Having entered into two financing agreements with Riverfort Global Opportunities and a hedge fund operated by Yorkville Advisors Global, Aim-listed Kodal Minerals says it is well-funded to start gold exploration this month in Côte d'Ivoire.
The company will explore for gold mineralisation at the Dabakala project, while awaiting a mining licence grant for its flagship Bougouni lithium project, in Mali.
Previous work completed by Kodal highlighted an extensive surface geochemical anomaly and field geological mapping indicated the association of sheared and altered geology associated with the anomaly.
The company’s exploration activity in Côte d'Ivoire will initially focus on the Dabakala project, while Kodal also has concessions consisting of the Korhogo and Boundiali projects. The Boundiali project’s exploration licence is currently being applied for.
Kodal has three projects in application stage in Côte d'Ivoire, in joint venture with fellow-listed Resolute Mining.
Kodal concluded an equity sharing agreement in September with Riverfort, which afforded Kodal with £654 000. The company also secured a convertible loan note facility for $1.5-million, drawing down $750 000 respectively in July and October.
Meanwhile, at its flagship Bougouni, Kodal is continuing with the review of engineering and processing requirements for the project.
The company has a memorandum of understanding in place with Chinese specialist engineering firm Sinohydro to work together in developing the project, with Sinohydro reviewing the development proposed for the project, as well as reviewing financing requirements and assisting in sourcing finance for the project.
Sinohydro will also eventually help to negotiate a mutually acceptable engineering, procurement and construction contract for the development of Bougouni.