8th Feb 2017 08:06
LONDON (Alliance News) - Kodal Minerals PLC on Wednesday said the final assay results from the Bougouni project in southern Mali has confirmed the high grade mineralisation on site, with all the remaining holes drilled on the Ngoualana prospect intersecting lithium oxide.
Kodal shares were up 26% to 0.56 pence per share on Wednesday morning.
Kodal said results from four holes on Ngoualana returned 28 metres at 1.85% lithium oxide from 72 metres, 22 metres at 1.64% lithium oxide from 48 metres, 18 metres at 1.8% lithium oxide from 17 metres and 16 metres at 1.76% lithium oxide from 11 metres.
Kodal said the results confirm previous high grade mineralisation of 21 metres at 1.7% lithium oxide from 62 metres depth, as reported last Thursday.
Mineralisation remains open at depth. All drilling to date has been focused on near surface mineralisation. Kodal intends to conduct follow-up drilling on Ngoualana to target strike extensions, test depth continuity and to define the high grade zone of mineralisation.
"This prospect is continuing to exceed our expectations with the wide intersections of spodumene rich pegmatite remaining open along strike and at depth. The drilling programme has also intersected a series of parallel and subsidiary pegmatite veins that are also returning high grade mineralisation," said Chief Executive Bernard Aylward.
"We have been collecting samples for preliminary metallurgical testing, and testing multiple targets to ensure we fully evaluate 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," he added.
By Joshua Warner; [email protected]; @JoshAlliance
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