Kodal Minerals will acquire two exploration concessions, totaling 200km2, near its advanced Bougouni Lithium Project in southern Mali, from Bambara Resources.
The new license areas to be acquired under the deal are located within 25km of the Bougouni Lithium Project, and immediately next to the Goulamina Lithium project owned by Birimian. A mineral resource of 103Mt at 1.34%Li2O has been defined at the Goulamina Lithium project.
Kodal said that it is focusing its initial review and targeting on interpreted extensions of the Goulamina structure and parallel positions in an identical geological setting.
The newly granted concessions Mafele Ouest and Nkemene Ouest have been joined to form the “Bougouni West” project, said Kodal, which is acquiring the licenses through its fully-owned subsidiary Future Minerals.
Under the agreement terms, Bambara Resources has agreed to grant Future Minerals exclusive access to the two licenses and rights to explore and mine them.
The licenses will be acquired in two phases with the company to initially take a stake of 80% and exercise the option to own the remaining 20% after it files for a mining license.
Kodal said that the staged payments for the licenses will enable it to explore the concessions and get further geological and technical knowledge with progress in its exploration activity, before deciding on additional funds.
The Bougouni West project is located in the Bougouni-Sikasso region. Regional studies undertaken by CSA Global in the past identified high-grade lithium bearing pegmatites within the Bougouni-Sikasso region.
Kodal plans to carry out detailed reconnaissance mapping at the two concessions to follow up known pegmatites and seek undiscovered pegmatite outcrops within the acreage.
Kodal Minerals CEO Bernard Aylward said: “While our primary focus continues to be the development of our Bougouni Lithium Project, this new option agreement is a fantastic opportunity for Kodal to expand in this highly prospective region.
“Kodal has negotiated attractive terms that allow us to explore and potentially discover new zones of lithium mineralisation that would complement our existing project and further enhance our long-term position in this region.”
Last week, the company announced additional high-grade lithium intersections at the Bougouni Lithium Project, which comprises two concessions – Kolassokoro and Madina that are spread over a contiguous area of 500km2.