Shares in Kodal Minerals PLC (LON:KOD) jumped in mid-morning trading Thursday after the company said drilling at the Sogola-Baoule prospect at its Bougouni project in Mali had confirmed its geological model.
The mineral miner said diamond drill core intersections at Sogola-Baoule had included 18 metres at 1.35% lithium oxide (Li2O) from 74.75m in drill hole MDDH005, and 16.5m at 1.32% Li2O from 153.5m in drill hole MDDH004. Drilling at the prospect would recommence today, the company said.
READ: Kodal Minerals intercepts lithium and pegmatite mineralisation in Mali drilling
The firm also reported the first diamond core intersections at the Boumou prospect, which included;
• 6m at 1.39% Li2O from 65.55m, 5m at 1.32% Li2O from 80.5m, and 9.5m at 1.41% Li2O from 93.3m in drill hole KLDH007
• 7m at 1.43% Li2O from 43.49m in drill hole KLD008
Bernard Aylward, chief executive of Kodal, said the results at Sogola-Baoule were “very pleasing”, adding that the main pegmatite zone was proving to be “very consistent”.
“We are planning our drill holes to infill the prospect for updating our mineral resource estimate and continuing to extend the prospect to the northeast” Aylward said, adding that the new drilling at Sogola-Baoule beginning today would use two drill rigs and would be followed by extension drilling at the Boumou and Ngoualana prospects.
Shares were up 3.3% at 0.15p.