Mineral exploration and development company Kodal Minerals says it is making progress with its mining licence application for the Bougouni lithium project, in southern Mali, as well as with regard to a memorandum of understanding (MoU) entered into with Sinohydro and its gold exploration activities.
The Mali Transition Government is now fully active and progress on the mining licence application has restarted.
“The mining licence application continues and Kodal can confirm that all government documents have been updated to reflect the changes to the Mali Transition Government Ministry and the operation of the Constitution and the Charter of Transition.
“The documents are pending signing by the new Minister, which will then allow the company to receive notification of requirement to pay for the mining licence,” Kodal CEO Bernard Aylward comments.
Further, the company has announced the drawdown of $750 000 as the second and final advance of the $1.5-million unsecured convertible loan agreement with Riverfort Global Opportunities and YA II PN.
“Completing this final advance of the loan agreement allows Kodal to continue its exploration and development programmes for the Bougouni lithium project including planning of further engineering design and metallurgical testwork to optimise the process plant design.
“This mining project development work will be completed in conjunction with the review and assessment of the project by Sinohydro under the MoU,” says Aylward.
Under the terms of the MoU announced on September 1, Sinohydro is conducting an initial technical review and holding discussions with Kodal prior to beginning field visits in November.
It is expected that Sinohydro will begin fieldwork at Bougouni in November.
Meanwhile, gold exploration activity planned for Côte d’Ivoire is set to begin in November as seasonal rains cease and access opens. In the country, Kodal’s projects comprise the Dabakala project, the Korhogo project and the Resolute joint venture.
This initial programme will focus on the Dabakala geochemical anomaly as Kodal looks to define this area for first pass drilling to determine the potential for gold mineralisation to be discovered.