Update on Bougouni Lithium Project

RNS Number : 5254V

Kodal Minerals PLC

31 January 2017

 

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

31 January 2017

Kodal Minerals Plc

("Kodal" or the "Company")

Update on Bougouni Lithium Project

Kodal, the mineral exploration and development company with interests in West Africa, is pleased to announce that it has recommenced field work at the Bougouni Lithium project in Mali ("Bougouni") with a programme of surface mapping, rock chip sampling and trench excavation of the strike extensions of identified lithium mineralised pegmatite units.  The Company expects that this continued exploration programme will define additional targets for reconnaissance drill testing for a follow-on drilling programme which is expected to commence in February 2017.

In addition, the Company is pleased to announce that it expects to receive the sample results imminently for the reconnaissance reverse circulation ("RC") drilling programme, which was completed in December 2016.  The sample analysis has involved numerous steps from initial delivery to the laboratory group, ALS Global, in Bamako, Mali, road transport to Ouagadougou, Burkina Faso for preparation and then final shipment to Vancouver, Canada for analysis.  Unexpectedly long delays occurred in the obtaining of an export permit from Burkina Faso. The Company has been in constant communication with ALS Global throughout the process and has been informed that the samples arrived in Vancouver on 24^th January 2017 and should be processed and available to the Company in the very near future. 

Bernard Aylward, CEO of Kodal Minerals, said: "We are eagerly anticipating the analytical results of our first phase drilling on the highly prospective Bougouni Lithium project.  We have developed a targeted exploration programme that is designed to rapidly advance the project with follow-up drilling planned to commence as soon as results have been received and analysed. 

"Kodal's strategy is to identify a major asset within our Bougouni licence area that will be amenable to a mining project extracting from multiple sources.  The identified pegmatite veins are spodumene rich and evidence from the World Bank funded SYSMIN study indicated a well understood development process.  We are continuing to see very strong interest in the developing lithium story in Mali and look forward to providing further updates on our activities."

Bougouni Project

Bougouni consists of two concessions, Kolassokoro and Madina, which cover a contiguous area of 500km².  The project area is located approximately 180km south of Bamako, the capital of Mali, with excellent access via sealed road from Bamako.  Kodal has recently entered into Option to Purchase and Access agreements that grant it exclusive rights to explore and develop any identified mineralisation within the project area.  Details of the agreements have previously been announced to the market.

Updates on the Company's ongoing exploration programme, including rock-chip analytical results and completion of initial RC drilling have previously been announced to the market.

**ENDS**

For further information, please visit www.kodalminerals.com or contact the following:

Kodal Minerals plc Bernard Aylward, CEO	Tel: [phone]
Allenby Capital Limited, Nominated Adviser Jeremy Porter/Nick Harriss	Tel: [phone]
SP Angel Corporate Finance LLP, Financial Adviser & Broker John Mackay/Laura Harrison	Tel: [phone]
St Brides Partners Ltd, Financial PR Susie Geliher/Lottie Brocklehurst	Tel: [phone]

 

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