TIDMKOD
RNS Number : 7570Y
Kodal Minerals PLC
17 May 2021
Certain information contained within this announcement is deemed
by the Company to constitute inside information as stipulated under
the UK Market Abuse Regulations. 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
17 May 2021
Kodal Minerals plc
('Kodal Minerals', 'Kodal' or the 'Company')
Update on Cote d'Ivoire Gold Exploration Activity and Bougouni
Lithium Project Licence Application
Kodal Minerals, the mineral exploration and development company
focused on the Bougouni Lithium Project and its gold assets in West
Africa, is pleased to provide this update on the exploration
programme for its Cote d'Ivoire gold assets and provides a further
update on the Bougouni Lithium Project mining licence
application.
Highlights
Cote d'Ivoire
-- Kodal has secured two drill rigs for the Nielle Project in northern Cote d'Ivoire.
-- Drilling programme will consist of 5,000m of aircore drilling
to commence within the week, targeting the strike extensions of the
gold mineralised zone and test for parallel zones defined by
Resolute Mining Limited ("Resolute").
-- RC drilling is an initial 1,000m to define mineralisation and
follow up drill intersections including 26m at 1.95g/t gold and 26m
at 1.79g/t gold.
-- Infill geochemical sampling at the Dabakala project has
commenced with sampling targeting the high-grade anomalism up to
6.14g/t gold. Sampling is targeting definition of the new gold
anomalism in preparation for first phase reconnaissance aircore
drilling.
Bougouni Lithium Project Mining Licence Application
-- Kodal confirms it has finalised the changes to the previously
lodged Feasibility Report and will file this update with the
Direction Nationale de la Geologie et des Mines ("DNGM") in Mali
imminently.
-- Next stage is for DNGM to send Kodal a confirmation letter
formally requesting payment of the application fee for the mining
licence prior to the formal production of the Mining Licence for
approval by the Prime Minister.
-- Mali Interim Government undergoing a ministerial
reorganisation to create a "broad-based" representation and reduce
military influence.
Bernard Aylward, CEO of Kodal Minerals, commented: "We are very
excited with the exploration programmes on our gold projects in
Cote d'Ivoire. The Dabakala project is at an early stage, however,
the extensive surface gold anomalism and repeated high grade gold
mineralisation give confidence to continue with exploration here.
This is a new gold zone defined in Cote d'Ivoire and offers the
Company the opportunity to make a significant gold discovery. In
addition, the drilling programmes planned for the Nielle project
are expected to add definition to the gold mineralisation outlined
by our former JV partner, Resolute. We expect a busy time over the
next few months as these projects develop, as well as commencing
ground exploration on our advanced Fatou project in southern
Mali.
"As previously announced, our Mining licence application for the
Bougouni Lithium Project is advancing, and we have completed all
requested changes for filing the updated Feasibility Report with
the DNGM in Mali. We expect to continue to work through this
process with the Mali Government as previously announced."
Further updates will be provided as matters progress as outlined
in previous announcements.
Further Information
Gold Exploration - Cote d'Ivoire
At the Nielle project Kodal has secured two drilling rigs to
undertake planned exploration drilling, targeting the extensive
zone of gold mineralisation defined by previous exploration
completed by former JV partner, Resolute. The mineralised zone
remains open along strike and at depth and Kodal's initial 1,000m
RC drilling is aimed at confirming and extending the mineralised
zone and to provide confidence in the geological interpretation
prior to undertaking a maiden mineral resource assessment.
The second phase of the programme is 5,000m of aircore drilling
that will target extensions to the defined mineralised zone along
strike, as well as test for parallel zones to the east and west.
The Nielle project is in an underexplored region of Cote d'Ivoire
and the initial reconnaissance exploration completed by Resolute
has highlighted numerous targets that have not yet been fully
tested. Kodal's exploration is aimed at testing the priority
anomalies to attempt to locate new additional zones of gold
mineralisation.
The drilling will commence with the aircore drill rig and is
expected to begin by the end of May 2021 and drilling is expected
to continue throughout June.
At the Dabakala project, Kodal has commenced an infill surface
geochemical sampling programme with over 750 samples to be
collected to add definition to the wide-spread high grade gold
anomalism. Prior to the programme Kodal's geologist undertook a
field reconnaissance visit to focus particularly on the high-grade
gold anomalism previously reported and possible extensions to these
zones. The aim of the infill sampling is to confirm the geological
controls on the anomalism and define the trends of possible bedrock
mineralisation. All samples are pending assay with results expected
in June 2021.
Following this phase of surface sampling and geological mapping,
it is expected the Company will plan a reconnaissance aircore
drilling programme to test this new discovery that has not been
previously drill tested. Kodal will focus on infill geochemical
sampling to define the key targets for reconnaissance drill
testing.
Mining Licence Application and Mali Government
Kodal has completed the changes to the previously lodged
Feasibility Study and has updated the application for the 2019
Mining Code as requested and will lodge it with the DNGM
imminently. The Company continues to work closely with the DNGM in
this application and expects to receive the letter of formal
notification and licence fee payment request from the DNGM
promptly. The licence application process remains the same as
previously announced and is summarised below:
i. Kodal has completed and will lodge the minor changes to the
lodged Feasibility Report to bring it in line with new Mining Code
2019.
ii. After filing the updated application, Kodal is expected to
then receive a formal notification from the DNGM with a request to
pay the fee for the Mining Licence of 100,000,000 XOF
(GBP135,000).
iii. Upon payment of the fee, the DNGM will then draft the
Exploitation Decree (Mining Licence) which is forwarded to the
Ministry of Mines, Energy and Water.
iv. If all is in order, the Ministry of Mines, Energy and Water
will then forward the Exploitation Decree to the office of the
Prime Minister for formal signing, which is the final step in the
process.
On Friday, 14 May 2021, the Interim Prime Minister of Mali,
Moctar Ouane, resigned but was immediately reappointed and is set
to form a new "broad-based" ministry and reduce the influence of
the military in the Interim Government. This process is not
expected to delay the Kodal licence application as we continue to
work with the DNGM in the next stages of the process.
In April, Mali's Interim Government announced that it would hold
a constitutional referendum on 31 October 2021, with Government
elections to follow in February 2022.
**ENDS**
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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