TIDMKOD
RNS Number : 6142G
Kodal Minerals PLC
05 March 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
5 March 2018
Kodal Minerals plc ('Kodal Minerals' or 'the Company')
Continued High-Grade, Shallow Lithium Mineralisation at
Ngoualana Prospect and Assay Results up to 7.15% Li(2) O
Bougouni Project, Southern Mali
Kodal Minerals plc, the mineral exploration and development
company focussed on West Africa, is pleased to provide this update
on drilling progress at the Company's Bougouni Lithium Project in
Southern Mali ("Bougouni" or the "Project"). The Company is now
reporting assay results for the final 19 holes drilled in 2017.
Highlights
-- Ngoualana prospect continues to return high grade lithium mineralisation.
-- Very high grade individual assays up to 1m at 7.15% Li(2) O
-- 19 drill holes are reported today with high grades
intersections of consistent pegmatite mineralisation up to 1.68%
Li(2) O targeting the infill and extension drilling of the main
prospect
-- Multiple mineralised pegmatite intersections in drill holes
and shallow depth intersections including:
o 1m at 7.15% Li(2) O from 43m;
o 26m at 1.67% Li(2) O from 83m;
o 10m at 1.43% Li(2) O from84m and 16m at 1.59% Li(2) O from
119m;
o 8m at 1.59% Li(2) O from 79m and 19m at 1.68% Li(2) O from
123m;
o 1m at 7.15% Li(2) O from 43m;
-- Ngoualana strike length extended to over 850m and remains open along strike.
-- Extension drilling has intersected a new zone of pegmatite up
to 30m in width - this will be a priority target for additional
drill testing
Bernard Aylward, CEO of Kodal Minerals, said: "Drilling at the
Ngoualana prospect has delivered consistently encouraging and
predictable results, giving us great confidence for further
drilling, extensions and for the assessment for future development.
The presence of shallow high-grade mineralisation is very positive,
and this new pegmatite intersection located to the south of the
main body is extremely encouraging. Our drilling will focus on
defining this new zone and we are also reviewing our geological
mapping and geophysics to attempt to follow this new zone and
determine the relationship to the main zone.
"We have a further 17 drill holes in the lab for analysis that
have been focussed on exploration and extension targets. We are
continuing with the major exploration campaign and will include
further geophysical studies to attempt to locate new zones of
pegmatite intrusions and mineralisation. We remain fully funded to
continue with our work programme, and further assay results will be
reported as soon as they become available."
Further Information
Bougouni Lithium Project - Drilling Update
Exploration drilling at the Ngoualana prospect has targeted
strike extensions to the main pegmatite body and completed
reconnaissance testing of parallel targets. A total of 45 reverse
circulation ("RC") drill holes for 5,619m have been completed since
October 2017. This announcement reports the final drill holes
completed prior to December 2017 and the final 19 drill holes
continued to confirm shallow, high grade mineralisation at
Ngoualana.
As reported in the announcement of 22 February 2018, Kodal's
geological reconnaissance highlighted new zones of pegmatite
"float" that was being drilled. Kodal is able to announce that
geological logging of the drill holes confirms that a new zone of
pegmatite, up to 30m down hole width, has been intersected. Assay
results are pending, however this appears to present a significant
opportunity to extend the Ngoualana prospect and this is a priority
target for further drilling.
As previously announced, the drilling targeting the main
Ngoualana prospect was designed to target strike extension and
shallow infill zones to provide additional confidence in the
geological model. All drill holes intersected pegmatite bodies,
with the holes targeting the main zone continuing to confirm the
presence of high-grade mineralisation and are consistent with our
geological interpretation.
Assay results have been received for the final RC drill holes at
the Ngoualana prospect completed prior to December 2017.
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
Id Northing Easting m m m m Li2O %
---------- --------- ----------- ------- ----- ---- ---------- -------
KLRC085 1255334 664433.001 127 20 27 7 1.33
68 76 8 1.75
---------- --------- ----------- ------- ----- ---- ---------- -------
KLRC086 1255294 664269.001 145 75 80 5 0.92
83 109 26 1.67
---------- --------- ----------- ------- ----- ---- ---------- -------
KLRC087B 1255278 664294.001 151 84 94 10 1.43
119 135 16 1.59
---------- --------- ----------- ------- ----- ---- ---------- -------
KLRC088 1255273 664318.001 151 81 92 11 1.27
125 137 12 1.64
---------- --------- ----------- ------- ----- ---- ---------- -------
KLRC089 1255263 664342.001 163 79 87 8 1.59
123 142 19 1.68
---------- --------- ----------- ------- ----- ---- ---------- -------
KLRC090 1255251 664363.001 181 107 113 6 1.07
129 143 14 1.64
---------- --------- ----------- ------- ----- ---- ---------- -------
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
differential GPS with sub 1-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 Johannesburg, South Africa. Samples analysis was completed with
a four acid digest and final detection by ICP-AES method.
The Company continued drilling in January and February 2018 and
there are an additional 17 drill holes with samples dispatched to
the lab and pending results.
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.
**S**
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 0470
St Brides Partners Ltd, Financial
PR Tel: 020 7236
Susie Geliher/Megan Dennison 1177
The company news service from the London Stock Exchange
END
MSCBZLLBVXFXBBE
(END) Dow Jones Newswires
March 05, 2018 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