Kodal Minerals, the mineral exploration and development company focused on West Africa, is making further acquisitions of prospective lithium projects in southern Mali, to complement the company’s Bougouni lithium project acquired in August and September this year.
The company will acquire a 90% interest in the 109 km2 Diendio project, consisting of three granted concessions namely the Diendio Sud, Diossyan Sud and Manankoro Nord.
The company will pay a total of $65 000 for the acquisition in two annual staged installments ending November 2017; the first of which payment of $30 000 is due upon signing of the agreement reached with current concession owner Minefinders Mali.
The Diendio project is located approximately 230 km south of Bamako, the capital of Mali. Access to the project is gained by sealed road from Bamako and local road and track throughout the concession area.
The project is further located in the Bougouni-Sikasso region where high-grade lithium bearing pegmatites were identified by CSA Global in 2008.
Kodal highlighted that field reconnaissance by company geologists has shown the presence of coarse grained pegmatites containing spodumene (lithium bearing mineral) within the project area. Also, previous exploration drilling targeting gold mineralisation has intersected pegmatite units up to 31 m thick, and field reconnaissance has highlighted extensive surface pegmatite outcrop.
The company will immediately undertake field review and reconnaissance mapping of pegmatite occurrences and geochemical sampling and prioritisation for drill testing will be completed with the aim of drilling as soon as possible.
“The acquisition of the Diendio Project is a direct result of our in-country team identifying the prospective target and our local knowledge which allowed us to rapidly finalise the agreement. The low entry cost will allow us to focus on maximum expenditure in the ground, and our exploration team will start initial sampling and mapping immediately, ” says Kodal Minerals CEO Bernard Aylward.
Both the Bougouni and Diendio projects are located in southern Mali, a rapidly advancing region for the identification and delineation of high grade lithium mineralisation associated with pegmatite intrusions.
“We have an active exploration programme in progress, with a focus on these exciting lithium opportunities. Our geologists are currently mapping and sampling the identified high grade lithium pegmatite veins at our Bougouni lithium project, prior to our first phase of drilling commencing,” says Aylward.