Kodal Minerals (KOD.L) has released an updated resource calculation for its flagship Bougouni lithium project in Mali. The recent drill program allowed the company to increase the total tonnage by approximately 40% to 31.9 million tonnes with an average lithium grade of 1.06% LiO2. Considering the company was able to add 10.6 million tonnes with just 3,230 meters of drilling, this most definitely was a very efficient drill program providing an immediate benefit to the project and shareholders.
As the table above shows, approximately 11.6 million tonnes of the total resource are currently in the indicated resource category while the remaining 20.3 million tonnes are part of the inferred resource. Kodal thinks the critical mass for the project has now been reached and continues to work towards developing the resource as the company expects/hopes to be in production by the end of next year.
Disclosure: The author has no position in Kodal Minerals. Please read the disclaimer.
