Kodal Minerals gets extensions to Cote d'Ivoire concessions

Exploration and development company Kodal Minerals updated the market on its Côte d'Ivoire gold exploration concessions, and the renewal of the exploration permits for the Dabakala and Korhogo projects, on Thursday.

The AIM-traded firm explained that it was maintaining a suite of prospective gold exploration projects in Mali and Côte d'Ivoire.

It said the Côte d'Ivoire exploration concessions consisted of the Dabakala, Korhogo and Boundiali projects - the latter under application - which are wholly owned and operated by Kodal, as well as the Tiebissou, Nielle and M'Bahaikro projects - the latter also under application.

Those three are owned in a joint venture with Resolute Mining.

Kodal said it has received confirmation that the exploration licences for the Dabakala and Korhogo concessions have each been renewed for a further three-year term, expiring in April 2023.

In addition, it updated the market on activity on the Resolute joint venture, reporting that exploration drilling had been planned for the Nielle project, located in the north of Côte d'Ivoire, to follow up on the gold mineralisation that was defined in previous drilling.

Due to the Covid-19 coronavirus pandemic, it said exploration activity planned by Resolute in Côte d'Ivoire was currently postponed, and was not expected to restart until after the wet season towards the end of this year.

“We are delighted to have been awarded a further three-year term on two of our wholly-owned concessions in Côte d'Ivoire which secures the company's exploration interests in these gold projects,” said chief executive officer Bernard Aylward.

“During this unprecedented period, I am very pleased to be able to report a strong increase in interest in gold assets, demonstrating the potential value in the company's portfolio.”

At 0900 BST, shares in Kodal Minerals were up 5% at 0.034p.