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Kodal Minerals boosted as Bougouni lithium project advances towards development

Published: 08:45 28 May 2020 BST

Kodal Minerals PLC - Kodal Minerals boosted as Bougouni lithium project advances towards development

Kodal Minerals PLC (LON:KOD) told investors that its feasibility study for the Bougouni lithium project, in Mali, has been accepted by the country’s Ministry of Mines and Petroleum.

The ministry confirmed that no further technical and financial meetings are required prior to mining licence approval.

Additionally, the Directorate Nationale de la Géologie et des Mines has now agreed the mining area and new permit boundary to encompass all resources along with the proposed mining and associated infrastructure areas.

READ: Kodal sees significantly higher recovery rates at Bougouni

Kodal now awaits formal issuance of the final licence documents though it noted that coronavirus (COVID-19) related restrictions will have impacted the process and timing.

“Although an exact timeline cannot be given for the final approval of the Mining Licence application, our communication with the Government will continue regularly and we will keep shareholders updated with our progress,” Bernard Aylward, Kodal chief executive said in a statement.

Aylward added: “The acceptance of the Feasibility Study, submitted in support of the Mining Licence application, by the Mali Governments is a reflection of the level of detail supplied and incorporated into the study and supports our belief in the economic potential of the project. 

“The Mali Government continues to be very supportive of the development of a lithium mining industry in Mali, and the progress of our permitting reflects the governmental support Kodal has received.”

Gold assets reviewed

Kodal also noted that its gold assets in Mali and Cote d'Ivoire have attracted interest from investors and other exploration and development companies.

It pointed out that the assets have been maintained in good standing, and the tenure has been refreshed where possible. Now, the projects have been reviewed by Kodal’s geologists and a strategy is in place for further exploration at the Nangalasso project, in Mali, and, the  Dabakala project in Cote d'Ivoire.

"Kodal's gold projects have continued to attract interest in light of the ongoing strength in the gold price and recognition of a high-quality land position in the world-class Birimian sequence of West Africa,” Aylward said.

“Preliminary exploration has been undertaken at Nangalasso, returning very encouraging intersections over an extensive strike length and follow-up exploration is being developed.  In Cote d'Ivoire we have recently renewed licences and at our Dabakala project we expect to undertake infill geochemical sampling to define new drill targets.”

Aylward described it as an active time for the company, and, highlighted the opportunity to add long term value via the gold exploration assets.

Kodal Mineral reports significant progress at Bougouni lithium project in Mali

Kodal Minerals PLC (AIM:KOD) CEO Bernard Aylward joins Proactive's Stephen Gunnion with details of the latest milestones at the Bougouni lithium project in southern Mali. Aylward highlighted that the project has seen significant progress following the completion of a transaction last...

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