What does Kodal Minerals do?
Kodal Minerals PLC (LON:KOD) is a junior explorer with a focus on West Africa, and in particular lithium and gold. The company is run by experienced exploration geologist Bernard Aylward, helped by mining engineer Luke Bryan, who has 20 years’ experience in the business, and Robert Wooldridge, who is a partner in UK broking house SP Angel.
What it owns
The company’s primary focus is on the Bougouni lithium project in Southern Mali. The current resource stands at 21.3mln tonnes grading 1.11% Li2O, with more than half of that in the indicated category.
Kodal also owns the 109 square kilometre Diendio project, which is comprised of three contiguous licence areas located approximately 280 kilometres south of Bamako, the capital of Mali. Access to the project is by sealed road from Bamako, then good access throughout the licence area by local road and track.
Kodal also holds a highly prospective suite of gold assets in Mali and Cote D’Ivoire.
Active joint ventures in Cote d’Ivoire are ensuring that funds are spent advancing exploration the company’s projects without detracting from the focus on Bougouni.
How it is doing
Recently Kodal received a request from Resolute Mining for an additional extension of the joint venture in Cote D’Ivoire term, as Resolute’s expenditure in the joint venture of approximately US$2 million falls short of its commitment under the agreement.
However, after consideration, Kodal has refused the extension request and will now retain 100% ownership of the concessions on expiry of the agreement on 25 February 2021.
The Resolute joint venture covers three concessions, Nielle, Tiebissou and M’Bahiakro, and Kodal will continue exploration on all concessions.
Exploration drilling of over 7,400 metres by Resolute has defined a gold anomaly at the Nielle project extending for over 1,000 metres and open along strike and at depth, which will be the priority for future Kodal drilling in Cote d’Ivoire.
Kodal has received all data for the Nielle project, which includes previously reported drill results with intersections including 26 metres at 1.95 grams per tonne gold, 16 metres at 1.96 grams, and 10 metres at 3.62 grams.
Meanwhile, Kodal has been informed that Riverfort has satisfactorily completed due diligence in connection with the funding agreement and has confirmed its intention to continue with the USD$2.5mln funding arrangement subject to agreement on final terms.
- Approval for Bougouni
- Well-funded, but all junior explorers return to the market for more cash in due course