Kodal Minerals encounters 'high grade' lithium at Mali project

Kodal Minerals’ shares climbed on Monday after drilling at its Bougouni lithium project in southern Mali returned multiple mineralised intersections.

Among the highlights of the multiple mineralised pegmatite intersections were 6.5 metres at 1.18% lithium oxide (Li2O), 6.5 metres at 1.42% Li2O and one metre at 2.07% Li2O, with diamond core drilling set to continue at the Sogola-Baoule and Boumou prospects at Bougouni.

The London-listed company’s objective at the Bougouni project is rapid advancement toward lithium production.

Bernard Aylward, chief executive of Kodal, said: "The Boumou prospect continues to return high grade lithium mineralisation from the close spaced multiple pegmatite veins. We are continuing to drill at this prospect to define the pegmatite zones as well as extending the mineralisation. We are pending additional results from the diamond core drilling and have commenced the RC drilling that will continue through to Christmas and we expect regular newsflow over this period."

The next campaign will be focussed on expanding the mineralised zone and defining mineralisation with potential to support open pit mining.

"Our drill programme is an important part of our plans for development of the Bougouni project, and along with the recent appointment of our project manager, we are continuing to fast-track the mining development. We have maintained our discussions with the Mali government about the Bougouni project to ensure that we are complying with all requirements," said Aylward.

Kodal Minerals’ shares were up 6.23% at 0.16p at 1644 GMT.