Kodal Minerals PLC (LOM:KOD) has updated on progress on its gold assets in Mali and Cote d'Ivoire.
Kodal said it has received a request from Resolute Mining for an additional extension of the joint venture in Cote D’Ivoire term, as Resolute's expenditure in the joint venture of approximately US$2 million falls short of its commitment under the agreement.
However, after consideration, Kodal has refused the extension request and will now retain 100% ownership of the concessions on expiry of the agreement on February 25, 2021.
The Resolute joint venture covers three concessions, Nielle, Tiebissou and M'Bahiakro, and Kodal will continue exploration on all concessions.
Exploration drilling of over 7,400 metres by Resolute has defined a gold anomaly at the Nielle project extending for over 1,000 metres and open along strike and at depth, which will be the priority for future Kodal drilling in Cote d'Ivoire.
Kodal has received all data for the Nielle project, which includes previously reported drill results with intersections including 26 metres at 1.95 grams per tonne gold, 16 metres at 1.96 grams, and 10 metres at 3.62 grams.
Meanwhile, Kodal has been informed that Riverfort has satisfactorily completed due diligence in connection with the funding agreement and has confirmed its intention to continue with the USD$2.5mln funding arrangement subject to agreement on final terms.