Kodal Minerals PLC (LON:KOD) has reported a 23% increase in the mineral resource at its Bougouni Lithium project in Mali, with 55% of the updated figure in the indicated resource category.
The minerals explorer the total mineral resource now stood at 21.3mln tonnes (Mt), with 11.6Mt in the indicated category.
WATCH: Kodal reports 23% increase in mineral resource at Bougouni Lithium project
The increased resource was made up of Kodal’s three most advanced prospects at Bougouni, Sogola-Baoule, Ngoualana, and Boumou, which saw their mineral resources increase by 18%, 9%, and 81% respectively.
Bernard Aylward, chief executive of Kodal, said the updated resource had allowed the company to classify “a large portion” in the indicated category, which was” fundamental” for its ongoing mine development study.
“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”, he added.
In early deals Thursday, shares were down 9% at 0.18p.