Shares of UK-listed miner Kodal Minerals PLC (LON: KOD) spiked 10.2% higher after the company announced that the surface geochemical sampling was completed at the Dabakala Concession Côte d'Ivoire had revealed high-grade gold.
The sampling results revealed high-grade gold geochemical samples up to 6.14g/t gold, furthermore extensive surface gold anomalism was found in the east of the Dabakala Concession, extending for over 10km.
Kodal also identified numerous artisanal workings with the anomalism extending beyond and parallel to the workings. Multiple gold anomalous zones were also recognised during the sampling.
The company is set to do a field inspection of the Dabakala anomalism later this month, while simultaneously conducting field reconnaissance at its Fatou gold project.
Bernard Aylward, Kodal Minerals CEO, explained: “The extensive surface gold anomalism defined at the Dabakala Concession over multiple phases of sampling is very exciting for Kodal. The exploration is currently at an early stage with sampling completed on a wide spacing in an under-explored region of Côte d'Ivoire. The consistency of the gold anomalism, the geological setting and the presence of artisanal workings highlight the potential of this project for Kodal as we continue to develop our gold portfolio and demonstrate the value of the assets.
Adding:
“Kodal is preparing for a very busy drilling and field exploration season this year, and our priorities remain to define JORC Compliant Mineral Resources at the Fatou Project, undertake drilling at the Nielle Project, and undertake field review and reconnaissance drilling at Dabakala to provide further geological information on the extensive gold anomalous zone that we have identified.”
The CEO also clarified that the company was in talks with Mali’s transition government while monitoring its Bougouni Project Mining Licence application's progress. The license application's approval would allow the company to advance the work on its flagship lithium asset. The company is still committed to making the project successful, given its crucial position within its future plans.
Kodal Minerals share price.
Kodal Minerals shares spiked 10.23% higher to trade at 0.0948p after rising from Wednesday’s closing price of 0.086p.