Kodal pleased with final drilling assays from Bougouni project

Shares in Kodal Minerals fell more than 10% as final drilling assays from the Ngoualana prospect at Bougouni Lithium Project in Mali confirmed high-grade mineralisation.

"This prospect is continuing to exceed our expectations with the wide intersections of spodumene rich pegmatite remaining open along strike and at depth," said CEO Bernard Aylward.

He added that the drilling programme had also intersected a series of parallel and subsidiary pegmatite veins that were also returning high-grade mineralisation.

"Kodal's exploration programme is continuing on site with trench sampling targeting several of the new prospects identified by our rock chip and geological reconnaissance," said Aylward.

"These targets will be included in the follow-up drilling programme that is planned to commence as soon as possible.

"Our exploration programme is focussed on advancing the Bougouni Lithium Project as rapidly as possible."

Kodal had been collecting samples for preliminary metallurgical testing, and testing multiple targets to ensure it fully evaluated the project.

"The aim of our expanded exploration programme is to establish a maiden resource for the project as soon as possible and assess development opportunities."

At about 13:26 GMT, shares in AIM-traded Kodal were down 10.06% to 0.4p each.