The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR")
Kodal Minerals Plc / Index: AIM / Epic: KOD / Sector: Mining
5 October 2016
Kodal Minerals Plc
("Kodal" or the "Company")
New Surface Gold Geochemical Anomalies Defined, Korhogo, Cote d'Ivoire
Kodal, the mineral exploration and development company with interests in West Africa, is pleased to announce that it has received the results of the wide-spaced surface geochemical sampling programme recently completed at its 100% owned Korhogo Project ("Korhogo" or the "Project") located in northern Cote d'Ivoire. To view the press release with the illustrative map please use the following link: http://www.rns-pdf.londonstockexchange.com/rns/6891L_-2016-10-4.pdf
· Surface geochemical sampling has returned four new gold anomalous zones with assay values up to 92 parts per billion ("ppb") Au and strike lengths exceeding 3.5km (refer Figure 1 - See PDF).
· A total of 640 geochemical samples were collected, with three rock chip samples and 34 QAQC (quality assurance and quality control) samples for a total of 677 samples dispatched to the SGS laboratories in Bamako, Mali.
· Geological interpretation indicates anomalies are associated with in-situ material and geological structures are evident in aeromagnetic data and geological mapping.
· Follow-up and infill geochemical sampling is required to define targets for reconnaissance aircore drilling.
Bernard Aylward, CEO of Kodal Minerals, said: "This area of Cote d'Ivoire has been very under-explored and this exploration confirms our view on the potential of this area to contain gold mineralisation. Although exploration at Korhogo is still at an early stage, our sampling programme has now been completed targeting major geological features, areas of artisanal workings and identified shear zones. We are pleased to have defined four new gold anomalous zones as a result, and follow-up exploration is now required to define these zones and prioritise targets for first pass drilling.
"Our current exploration programme is designed to target our highly prospective Bougouni Lithium projects in Mali having recently raised £750,000 to rapidly advance the project towards JORC compliant status in the near term, however we will also continue to advance our prospective gold projects to unlock the upside potential and ensure we realise value for our shareholders and the exploration expenditure."
Kodal is the 100% owner of the 360.6km2 Korhogo concession located in central Cote d'Ivoire, approximately 250km north of the capital city Yamoussoukro. The concession was granted on 8 January 2014 for a three-year term, with additional three year renewals available.
The exploration completed at Korhogo to date is at a very early stage, with no previous modern exploration completed prior to the grant of the concession. Initial surface geochemical sampling had been completed by Taruga Gold Limited (ASX:TAR), and this surface geochemical sampling programme was designed to test multiple targets and assess priority areas on a very wide-spaced 1km x 200m reconnaissance grid. This surface sampling has consisted of conventional surface sampling, with a 2kg sample collected from approximately 50cm below surface and a series of termite mound samples. A total of 644 samples have been collected and analysed at SGS Laboratories, Bamako by Fire Assay for gold only. The total geochemical sampling for the concession is 933 samples with a range of assay results from below detection to a maximum of 92ppb Au.
The interpretation of the geochemistry indicates that the programme has defined four anomalous gold zones:
· Zone 1 - 3.5km x 1.2km anomaly defined with values up to 39ppb Au and remains open along strike. This anomaly is associated with a zone of shearing and geological contact between metasedimentary units and intrusive granodiorites. The aeromagnetic data is indicating a continuous structure that is consistent with the geochemistry.
· Zone 2 - 3km x 2km anomaly defined with values up to 92ppb Au. This zone is associated with a northeast fault zone and areas of aeromagnetic anomaly. The geochemical anomaly is consistent with the interpreted geology and geophysics.
· Zone 3 - 2km x 1km anomaly defined with values up to 36ppb Au. This anomaly is related to a shear zone and potential contact zone between granodiorite and metasediments.
· Zone 4 - 3.5km x 1km anomaly defined and remains open along strike. This anomaly is hosted within sheared granodiorite units, and may be related to the same shear zone as Zone 1. This area has identified artisanal workings and remains open along strike.
Kodal is continuing with its field programme with a focus on the Bougouni Lithium projects in Mali. In addition, the Company will undertake exploration on its gold projects and at the Korhogo project it intends to undertake further field geological mapping and infill geochemical sampling to define priority targets for initial aircore drilling.
Figure 1 - See PDF Link
For further information, please visit www.kodalminerals.com or contact the following:
Kodal Minerals plc
Bernard Aylward, CEO
Tel: +61 418 943 345
Allenby Capital Limited, Nominated Adviser
Jeremy Porter/Nick Harriss
Tel: 020 3328 5656
SP Angel Corporate Finance LLP, Financial Adviser & Broker
John Mackay/Laura Harrison
Tel: 020 3470 0470
St Brides Partners Ltd, Financial PR
Susie Geliher/Lottie Brocklehurst
Tel: 020 7236 1177
This information is provided by RNS