AIM-listed mineral explorer and developer Kodal Minerals has released an updated JORC mineral resource estimate for the company’s 450 km2 Bougouni lithium project in Mali.
Mali – The updated Bougouni mineral resource is 21.3 Mt at 1.11% Li2O, with 11.6 Mt at 1.13% Li2O in the indicated category and 9.7 Mt at 1.08% Li2O in the inferred category.
This represents a 23% increase in the previously reported mineral resource of 17.3 Mt and includes 55% in the indicated category.
This update incorporates the results of all definition and extension drilling completed in the October to December 2018 drilling campaign and, importantly, has allowed the company to classify a major portion of the mineral resource estimate as indicated resource.
The drilling focused solely on the Kodal’s three most advanced prospects with existing resources, namely Sogola-Baoule, Ngoualana and Boumou and in all cases has increased the mineral resource demonstrating the expansion potential at each prospect.
- Sogola-Baoule: 12.2 Mt at 1.1% Li2O (18% increase) – 69% categorised as indicated;
- Ngoualana: 5.1 Mt at 1.2% Li2O (9% increase) – 61% categorised as indicated;
- Boumou: 4 Mt at 1.02% Li2O (81% increase) – remains Inferred
The mineral resource remains open along strike with potential to expand with further drilling, and the Boumou prospect requires definition drilling to improve resource classification
“The significance of this updated and increased mineral resource estimate lies in the fact that it enabled us to classify a large portion of the mineral resource estimate as an indicated resource – this is fundamental for our ongoing mine development study,” says Kodal Minerals CEO Bernard Aylward.
The drilling recently completed was focused on defining and extending the known resources utilising the important target areas contained within the previously optimised open pit mining shells. The initial review of this updated mineral resource highlights that the increases in the resource are contained within the previous optimised shells, that the interpretation now has been strengthened and that the areas of very wide pegmatite hosted mineralisation have been clearly defined.
“These updated mineral resource models will now be used to complete our mine development studies. The first step is underway starting with a new open pit optimisation review that will lead into the planning of the processing plant and production schedule.“The development programme at Bougouni is progressing with the ESIA well advanced and engineering review studies commissioned. The company has continued to meet with Mali government officials to keep them informed of our progress and our intentions to move to lodge our ESIA when complete, followed by our mining licence application when the study work is finalised,” says Aylward.