Kodal Minerals' shares fly on Bougouni test-drilling update

Shares in Kodal Minerals are up more than a quarter after it identified additional wide pegmatite veins at the Bougouni Lithium Project that will be test drilled in March.

"This field activity continues to confirm our strategy of developing a mining hub at Bougouni based on multiple, high-grade lithium pegmatite veins within the project area," it said.

It said reverse circulation drilling was to begin in early March, first targeting the Ngoualana prospect where previous drilling confirmed wide, high-grade mineralisation of up to 28m at 1.84% Li2O.

Follow-up drilling was planned for Ngoualana to target the strike extensions, test depth continuity and define the high-grade mineralised zones.

Drilling would test the high priority targets identified from trenching and accelerate the Bougouni project towards seeking a maiden resource estimation in 2017.

Kodal said a total of 14 trenches for 862m had been completed, and that assay results were awaited.

At 10:41 GMT, shares in AIM-listed Kodal were up 25.29% to 0.27p each.