TIDMCORA
RNS Number : 6163T
Cora Gold Limited
21 March 2019
Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector:
Mining
21 March 2019
Cora Gold Limited ("Cora Gold", "Cora" or "the Company")
Update on Sanankoro Gold Discovery Including Upcoming Work
Programme
Cora Gold Limited, the West African focused gold exploration
company, is pleased to provide an update on recent activity at its
Sanankoro Gold Discovery ("Sanankoro" or "the Project") in the
Yanfolila Gold Belt, Southern Mali, and its upcoming plans for its
further development.
Multiple gold zones have been identified at Sanankoro, which has
a combined drill defined mineralised footprint of over 8km and an
independently determined Exploration Target of 1-2 million ounces
of gold with significant upside.
Highlights
-- Technical work completed at Sanankoro has successfully
continued to de-risk the project with the objective of defining a
standalone gold mine
o Extensive additional oxide and sulphide targets requiring
drilling represent further upside
-- Development strategy of focusing on a section of the deposit
to advance into a smaller scale, revenue generative project that
can be expanded on an incremental basis as future exploration
significantly enlarges the resource
-- Areas with the potential to become higher grade starter pits
are being outlined, as highlighted by recently reported drill
results that included 46m at 4.48 g/t Au and 24m at 2.83 g/t Au
-- Favourable geology present at Sanankoro; with deeply
weathered oxide gold zones, that are amenable to heap leach and
Cyanide in Leach ("CIL"), with the potential for up to 97% gold
recovery, which could enable low cost mining and processing
-- Detailed definition work to commence in the near term that
will result in the fast tracking of a smaller scale project,
including targeting a maiden mineral resource estimate
o If warranted by results, a Scoping Study will be initiated
with reporting targeted in Q4 2019, with incorporation of an
incremental expansion plan that could justify a target of
+100,000oz per annum
Dr Jonathan Forster, Chief Executive Officer of Cora Gold,
commented, "Since listing on AIM in October 2017, Cora Gold has
executed a focused exploration programme at Sanankoro aimed at
confirming the potential for a standalone gold mine. This has been
successful and has allowed us to now consider the next step in the
development of Sanankoro whilst being mindful of minimising
shareholder dilution.
"Recent drill results have been highly encouraging having
successfully defined near surface, oxide, high recovery gold
presenting the opportunity to fast track development towards
mining. If the planned work programme continues to demonstrate
higher gold grades and relative ease of extraction, then by Q4
2019, Cora should be able to report a maiden mineral resource
estimate for Sanankoro and demonstrate through an independent study
that it can deliver an economically robust mining project."
"When considering the ultimate scale of Sanankoro, where the
oxide and sulphide potential has barely been touched, I would
expect that, with time, the project could expand to a scale that
accommodates what we believe to be an undiminished, conservative
target of over one million ounces justifying a target production of
+100,000oz pa."
Summary of Work Recently Completed
Results reported from the Sanankoro Gold Discovery have been
highly encouraging and have effectively provided increasing levels
of confidence to the Board for the future trajectory of the
Project. The initial round of exploration drilling demonstrated the
significant scale of the Sanankoro Project - this was further
supported by the review and establishment of an Exploration Target
of 1-2 million ounces with significant material upside
independently determined by consultants SRK Consulting (UK) Limited
(as per announcement dated 15 October 2018). This work established
a global near surface target restricted to just 100m depth and
including substantial oxide mineralisation of 30-50 million tonnes
containing 1-2 million ounces of gold. Notably, sulphide
mineralisation remains untested that could significantly enhance
and increase the resource further.
The long-held view of the Company is that Sanankoro has the
potential to become a standalone gold mine. To advance this belief,
the Company elected to focus on two targets within the previously
defined 8km zone of mineralised structures, Zone A and Selin, for
follow up drilling with the intention of outlining areas with the
potential of becoming higher grade starter pits.
The 2019 drill programme has delivered on this strategy and
results have indicated the increased potential for higher grades,
as per the announcements dated 26 February 2019 and 7 March 2019.
Drill fence spacing of 80 metres has increased confidence levels
significantly, with intercepts reported such as 46m at 4.48 g/t Au
and 17m at 5.10 g/t Au from Selin, and 24m at 2.83 g/t Au and 26m
at 2.60 g/t Au from Zone A, confirming the presence of gold zones
from surface.
It was decided to commence preliminary metallurgical test work
on core samples to assess the effectiveness of different processing
routes early in the evolution of the project. This enables the
Company to understand the opportunities provided by different
metallurgical processes that will then guide decisions made
regarding the next stage of development. The recently reported
interim metallurgical results (announcement dated 18 March 2019)
demonstrated that Sanankoro's oxide ore is amenable to heap leach
and CIL, providing successful routes of gold extraction with up to
97% gold recovery.
Future Programme
Having successfully established the considerable parameters for
the Sanankoro Project, the Company now intends to commence looking
at the detail required for the fast tracking of a smaller scale
project.
In line with this, the ongoing second stage of the metallurgical
test work will help to further determine a preferable potential
processing route. Results from the gravity-CIL and column leach
testwork are expected during Q2 2019.
It is anticipated that infill and extensional drilling of
predominantly oxide targets through Q2 2019 will enable the Company
to commission a maiden mineral resource estimate during Q3 2019.
The objective will be to outline sufficient oxide resources to
support an initial smaller scale mining scenario. The drill
programme will include additional core drilling, enabling follow up
metallurgical test work to be completed.
If successful, a Scoping Study will be initiated with results
targeted for Q4 2019. Any such study will also incorporate the
concept of future incremental expansion to progress the Sanankoro
Project to +100,000oz pa production.
** ENDS **
For further information, please visit http://www.coragold.com or
contact:
+44 (0) 20 3239
Jon Forster Cora Gold 0010
Ewan Leggat / Charlie +44 (0) 20 3470
Bouverat SP Angel (Nomad & Broker) 0470
Gaby Jenner/Melissa St Brides Partners (Financial +44 (0) 20 7236
Hancock PR) 1177
Notes to the Editors
Cora Gold is a gold exploration company focused on two world
class gold regions in Mali and Senegal in West Africa. Historical
exploration has resulted in the highly prospective Sanankoro Gold
Discovery, in addition to multiple, high potential, drill ready
gold targets within its broader portfolio. Cora Gold's primary
focus is on further developing Sanankoro in the Yanfolila Gold Belt
(South Mali), which Cora Gold believes has the potential for a
standalone mine development. Cora Gold's highly experienced and
successful management team has a proven track record in making
multi-million-ounce gold discoveries which have been developed into
operating mines.
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END
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