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Kodal nears updated mineral resource estimate

Kodal Minerals (AIM:KOD) has continued to receive high-grade lithium intersections from drilling at the Sogola-Baoule and Ngoualana prospects of its Bougouni lithium project in Southern Mali.
Kodal nears updated mineral resource estimate Kodal nears updated mineral resource estimate Kodal nears updated mineral resource estimate Kodal nears updated mineral resource estimate Kodal nears updated mineral resource estimate

Kodal expects to update Bougouni's mineral resource estimate by the end of February

Staff reporter

It said it had drilled four diamond drill holes and seven reverse circulation holes during November and December, with the diamond drill holes continuing to return high-grade mineralisation confirming geological interpretation.

Highlights from the diamond drill holes were 9m at 1.27% Li2O from 36.65m;10.5m at 1.23% Li2O from 50.15m; 11.5m at 1.76% Li2O from 88.2m; and 14.5m at 1.74% Li2O from 113.85m.

The RC holes continued to define and extend mineralisation, with the intersections including 28m at 1.33% Li2O from 76m; 10m at 1.25% Li2O from 105m; and 11m at 1.32% Li2O from 114m.

CEO Bernard Aylward said the drilling results had highlighted the continuity of mineralisation.

He said it had also confirmed the geological model at all three of its advanced prospects that formed the basis of the maiden mineral resource estimate of 17.3 million tonnes at 1.20% Li2O.

"Indeed, the main aim of the drilling programme, completed in November and December 2018, was to continue to expand the defined mineralisation and also importantly provide confidence in our models as we look to update our JORC mineral resource estimate and the classification in the  indicated and inferred categories," he said.

Kodal expects to release the final assay results in the next couple of weeks, with a mineral resource estimate on track for end-February.

The company's shares climbed 5.26% Friday on the news to 0.20p (US0.26c).