Kodal Minerals Secures Option to Earn 80% Stake in Ghana’s 156 km² Asamankese Lithium Project
Kodal Minerals has signed a binding agreement with Ghanaian mining consultancy GH Geo-Consult Limited to earn up to an 80% interest in the Asamankese Lithium Project in Ghana’s Eastern Region, expanding its lithium exploration portfolio in West Africa.
The 156 km² project is located approximately 75 km by road from Accra and lies within the Birimian geological sequence, a region known for its mineral deposits.
Kodal has acquired an initial 10% interest for US$300,000, with the option to increase its ownership through a staged investment programme over five years. The agreement links each stage to exploration spending and technical milestones.
Initial field mapping and rock-chip sampling have identified promising lithium-bearing spodumene mineralisation.
Of the 164 samples collected by Kodal, 95 returned lithium oxide grades above 1%, with the highest result reaching 2.49% Li₂O. Historical sampling at the project recorded grades of up to 3.02% Li₂O.
Exploration Targets Identified
Kodal has identified two priority exploration areas, Amantra and Nfranta, where mapping has outlined extensive pegmatite systems.
The Amantra prospect contains a mapped pegmatite system extending for more than 3 km, with coarse to very coarse spodumene observed at surface.
At Nfranta, multiple pegmatite bodies have a combined mapped strike length exceeding 4 km.
The company has begun further field mapping and geochemical sampling to refine exploration targets ahead of an initial diamond drilling programme planned to start before the end of 2026.
Staged Investment and Ownership
Under the agreement, Kodal can increase its interest in the project through three stages.
The first stage requires a minimum combined expenditure and payment commitment of US$1.25 million, which would raise its interest to 30%.
The second stage requires US$4 million in spending and payments, together with an initial mineral resource estimate, to increase ownership to 60%.
The final stage requires a further US$7.5 million in spending and payments and completion of a definitive feasibility study. Successful completion would give Kodal an 80% interest, with GH Geo-Consult retaining the remaining 20%.
Kodal can choose whether to proceed to each subsequent stage and may stop further expenditure while retaining the interest it has earned.
Chief Executive Officer Bernard Aylward said Asamankese represented a strategic expansion of the company’s West African lithium portfolio.
He said the company would use its experience from developing the Bougouni Lithium Project in Mali to guide exploration in Ghana.
The agreement provides Kodal with an opportunity to expand its presence in the lithium sector, although further exploration, resource definition and feasibility work will be required to establish the project’s development potential.
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