Aim-listed gold and lithium explorer and developer Kodal Minerals has undertaken further field reconnaissance and planning of the maiden drilling programme at its Fatou project, in Mali, which will start as soon as possible and in line with a funding agreement being finalised.
The company is finalising details with the drilling contractor to undertake the exploration programme and will look to secure ongoing drilling for the Fatou project and Kodal’s other gold assets in Côte d’Ivoire and Mali.
In addition, Kodal reports that is has received an initial $300 000 funding advance under the term sheet of a proposed funding agreement to provide up to $2.5-million from Aim-quoted Riverfort Global Opportunities and Riverfort Global Opportunities PCC.
The capital is intended to advance Kodal’s gold assets and support the acquisition and exploration of the Fatou gold project.
As such, the company has completed the Stage 1 consideration payments for the acquisition of the Fininko and Foutière concessions that make up the Fatou project.
The due diligence on Kodal’s gold assets being completed by investors includes a technical geological review, tenure licensing and subsidiary company review, as well as financial and legal review.
Kodal notes that the process is well advanced, but it also points out that some delays over the Christmas period were experienced. As a result, the investors requested, and Kodal has agreed to, a two-week extension to the due diligence period and for finalisation of the funding agreement, which now have a deadline of January 30.
Kodal has completed an infill surface geochemical sampling programme at the Dabakala project, in Côte d’Ivoire, to add definition to the previously defined anomalous zone. The Dabakala anomaly is a new area of surface anomalism defined by Kodal exploration and no previous drilling has occurred in the area.
The sample spacing has been infilled to a nominal 200 m line spacing and 50 m samples spacing and will be suitable to provide targeting for initial air core reconnaissance drilling.
The geological mapping that occurred in conjunction with the sampling highlighted shear zones and quartz veining that was the target for the extensive artisanal workings.
Going forward, a programme of field mapping and sampling of the workings will be undertaken to assist in the targeting of the future drilling.
Kodal CEO Bernard Aylward says Fatou’s review is continuing to highlight opportunities to extend the previously defined gold prospect, as well as priority exploration targets.
“The focus of the drilling will initially be to confirm findings of previous drilling and geological information; however, we will also be targeting extensions to the mineralised structure to determine the size potential of the Fatou project.”
He adds that the extensive artisanal workings at the Dabakala project that have developed along strike of Kodal’s previously defined surface geochemical anomaly are a positive indication of this area.
“We are awaiting the assay results for the sampling and will be looking to continue to advance this prospect through a maiden drilling programme this field season.”