Bougouni Lithium Project
The Bougouni Project covers an area of 350km2 in the world-class Birimian terrain of West Africa and is located approximately 180km south of Mali’s capital Bamako
The story so far
Kodal has implemented an accelerated exploration and development programme at the Bougouni Project since its acquisition in 2016, with the sole aim of advancing its flagship project into production rapidly.
In February 2019, Kodal updated the JORC Mineral Resource for Bougouni to 21.3 million tonnes at 1.11% Lithium Oxide Li2O, with 11.6Mt at 1.13% Li2O in the Indicated category and 9.7Mt at 1.08% Li2O in the Inferred category. This marked a 23% increase versus the original Maiden Mineral Resource released in September 2018, with over 55% of the Resource now in the Indicated category.
Mineral Resource Estimate 2023
In November 2023, Kodal released a new JORC Mineral Resource estimate for Bougouni of 31.9Mt at 1.06% Li2O, specific to the Ngoualana and Boumou deposits following additional reverse circulation (RC) and a diamond drilling campaign completed in early 2023. This marked an increase of 40% versus the 2019 MRE. In addition, the MRE update improves Kodal management’s confidence in the previously defined resource at the Ngoualana prospect ahead of DMS mining development in 2024.
The current JORC Mineral Resource estimates for the Boumou and Ngoualana prospects includes:
Boumou: 13.1Mt at 1.04% Li2O, an increase of 236% from the 2019 estimate (Resource reported using a 0.75% Li2O lower cut-off, no top cut-off)
Ngoualana: 6.7Mt at 1.00% Li2O, an increase of 9% from the 2019 estimate (MRE reported using 0.5% Li2O lower cut-off, no top cut applied)
Sogola-Baoulé prospect has a resource of 12.2Mt at 1.1% Li2O, (unchanged from 2019)
Mineral Resource Estimate – 2023
The updated JORC compliant Mineral Resource estimate for the Bougouni Lithium Project, including the Sogola-Baoulé, Ngoualana and Boumou prospects is tabulated below:
| Prospect | Indicated | Inferred | Total | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Tonnes (Mt) | Li2O% Grade | Contained Li2O (kt) | Tonnes (Mt) | Li2O% Grade | Contained Li2O (kt) | Tonnes (Mt) | Li2O% Grade | Contained Li2O (kt) |
|
| Sogola-Baoulé | 8.4 | 1.09 | 91.9 | 3.8 | 1.13 | 42.8 | 12.2 | 1.10 | 134.8 |
| Ngoualana | 3.2 | 1.19 | 38.0 | 3.5 | 0.82 | 28.5 | 6.7 | 1.00 | 66.7 |
| Boumou | 13.1 | 1.04 | 135.8 | 13.1 | 1.04 | 135.8 | |||
| TOTAL | 11.6 | 1.12 | 129.9 | 20.3 | 1.02 | 207.1 | 31.9 | 1.06 | 337.2 |
Further Details
Sogola-Baoulé resource estimate unchanged from 2019. A 0.5% Li2O lower cut-off applied, and resource wireframe defined by a 0.3% Li2O selected boundary. Estimate completed utilising Surpac software.
Ngoualana resource estimate reported utilising a 0.5% Li2O lower cut-off. All pegmatite mineralisation modelled including zones of internal waste material for a fully diluted model. The geological model of the mineralisation is completed using Leapfrog modelling software. The Mineral Resource estimation is completed using Surpac software with grades estimated by Ordinary Kriging.
Boumou resource reported using a 0.75% Li2O lower cut-off. All pegmatite mineralisation modelled including zones of internal waste material for a fully diluted model. The geological model of the mineralisation is completed using Leapfrog modelling software. The Mineral Resource estimation is completed using Surpac software with grades estimated by Ordinary Kriging.
Figures in table may not sum due to rounding. The contained metal is determined by the estimate tonnage and grade.
The JORC code Table 1 with details of the resource estimate parameters is available to view on the Company’s website at www.kodalminerals.com. This updated MRE was completed by independent consultants ERM (formerly CSA Global). Kodal supplied a geological database and verified the geological interpretation that was used to define the lithium mineralised pegmatite bodies.
Bougouni Stage 1 - Dense Media Separation (DMS) - 2024-2028
- c.125ktpa production from Ngoualana Pit
- Initial 4-yr LOM
- Low capex c.$60-70M
- Simple process
- Revenue forecast to exceed US$1.05 billion
- Targeting production of 5.5% Li2O spodumene concentrate
Bougouni Stage 1 DMS will include:
- Processing coarse-grained spodumene material from the Ngoualana deposit, feeding 1Mtpa of lithium ore to a DMS processing plant; and
- Utilising a conventional circuit to maximise spodumene recovery of over 130,000 tonnes per annum of spodumene concentrate
Dense Media Separation
Dense Media Separation (DMS) processing sorts mineral particles primarily on the basis of their densities and provides a basis for the upgrading of a mineral or ore. It is a highly efficient process in separating materials with different densities and effectively removes impurities from valuable minerals.
Bougouni Stage 2 Flotation - 2024-2028
- 230Ktpa output from Boumou & Sogola-Baoulé deposits
- C.$175m Capex
- Funded with cash flow from Stage 1
- 12-year LOM (based on current MRE)
- Potential upside
- Targeting production of 5.5% Li2O spodumene concentrate
Bougouni Stage 2 Flotation will include:
- Down stream Flotation plant will exploit the finer-grained spodumene resources at Sogola-Baoulé and Boumou, and Bougouni's longer-term exploration prospects
- Processing material from Boumou and Sogola-Baoulé deposits to feed 2Mtpa of Lithium ore to the Flotation plant
Bougouni 2-Stage Development (2024-36)
Staged development strategy to maximise potential
Stage 1 - DMS (2024 - 28)
- c.125ktpa production from Ngoualana Pit
- Initial 4-yr LOM
- Low capex c.$60-70M
- Simple process
Stage 2 - Flotation Plant (2026-36)
- 230Ktpa output from Boumou & Sogola-Baoulé deposits
- C.$175m Capex
- Funded with cash flow from Stage 1
