Kodal Minerals PLC Field Reconnaissance of Bougouni Lithium Project (7538K)
26 September 2016 - 4:01PM
UK Regulatory
TIDMKOD
RNS Number : 7538K
Kodal Minerals PLC
26 September 2016
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
26 September 2016
Kodal Minerals Plc
("Kodal" or the "Company")
Field Reconnaissance of the Bougouni Lithium Project
Kodal, the mineral exploration and development company with
interests in West Africa, is pleased to announce a summary of the
field reconnaissance visit to the Bougouni Lithium Project in
Southern Mali ("Bougouni Project") and the commencing of geological
mapping and rock chip sampling. The Bougouni Project, comprising
the recently acquired Kolassokoro and Medina licences, contains
identified high-priority exploration targets within a 500km(2)
contiguous land package.
Highlights
-- Field visit undertaken to the three key prospects within the
Kolassokoro licence, the Kola, Ngouanala and Sogola prospects.
-- At the Kola prospect, the visit identified a zone of
outcropping pegmatite veining with a strike length exceeding 400m
and a width in excess of 20m.
-- Field reconnaissance has further identified parallel
pegmatite veins not previously recognised, and extensions to the
zone of interest.
-- Previous investigation at the Kola prospect had returned
anomalous lithium results up to 1.1% Li(2) O from very limited
sampling.
-- At the Ngouanala prospect the previously identified pegmatite
vein was found to have a thickness in excess of 20m and strike
length in excess of 300m.
-- The field visit also identified further parallel and new
zones of pegmatite veining at Ngouanala.
-- The identification of new pegmatite veins at both the Kola
and Ngouanala prospects is highly encouraging for the potential
discovery of significant zones of lithium mineralisation.
-- A programme of geological mapping and systematic rock chip
sampling will commence immediately targeting the outcropping
pegmatite veins and extensive zones of parallel and newly
identified veins.
-- Geological reconnaissance of the Sogola prospect is
continuing. Previous sampling has returned lithium assay results in
excess of 2.2% Li(2) O and these will be evaluated as part of the
current mapping and sampling programme.
Bernard Aylward, CEO of Kodal Minerals, said: "This initial
reconnaissance of the Bougouni Lithium Project has enhanced our
view on the prospectivity of the area. The previously identified
pegmatite veins were confirmed, however the identification of
significant strike extensions and newly identified parallel
pegmatite units is very encouraging. The pegmatite veins were
observed to be coarse grained with evidence of lithium bearing
minerals observed in outcrop. Our geologists have commenced a
programme of detailed mapping and systematic rock chip sampling to
assist in the prioritisation of targets for an initial drilling
programme planned for later in the year.
"The Bougouni project was acquired by Kodal in August and
September this year after a review of the region identified the
potential for significant lithium mineralisation. This
reconnaissance continues to enhance that view and the Company is
continuing to assess opportunities while working to advance rapidly
the existing projects."
Further Information
Bougouni Project
The Bougouni Project 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 released to the market.
Regional geological studies were undertaken in 2008 to assess
the lithium mineralisation of the Bougouni-Sikasso region of
southern Mali and identified areas of high potential. The studies
were completed by consultants CSA Global ("CSA") and were
commissioned and funded by the World Bank as part of the SYSMIN
economic development programme.
The geological reconnaissance completed by Kodal has initially
reviewed the Kola and Ngouanala pegmatites and surrounding areas.
The reconnaissance visited the site of the CSA sampling and then
traversed along strike of the outcropping vein, and reviewed
parallel structures. Significant extensions to the known pegmatite
veins were confirmed by traversing the outcropping rock as well as
identifying new pegmatite veins. The proposed programme of detailed
geological mapping and systematic sampling will improve the
understanding of the area.
The continued geological work will also focus on defining the
Sogola pegmatite vein where initial regional work completed in the
SYSMIN study has returned assay values in excess of 2.2% Li(2)
0.
The exploration results and activity reported in this
announcement has 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 1177
----------------------------------- ----------------
This information is provided by RNS
The company news service from the London Stock Exchange
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