07:00 Thu 28 Feb 2019
Kodal Minerals PLC - Updated JORC Mineral Resource Estimate
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the publication of this announcement via a
Updated JORC Mineral Resource Estimate Increases 23% at
Over 55% of Resource in the Indicated Category
Highlights
· JORC Mineral Resource of 21.3Mt at 1.11% Li2O, with 11.6Mt at 1.13% Li2O in the Indicated category and 9.7Mt at 1.08% Li2O in the Inferred category
· The updated Mineral Resource is made up of Kodal's three most advanced prospects:
o Sogola-Baoule: 12.2Mt at 1.1% Li2O (18% increase) - 69% categorised as Indicated;
o Ngoualana: 5.1Mt at 1.2% Li2O (9% increase) - 61% categorised as Indicated;
o Boumou: 4Mt at 1.02% Li2O (81% increase) - remains Inferred
(Mineral Resource reported using a 0.5% Li2O lower cut-off, no top cut-off and is based on the wireframe interpretation of mineralised pegmatites. Further details of the updated Mineral Resource are set out in the table below)
· JORC classification of Indicated category confirms confidence in the interpretation, continuity and understanding controls on the lithium mineralisation
· The updated Mineral Resource represents a 23% increase in the previously reported Mineral Resource of 17.3Mt and includes 55% in the Indicated category.
· Mineral Resources remain open along strike with potential to expand with further drilling, and the Boumou prospect requires definition drilling to improve resource classification
· Mine development study advancing with ESIA (Environmental & Social Impact Assessment) nearing completion and engineering consultants commissioned to advance mine planning
These updated Mineral Resource models will now be used to complete our mine development studies. The first step is underway starting with a new open pit optimisation review that will lead into the planning of the processing plant and production schedule.
"The development programme at Bougouni is progressing with the ESIA well advanced and engineering review studies commissioned. The Company has continued to meet with Mali Government officials to keep them informed of our progress and our intentions to move to lodge our ESIA when complete, followed by our mining licence application when the study work is finalised."
Further Information
Mineral Resource Estimate
This updated Mineral Resource estimate has been completed by independent geological consultants
Resource updates were completed for the Sogola-Baoule, Ngoualana and Boumou prospects following additional drilling and a site visit completed by the Independent Resource geologist. The updated mineral resource has enabled classification into Indicated and Inferred categories as tabled below. The resource is reported using a lower cut-off grade of 0.5% Li2O; no upper cut-off has been used. This application of a lower cut-off applies a potential economic constraint to the resource estimate.
The overall resource grade reported in this update of 1.11% Li2O for the project is slightly reduced from the maiden resource estimate (as announced on
The geological interpretation has demonstrated strong continuity of mineralisation in the major pegmatite veins as well as the smaller subsidiary veins that have been identified in each prospect. The geological model developed for the maiden resource estimate has proven to be very reliable and demonstrated the high level of confidence in the Mineral Resource estimate.
The Mineral Resource estimate for the Sogola-Baoule, Ngoualana and Boumou prospects are tabulated below. These mineral resources are reported in accordance with the JORC Code1:
Prospect |
Indicated |
Inferred |
Total |
||||||
Tonnes (Mt) |
Li2O% Grade |
Contained Li2O (kt) |
Tonnes (Mt) |
Li2O% Grade |
Contained Li2O (kt) |
Tonnes (Mt) |
Li2O% Grade |
Contained Li2O (kt) |
|
Sogola_Baoule |
8.4 |
1.09 |
91.9 |
3.8 |
1.13 |
42.8 |
12.2 |
1.10 |
134.8 |
Ngoualana |
3.1 |
1.25 |
39.2 |
2.0 |
1.12 |
22.1 |
5.1 |
1.20 |
61.3 |
Boumou |
|
|
|
4.0 |
1.02 |
40.4 |
4.0 |
1.02 |
40.4 |
TOTAL |
11.6 |
1.13 |
131.2 |
9.7 |
1.08 |
105.3 |
21.3 |
1.11 |
236.5 |
Notes: Mineral resources are reported using a 0.5%Li2O cut-off. Figures may not sum due to rounding. The contained metal is determined by the estimated tonnage and grade.
The JORC code Table 1 with details of the resource estimate parameters is available to view on the Company's website at www.kodalminerals.com
Qualified Person's Statement
The Mineral Resource estimates have been prepared by Dr
The exploration results and activity reported in this announcement have been reviewed by Mr
**ENDS**
For further information, please visit www.kodalminerals.com or contact the following:
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Tel: +61 418 943 345
|
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Tel: 020 3328 5656 |
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Tel: 020 3470 0470 |
Susie Geliher/
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Tel: 020 7236 1177 |
About
Prospect |
Indicated |
Inferred |
Total |
||||||
Tonnes (Mt) |
Li2O% Grade |
Contained Li2O (kt) |
Tonnes (Mt) |
Li2O% Grade |
Contained Li2O (kt) |
Tonnes (Mt) |
Li2O% Grade |
Contained Li2O (kt) |
|
Sogola_Baoule |
8.4 |
1.09 |
91.9 |
3.8 |
1.13 |
42.8 |
12.2 |
1.10 |
134.8 |
Ngoualana |
3.1 |
1.25 |
39.2 |
2.0 |
1.12 |
22.1 |
5.1 |
1.20 |
61.3 |
Boumou |
|
|
|
4.0 |
1.02 |
40.4 |
4.0 |
1.02 |
40.4 |
TOTAL |
11.6 |
1.13 |
131.2 |
9.7 |
1.08 |
105.3 |
21.3 |
1.11 |
236.5 |
Notes: Mineral resources are reported using a 0.5%Li2O cut-off. Figures may not sum due to rounding. The contained metal is determined by the estimated tonnage and grade.
Further to this,
Glossary of Technical Terms
"Inferred" or "Inferred Resource" |
that part of a Mineral Resource for which tonnage, grade and mineral content can be estimated with a low level of confidence. It is inferred from geological evidence and assumed but not verified geological and/or grade continuity. It is based on information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes which may be limited or of uncertain quality and reliability |
"Indicated" or "Indicated Resource" |
that part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a reasonable level of confidence. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. The locations are too widely or inappropriately spaced to confirm geological and/or grade continuity but are spaced closely enough for continuity to be assumed |
"JORC" |
The Australasian Joint Ore Reserves Committee Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves 2012 (the "JORC Code" or "the Code"). The Code sets out minimum standards, recommendations and guidelines for Public Reporting in |
"Measured Resource" |
that part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a high level of confidence. It is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. The locations are spaced closely enough to confirm geological and grade continuity |
"Mineral Resource" |
a concentration or occurrence of material of intrinsic economic interest in or on the Earth's crust in such form, quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade, geological characteristics and continuity of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge. Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories when reporting under JORC |
"Mt" |
million tonnes |
"Kt" |
Thousand tonnes |
"Reserve" |
the economically mineable part of a Measured and/or Indicated Mineral Resource |
"t" |
tonne (= 1 million grams) |
"cut off" |
the lowest grade value that is included in a resource statement. It must comply with JORC requirement 19: "reasonable prospects for eventual economic extraction" the lowest grade, or quality, of mineralised material that qualifies as economically mineable and available in a given deposit. It may be defined on the basis of economic evaluation, or on physical or chemical attributes that define an acceptable product specification
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