Kodal Minerals has announced further acquisitions of prospective lithium projects in southern Mali.
These acquisitions are in line with Kodal’s strategy to identify value accretive strategic mineral opportunities in West Africa and further advances the company’s growing exposure to the rapidly developing lithium extraction and development industry.
– Kodal to acquire a 90% interest in the 109 sq km ‘Diendio Project’ in southern Mali consisting of three granted concessions namely the Diendio Sud, Diossyan Sud and Manankoro Nord.
– Field reconnaissance by company geologists has highlighted the presence of coarse grained pegmatites containing spodumene (lithium bearing mineral) within the project area.
– Previous exploration drilling targeting gold mineralisation has intersected pegmatite units up to 31m thick, and field reconnaissance has highlighted extensive surface pegmatite outcrop.
– Field review and reconnaissance mapping of pegmatite occurrences to be undertaken immediately. Geochemical sampling and prioritisation for drill testing will be completed with the aim of drilling as soon as possible.
– Total consideration of US$65,000 to be paid in two annual staged instalments ending November 2017 with the first payment of US$30,000 to be paid upon signing. · Transaction complements the recently acquired Bougouni Lithium Project which has demonstrated high grade lithium mineralisation of up to 2.2% Li2O.
– Company successfully raised £750,000 in October 2016 to advance lithium projects.
Chief executive Bernard Aylward said: “This acquisition of the Diendio Project is a direct result of our in-country team identifying the prospective target and our local knowledge allowing a rapid finalisation of the agreement. The low entry cost will allow the Company to focus on maximum expenditure in the ground, and our exploration team will commence initial sampling and mapping immediately.”
“Kodal continues to expand its lithium exploration portfolio with this acquisition of the Diendio Project (consisting of three concessions for 109sq km) complementing the Bougouni Lithium project (consisting of two concessions for 500sq km) acquired in August and September this year. These two exciting projects are located in southern Mali, a rapidly advancing region for the identification and delineation of high grade lithium mineralisation associated with pegmatite intrusions.”
“We have an active exploration programme in progress, with a focus on these exciting lithium opportunities with our geologists currently mapping and sampling the identified high grade lithium pegmatite veins at our Bougouni Lithium Project, prior to our first phase drilling commencing. We are excited about these projects and anticipate further newsflow to our shareholders as our exploration work progresses.”
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