The next phase will commence after confirming last week samples from its Bougouni site was battery-grade lithium.
Companies: Kodal Minerals Plc
Kodal Minerals (AIM: KOD) has said today it will begin the next phase of drilling and testwork at its Bougouni lithium project in Mali, Africa. The announcement comes after it confirmed earlier this month spodumene from the site had been used to produce "high quality, low impurity battery grade lithium carbonate" by Chinese firm Shandong Ruifu Lithium.
It said the programme was aimed at developing the already identified lithium-bearing areas of the site as well as testing new anomalies.
Drilling is planned to commence next week to gather a second 5,000t sample to be sent to China, which is expected to take three months to mine and ship.
Kodal CEO Bernard Aylward commented:
"Since acquiring the Project just over a year ago, Kodal has completed regional first pass exploration and drill tested six areas with very encouraging results at all locations. This next phase of work is designed to build on the results achieved to date and involves drilling, geophysics, metallurgy and bulk sampling."
Management said they were "well funded" to undertake the drilling program of a "substantial number of new targets".
KOD was one of the four AIM-listed companies we looked at in our recent article 4 lithium mining stocks to watch and why, which delves into the increased demand for lithium that has dawned thanks the massive spike in electric vehicles set for production in the coming years.
Kodal's market cap at the time of writing was c. 16m and had a share price of 0.24p, well below its all-time of 2.08p just after it IPO'd in December 2013.
