Kodal Minerals protects Bougouni interest with new licence application
Kodal has a significant gold concession holding on the West African Birimian Greenstone Belt in Cote d'Ivoire and Mali
AIM-listed Kodal Minerals has taken action to protect its interests in the Kolassokoro licence area, which forms part of its Bougouni lithium project in Mali.
Mali – Kodal Minerals has done so by filing applications over two new 100 km2 licences covering high priority areas that form part of the Bougouni project.
The company initially gained interest in the Kolassokoro licence area by way of an agreement with the registered licence holder, EMAS Mining SA (EMAS) in 2016.
This agreement gave Kodal Minerals exclusive rights to explore and develop for minerals within the 250 km2 licence area, with an option to acquire up to a 90% interest in the licence.
Kodal Minerals had recently accelerated payments under the agreement with EMAS to acquire the maximum 90% interest and, following the licence renewal granted on 19 September 2017, was in the process of transferring the licence into the name of its 100%-owned Malian subsidiary Future Minerals SARL.
Whilst seeking to progress the licence transfer, the company became aware of an irregularity in the Kolassokoro licence. Following subsequent discussions with the Directorate Nationale de la Géologie et des Mines (DNGM), the Malian National directorate of Geology and Mines, the company established that the licence may be considered to have expired as a result of EMAS not replying to correspondence sent to it by DNGM.
Further, local company Triumvirat Mining Company SARL, had made an application to DNGM for two new licences within the Kolassokoro licence area.
Kodal Minerals has however reached an agreement with Triumvirat under which Triumvirat has withdrawn its applications and has assisted Kodal Minerals in securing applications for the two new exploration licences, within the former Kolassokoro licence area, to be issued in the name of Future Minerals.
If the applications are successful, Kodal Minerals will have a 90% interest in these new licences with Triumvirat having a 10% interest. The company will have therefore successfully maintained its 90% interest in this ground.
The new licences, when granted, will have an initial life of three years and be eligible for two extensions each of a further two years.
Feature image credit: Kodal Minerals
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