Business
Kodal notes Taruga Quarterly Activities Report
Kodal notes Taruga Quarterly Activities Report.
About this update from Kodal Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 7765W Kodal Minerals PLC 29 April 2016 \n\n29 April 2016\nKodal Minerals Plc ('Kodal' or 'the Company')\nNotes Taruga Quarterly Activities Report\n \nKodal, the mineral development and exploration company, notes the Quarterly Activities Report for the period ended 31 March 2016 published today by ASX listed Taruga Gold Limited ('Taruga'), with whom Kodal has signed a conditional agreement to acquire 100% of Taruga's subsidiary International Goldfields (Bermuda) Limited ('IG Bermuda') ('the Acquisition') as announced on 7 April 2016. The Acquisition is conditional, inter alia, on the approval of Kodal shareholders at a General Meeting to be held on Friday 13 May 2016 of resolutions to enable Kodal to issue new ordinary shares to Taruga as consideration for the Acquisition. On completion of the Acquisition of IG Bermuda, Kodal will gain significant exposure to a prospective portfolio of gold exploration projects, which boasts attractive geology and existing joint venture and farm-in agreements in Cote d'Ivoire and Mali, West Africa.\n \nDuring the quarter to 31 March 2016, IG Bermuda and its joint venture partners conducted the following activities across its licence portfolio in Cote d'Ivoire:\n \n· Joint Venture agreement with Resolute Mining Limited ('Resolute') over the Tiebissou and Nielle concessions and the M'Bahaiko concession application: Resolute completed wide-spaced reconnaissance aircore drilling at Tiebissou, and stream sediment, soil and rock chip sampling at Nielle during the quarter with results forthcoming. The granting of the M'Bahaikro concession is progressing through the Cote d'Ivoire ministry.\n· Farm-in agreement with Newcrest Mining Ltd ('Newcrest') over the Dabakala concession: Newcrest has commenced an auger drilling geochemical sampling programme to target the gold anomalous structures. Sampling is expected to be completed in the quarter ending June 2016 with interpretation and review of results to be completed prior to infill and further exploration.\n \nIn Mali, Taruga geologists completed field visits to the Nangalasso and SLAM projects during the quarter to undertake field review of areas proposed for exploration in the June quarter, and review activities of artisanal mining in the regions. \n \...