Kodal Minerals Finds More Gold at Ivory Coast Joint Ventures
November 07 2016 - 2:56AM
Dow Jones News
By Alex MacDonald
LONDON--Kodal Minerals PLC(KOD.LN) said Monday it is progressing
with the development of two gold joint ventures in the Ivory Coast
with fellow partners and operators Resolute Mining Ltd (RSG.AU) and
Newcrest Mining Ltd (NCM.AU).
The U.K.-listed miner, with interests in lithium and gold, said
Resolute found up to 12 meters of ore containing 0.34 grams of gold
per ton of rock at the Tiebissou concession and identified a new
gold zone at its Nielle concession.
Resolute agreed to spend $3 million within four years to earn a
75% in the joint venture that holds the concessions.
In a separate joint venutre, Newcrest said it is progressing
with a drilling program at the Dabakala concession. Newcrest agreed
to spend $1.75 million to earn 75% of the Dabakala concession.
"Whilst work by our JV partners continues, Kodal's immediate
focus remains the Bougouni Lithium Project in Mali," said Bernard
Aylward, Chief Executive of Kodal Minerals.
The company plans to start a 2,000 meter drill program at
Bougouni this month and will provide a resource update in the near
future.
Kodal said last month it had decided to temporarily suspend
development work on its non-core Kodal phosphate and
titanomagnetite project located in Norway to prioritize development
of its lithium projects in Mali and gold projects in West
Africa.
Write to Alex MacDonald at alex.macdonald@wsj.com
(END) Dow Jones Newswires
November 07, 2016 02:41 ET (07:41 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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