Kodal Minerals (KOD) has intersected high-grade lithium at the Sogola-Baoule and Boumou prospects within its flagship asset, the Bougouni Lithium project, covering 450km2 in Southern Mali.
The assay results showed lithium at grades ranging from 1.2% and 1.7% at Sogola-Baoule and 1.04% at Boumou. The company is now targeting a mining operation to process 1.2 million tonnes pa, expanding to a 1.5 million tonne pa processing plant as the operation moves into steady production.
The mineral exploration company said it is on track to complete a Mineral Resource estimate update to include all drilling results to date.
Shares in Kodal Minerals ticked up 2.94% following the announcement
Despite the previous Maiden JORC Resource Estimate being calculated with only three of eight prospects within the area, the project ranked in the top 15 hard rock lithium projects globally.
Bernard Aylward, CEO of Kodal Minerals, said: "The drilling programme completed last year at the Sogola-Baoule and Boumou prospects has confirmed the continuity and robustness of the lithium mineralisation at Bougouni.”
“This gives us great confidence as we continue to fast track our development plans for the Project.”
The company said the project is attracting the attention of investors and off-take partners interested in securing a long-term supply of lithium.
Lithium is one of the key raw materials in the growing battery market, and projections for demand has seen lithium prices surge in recent years.
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