JOHANNESBURG (miningweekly.com) – Kodal Minerals will acquire 90% in Minefinders’ Diendio lithium project, in southern Mali, for $65 000, which will be paid in two yearly staged instalments ending November 2017.
The London-listed company will make its first $30 000 payment for the 109 km2 project, comprising three granted concessions, namely the Diendio Sud, Diossyan Sud and Manankoro Nord, upon signing.
“This acquisition is a direct result of our in-country team identifying the prospective target and our local knowledge allowing a rapid finalisation of the agreement. The low entry cost will allow us to focus on maximum expenditure in the ground and our exploration team will start initial sampling and mapping immediately,” Kodal CEO Bernard Aylward said in a statement.
He added that the company would continue to expand its lithium exploration portfolio with this acquisition, complementing its Bougouni lithium project, which it acquired in August.
“These two exciting projects are located in southern Mali, a rapidly advancing region for the identification and delineation of high-grade lithium mineralisation associated with pegmatite intrusions,” Aylward pointed out.
He highlighted that Kodal had an active exploration programme in progress, with a focus on these lithium opportunities. “Our geologists are currently mapping and sampling the identified high-grade lithium pegmatite veins at our Bougouni lithium project, prior to our first phase drilling commencing.”