS Number : 4742H
Kodal Minerals PLC
04 August 2021
Certain information contained within this announcement is deemed
by the Company to constitute inside information for the purposes of
Regulation 11 of the Market Abuse (amendment) (EU Exit) Regulations
2019/310 . Upon the publication of this announcement, this inside
information is now considered to be in the public domain.
Kodal Minerals Plc / Index: AIM / Epic: KOD / Sector: Mining
4 August 2021
Kodal Minerals plc ('Kodal Minerals' or the 'Company')
Update on Mining Licence Application and Nielle Aircore drilling
results
Kodal Minerals, the mineral exploration and development company
focused on the Bougouni Lithium Project in Mali ("Bougouni") and
its gold assets in West Africa, is pleased to provide an update on
the progress of its mining licence application for Bougouni
together with the results of the recently completed aircore
drilling at the Nielle gold concession ("Nielle") located in
northern Côte d'Ivoire.
Highlights
Bougouni Lithium Project
-- Bougouni Mining Licence application has now been forwarded
from the Ministry of Mines, Energy and Water to the Secretary
General's office for final review prior to presentation at the
Conseil des Ministres.
-- This is the final stage prior to the signing of the Mining
Licence and Kodal is informed that all is progressing as
expected.
Nielle Gold Project
-- Nielle aircore drill results have been returned with
wide-spaced drill traverses confirming a 4.5km gold mineralised
trend with extensions of up to 1.5km south and over 1km north.
-- Aircore drilling significant anomalism includes:
o 2m at 675ppb gold from 26m eoh in drill hole NLAC295
Including 1m at 1140ppb gold from 26m.
o 6m at 240ppb gold from 18m in drill hole NLAC230
o 1m 780ppb gold from 21m in drill hole NLAC277
(eoh signifies an end-of hole anomalous intersection)
(ppb gold is parts per billion - 100ppb gold equals 0.1g/t
gold)
-- Aircore drill results consistent with the initial
reconnaissance drilling that discovered the Nielle mineralised
zone.
-- Kodal's recent drilling campaign has successfully extended
the Nielle gold mineralised trend as well as confirmed high grade
gold mineralisation.
-- Follow-up and infill drilling to be carried out in the next phase of work.
Bernard Aylward, CEO of Kodal Minerals, commented: "Our Mining
Licence application for the Bougouni Lithium Project is now in the
final stages of approval. The new Mining licence decree has been
drafted and verified by the Mali Ministry of Mines and forwarded to
the Secretary General's office. From this point the licence
application is prepared for presentation at the Conseil des
Ministres of Mali and following agreement will be formally
approved. We will be monitoring the progress and will update
investors as we receive further information.
"Our first gold exploration drilling campaign at the Nielle
concession has been very successful. As previously announced the
reverse circulation ("RC") drilling returned high-grade gold
mineralisation and now our reconnaissance aircore drilling is
demonstrating major strike extensions as well as additional
parallel zones of mineralisation. This aircore drilling is wide
spaced, however the tenor of gold anomalism returned is consistent
with the initial drilling that discovered the Nielle gold
mineralised zone. The Nielle prospect is at an early stage however
the results received so far have given encouragement as to the
possible resource potential here. Further exploration drilling will
be undertaken later this year with the objective of delivering a
maiden mineral resource estimate."
FURTHER INFORMATION
Nielle Concession
Kodal completed this reconnaissance aircore drilling campaign
with a total of 152 drill holes for a total of 5,084m completed.
The drilling was planned to target the strike extensions of the
defined gold mineralised zone that has been confirmed by our
initial RC drilling as well as target new parallel targets that
were indicated in surface geochemical anomalism.
The aircore drilling averaged 33m depth and intersected a
weathered geological profile with the intersected gold anomalism
associated with quartz veining and evidence of alteration. The
bottom-of-hole gold anomalism further confirms that the surface
gold geochemical anomalism relates to primary gold mineralisation
and is a reliable exploration tool. Kodal's review of the historic
exploration has identified further targets requiring reconnaissance
drilling and this completed wide-spaced aircore drilling requires
infill definition to target initial RC drilling.
The Nielle concession has a gold anomalous trend extending for
over 4.5km and remains open along strike. This significant trend
has already confirmed high-grade gold mineralisation with RC
drilling and this work is demonstrating the potential for
additional high-grade primary gold mineralisation. Kodal is
planning the next phase of exploration and expects to commence work
at Nielle following the wet season in northern Côte d'Ivoire.
The significant anomalism intersected in the aircore drill holes
calculated using a 100ppb gold lower cut-off is tabled below:
Hole
Depth From To Thickness
Hole Id Northing Easting m m m m ppb Au
NLAC224 1137401 207448 43 3 6 3 130
--------- -------- --------- ----- ------ ---------- -------
NLAC225 1137401 207502 38 3 6 3 120
12 18 6 475
--------- -------- --------- ----- ------ ---------- -------
NLAC230 1137001 206254 21 15 21eoh 6 240
--------- -------- --------- ----- ------ ---------- -------
NLAC235 1137002 206750 26 0 3 3 100
--------- -------- --------- ----- ------ ---------- -------
NLAC237 1137003 206854 23 4 7 3 100
--------- -------- --------- ----- ------ ---------- -------
NLAC241 1137004 207054 38 6 9 6 280
18 19 1 100
--------- -------- --------- ----- ------ ---------- -------
NLAC266 1136596 206154 38 34 37 3 230
--------- -------- --------- ----- ------ ---------- -------
NLAC270 1136400 206947 29 10 11 1 120
--------- -------- --------- ----- ------ ---------- -------
NLAC277 1135400 206497 25 21 22 1 780
--------- -------- --------- ----- ------ ---------- -------
NLAC289 1135002 206698 31 23 24 2 435
--------- -------- --------- ----- ------ ---------- -------
NLAC295 1134500 206148 28 26 28eoh 2 675
includes 26 27 1 1,140
--------- -------- --------- ----- ------ ---------- -------
NLAC300 1134500 206397 34 23 24 1 170
30 31 1 150
--------- -------- --------- ----- ------ ---------- -------
NLAC302 1134497 206497 34 6 9 3 100
--------- -------- --------- ----- ------ ---------- -------
NLAC310 1133999 205247 23 21 23eoh 2 140
--------- -------- --------- ----- ------ ---------- -------
NLAC327 1134000 206100 38 0 3 3 110
--------- -------- --------- ----- ------ ---------- -------
NLAC334 1133998 206451 43 30 33 3 140
--------- -------- --------- ----- ------ ---------- -------
Notes: Drill holes are aircore drill holes. Drill holes have
been sampled on a 1m basis with 1m samples collected via scoop or
3m composite samples riffle split system. Eoh signifies an
end-of-hole mineralised intersection. Drill hole collars are
surveyed using a differential GPS with sub 1-metre accuracy,
coordinate system WGS84 - Zone 30Ns. All drill holes are
geologically logged, and sampling for analysis in based on
geological boundaries. Samples analysed by SGS Laboratories with
preparation in Cote d'Ivoire and final analysis in Burkina Faso.
Assay results are reported as ppb gold (parts per billion - 100ppb
gold equals 0.1g/t gold). Intersections are reported using a 100ppb
gold lower-cut-off.
The next phase of exploration at Nielle will consist of
additional RC drill testing to target the defined gold mineralised
zone and further aircore drilling to target the surface geochemical
anomaly and geological targets. Drilling is anticipated to commence
in September when a drill rig becomes available.
**S**
For further information, please visit www.kodalminerals.com or
contact the following:
Kodal Minerals plc Tel: +61 418 943
Bernard Aylward, CEO 345
Allenby Capital Limited, Nominated Adviser Tel: 020 3328
Jeremy Porter/Nick Harriss/Liz Kirchner 5656
SP Angel Corporate Finance LLP, Financial Tel: 020 3470
Adviser & Broker 0470
John Mackay, Adam Cowl
St Brides Partners Ltd, Financial PR Tel: 020 7236
Susie Geliher/Cosima Akerman 1177
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.
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