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Kodal Minerals (KOD) Shares Rally After Encouraging Drill Results

Updated: 29 Jul 2021

Kodal Minerals (LON: KOD) shares are climbing after the company reported assay results for the recently completed reverse circulation (RC) drilling at the Nielle Concession in the northern Ivory Coast.

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RC drilling returned wide intersections of gold mineralisation, which included: 33m at 2.33 grams per tonne of gold from a 3m drill hole, including 6m at 7.99 grams per tonne of gold; 12m at 5.96 grams per tonne of gold from a 6m drill hole, including 6m at 11.45 grams per tonne of gold; and 6m at 6.51 grams per tonne from an 87m drill hole, including 9m at 3.02 grams per tonne.

Drilling has confirmed that drill intersections extend to the north and south along the strike of the previously defined gold mineralised zone.

Kodal said final results for the completed aircore drilling are pending and, when received, will be interpreted in conjunction with these RC drill results to plan follow-up and extension drilling.

“These wide, high-grade drill results from our first drilling campaign at Nielle are very encouraging. We have been able to confirm and extend the zone of gold mineralisation discovered by our former joint venture partner, and in addition we have been able to identify new zones of gold mineralisation that highlight the prospectivity of this new region,” said Bernard Aylward, CEO of Kodal Minerals.

“We are awaiting final results from the reconnaissance aircore drilling and will undertake a detailed review of all drilling to plan the next phase of reverse circulation drilling that we would like to undertake as soon as access and rig availability allows,” added Aylward.

Kodal's share price has climbed 3.45% to 0.414p on the news.

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