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Kodal Minerals PLC (KOD)

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Wednesday 04 August, 2021

Kodal Minerals PLC

Mining Licence Application & Nielle Updates

RNS Number : 4742H
Kodal Minerals PLC
04 August 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

4 August 2021

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

Update on Mining Licence Application and Nielle Aircore drilling results

 

Kodal Minerals, the mineral exploration and development company focused on the Bougouni Lithium Project in Mali ("Bougouni") and its gold assets in West Africa, is pleased to provide an update on the progress of its mining licence application for Bougouni together with the results of the recently completed aircore drilling at the Nielle gold concession ("Nielle") located in northern Côte d'Ivoire.

 

Highlights

 

Bougouni Lithium Project

· Bougouni Mining Licence application has now been forwarded from the Ministry of Mines, Energy and Water to the Secretary General's office for final review prior to presentation at the Conseil des Ministres.

· This is the final stage prior to the signing of the Mining Licence and Kodal is informed that all is progressing as expected.

 

Nielle Gold Project

· Nielle aircore drill results have been returned with wide-spaced drill traverses confirming a 4.5km gold mineralised trend with extensions of up to 1.5km south and over 1km north.

· Aircore drilling significant anomalism includes:

2m at 675ppb gold from 26m eoh in drill hole NLAC295

Including 1m at 1140ppb gold from 26m.

6m at 240ppb gold from 18m in drill hole NLAC230

1m 780ppb gold from 21m in drill hole NLAC277

(eoh signifies an end-of hole anomalous intersection)

(ppb gold is parts per billion - 100ppb gold equals 0.1g/t gold)

· Aircore drill results consistent with the initial reconnaissance drilling that discovered the Nielle mineralised zone.

· Kodal's recent drilling campaign has successfully extended the Nielle gold mineralised trend as well as confirmed high grade gold mineralisation.

· Follow-up and infill drilling to be carried out in the next phase of work.

 

Bernard Aylward, CEO of Kodal Minerals, commented: "Our Mining Licence application for the Bougouni Lithium Project is now in the final stages of approval.  The new Mining licence decree has been drafted and verified by the Mali Ministry of Mines and forwarded to the Secretary General's office.  From this point the licence application is prepared for presentation at the Conseil des Ministres of Mali and following agreement will be formally approved.  We will be monitoring the progress and will update investors as we receive further information.

 

"Our first gold exploration drilling campaign at the Nielle concession has been very successful.  As previously announced the reverse circulation ("RC") drilling returned high-grade gold mineralisation and now our reconnaissance aircore drilling is demonstrating major strike extensions as well as additional parallel zones of mineralisation.  This aircore drilling is wide spaced, however the tenor of gold anomalism returned is consistent with the initial drilling that discovered the Nielle gold mineralised zone.  The Nielle prospect is at an early stage however the results received so far have given encouragement as to the possible resource potential here.  Further exploration drilling will be undertaken later this year with the objective of delivering a maiden mineral resource estimate."

 

FURTHER INFORMATION

Nielle Concession

Kodal completed this reconnaissance aircore drilling campaign with a total of 152 drill holes for a total of 5,084m completed.  The drilling was planned to target the strike extensions of the defined gold mineralised zone that has been confirmed by our initial RC drilling as well as target new parallel targets that were indicated in surface geochemical anomalism.

 

The aircore drilling averaged 33m depth and intersected a weathered geological profile with the intersected gold anomalism associated with quartz veining and evidence of alteration.  The bottom-of-hole gold anomalism further confirms that the surface gold geochemical anomalism relates to primary gold mineralisation and is a reliable exploration tool.  Kodal's review of the historic exploration has identified further targets requiring reconnaissance drilling and this completed wide-spaced aircore drilling requires infill definition to target initial RC drilling.

 

The Nielle concession has a gold anomalous trend extending for over 4.5km and remains open along strike.  This significant trend has already confirmed high-grade gold mineralisation with RC drilling and this work is demonstrating the potential for additional high-grade primary gold mineralisation.  Kodal is planning the next phase of exploration and expects to commence work at Nielle following the wet season in northern Côte d'Ivoire.

 

The significant anomalism intersected in the aircore drill holes calculated using a 100ppb gold lower cut-off is tabled below:

Hole Id

Northing

Easting

Hole Depth

m

From

m

To

m

Thickness

m

ppb Au

NLAC224

1137401

207448

43

3

6

3

130

NLAC225

1137401

207502

38

3

6

3

120




 

12

18

6

475

NLAC230

1137001

206254

21

15

21eoh

6

240

NLAC235

1137002

206750

26

0

3

3

100

NLAC237

1137003

206854

23

4

7

3

100

NLAC241

1137004

207054

38

6

9

6

280




 

18

19

1

100

NLAC266

1136596

206154

38

34

37

3

230

NLAC270

1136400

206947

29

10

11

1

120

NLAC277

1135400

206497

25

21

22

1

780

NLAC289

1135002

206698

31

23

24

2

435

NLAC295

1134500

206148

28

26

28eoh

2

675




includes

26

27

1

1,140

NLAC300

1134500

206397

34

23

24

1

170




 

30

31

1

150

NLAC302

1134497

206497

34

6

9

3

100

NLAC310

1133999

205247

23

21

23eoh

2

140

NLAC327

1134000

206100

38

0

3

3

110

NLAC334

1133998

206451

43

30

33

3

140

Notes:  Drill holes are aircore drill holes. Drill holes have been sampled on a 1m basis with 1m samples collected via scoop or 3m composite samples riffle split system.  Eoh signifies an end-of-hole mineralised intersection. Drill hole collars are surveyed using a differential GPS with sub 1-metre accuracy, coordinate system WGS84 - Zone 30Ns. All drill holes are geologically logged, and sampling for analysis in based on geological boundaries.  Samples analysed by SGS Laboratories with preparation in Cote d'Ivoire and final analysis in Burkina Faso. Assay results are reported as ppb gold (parts per billion - 100ppb gold equals 0.1g/t gold). Intersections are reported using a 100ppb gold lower-cut-off.

 

The next phase of exploration at Nielle will consist of additional RC drill testing to target the defined gold mineralised zone and further aircore drilling to target the surface geochemical anomaly and geological targets.  Drilling is anticipated to commence in September when a drill rig becomes available.

 

**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/Nick Harriss/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/Cosima Akerman

 

 

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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