Kodal Minerals has raised £700,000 support its aim of rapidly advancing its Bougouni lithium project in Mali as it continues to fast track development.
Bernard Aylward, CEO of Kodal Minerals, says:
"As demonstrated by the support we have seen for the fundraise, Kodal is an attractive value proposition, offering significant potential uplift through the development of Bougouni and the dedication of our team to expedite this process.
"Raising these funds will enable us to continue with the successful development and exploration programmes that are currently underway.
"We recently announced an upgrade of the JORC Mineral Resource estimate to 21.3 Mt at 1.1%Li2O in addition to ongoing development planning for an expected 1.5 Mt per annum processing plant with open pit mining from the initial three prospects at Ngoualana, Sogola-Baoule and Boumou.
"We are focused on moving Bougouni to development as rapidly as possible, however we are also looking to build a long-term operation at Bougouni and, with this in mind, our exploration programme is continuing to define high priority targets that require drill testing.
"The results of the exploration will feed back into the development process and future development planning."
Kodal will use the net proceeds of the placing to:
- Continue to fast track both its project development programme and its exploration drilling programme
- Complete the Environmental and Social Impact Assessment, anticipated to be lodged by the end of Q2, 2019
- Further metallurgical test work with an update expected by the end of Q2 2019
- Continue the engineering review and design working with highly experienced consulting groups
- Build towards completing a mining licence application by the end of Q3, 2019.
- Definition and extension drilling planned for Sogola-Baoule and Boumou with focus on extending Mineral Resource
- Exploration drilling of priority targets defined by previous drilling and identification of new pegmatite veins
- Initial drill testing of the recently acquired Bougouni West project where initial geological reconnaissance is highlighting prospective targets.