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Kodal Minerals PLC (KOD)

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Monday 11 October, 2021

Kodal Minerals PLC

High grade gold returned at Nielle Project

RNS Number : 5758O
Kodal Minerals PLC
11 October 2021
 

Certain information contained within this announcement is deemed by the Company to constitute inside information for the purposes of Regulation 11 of the Market Abuse (amendment) (EU Exit) Regulations 2019/310 . 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

11 October 2021

 

Kodal Minerals plc ('Kodal Minerals' or the 'Company')

 

High grade gold returned from re-split sampling at Nielle Project, Cote d'Ivoire

 

Kodal Minerals, the mineral exploration and development company focused on the Bougouni Lithium Project in Southern Mali ("Bougouni") and its gold assets in West Africa, is pleased to announce high grade gold mineralisation returned from re-split sampling for the reverse circulation ("RC") drilling at the Nielle Project ("Nielle") located in northern Cote d'Ivoire. These latest results follow on from the previous announcement of the initial composite sample assay results for the completed RC drilling at the Nielle Concession earlier this year.

 

Highlights

· Re-split sampling completed to confirm characteristics of gold mineralised zones returns grades up to 38.5g/t gold, and intersections include:

13m at 5.07g/t gold from 12m in drill hole NLRC035*

- including 3m at 16.33g/t gold from 13m.

12m at 3.14g/t gold from 21m in drill hole NLRC038

- including 2m at 10.79g/t gold from 27m

5m at 15.42g/t gold from 7m in drill hole NLRC032

- including 2m at 31.54g/t gold from 8m

9m at 4.33g/t gold from 86m in drill hole NLRC038

- including 2m at 16.88g/t gold from 88m

(*Note NLRC035 interval 11m to 12m unable for re-split sampling and not included in calculation)

· These intersections confirm the extent and high-grade mineralisation at Nielle and will be used to focus follow-up drilling to target definition of high-grade zones.

· Gold mineralisation associated with quartz-carbonate-sulphide mineralisation and remains open along strike and at depth.

· Kodal's first drilling campaign at Nielle has extended the main zone of gold mineralisation, identified new parallel zones of mineralisation and with aircore drilling has extended the target zone.

 

Bernard Aylward, CEO of Kodal Minerals, commented: "The shallow, high-grade gold mineralisation up to 38.5g/t gold from this latest sampling is very encouraging.  Our first detailed drilling programme at Nielle has confirmed and extended the initial exploration work of our former Joint Venture partner, and we are very keen to re-commence drilling as soon as the access to the area is available again, following the seasonal rains.  The extent of the shallow-high grade gold mineralisation will be important to determine as well as continuing to extend the depth of the gold mineralised structures.  Exploration of these mineralised systems throughout West Africa is continuing to highlight the importance of the controls on the high-grade gold mineralised shoots, and our next phase of drilling will also attempt to define the controls and possible plunge directions of the high-grade zones.

 

"In addition to the gold exploration activity, Kodal is continuing to monitor the progress of its Mining Licence application for the Bougouni Lithium project and can confirm that the licence is with the office of the Prime Minister awaiting final signature.  Updates to shareholders will be provided as soon as further information is available."

 

FURTHER INFORMATION

 

Nielle Project

Kodal has completed the one metre re-split sampling of the initial three metre composite sampling.  The purpose of the re-split sampling is to provide confirmation of the initial results and to further constrain the controls on the gold mineralisation.  These results do confirm the reliability of the initial test work, however the one metre sampling allows closer definition of the width as well as the grade of the zones, and as demonstrated, can return individual high grade samples.  This initial RC drilling programme has successfully confirmed and extended the previous gold mineralised zones defined by the former joint venture partner Resolute Mining Limited. 

 

Gold mineralised intersections are associated with strong alteration, sulphide mineralisation and quartz-carbonate veining.  The results of the RC drilling programme confirm a gold mineralised system that remains open along strike and at depth. The presence of shallow gold mineralisation is reflected in the surface geochemical anomaly, and a review of the surface geochemical anomaly highlights additional targets for drill testing.  Follow-up and extension drilling is planned to continue to test the defined gold mineralised zone as well as continue to fully evaluate the geochemical anomaly.

 

Significant final one metre re-split intersections for the RC drill holes calculated using a 0.5g/t gold lower cut-off, maximum 2m internal dilution are tabled below:

 

Hole I.D.

Northing

Easting

Hole Depth

m

From

m

To

m

Thickness

m

g/t Au

NLRC029

1135748

206476

145

86

95

9

4.33




Includes

88

90

2

16.88




 

108

109

1

4.06




 

139

140

1

2.31

NLRC030

1135851

206421

108

27

29

2

3.55




 

49

61

12

1.09

NLRC031

1135999

206459

108

2

5

3

3.26




 

8

10

2

1.66




 

14

15

1

1.92




 

33

35

2

1.49

NLRC032

1136001

206500

126

7

12

5

15.42




Includes

8

10

2

31.54




 

16

17

1

1.16




 

53

55

2

1.55




 

59

61

2

1.53




 

98

99

1

1.72




 

119

122

3

1.62

NLRC035

1136350

206513

84

3

10*

7

1.39




 

12*

25

13

5.07




Includes

13

16

3

16.33

NLRC036

1136350

206551

114

21

23

2

2.07




 

42

44

2

1.48




 

55

59

4

2.19




 

71

77

6

1.33

NLRC037

1136450

206550

126

15

17

2

1.41




 

36

39

3

1.19




 

56

59

3

3.29




 

82

83

1

14.93

NLRC038

1136450

206619

126

21

33

12

3.14




Includes

27

29

2

10.79




 

100

108

8

3.45

NLRC039

1136550

206609

108

4

20

16

1.45

NLRC040

1136550

206709

126

64

67

3

4.83




Includes

65

66

1

13.34

Notes:  Drill holes are RC drill holes. Drill holes have been sampled on a 1m basis with samples collected via a riffle split system.  Samples reported here are 1m re-split samples selected from initial gold mineralised composite samples. Drill hole collars are surveyed using a differential GPS with sub 1-metre accuracy, coordinate system WGS84 - Zone 30N, and all holes are surveyed down-hole for dip and azimuth on approximately 30m intervals. All drill holes are geologically logged.  Assay method is 50g Fire Assay analysis, AAS reading to lower limit of 0.005g/t gold with samples analysed by MSALabs in Yamoussoukro, Cote d'Ivoire. Assay results are reported as g/t gold (ppm) and intersections are reported using a 0.5g/t gold lower-cut-off and allowing for a maximum of 2m internal dilution.

 

The next phase of exploration at Nielle will consist of additional RC drill testing targeting the defined gold mineralised zone and further aircore drilling targeting the surface geochemical anomaly and geological targets.  Drilling is anticipated to commence as soon as possible following access becoming available following the seasonal rains.

 

**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

Jeremy Porter, Liz Kirchner

 

 

Tel: 020 3328 5656

SP Angel Corporate Finance LLP, Financial Adviser & Broker

John Mackay, Adam Cowl

 

 

Tel: 020 3470 0470

St Brides Partners Ltd, Financial PR

Susie Geliher. Isabelle Morris

 

 

Tel: 020 7236 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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