TIDMKOD
RNS Number : 5717B
Kodal Minerals PLC
14 February 2022
Certain 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. 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
14 February 2022
Kodal Minerals plc ("Kodal Minerals", "Kodal" or the
"Company")
Company Update - Bougouni Lithium Project Activity and Gold
Intersections at Fatou Project
Kodal Minerals, the mineral exploration and development company,
is pleased to provide an update on its Bougouni Lithium Project in
southern Mali (the "Bougouni" or the "Bougouni Project") and to
report wide intersections of gold mineralisation from reverse
circulation ("RC") drilling at the Fatou Project ("Fatou") in
southern Mali.
Highlights
Bougouni Lithium Project
-- Kodal technical team completed site visits in January in
preparation for development activity.
-- Development work ongoing, including a detailed LIDAR (light
detection and ranging) survey to commence in late February for use
in final development planning.
-- Meetings held with local Governor and officials and local
Chiefs to update them on Kodal's proposed activities.
Fatou Gold Project
-- Initial RC drilling programme consisted of 11 RC drill holes for 1,242m completed.
-- Final assay results of RC drilling returned multiple zones of
gold mineralisation with broad intersections and grade up to
7.09g/t gold. Intersections include:
o 23m at 1.63g/t gold from 82m - including 6m at 3.88g/t gold
from 94m &
11m at 1.37g/t gold from 111m &
4m at 1.93g/t gold from130m to end of hole in drillhole
FNRC001
o 6m at 1.49g/t gold from 40m - including 1m at 4.18g/t gold
from 40m &
3m at 1.43g/t gold from 80m in drillhole FNRC007
-- RC drilling confirms multiple mineralised zones and
highlights extensions to the north and south. Additional drilling
is required to test the Fatou prospect. Geological mapping and
sampling of artisanal workings is in progress and first pass
sampling of the southern extension of the mineralised structure
into the Foutiere concession has commenced.
Bernard Aylward, CEO of Kodal Minerals, commented: "Kodal
continues to progress the development of the Bougouni Project.
During the site visit to Mali in January, meetings were held with
the Minister of Mines to discuss our upcoming work and development
programme. Kodal continues to receive strong support from the Mali
government and regional officials for the development of a new
lithium mine in the Bougouni region."
"Kodal's technical team completed a site visit to the project as
part of the continued development programme to upgrade and update
the Feasibility study to support a decision to mine. The next phase
of work will be to complete a detailed LIDAR survey to assist in
the finalisation of the processing plant and infrastructure
planning"
"The wide intersections of gold mineralisation from the initial
drilling programme at the Fatou Gold project confirm the historic
drilling. Unfortunately, several of the drill holes in this initial
programme were not able to reach target depth due to issues with
the artisanal workings and drilling problems. The next stage of
drilling will focus on strike extensions of the mineralised
structures away from the workings and historical drilling."
"The lithium spodumene market has commenced the 2022 year by
continuing the strong price support and market sentiment noted over
the 2021 year. The strong increase in demand for lithium spodumene
concentrate highlights the potential of our Bougouni project that
is fully permitted for development."
FURTHER INFORMATION
Bougouni Lithium Project
Kodal Minerals completed the initial Bougouni Feasibility Study
in January 2020 to support the mining licence application, details
of which were announced on 27 January 2020. The Project was based
on a proposed open pit mining operation with a 2Mtpa processing
plant utilising a conventional flotation circuit to maximise
spodumene recovery. The Feasibility Study indicated a very robust
project with strong fundamentals including:
-- Minimum 8.5-year mine life producing on average 220,000
tonnes of 6% spodumene concentrate per annum, at life of mine
("LOM") lithium average metallurgical recovery of 71%;
-- Total LOM will produce 1.94Mt of concentrate with LOM revenue exceeding US$1.4bn; and
-- Estimated C1 cash costs of US$431 per tonne concentrate
(US$466 including royalties and sustaining capital).
*C1 is the net direct cash cost that represents the cash cost at
each processing stage from mining through to recoverable metal as
indicated in the Company's announcement of 27 January 2020.
Kodal completed a technical site visit to Bougouni in January
2022 to continue the development programme. A detailed LIDAR survey
has been planned for the project area and will commence in late
February. This survey will provide detailed information to assist
in the final planning of the processing plant and associated
infrastructure. In addition, community engagement, consultation and
evaluation of the impact of the proposed mining sites is continuing
with our Environmental Consultants, Digby Wells.
Kodal has previously announced an engineering work programme to
provide an update on the capital cost estimate for the development
of the Project and complete a detailed assessment to confirm the
operating costs of the Project, including the review of the
proposed transport costs (details of which were previously
announced on 27 January 2020), ahead of securing funding for mine
development and construction. This programme of work is continuing
with a focus on the process plant design and capital cost estimate,
improvements in metallurgical recovery and an update of the open
pit optimisation of the defined minerals resources.
Fatou Project Drilling Programme
Kodal has competed an initial RC drilling programme consisting
of 11 drill holes for 1,242m completed. Drillholes were unable to
reach planned depth in five of the eleven completed holes due to
the presence of artisanal workings and poor ground conditions.
Initial geological logging of the drillholes has confirmed the
presence of sulphide mineralisation and alteration of host rock
geology that may indicate the presence of gold mineralisation.
All assay results have now been received for the drilling with
multiple zones of gold mineralisation and several wide structures
intersected. Geological mapping and sampling of the artisanal
workings is in progress and these drill holes will be incorporated
into the historical database to fully assess the gold mineralised
zones. The drilling programme highlights a very extensive
structural zone of gold mineralisation that currently remains open
to the north and south.
Significant intersections for the RC drill holes calculated
using a 0.5g/t gold lower cut-off, maximum 3m internal dilution are
tabled below:
Hole
Depth From To Thickness
Hole Id Northing Easting m m m m g/t Au
FNRC001 1192313 748676 134 39 45 6 1.44
82 105 23 1.63
includes 94 100 6 3.88
111 122 11 1.37
130 134 eoh 4 1.93
--------- -------- --------- ----- -------- ---------- -------
FNRC002 1192306 748757 168 138 139 1 2.62
--------- -------- --------- ----- -------- ---------- -------
FNRC004 1192400 748501 60 26 27 1 5.71
--------- -------- --------- ----- -------- ---------- -------
FNRC006B 1192501 748523 170 70 71 1 1.48
86 87 1 1.2
--------- -------- --------- ----- -------- ---------- -------
FNRC007 1192499 748601 160 40 46 6 1.49
40 41 1 4.18
80 83 3 1.43
104 107 3 1.01
119 120 1 3.62
152 154 2 1.28
--------- -------- --------- ----- -------- ---------- -------
Notes: Drill holes are RC drill holes. Drill holes have been
sampled on a 1m basis with samples collected via a riffle split
system. 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. Samples
analysed by SGS Laboratories with preparation in Cote d'Ivoire and
final analysis in Burkina Faso. Assay results are reported as g/t
gold (ppm) Intersections are reported using a 0.5g/t gold
lower-cut-off, and allowing for a maximum of 3m internal
dilution
Fatou Project
The Fatou Project consists of two concessions, the Fininko (also
known as Fatou) and Foutière concessions, located 280km south of
Bamako, the capital city of Mali (refer Figure 1). The project
forms a contiguous landholding exceeding 300km(2) and has been
acquired through agreements with local vendors (refer to Kodal's
announcement of 17 December 2020).
Geological Setting
The Fatou Project is hosted within the Birimian sequence of West
Africa, a sequence of mafic volcanic rocks separated by sedimentary
basins and are intruded by granitic rocks of varying composition.
The geology at Fatou Project is mostly sedimentary sequences
interlayered phyllite and siltstone along with abundant
volcaniclastic and tuffaceous strata. These rocks are intruded by
three phases of granodiorite occurring as small plutons and stocks.
Minor mafic and felsic dikes occur as tabular stocks. The geology
is weathered to a depth of 75m (typical depth between 35m and 50m)
and laterite capped mesa are formed with the laterite extending for
several metres' depth.
The dominant structural feature observed at the Fatou Project is
a major northwest-trending shear zone which aligns the gold
targets, local shear fabrics, folds, cross faults, low angle
faults, planar fabrics, and crenulation. The northwest shears are
inferred to be steeply dipping to slightly east-dipping and further
low-angle structures have been interpreted in drill hole modelling
that dip to the east.
Figure 1: Fininko and Foutiere project locations, south Mali
Figure 2: Fatou Project - concession locations and historic
exploration drilling. Background is regional geological
interpretation
To view the announcement with the illustrative images please use
the following link:
http://www.rns-pdf.londonstockexchange.com/rns/5717B_1-2022-2-14.pdf
**ENDS**
For further information, please visit www.kodalminerals.com or
contact the following:
Kodal Minerals plc Tel: +61 418 943
Bernard Aylward, CEO 345
Allenby Capital Limited, Nominated Adviser Tel: 020 3328
Jeremy Porter/Nick Harriss 5656
SP Angel Corporate Finance LLP, Financial Tel: 020 3470
Adviser & Broker 0470
John Mackay
St Brides Partners Ltd, Financial PR Tel: 020 7236
Susie Geliher /Ana Ribeiro 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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