Kodal Minerals makes solid progress on lithium and gold projects

Mineral exploration and development company Kodal Minerals updated the market on its recent activities on Wednesday, reporting that at the Bougouni Lithium Project, the site visit to the San Pedro Port in Côte d'Ivoire had been completed.

The AIM-traded firm said it had engaged with the port authorities regarding the potential export of spodumene concentrate, with their “full support and availability” confirmed.

It also reported that it had received indicative pricing on the transport of spodumene concentrate following discussions with an “experienced” shipping and logistic service company, with relevant experience of bulk commodity transport throughout West Africa.

Continued improvements had been made to the company’s open pit optimisation studies, following discussions with experienced Malian mining contractors, which the board said confirmed “competitive” mining costs for Bougouni Open Pit operations.

A bulk sample had been loaded onto a ship and departed Dakar, the company added, with the sample material expected to arrive in the Shandong province of China in mid-October.

The firm said the bulk sample size would be processed through an existing dense media separation facility, providing “beneficial information” in support of processing and recoveries at an operational scale.

On the exploration front, Kodal said the final assay results had been received for the drilling completed prior to the wet season.

It said broad zones of mineralisation were confirmed at the Marigo prospect, with low-level mineralisation from the reconnaissance at the Mafele concession.

The results included 42 metres at 0.22% lithium oxide from 54 metres in drill hole MDRC131 of the Marigo prospect, and 17 metres at 0.35% lithium oxide from 58 metres and 31 metres at 0.23% lithium oxide from 91 metres in drill hole MDRC132, also on the Marigo prospect.

Reconnaissance surface geochemical sampling had been completed at the Dabakala and Korhogo concessions in Côte d'Ivoire.

Kodal said gold assay results had confirmed a coherent gold anomaly at Dabakala, extending for more than 10 kilometres in strike with results up to 97 parts per billion gold.

Gold assay results at the Korhogo prospect confirmed anomalous zones extending for two kilometres, with results of up to 83 parts per billion gold.

“We are continuing to de-risk our flagship asset, the Bougouni Lithium Project, through the completion of our engineering studies,” said Kodal Minerals chief executive officer Bernard Aylward.

“This important technical work represents significant components of our upcoming feasibility study and we are using the most experienced consultants to ensure we achieve the best result.

“The finalisation of the metallurgical test work programme, the review of the proposed transport, port facilities and mining contractors all feed into our mining optimisation studies and scheduling that will complete the feasibility work.”

Aylward said the exploration programmes were continuing to highlight the potential for further discoveries at both the Bougouni Project and Bougouni West, while the firm’s reconnaissance geochemical sampling at its gold projects in Côte d'Ivoire highlighted additional value accretive opportunities for the company and its shareholders.

“As previously announced, our Environmental and Social Impact assessment has been lodged with the Mali Department of Environment and is moving through the process of review and approval, on which we look forward to updating our shareholders.

“Following this process, we anticipate finalising the various components of our mining licence application and lodging it with the Malian authorities for approval.

“This is a transitional time for Kodal and we would like to thank our operational and technical teams for their efficiency in undertaking the various studies we are undergoing as well as our shareholders for their ongoing support.”