TIDMKOD
RNS Number : 6481E
Kodal Minerals PLC
13 February 2018
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
13 February 2018
Kodal Minerals plc ('Kodal Minerals' or 'the Company')
Drilling Results Confirm Sogola-Baoule Extension at Bougouni
Lithium Project
Kodal Minerals plc, the mineral exploration and development
company focussed on West Africa, is pleased to provide the final
drilling assay results received for the extension drill testing at
the Sogola-Baoule prospect at its Bougouni Lithium Project located
in southern Mali ('Bougouni').
Highlights:
-- Sogola-Baoule prospect tested with 10 reverse circulation
('RC') drill holes for 1,263m completed. These are the results from
the final six holes following the announcement on 18 January 2018
of the results from the first four holes.
-- Drilling confirms extension of multiple pegmatite veins, with
strike length of at least 450m and remaining open to east and west
and at depth
-- Significant intersections not previously reported include:
o 24m at 1.58%Li2O from 115m in drill hole MDRC026;
o 8m at 1.50%Li2O from 133m in drill hole MDRC025; and
o 13m at 1.17%Li2O from 101m in drill hole MDRC027.
-- Geological mapping and detailed ground geophysical survey
highlight extension and fault offset targets that will be drill
tested in the next programme at Sogola-Baoule.
Bernard Aylward, CEO of Kodal Minerals, said: "The Sogola-Baoule
prospect is the second target that we have now been able to drill
test over a consistent strike length at the Bougouni Project. The
initial geological mapping and surface sampling indicated multiple
pegmatite veins in close proximity, and this has been confirmed by
our drilling where all holes are returning multiple mineralised
intersections. The geological interpretation is showing continuity
of high-grade pegmatite bodies that currently remain open along
strike. The proximity of multiple pegmatite bodies is significant
and could have a positive impact on scaling opportunities for
future development.
"As our exploration campaign continues at Bougouni we anticipate
further results from the Ngoualana prospect where geological
logging of drill holes indicates further strike extensions, and
geological reconnaissance has located evidence of pegmatite bodies
beyond the current drilling.
"These exploration drilling results, combined with the
geological reconnaissance highlight multiple priority targets that
continue to suggest a "Mining Hub" can be developed at Bougouni,
and our campaign of drilling, metallurgy and bulk sample excavation
will provide critical information for this scenario to be tested.
We anticipate further newsflow over the coming months as
exploration carries on at a rapid rate."
Sogola-Baoule Prospect
The Sogola-Baoule prospect is located in the Madina Concession
approximately 10km to the west of the township of Bougouni. Access
to the prospect is via bitumen road and local access track.
Exploration activity at the prospect has consisted of initial
geological reconnaissance mapping, rock chip sampling, trenching
and reconnaissance drilling. All initial exploration activity
returned positive results, and upon review it was recognised that
the multiple veins have potential to provide a bulk-mining
scenario.
The RC drilling programme reported here consists of 10 RC drill
holes for 1,263m completed that targeted the south-western
extension of the pegmatite bodies. The drilling was designed to
follow-up RC drill hole MDRC015 that had returned multiple
intersections including 12m at 1.68%Li(2) O from 216m, 12m at
1.59%Li(2) O from 241m and 17m at 1.79%Li(2) O from 277m. The
drilling was designed to confirm continuity of these intersections,
target the up-dip and potential near-surface mineralisation and
extend the prospect.
Geological logging and evaluation of the drilling has confirmed
multiple mineralised pegmatite veins and extensions to the defined
bodies. The prospect is covered by recent alluvial gravel up to 14m
in thickness and the bodies have been delineated beneath this
cover. Additional drill testing is proposed to target the
extensions both to the southwest and northeast and provide
additional data to allow an evaluation of the prospect.
These assay results are the final for the completed drilling at
the Sogola-Baoule prospect. Intersections are tabled below, with
intersections calculated using a 1% Li(2) O lower cut-off, maximum
2m internal dilution and only reporting intersections of greater
than 5m width:
Hole
Hole Depth From To Thickness Li(2)
Prospect Id Northing Easting m m m m O %
----------- ---------- --------- -------- ------- ----- ---- ---------- ------
Baoule MDRC021B 1253183 652582 168 81 86 5 1.5
----------- ---------- --------- -------- ------- ----- ---- ---------- ------
MDRC021B 91 97 6 1.00
----------- ---------- --------- -------- ------- ----- ---- ---------- ------
MDRC021B 110 122 12 1.69
----------- ---------- --------- -------- ------- ----- ---- ---------- ------
Baoule MDRC022 1253061 652627 170 128 138 10 1.56
----------- ---------- --------- -------- ------- ----- ---- ---------- ------
MDRC022 158 163 5 1.55
----------- ---------- --------- -------- ------- ----- ---- ---------- ------
Baoule MDRC025 1253026 652525 162 133 141 8 1.50
---------- ----------- --------- -------- ------- ----- ---- ---------- ------
MDRC025 148 150 2 1.71
----------- --------- -------- ------- ----- ---- ---------- ------
Baoule MDRC026 1253042 652561 156 115 139 24 1.58
---------- ----------- --------- -------- ------- ----- ---- ---------- ------
Baoule MDRC027 1253135 652593 162 23 24 1 1.16
---------- ----------- --------- -------- ------- ----- ---- ---------- ------
MDRC027 1253135 652593 162 33 39 6 1.12
----------- --------- -------- ------- ----- ---- ---------- ------
MDRC027 86 93 7 0.70
----------- --------- -------- ------- ----- ---- ---------- ------
MDRC027 101 114 13 1.17
----------- --------- -------- ------- ----- ---- ---------- ------
Note: All intersections for the Sogola-Baoule prospect drilling
reported. Holes previously reported are MDRC021B and MDRC022
Notes: Drill holes are reverse circulation drill holes completed
by specialist contractor Geodrill Limited. Drill holes have been
sampled on a 1m basis, with samples collected via a cyclone and
riffle splitter. Drill hole collars are surveyed using a hand-held
GPS with sub1-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. 1m samples of pegmatite rock have been collected via
riffle splitter, and 3 metre composite samples of metasediment host
rock. 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.
Samples were analysed by ALS Laboratories, with sample receipt
and preparation at ALS Bamako, Mali, with final analysis completed
at ALS Vancouver, Canada. Samples analysis was completed with a
four-acid digest and final detection by ICP-AES method.
Lithium
The pegmatite veins intersected by drilling at Bougouni are
spodumene rich (20-30% spodumene content) low mica pegmatite bodies
with spodumene being the main lithium bearing mineral in most hard
rock lithium deposits. The high-grade lithium mineralisation
returned in the assays compares favourably with other hard rock
spodumene mineralised pegmatite veins under development around the
world where grades range from 1.1% Li(2) O through to 1.4% Li(2) O.
The intersections reported in this announcement have been estimated
using a 1.0% Li(2) O lower-cut, and have consistently high
mineralisation throughout the pegmatite bodies.
An initial review of the development process for the Bougouni
lithium pegmatite bodies was completed as part of the World Bank
sponsored SYSMIN study completed by CSA Global in 2008. This report
indicated that a process of mine site crushing, screening and dense
media separation techniques was able to produce a good quality
spodumene concentrate, with grade over 6% Li(2) O. Chemical grade
spodumene concentrate (typically containing 6% Li(2) O) is sold for
use in battery manufacturing and other industrial applications.
Recent lithium concentrate (grade 6%) prices are approximately
US$600/t.
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, AIM 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/Megan Dennison 1177
This information is provided by RNS
The company news service from the London Stock Exchange
END
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