The lithium-focused mining company has seen its shares spike today after positive results from its Bougouni site.
Companies: Kodal Minerals Plc
Kodal Minerals (LON: KOD) shares have spiked this morning as the Group announces the results of the latest drilling round at its flagship Bougouni mine site.
Kodal is an AIM-listed company headquartered in London with lithium and gold mining prospects in West Africa. With two high-prospect lithium mines in the African country of Mali, the Group featured on our list of 4 lithium mining stocks to watch and why.
After announcing in October the next stage of drilling at Bougouni would begin, three months later the results are in and have pleased investors with the stock jumping 25% in early trading.
Further to its initial drill hole test results, the Group confirmed today that drilling at an additional 11 drill holes across the Ngoualana and Sogola-Baoule drill sites had provided samples of pegmatite with between 1.56% and 1.69% lithium content. This "confirms the existing geological model" Management said.
CEO of Kodal Minerals Bernard Aylward commented on the results:
"These drilling results are very pleasing for the Ngoualana prospect where our current dril
ling programme is defining strike extensions to the mineralised pegmatite body, and our infill drilling is confirming continuity and wide zones of high-grade mineralisation.
At the Sogola-Baoule prospect we are intersecting multiple zones of pegmatite intrusions and our drilling is continuing to extend this prospect along strike as well. This is very encouraging as we are seeking to build up the number of mineralised zones as we continue to look to develop a mining hub sourcing from multiple veins."
In a second RNS today, the Group also announced that its December applications for two new 100 square km mine sites also in Mali have been approved by the Directorate Nationale de la Géologie et des Mines ("DNGM", the Malian National Direction of Geology and Mines) and the Malian Inter-ministerial committee meeting (COMINE).
The new licences will have an initial life of three years and be eligible for two extensions each of a further two years.