Kodal Minerals PLC Drilling update at Bougouni Lithium Project (0033T)
December 30 2016 - 2:00AM
UK Regulatory
TIDMKOD
RNS Number : 0033T
Kodal Minerals PLC
30 December 2016
Kodal Minerals Plc / Index: AIM / Epic: KOD / Sector: Mining
30 December 2016
Kodal Minerals Plc
('Kodal' or 'the Company')
High-Grade Rock Chip Samples and Completion of Drilling at
Bougouni Lithium Project
Kodal Minerals, the mineral exploration and development company
focussed on West Africa, is pleased to announce further high grade
rock chip results from the reconnaissance rock chip sampling at its
lithium interests in Southern Mali. The sampling programme was
undertaken in November 2016 and the results from the first samples
were announced on 7 December 2016 with this current announcement
covering the final 44 samples.
The Company is further pleased to advise that the first pass
reverse circulation ("RC") drilling programme targeting three
priority areas at the Bougouni Lithium project ("Bougouni") has
been completed. The drilling targeted the Sogola, Ngoualana and
Kola veins.
Highlights
-- High-grade lithium mineralisation at Bougouni continues to be returned in rock chip samples.
-- Assay results up to 2.03% Li(2) O (Lithium oxide) returned
for sampling at a newly identified pegmatite vein located to the
south of the Bougouni concession area.
-- Rock-chip sampling confirms high grade lithium mineralisation
at the Ngoualana (pronounced N-gwar-lana) prospect with assays up
to 1.9% Li(2) O.
-- RC drilling completed at Bougouni with a total of 18 drill holes for 1,323m.
-- All samples for the drilling have been submitted for
laboratory analysis and results are expected by the end of January
2017.
Bernard Aylward, CEO of Kodal Minerals, said: "We have completed
the initial reconnaissance drilling at Bougouni and are now eagerly
awaiting the assay results. Our ongoing geological mapping and
rock-chip sampling programme is continuing to return high-grade
lithium samples and is defining new target zones. These results
from our ongoing exploration programme highlight the prospectivity
and value of our Bougouni project.
"Kodal has a busy exploration programme planned, with a focus on
our Bougouni and Diendio lithium projects. "
Further Information
Geological Reconnaissance and Rock Chip Sampling Programme
The Company is undertaking a systematic geological
reconnaissance and rock-chip sampling programme at Bougouni. These
final results from the initial geological reconnaissance and rock
chip sampling programme continue to identify new zones of pegmatite
hosted lithium mineralisation with initial assays including 2.03%
Li(2) O and 1.96% Li(2) O within Bougouni. These new results will
be followed up in the new year, along with the previous rock chip
results and reconnaissance drilling programme. The exploration
programme completed to date is a reconnaissance programme which has
now identified three new high priority areas with high-grade
lithium mineralisation and extensive pegmatite zones that have had
no previous exploration or systematic testing.
A total of 51 samples are reported in this batch from Bougouni
(44 sample locations and 7 QAQC samples). The assay range for the
samples varies from a minimum of below detection limit (0.005% Li)
to a maximum result of 2.03% Li(2) O. Samples are reported as Li%
and converted to Li(2) O% by multiplication of a factor of
2.153.
As announced on 7 December 2016, previous rock chip results had
returned 2.04% Li(2) O at the Sogola vein and 1.9% Li(2) O and
1.65% Li(2) O from newly identified areas. The geological mapping
and rock chip sampling is expected to continue in the new year as
the understanding on the controls of the pegmatite veins
increases.
Samples were analysed by ALS Laboratories, with sample receipt
at ALS Bamako Mali, sample preparation at ALS Ouagoudougou, Burkina
Faso with final analysis completed at ALS Vancouver, Canada.
Samples analysis was completed with a four acid digest and final
detection by ICP-AES method.
RC Drilling Programme Update
The first pass RC drilling programme targeting the Sogola,
Ngoualana and Kola pegmatite veins at Bougouni was completed in
mid-December 2016. The programme consisted of 18 drill holes for
1,323m completed (six holes for 415m at Sogola, eight holes for
712m at Ngoualana and four holes for 196m at Kola) with all
geological logging and sampling completed. All samples have been
dispatched for analysis at ALS Laboratories with results expected
by the end of January 2017.
Bougouni Project
Bougouni consists of two concessions, the Kolassokoro and Madina
concessions, which cover a contiguous area of 500km(2) . The
project area is located approximately 180km south of Bamako, the
capital of Mali, with excellent access to the project via sealed
road from Bamako. Kodal has recently entered into Option to
Purchase and Access agreements that grant Kodal exclusive rights to
explore and develop any identified mineralisation within the
project area. Details of the agreements have previously been
announced to the market.
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/Lottie Brocklehurst/Megan 1177
Dennison
----------------------------------------- ----------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
DRLUKAWRNNAUUAA
(END) Dow Jones Newswires
December 30, 2016 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