Shares of Kodal Minerals PLC (LON: KOD) rose 3% after the mining company reported that it had made substantial progress on the Fatou gold project's funding agreement but that it had granted its funding partners a two-week extension.
The lithium and gold mining company noted that the Fatou project's further reconnaissance had revealed extensive artisanal workings and geological control on mineralisation, highlighting more mining opportunities.
Kodal also noted that the on-going review of historic drilling had highlighted high-grade mineralisation zones that will be followed-up as a priority. Furthermore, the miner has completed 508 surface geochemical samples at Dabakala project in Côte d'Ivoire to infill the extensive 8km x 2km surface anomaly.
The miner clarified that the maiden drilling programme planning is to commence as soon as possible once the Funding Agreement is finalised. Kodal is well-known for its Bougouni Lithium Project in West Africa and multiple gold mining projects in the region.
Bernard Aylward, CEO of Kodal Minerals, commented: “We are looking forward to commencing drilling at the Fatou Project as soon as possible once the Funding Agreement is finalised. The 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.”
Adding:
“The extensive artisanal workings at the Dabakala project in Côte d'Ivoire that have developed along strike of our 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.”
Kodal Minerals share price
.Kodal Minerals shares rose 3% to trade at 0.1030p having fallen from Thursday’s closing price of 0.1000p.