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Kodal Minerals owns 100% of the 345km2 Nangalasso Project which consists of two concessions, the Nangalasso and Sotian concessions, over which Kodal holds exclusive access and option to purchase agreements.
The project is located in Southern Mali, approximately 250km from the capital of Bamako and 30km to the west of the world-class 3.2 million ounce Syama Gold mine operated by Resolute Mining Limited (RSG:ASX) which is expected to produce 204,000 ounces of gold FY 2017.
The 345km2 Nangalasso Project consists of two adjacent licences, the Nangalasso and Sotian licences, over which Kodal holds its interest via exclusive access and option to purchase agreements.The project is located in Southern Mali, approximately 250km from the capital of Bamako and 15km to the west of the world-class Syama Gold mine operated by Resolute Mining Limited.
The Group acquired its interest in the Nangalasso Project in Mali as part of the acquisition of IG Bermuda in May 2016. Exploration work had previously been undertaken on both licences and had defined significant targets suitable for follow-up drilling.
The Group holds exclusive access rights for exploration and development of the Nangalasso and Sotian licence areas by agreements with Gold Corporation Mali SARL and La Société Dramera et Frères SARL (“SDF”) respectively.
Under the terms of the agreement with Gold Corporation Mali SARL, the Group pays an annual fee of US$30,000 for its rights over the Nangalasso licence area, has an option to acquire the Nangalasso licence for US$500,000 and has agreed to pay a net smelter royalty of 3 per cent. on any future gold production from the licence area.
Under the terms of the agreement with SDF, the Group pays an annual fee of US$40,000 for its rights over the Sotian licence area, has an option to acquire the Sotian licence for US$500,000 and has agreed to pay a net smelter royalty of 2 per cent. on any future gold production from the licence area.
Previous exploration at Nangalasso has consisted of surface geochemical sampling, auger geochemical drilling, trench sampling and wide-spaced reconnaissance aircore drilling.A large geochemical gold anomaly has been defined at Nangalasso and results from the reconnaissance drilling include 3m at 7.1g/t gold within a broader zone of 21m at 1.25g/t gold, 3m at 7.84g/t gold, 1m at 7.8g/t gold and broad anomalous zones from trench samples including 7m at 3.84g/t gold.
The trench sampling programme undertaken in mid-2016 consisted of 5 separate trench locations for a total of 264m.Trenches were dug to a depth of 2m below surface, and samples were collected on a 3m composite basis. This sampling is considered a surface geochemical test and provided information regarding the depth of transported cover, information on the geological structure and alteration as well as confirmation of the surface gold anomalism.
The trench sampling programme consisted of:
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This programme has confirmed the widespread surface gold anomalism at Nangalasso. The identification of the strong alteration, quartz veining and shearing highlight targets of geological interest and the results from the very wide-spaced and reconnaissance drilling completed to date indicates that the surface gold anomalism does reflects the sub-surface gold mineralisation.