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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Kodal Minerals PLC    KOD   GB00BH3X7Y70

KODAL MINERALS PLC

(KOD)
Delayed Quote. Delayed London Stock Exchange - 04/24 11:35:12 am
0.1475 GBp   --.--%
04/18KODAL MINERALS : Board Appointment and Issue of Options
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Kodal Minerals : KOD); announces final assay results for its Bougouni lithium project

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02/12/2019 | 04:12am EDT

These results are expected by the company to be included in an updated mineral resource estimate due to be announced in February

Kodal Minerals has announced the final assay results from its November-December 2018 drill programme this morning. The drill programme was designed to expand and upgrade the initial JORC 2012 compliant mineral resource estimate of 17.3mt at a grade of 1.2% Li2O (announced on 5 September 2018) at its Bougouni Lithium Project, located in Southern Mali.

The initial mineral resource estimate came from three areas: Sogola-Baoule (60%); Ngoualana (27%); and Boumou (13%). The follow up drill programme focused on two of these areas.

At Sogola-Baoule, the drill programme was focused on infill drilling to fill gaps in the geological model and provide greater confidence in the mineral resource estimate, potentially increasing the category of the mineral resource estimate. As a result, substantial change to the size of the mineral resource estimate from this area is unlikely. 

Kodal completed 23 holes (4 diamond and 19 RC) totalling 3,808.3m during the programme at Sogola-Baoule. This programme appears to have been a success with assay results confirming the continuity of the spodumene mineralisation.

Kodal also recently completed a ground magnetic survey to increase its knowledge of the geology and structure of the Sogola-Baoule prospect. The interpretation of this work is ongoing and once completed will provide important insights that the company can use for planning its next drill programme.

At Boumou, the drill programme was focused on expanding the known area of mineralisation along strike to the north and south of the existing mineral resource estimate. If there is a substantial increase to the size of the projects mineral resource estimate, then it would be driven by the results from this area.

Kodal completed 12 holes (1 diamond and 11 RC) totalling 1,562.3m during the programme at Boumou. Assay results from this area have been positive with moderate to high-grades over significant intercepts including: 7.5m at 1.04% Li2O from 130m and 9.5m at 1.04% m Li2O from 142.8m (KLDH006);6m at 1.39% Li2O from 65.55m (KLDH007); 7m at 1.43% Li2O from 36.99m (KLDH008); 8m at 1.06% Li2O from 64m and 10m at 1.25% Li2O from 105m (KLDH143); and 11m at 1.32% Li2O from 114m (KLDH145).

At the Ngoualana prospect, only a limited amount of work was undertaken with three diamond core holes completed targeting the eastern portion of the mineralisation for fresh rock to provide samples for metallurgical testing. As a result, the mineral resource estimate from this area is unlikely to change.

That said, Kodal has been far from generous when it comes to sharing information regarding the context for these drill holes. The company hasn’t provided any maps showing how these results relate to the existing mineral resource estimate, making it difficult for readers to fully interpret the importance of the results.

Overall the drilling at Boumou looks to have built on the exiting mineral resource estimate but without knowing where the holes were drilled the full significance cannot unfortunately been assessed.

Copyright 2019 Edison Investment Research, source Blogs and Commentary

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Managers
NameTitle
Bernard M. Aylward Chief Executive Officer & Director
Robert Wooldridge Non-Executive Chairman
Luke Robert Bryan Director & Technical Director
Qingtao Zeng Non-Executive Director
Steven Zaninovich Project Manager-Bougouni Lithium Project
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