Kodal Minerals PLC (LON:KOD) has acquired more ground in Mali close to its Bougouni lithium prospect.
The additional 200 sq km is contained within two licences, Mafele Ouest and Nkemene Ouest, 25km to the west of Bougouni and adjacent to the Goulamina lithium project owned by ASX listed Birimian.
Kodal will pay current owner Bampara £185,000 in cash and £195,000 in shares over three stages for an 80% stake.
That will give it exclusive rights to explore the new concessions, which will be known as Bouguoni West.
Kodal also has the option to take 100% ownership if it applies for a mining licence.
Bernard Aylward, Kodal’s chief executive, said Bougouni remained the focus, but the new acreage presented 'a fantastic opportunity' in a highly prospective region.
"Kodal has undertaken initial ground reconnaissance during its due diligence review and has commenced the prioritisation of exploration targets for immediate follow-up.”