Resource Drilling Commences: Sanankoro Project

RNS Number : 8857E

Cora Gold Limited

16 March 2022

 

Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector: Mining

16 March 2022

Cora Gold Limited ('Cora', 'Cora Gold' or 'the Company')

Resource Drilling Commences at Sanankoro Gold Project

Cora Gold Limited, the West African focused gold company, announces that further to the announcement of 17 February 2022, resource drilling has now commenced at the Company's Sanankoro Gold Project ('Sanankoro' or the 'Project') in southern Mali.

HIGHLIGHTS

● 7,500m drill programme underway

● Focused on enhancing the current Mineral Resource Estimate ('MRE') of 809.3 koz at 1.15 g/t Au

● Strong expansion potential - all deposits remain open at depth and along strike

● Drilling due to be completed in Q2 2022 with results to be released as they are received

Bert Monro, CEO of Cora, commented, "We have multiple workstreams underway as we set our sights on delivering a Definitive Feasibility Study in the coming months, alongside a resource expansion programme, which we believe will further enhance both the quantum and confidence levels of our MRE.  We have consistently demonstrated Sanankoro's potential to become an open-pittable, free-digging oxide mine and work will accelerate throughout 2022 as we look to make this into reality.  We look forward to sharing updates from this drill programme over the coming weeks."

FURTHER DETAILS

Sanankoro Gold Project

Cora has launched its 2022 drill programme at the flagship Sanankoro Gold Project in southern Mali, which is made up of five contiguous permits encompassing c.439 sq. km.  An initial c.7,500m drill programme has been planned with the objective of increasing resource confidence by converting existing Inferred resources to the Indicated category and to discover new Inferred resources.  This will build on the pit constrained MRE reported by CSA Global (UK) Ltd in November 2021, which identified a resource of 21.9Mt at 1.15 g/t Au for a total of 809.3 koz of Au, including 540.6 koz at 1.33 g/t Au in the Indicated category, and 268.7 koz at 0.90 g/t Au in the Inferred category. This represented a +200% increase in total ounces from the maiden MRE in December 2019.  67% of the MRE ounces are in the Indicated category and 77% of gold is in the oxide zone, with a further 22% in the transitional zone giving the Company further confidence in its ability to deliver an open pit, free digging, oxide operation.  Work on the Definitive Feasibility Study ('DFS') is gaining momentum following conclusion of all DFS field work in January 2022 and the study is expected to be completed in H1 2022.

Significant further expansion potential remains as all deposits remain open at depth and along strike.  The MRE is based on around 7.5km surface expression of the total 33 linear km strike length of the potential mineralised zones identified in the 2018 Exploration Target of up to 2Moz within 100m of surface at Sanankoro (as reported by SRK Consulting (UK) Limited in October 2018).  There are multiple higher grade ore shoots within the deposits, which offer the potential for higher grade production in early years of mining.

**ENDS**

For further information, please visit  http://www.coragold.com  or contact:

Bert Monro Craig Banfield	Cora Gold Limited	[e-mail]
Christopher Raggett Charlie Beeson	finnCap Ltd Nomad & Joint Broker	[phone]
Andy Thacker James Pope	Turner Pope Investments Joint Broker	[phone]
Susie Geliher Selina Lovell	St Brides Partners Financial PR	[e-mail]

Notes

Cora is an emerging West African gold developer with three principal de-risked project areas within two known gold belts in Mali and Senegal covering over +1,100 sq. km. Led by a team with a proven track record in making multi-million-ounce gold discoveries that have been developed into operating mines, its primary focus is on developing the Sanankoro Gold Project in the Yanfolila Gold Belt, Southern Mali, where Cora hopes to commence construction of an open pit oxide focussed gold mine in 2022. An updated mineral resource estimate on the Project was published in November 2021 which increased the Resources by over 200% (from the 2019 Maiden resource) to 809,300oz Au. A Definitive Feasibility Study is expected to be completed in H1 2022.

 

END

 

 

DRLFLFSDVSIELIF