Update on Mining Licence Application and Nielle Aircore drilling results
Kodal Minerals, the mineral exploration and development company focused on the Bougouni Lithium Project in Mali (“Bougouni”) and its gold assets in West Africa, is pleased to provide an update on the progress of its mining licence application for Bougouni together with the results of the recently completed aircore drilling at the Nielle gold concession (“Nielle”) located in northern Côte d’Ivoire.
Bougouni Lithium Project
· Bougouni Mining Licence application has now been forwarded from the Ministry of Mines, Energy and Water to the Secretary General’s office for final review prior to presentation at the Conseil des Ministres.
· This is the final stage prior to the signing of the Mining Licence and Kodal is informed that all is progressing as expected.
Nielle Gold Project
· Nielle aircore drill results have been returned with wide-spaced drill traverses confirming a 4.5km gold mineralised trend with extensions of up to 1.5km south and over 1km north.
· Aircore drilling significant anomalism includes:
o 2m at 675ppb gold from 26m eoh in drill hole NLAC295
Including 1m at 1140ppb gold from 26m.
o 6m at 240ppb gold from 18m in drill hole NLAC230
o 1m 780ppb gold from 21m in drill hole NLAC277
(eoh signifies an end-of hole anomalous intersection)
(ppb gold is parts per billion – 100ppb gold equals 0.1g/t gold)
· Aircore drill results consistent with the initial reconnaissance drilling that discovered the Nielle mineralised zone.
· Kodal’s recent drilling campaign has successfully extended the Nielle gold mineralised trend as well as confirmed high grade gold mineralisation.
· Follow-up and infill drilling to be carried out in the next phase of work.
Bernard Aylward, CEO of Kodal Minerals, commented: “Our Mining Licence application for the Bougouni Lithium Project is now in the final stages of approval. The new Mining licence decree has been drafted and verified by the Mali Ministry of Mines and forwarded to the Secretary General’s office. From this point the licence application is prepared for presentation at the Conseil des Ministres of Mali and following agreement will be formally approved. We will be monitoring the progress and will update investors as we receive further information.
“Our first gold exploration drilling campaign at the Nielle concession has been very successful. As previously announced the reverse circulation (“RC”) drilling returned high-grade gold mineralisation and now our reconnaissance aircore drilling is demonstrating major strike extensions as well as additional parallel zones of mineralisation. This aircore drilling is wide spaced, however the tenor of gold anomalism returned is consistent with the initial drilling that discovered the Nielle gold mineralised zone. The Nielle prospect is at an early stage however the results received so far have given encouragement as to the possible resource potential here. Further exploration drilling will be undertaken later this year with the objective of delivering a maiden mineral resource estimate.”
Kodal completed this reconnaissance aircore drilling campaign with a total of 152 drill holes for a total of 5,084m completed. The drilling was planned to target the strike extensions of the defined gold mineralised zone that has been confirmed by our initial RC drilling as well as target new parallel targets that were indicated in surface geochemical anomalism.
The aircore drilling averaged 33m depth and intersected a weathered geological profile with the intersected gold anomalism associated with quartz veining and evidence of alteration. The bottom-of-hole gold anomalism further confirms that the surface gold geochemical anomalism relates to primary gold mineralisation and is a reliable exploration tool. Kodal’s review of the historic exploration has identified further targets requiring reconnaissance drilling and this completed wide-spaced aircore drilling requires infill definition to target initial RC drilling.
The Nielle concession has a gold anomalous trend extending for over 4.5km and remains open along strike. This significant trend has already confirmed high-grade gold mineralisation with RC drilling and this work is demonstrating the potential for additional high-grade primary gold mineralisation. Kodal is planning the next phase of exploration and expects to commence work at Nielle following the wet season in northern Côte d’Ivoire.
The significant anomalism intersected in the aircore drill holes calculated using a 100ppb gold lower cut-off is tabled below:
Notes: Drill holes are aircore drill holes. Drill holes have been sampled on a 1m basis with 1m samples collected via scoop or 3m composite samples riffle split system. Eoh signifies an end-of-hole mineralised intersection. Drill hole collars are surveyed using a differential GPS with sub 1-metre accuracy, coordinate system WGS84 – Zone 30Ns. All drill holes are geologically logged, and sampling for analysis in based on geological boundaries. Samples analysed by SGS Laboratories with preparation in Cote d’Ivoire and final analysis in Burkina Faso. Assay results are reported as ppb gold (parts per billion – 100ppb gold equals 0.1g/t gold). Intersections are reported using a 100ppb gold lower-cut-off.
The next phase of exploration at Nielle will consist of additional RC drill testing to target the defined gold mineralised zone and further aircore drilling to target the surface geochemical anomaly and geological targets. Drilling is anticipated to commence in September when a drill rig becomes available.
For further information, please visit www.kodalminerals.com or contact the following:
Kodal Minerals plc
Bernard Aylward, CEO
Tel: +61 418 943 345
The exploration results and activity reported in this announcement have been reviewed by Mr Bernard Aylward who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Aylward has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Qualified Person as defined in the AIM Note for Mining and Oil & Gas Companies dated June 2009. Mr Aylward consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.
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