Kodal Minerals shares rise on Korhogo test results

West Africa-focused mineral exploration and development company Kodal Minerals announced on Wednesday that it has received the results of the wide-spaced surface geochemical sampling programme recently completed at its 100% owned Korhogo Project in northern Cote d'Ivoire.

The AIM-traded firm said surface geochemical sampling has returned four new gold anomalous zones with assay values up to 92 parts per billion Au and strike lengths exceeding 3.5km.

A total of 640 geochemical samples were collected, with three rock chip samples and 34 quality assurance and quality control samples for a total of 677 samples dispatched to the SGS laboratories in Bamako, Mali.

“This area of Cote d'Ivoire has been very under-explored and this exploration confirms our view on the potential of this area to contain gold mineralisation,” said CEO Bernard Aylward.

“Although exploration at Korhogo is still at an early stage, our sampling programme has now been completed targeting major geological features, areas of artisanal workings and identified shear zones.

“We are pleased to have defined four new gold anomalous zones as a result, and follow-up exploration is now required to define these zones and prioritise targets for first pass drilling.”

Aylward said the company’s current exploration programme is designed to target its highly prospective Bougouni Lithium projects in Mali, having recently raised £750,000 to rapidly advance the project towards JORC compliant status in the near term.

“However, we will also continue to advance our prospective gold projects to unlock the upside potential and ensure we realise value for our shareholders and the exploration expenditure.”

At 1118 BST, shares in Kodal Minerals were up 5% at 0.1p.