JOHANNESBURG (miningweekly.com) – To launch an exploration programme at its Bougouni lithium project, in Mali, mineral exploration and development company Kodal has raised £750 000 through the placement of 720-million new shares at 0.1p apiece.
Reconnaissance conducted on the Kolassokoro and Madina concessions, at the recently acquired 500 km2 tenement, highlighted the existence of multiple pegmatite veins with high-grade lithium mineralisation of up to 2.2% lithium ion.
Kodal plans a staged programme of exploration aimed at rapidly advancing the project towards Joint Ore Reserves Committee- (Jorc-) compliant status in the near term.
This works programme will consist of geological mapping and the sampling of priority targets, followed by an initial drilling programme and metallurgical testwork.
Kodal then expects to conduct a second phase of drilling, which will be used in geological modelling for detailed assessment and the declaration of a preliminary Jorc-compliant mineral resource estimate.
Meanwhile, the company also issued a total of 21.4-million new ordinary shares at 0.1p apiece to certain of its advisers and consultants, in accordance with its contractual arrangements.