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Mineral exploration and development company Kodal Minerals (LON: KOD) share price is climbing after the company provided an update on its Ivory Coast gold exploration project and Bougouni Lithium Project licence application.
Kodal Minerals share price is trading over 5.79% above Friday's close at 0.3023p.
At its Ivory Coast gold exploration activity, the company said it has secured two drill rigs for the Nielle Project in the north.
Its drilling programme will consist of 5,000m of aircore drilling to commence within the week, targeting the strike extensions of the gold mineralised zone and test for parallel zones defined by Resolute Mining Limited.
The drilling will be an initial 1,000m to define mineralisation and follow up drill intersections, including 26m at 1.95g/t gold and 26m at 1.79g/t gold.
Meanwhile, infill geochemical sampling at the Dabakala project has commenced.
At Kodal's Bougouni Lithium Project, it has finalised the previously lodged Feasibility Report changes and will file the update with the Direction Nationale de la Geologie et des Mines (DNGM) in Mali.
The next stage is for DNGM to send Kodal a confirmation letter formally requesting payment of the application fee for the mining licence before the approval of the licence from the Prime Minister.
“The Dabakala project is at an early stage, however, the extensive surface gold anomalism and repeated high-grade gold mineralisation give confidence to continue with exploration here. This is a new gold zone defined in Cote d'Ivoire and offers the company the opportunity to make a significant gold discovery,” said Bernard Aylward, CEO of Kodal Minerals.
“As previously announced, our Mining licence application for the Bougouni Lithium Project is advancing, and we have completed all requested changes for filing the updated Feasibility Report with the DNGM in Mali,” added Aylward.
Kodal Minerals shares are traded on the London stock exchange's AIM market (the alternative investment market), which is the submarket specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are Kodal Minerals shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies
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