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Kodal licence applications at Bougoni successful
West Africa-focussed mineral exploration and development company Kodal Minerals updated the market on its concessions at the Bougouni Lithium Project in Southern Mali on Thursday.
The AIM-traded firm previously announced on 13 December that it had filed new applications in the name of its Malian subsidiary, Future Minerals, over two new 100 square kilometre licences covering the high priority areas within the Kolassokoro area.
It said it could now confirm that the applications for the conventions - being the name of the licenses applied for, for the first stage of exploration - had been approved by the Directorate Nationale de la Géologie et des Mines and the Malian inter-ministerial committee meeting.
Official documentation was being finalised, and was expected to be received shortly.
As it previously announced, Kodal would grant Triumvirat Mining Company a 10% economic interest in the new licences.
The new licences would have an initial life of three years and be eligible for two extensions each of a further two years.
"Kodal confirms that all key target areas and prospects within the Bougouni Lithium project are retained within concession areas that the company has full and exclusive rights to explore and operate," the company's board said in its statement.
"Kodal is continuing its enquiries with DNGM regarding the Kolassokoro licence that had previously been issued to EMAS Mining and in which the company had a 90% economic interest," it added.
Kodal said it was awaiting a definitive response, but it seemed that, with the award of the conventions over the same ground as described above, the original licence was considered by DNGM to have expired.
"The company is continuing to determine the status of the agreement with EMAS and any future obligations Kodal Minerals or EMAS have under it.
"Further updates in this regard will be provided in due course."