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Kodal Minerals plc has taken a significant step in expanding its West African operations by securing the rights to acquire up to 80% of a lithium exploration project in Ghana. This move extends the company’s footprint beyond its existing Bougouni operation in Mali.
The company has entered into a binding agreement with GH Geo-Consult Limited for the Asamankese project, which spans 156 square kilometers and is located approximately 75 kilometers from Accra. Early exploration efforts have shown promising results, with high-grade lithium mineralisation identified in the area.
Initial rock-chip sampling conducted by Kodal has returned impressive grades, with lithium oxide concentrations reaching as high as 2.49%. Out of 164 samples collected, 95 exceeded a 1% lithium oxide concentration. Historical data further supports the project’s potential, with previous samples recording grades up to 3.02%.
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Kodal Minerals has acquired an initial 10% stake in the project for US$300,000. The agreement outlines a structured investment plan that allows Kodal to increase its ownership over several stages:
- 30% Ownership: Achieved after US$1.25 million in expenditure and payments.
- 60% Ownership: Requires an additional investment of US$4 million and the completion of an initial mineral resource estimate.
- 80% Ownership: Final stage involving US$7.5 million and the completion of a definitive feasibility study.
Bernard Aylward, Kodal’s Chief Executive, emphasized the strategic significance of the Asamankese project in expanding the company’s lithium operations. He highlighted that further investment would be contingent on the results of ongoing exploration activities.
Kodal has identified two key prospects within the project area: Amantra and Nfranta. These prospects feature mapped pegmatite systems that extend over 3 kilometers and 4 kilometers, respectively. To capitalize on these promising prospects, field exploration is already underway.
The company has appointed a local drilling contractor, and initial diamond drilling is expected to commence before the end of 2026. This marks an exciting phase in the exploration of the Asamankese project, potentially leading to significant advancements in Kodal’s lithium exploration endeavors in West Africa.
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The African Mining Market is a source of insightful information on mining & industrial markets, and developments in Africa.
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