Kodal Minerals confirms potential Mali lithium project expansion
A discovery of additional mineralized extensions has been made at the at the Boumou prospect within its Bougouni lithium project in southern Mali.
Kodal Minerals announced the development and said reported high-grade, wide lithium mineralized intersections at spodumene-rich veins, with ongoing diamond core drilling aimed at further testing the prospect. Additional assay results are pending.
Bougouni lithium project
The Boumou prospect pegmatite bodies have expanded to 970 meters, an increase of 470 meters from previous findings, and the strike remains open, extending further along the prospect. Kodal expects the ongoing diamond core drilling to inform Stage 2 flotation design and optimize the mining schedule for both the Boumou and Sogola-Baoule prospects on the Bougouni licence.
Bernard Aylward, Chief Executive, expressed optimism about the new high-grade intersections, noting they further validate the continuity of the pegmatite mineralization initially defined in a March 2023 drilling campaign. The Bougouni project is located 170 km south of Bamako, in an area hosting several established mining operations, including Hummingbird’s Yanfolila mine and B2Gold‘s Fekola mine.
Kodal Minerals is competing with Australia’s Leo Lithium (ASX: LLL) to develop Mali’s first lithium mine. Kodal received its licence in late 2021, while Leo Lithium, backed by China’s Ganfeng Lithium, was awarded the right to develop its Goulamina asset in August 2019. Following the announcement, Kodal’s shares jumped as much as 14%, closing 8.2% up at 0.62p, giving the company a market capitalization of £123 million ($156m).
