TIDMKOD
RNS Number : 3714T
Kodal Minerals PLC
14 November 2023
The information contained within this announcement is deemed by
the Company to constitute
inside information as stipulated under the UK Market Abuse
Regulation
Kodal Minerals Plc / Index: AIM / Epic: KOD / Sector: Mining
14 November 2023
Kodal Minerals plc
("Kodal Minerals", "Kodal" or the "Company")
Bougouni Lithium Project Mineral Resource Update:
Total Resource increased to 31.9 Mt at 1.06% Li(2) O
Kodal Minerals, the mineral exploration and development company
focused on lithium and gold assets in West Africa, announces a new
JORC Mineral Resource estimate (MRE) for the Bougouni Lithium
Project located in southern Mali ("Bougouni") of 31.9 million
tonnes (Mt) at 1.06% Lithium Oxide (Li(2) O), an increase of over
40% from the previous Mineral Resource completed in 2019. The
significant increase is specific to the Ngoualana and Boumou
deposits following the drilling programmes completed in early
2023.
The updated Mineral Resource estimate has been prepared as part
of the development plans for Bougouni. As previously announced, the
Company plans for a two stage development strategy: Stage 1 through
processing ore from the Ngoualana deposit through a dense media
separation ("DMS") process plant; and Stage 2 through processing
ore from the Boumou and Sogola-Baoulé deposits through a flotation
plant.
Highlights
-- The 40% increase in Bougouni's spodumene resource adds 10.6Mt
to bring the overall MRE to 31.9Mt at 1.06% Li(2) O following 3,230
metres of RC/diamond drilling during 2023.
-- New JORC Mineral Resource estimates have been prepared for
the Boumou and Ngoualana prospects:
o Boumou: 13.1Mt at 1.04% Li(2) O, an increase of 236% from the 2019 estimate
(Boumou Resource reported using a 0.75% Li(2) O lower cut-off,
no top cut-off)
o Ngoualana: 6.7Mt at 1.00% Li(2) O , an increase of 9% from the 2019 estimate
(Ngoualana MRE reported using 0.5% Li(2) O lower cut-off, no top
cut applied)
The MRE update also improves Kodal management's confidence in
the previously defined resource at the Ngoualana prospect ahead of
the proposed DMS mining development.
-- Sogola-Baoulé prospect has a resource of 12.2Mt at 1.1% Li(2)
O, which is unchanged from the 2019 resource estimate, and the next
phase of drilling will include additional metres with potential to
expand Sogola-Baoulé.
-- Boumou prospect remains open along strike and drilling is
planned to commence in late November 2023 to target an additional
750m strike length.
-- Ngoualana resource is undergoing open pit optimisation and
the mine design is being updated to capture the increased
resources, and to support the final planning of the Ngoualana
prospect's DMS development.
-- The next drilling campaign will commence imminently,
focussing on further resource definition, infill and exploration
drilling at Boumou and Sogola-Baoule prospects, as well as those
not included in the MRE to date including Kola and Bougouni South,
all within the current Bougouni mining licence.
Commenting on the 40% increase in Bougouni's MRE, Bernard
Aylward, CEO of Kodal Minerals, stated: "The significant increase
in Bougouni's lithium endowment is a further step towards becoming
a West African spodumene producer of substance and scale. With the
results from the latest drilling campaign delivering over 10Mt of
resource, we are looking forward to bringing Bougouni into
production at the end of 2024, as well as ramping up the drilling
programme to include infill and extension definition drilling, and
uncovering additional discoveries within our extensive mining
licence.
"The drilling campaign completed by Kodal between January and
May this year was the first programme conducted at the Bougouni
Lithium Project since 2019. The results of the drilling programme
confirm our positive view of the prospectivity within our project
area, while the updated MRE highlights the potential for further
resource growth at the project through continued drilling of our
priority targets. The Boumou prospect has been significantly
expanded by this recent drilling programme, and we will be
returning in November 2023 to seek to extend the resource area
further as well as undertaking infill and definition drilling to
support future mine planning.
"The Ngoualana prospect resource has confirmed and expanded the
2019 resource estimate, and the new model has been prepared with a
focus on the bulk commodity mining opportunity. This new model
seeks to maximise the recovery of the pegmatite mineralisation
during the mining process rather than attempting to selectively
mine higher grade ore that may result in leaving mineralisation
behind.
"We are currently planning the next phases of extension and
definition drilling at the Bougouni Lithium Project with the Boumou
prospect being a clear priority. However, the Sogola-Baoulé
prospect is also a key expansion target as we look to build a major
resource base to support the development of the phase 2 flotation
plant. The aim of the programme is to demonstrate the potential to
bring forward the development of the flotation plant as soon as
possible after the DMS plant has been fully commissioned and
maximise the opportunity we have at the Bougouni Lithium
project."
Further Information
Mineral Resource Estimate
This updated MRE has been completed by independent consultants
ERM (formerly CSA Global). Kodal supplied a geological database and
verified the geological interpretation that was used to define the
lithium mineralised pegmatite bodies.
Resource updates were completed for the Ngoualana and Boumou
prospects following additional reverse circulation ("RC") and
diamond drilling. The updated JORC compliant Mineral Resource
estimate for the Bougouni Lithium project, including the
Sogola-Baoulé, Ngoualana and Boumou prospects is tabulated
below:
Prospect Indicated Inferred Total
Contained Contained Contained
Li(2) Li(2) Li(2) Li(2) Li(2) Li(2)
Tonnes O% O Tonnes O% O Tonnes O% O
(Mt) Grade (kt) (Mt) Grade (kt) (Mt) Grade (kt)
------- ------- ---------- ------- ------- ---------- ------- ------- ----------
Sogola-Baoulé 8.4 1.09 91.9 3.8 1.13 42.8 12.2 1.10 134.8
------- ------- ---------- ------- ------- ---------- ------- ------- ----------
Ngoualana 3.2 1.19 38.0 3.5 0.82 28.5 6.7 1.00 66.7
------- ------- ---------- ------- ------- ---------- ------- ------- ----------
Boumou 13.1 1.04 135.8 13.1 1.04 135.8
------- ------- ---------- ------- ------- ---------- ------- ------- ----------
TOTAL 11.6 1.12 129.9 20.3 1.02 207.1 31.9 1.06 337.2
------- ------- ---------- ------- ------- ---------- ------- ------- ----------
Notes: Sogola-Baoul é resource estimate unchanged from 2019. A
0.5% Li(2) O lower cut-off applied, and resource wireframe defined
by a 0.3% Li(2) O selected boundary. Estimate completed utilising
Surpac software.
Ngoualana resource estimate reported utilising a 0.5% Li(2) O
lower cut-off. All pegmatite mineralisation modelled including
zones of internal waste material for a fully diluted model. The
geological model of the mineralisation is completed using Leapfrog
modelling software. The Mineral Resource estimation is completed
using Surpac software with grades estimated by Ordinary
Kriging.
Boumou resource reported using a 0.75% Li(2) O lower cut-off.
All pegmatite mineralisation modelled including zones of internal
waste material for a fully diluted model. The geological model of
the mineralisation is completed using Leapfrog modelling software.
The Mineral Resource estimation is completed using Surpac software
with grades estimated by Ordinary Kriging.
Figures in table may not sum due to rounding. The contained
metal is determined by the estimate tonnage and grade.
The JORC code Table 1 with details of the resource estimate
parameters is available to view on the Company's website at
www.kodalminerals.com
Exploration and Development Programme
At the Ngoualana prospect, the Company is continuing with the
rapid development of the Bougouni Lithium Project with a focus on
the development of the proposed DMS plant to process the coarse
grained mineralisation identified within this prospect. The updated
mineral resource estimate for the Ngoualana prospect is currently
undergoing an update to the open pit optimisation to finalise the
open pit design and results are expected later this year.
Kodal is currently finalising an extension and definition
drilling programme for the Boumou prospect where this new resource
has highlighted a major increase in the previous estimate and in
particular has confirmed the potential for further significant
additional mineralisation along strike and at depth. The drilling
programme will consist of:
o RC drilling to continue to target strike extensions over an
additional 750m to the west, as well as new targets identified to
the east of the prospect
o Diamond drilling to provide geological and structural control
features of the pegmatite veins which in turn will enhance success
of ongoing targeting
o Diamond drilling to provide metallurgical samples for testing
to confirm the recoveries and possible material to supplement the
proposed DMS plant and/or future flotation plant, which in both
cases will support increased life of mine potential
o Diamond drilling to provide geotechnical information for
future open-pit mining.
The Company anticipates that the Boumou and Sogola- Baoulé
region will continue to demonstrate the potential for the
development of the proposed 2Mtpa flotation plant (Phase 2)
outlined in the Company's Feasibility Study (refer to Kodal's
announcement of 27 January 2020).
In addition to the detailed programme at the Boumou prospect,
the Company intends to undertake further drilling at the Kola,
Bougouni South and Sogola- Baoulé prospects. Both Kola and Bougouni
South do not currently figure in the Mineral Resource estimate and
provide further potential for resource increase.
Qualified Person's Statement
The Mineral Resource estimate for the Sogola- Baoulé prospect
has been prepared by Dr Matthew Cobb who is a Member of the
Australian Institute of Geoscientists. Dr Cobb completed the
resource estimation in 2019 and the resource remains unchanged from
that time. Dr Cobb has sufficient experience that is relevant to
the style of mineralisation and type of deposit under consideration
and to the activity being undertaken to qualify as a Qualified
Person as defined in the AIM Note for Mining and Oil & Gas
Companies dated June 2009. Dr Cobb has consented to the inclusion
in this announcement of the matters based on his information in the
form and context in which it appears.
The information in this announcement that relates to the Mineral
Resource estimates for Ngoualana and Boumou prospects is based on
information compiled by Mr Phil Jankowski, who is a Fellow of the
Australasian Institute of Mining and Metallurgy and a full-time
employee of ERM (formerly CSA Global). Mr Jankowski has sufficient
experience that is relevant to the style of mineralisation and type
of deposit under consideration and to the activity being undertaken
to qualify as a Qualified Person as defined in the AIM Note for
Mining and Oil & Gas Companies dated June 2009. Mr Jankowski
consents to the inclusion in the announcement of the matters based
on his information in the form and context in which it appears.
The exploration results and activity reported in this
announcement have been reviewed by Mr Bernard Aylward who is a
Member of the Australasian Institute of Mining and Metallurgy. Mr
Aylward has sufficient experience that is relevant to the style of
mineralisation and type of deposit under consideration and to the
activity being undertaken to qualify as a Qualified Person as
defined in the AIM Note for Mining and Oil & Gas Companies
dated June 2009. Mr Aylward consents to the inclusion in this
announcement of the matters based on his information in the form
and context in which it appears.
**ENDS**
For further information, please visit www.kodalminerals .com or
contact the following:
Kodal Minerals plc
Bernard Aylward, CEO Tel: +61 418 943
345
Allenby Capital Limited, Nominated Adviser
Jeremy Porter/Vivek Bhardwaj/Nick Harriss Tel: 020 3328
5656
SP Angel Corporate Finance LLP, Financial
Adviser & Joint Broker Tel: 020 3470
John Mackay/Adam Cowl 0470
Canaccord Genuity Limited, Joint Broker
James Asensio/Gordon Hamilton Tel: 0207 523
4680
Buchanan, Financial PR
Bobby Morse/Oonagh Reidy Tel: +44 (0)20
7466 5000
kodal@buchanancomms.co.uk
Glossary of Technical Terms
"cut off" the lowest grade value that is included
in a resource statement. It must comply
with JORC requirement 19: "reasonable
prospects for eventual economic extraction"
the lowest grade, or quality, of mineralised
material that qualifies as economically
mineable and available in a given deposit.
It may be defined on the basis of economic
evaluation, or on physical or chemical
attributes that define an acceptable
product specification
"Inferred" that part of a Mineral Resource for
or "Inferred which tonnage, grade and mineral content
Resource" can be estimated with a low level of
confidence. It is inferred from geological
evidence and assumed but not verified
geological and/or grade continuity.
It is based on information gathered
through appropriate techniques from
locations such as outcrops, trenches,
pits, workings and drill holes which
may be limited or of uncertain quality
and reliability
"Indicated" that part of a Mineral Resource for
or "Indicated which tonnage, densities, shape, physical
Resource" characteristics, grade and mineral content
can be estimated with a reasonable level
of confidence. It is based on exploration,
sampling and testing information gathered
through appropriate techniques from
locations such as outcrops, trenches,
pits, workings and drill holes. The
locations are too widely or inappropriately
spaced to confirm geological and/or
grade continuity but are spaced closely
enough for continuity to be assumed
"JORC" The Australasian Joint Ore Reserves
Committee Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves
2012 (the "JORC Code" or "the Code").
The Code sets out minimum standards,
recommendations and guidelines for Public
Reporting in Australasia of Exploration
Results, Mineral Resources and Ore Reserves
"Measured that part of a Mineral Resource for
Resource" which tonnage, densities, shape, physical
characteristics, grade and mineral content
can be estimated with a high level of
confidence. It is based on detailed
and reliable exploration, sampling and
testing information gathered through
appropriate techniques from locations
such as outcrops, trenches, pits, workings
and drill holes. The locations are spaced
closely enough to confirm geological
and grade continuity
"Mineral a concentration or occurrence of material
Resource" of intrinsic economic interest in or
on the Earth's crust in such form, quality
and quantity that there are reasonable
prospects for eventual economic extraction.
The location, quantity, grade, geological
characteristics and continuity of a
Mineral Resource are known, estimated
or interpreted from specific geological
evidence and knowledge. Mineral Resources
are sub-divided, in order of increasing
geological confidence, into Inferred,
Indicated and Measured categories when
reporting under JORC
"MRE" Mineral Resource estimate
"Mt" million tonnes
"Kt" thousand tonnes
"Reserve" the economically mineable part of a
Measured and/or Indicated Mineral Resource
"t" tonne (= 1 million grams)
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