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Cora Gold Limited (CORA)

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Tuesday 14 September, 2021

Cora Gold Limited

37m @ 2.39 g/t at Zone A, Sanankoro Gold Project

RNS Number : 6415L
Cora Gold Limited
14 September 2021
 

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

14 September 2021

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

103m @ 2.1 g/t in vertical Selin hole and 37m @ 2.39 g/t at Zone A, Sanankoro Gold Project

 

Cora Gold Limited, the West African focused gold company, is pleased to announce the eleventh set of drill results from its largest ever drilling campaign at its Sanankoro Gold Project ('Sanankoro' or 'the Project') in Southern Mali.  The Company is focussed on targeting resource growth as well as infill drilling to convert existing Inferred resources to Indicated.  The results to date have been extremely encouraging with good widths and high-grade results in generally shallow oxides ore.   

 

HIGHLIGHTS

Selin

· 103m @ 2.1 g/t Au from 46m in Diamond Drilling ('DD') vertical metallurgy hole SD0023

· Including 11.5m @ 7.45 g/t Au and 11.5m @ 7.12 g/t Au

· 8m @ 6.60 g/t Au from 87m in SC1016

· 33m @ 1.48 g/t Au from 191m in resource hole SD0021

· Including 9m @ 3.95 g/t Au

· 90m under existing pit shell

· 7m @ 6.60 g/t Au from 65m in hole SC1018

· 21m @ 1.79 g/t Au from 144m in hole SC1075

· Good opportunity exists to consolidate a single +3km pit at Selin with positive results in the central area of Selin with no current pit shell

Zone A

· 37m @ 2.39 g/t Au from 81m in hole SC0531

· 25m @ 2.12 g/t Au from 51m in hole SC0511

· 39m @ 1.21 g/t Au from 98m in hole SC0533

· 25m @ 1.50 g/t Au from 60m in hole SC0501

 

· Reverse Circulation ('RC') drill programme has now been completed

· DD is ongoing focussed on metallurgical and geotechnical holes

 

Bert Monro, CEO of Cora, commented, "With the RC programme now completed and the diamond programme coming to an end it is an exciting period for Cora as we move closer to the updated mineral resource estimate ('MRE').  Strong results are continuing to come through in our largest ever drill programme with lots of resource quality intercepts and grades being struck at both Zone A and Selin.  Importantly, a number of the intercepts, including 33m @ 1.48 g/t, are significantly outside existing pit shells providing further confidence in our ability to enhance our existing resource inventory later this year once all the results have been received."

 

To view the RNS with illustrative diagrams and maps, please use the following link: 
http://www.rns-pdf.londonstockexchange.com/rns/6415L_1-2021-9-13.pdf

 

Relevance of the results  

Management believes that the intercepts reported from diamond drill holes ('DD') SD0020 to SD0023 confirm the down dip continuity of ore grades in association with the Selin Diorite from surface to +150m vertical depth. The metallurgical PQ-HQ hole SD0023 demonstrates a continuous vertical profile of +2g/t material from 46m to 149m within diorite. The hole ends in grade as Cora stopped purely to test immediate open pit quality ore types. Hole SD0021, similarly demonstrates continuity of high-grade structure within diorite of 9m at 3.95 g/t, 70m below previous high-grade intercept of 49m at 15.55 g/t on SC0484 on section 1,305,600N. There is great potential to drive the diorite resource at Selin to 150-200m depths. In addition, the body of resource intercepts reported within the Selin Phase 1 ("P1") and Phase 2 ("P2") programmes demonstrates the +2g/t material has a core in the north, of continuous horizontal bench-widths of 50 to 80m within the shallow 20-30o north plunging fold nose, opening plunge opportunities for the future resource drilling beyond this programme.

 

Selin drill section 1304700N shows the new resource quality intercepts building southwards, filling the resource gaps where, due to limited drilling, no previous pit shell had been generated in the 2019 MRE. Good opportunity exists to consolidate a single +3km pit at Selin.

 

The Zone A drill sections show resource and metallurgical drill hole assay results, which clearly consolidate a 50-70m wide, 60o east-dipping orebody which extends +180-200m down-dip from surface to well beyond the 2019 pit shell limits.

 

Plans of the drill intercepts and annotated drill sections Selin 1305500N, 1305600N, 1304700N and Zone A 1296200N, 1296100N and 1296225N are included to illustrate the grade and geological context of the reported results.

 

Details

The Company is pleased to report the assay results from the latest 87 holes in Cora's 2021 programme from Selin and Zone A, including SC0495 to SC0535, SC1012 to SC1039, SC1063 to SC1078 and SD0020 to SD0023. Phase 2 (P2) has focused resource consolidation on Selin, Zone A and Zone B1 pit shells, growing these pit shells and closing gaps between them.

 

Holes - Metres - Intercepts Reported - Metres Sent for Assay

The intercepts reported equate to the latest 9,590m of an expanded +40,000m drill programme and are hosted on thirty-six 50m sections between 1295675N and 1305680N.  As of 12 September 2021, 371 holes have been completed totalling 39,791m of reverse circulation ('RC') drilling and 2,555.6m of diamond drill ('DD') coring.  The Company has received assay results for 23,502 sampled intervals which equates to 77% of the total 30,360 samples submitted to date. There are 6,398 samples currently outstanding at the laboratory.

 

The results reported herein were generated from 10,280 submitted samples, which included a high level of 20% blind, independent, accredited QAQC. The intercepts reported have passed rigorous QAQC.    

Update on drill programme progress

 

371 holes drilled totalling over 42,346m from start of the campaign to 12 September 2021

The Capital Drilling Deep RC rig completed drilling 29 August 2021 and has demobilised.

The GEODRILL KL600 RC rig completed drilling 30 August 2021 and has demobilised.

The Capital Diamond Drill ('DD') rig is on-going with geotechnical, metallurgical and hydrological study test work drilling activities.

 

Background on the Selin Geology

 

Selin is hosted on the eastern margin of the Sanankoro Shear Zone in the north-eastern corner of the Sanankoro permit.

 

The Selin deposit has a typical interference node control but with the additional positive impact of a strong, rheological diorite intrusive host. The gold geology at Selin is anchored along this linear, en-echelon or possibly folded, diorite igneous intrusive which cores the volcaniclastic thrust assemblage and focuses the gold deposition.

 

Recent core drilling into Selin has enlightened the genetic model for this resource deposit by discovering 4-6 multiple early/pre-D3 dykes of diorite intruding the 65-80o W dipping axial trace of a western hanging-wall F3 anti-form on this major reactivated D2 east-verging thrust. The >100 metre wide Selin Shear Zone may be a regional back-thrust and the dominant eastern margin of the regional west-verging Sanankoro thrust. The largest diorite unit is demonstrably discordant and sits immediately west and adjacent to a major early ductile, 10-30m wide footwall carbonaceous shear. Progressive deformation has folded, warped and possibly cross-faulted the diorite units prior to gold deposition. The early footwall shear fabrics are overprinted by later semi-brittle to brittle graphitic faults which locally convert all protolith to graphitic schist on sub-metre scale. The diorite units exhibit multi-phase veining interference and sulphide development. The dominant sulphide is pyrite with occasional arsenopyrite and a scattering of chalcopyrite. Alteration minerals are predominantly sericite, silica, fuchsite, ankerite, graphite and calcite.

 

Diorite has been logged in various other prospects at Sanankoro, especially in the main central trend in Zone A, Zone B3, Target 3 and within exploration fences further north along strike from the northern end of Target 3 Pit. A full review and targeted drill programme to investigate the resource potential of the diorite intrusives hosted within these external prospects is planned for in the future.

 

Background on the Zone A, Zone B and Zone C Geology

Sanankoro is located on the leading western edge of the Yanfolila-Kalana Volcanic Belt, which is the western-most expression of the cratonic Baoulé-Mossi domain, on the major transcrustal margin with the Siguiri Basin. There is major deep-seated architecture across the district which links the major gold mines at Siguiri, Lero, Tri-K, Kalana and Yanfolila.

 

On a project scale, Sanankoro is characterised by the 2km wide Sanankoro Shear Zone, which can be traced over 30km from Kabaya South in the western Yanfolila Mine to north of the Niger River beyond Selin and onto Karan.  Within the project area, each of the prospects are underpinned by a strong linear parallel, and where strong mineralisation is developed, a pronounced localised NE-SW focused zone of en-echelon veining and associated sulphide development.

 

Zone A is the second major resource deposit at Sanankoro behind Selin and shores up the southern limit of the 11.5km mineralised corridor, which forms the backbone to the Sanankoro Project.  Zone A is the southern-most expression of the 010o trending central axis of the Sanankoro Shear Zone, which sits 900m west of the Selin Boundary Shear and hosts the 5.8km chain of open pit resources from Zone A through Zone B1, B2, B3 to Target 3.  The deposits of this central trend verge westward mimicking the regional sense of thrusting.

 

Zone B is the third major resource deposit at Sanankoro behind Selin and A. It is the strike extension of Zone A, sitting 800m to the north.  The Sanankoro Main Trend runs for 6km from south end of Zone A to the north end of Target 3. Detailed sectional drilling is required along the length of this major generative gold system. The local structural facing and stratigraphy of Zone B is very similar to Zone A with the western footwall sequences hosting more crystalline volcanic tuffaceous units and the eastern, hanging wall assemblages being more basinal sediments. Zone B hosts an impressive scale of hydrothermal activity and the broad horizontal widths of mineralisation observed in the recent drilling bodes well for future discovery potential along the central and southern sections of the Sanankoro Main Shear Zone (SMSZ).

 

Zone C sits 650 metres southwest of Zone A on the parallel, +7km long Sanankoro West Shear Zone (SWSZ) which can be traced along a chain of surface workings to the Excavator Prospect, 1.5km NNW of Target 3.

 

Zones A, B and C deposits are identical in style and typical of Siguiri Basin Deposits, fold-thrust controlled within pelitic and psammitic sediments and very deeply weathered (>120m from surface). There is a highly evolved weathering profile with a pronounced 8-10m thick duricrust-laterite ferro-cap, grading downward into a well-developed mottled zone until 20-25m and remains highly weathered until beyond 130m vertically within the central mineralised fault zone.  Below the saprolite lies a 35-40m thick transition zone ending in top of fresh rock at between 160 to 170m.

 

All of the host oxide lithologies are weathered to kaolin with only highly corroded quartz vein material remaining in-situ to mark the main gold faults. Diamond core shows the host lithologies to be predominantly variably grained basinal pelites and sandstones with minor horizons of small quartz clast, matrix-supported greywacke inter-bedded within the sequence.  A minor intercept of diorite has been identified but does not form an important control to the mineralisation currently drill tested at Zone A or C. The primary sulphide is pyrite disseminated around central vein networks and enveloped by a broader hydrothermal halo of silica flooding, sericite and ankerite.

 

 

Detailed Sanankoro Drill Results 12 09 21:

 

   

RESOURCE

HOLE_ID

EUTM_29N

NUTM_29N

FROM (m)

INTERCEPT

 

 

 

 

 SELIN

 SC0495

  559,755

  1,305,250

98

7m @ 2.11 g/t

 

 

151

1m @ 1.26 g/t

 

 

 SELIN

 SC0496

  559,630

  1,305,200

108

12m @ 1.94 g/t

 

 

 ZONE A

 SC0497

  557,660

  1,295,725

21

5m @ 0.77 g/t

 

 

54

12m @ 1.49 g/t

 

 

 ZONE A

 SC0498

  557,660

  1,295,737

17

1m @ 0.61 g/t

 

 

56

16m @ 1.55 g/t

 

 

 ZONE A

 SC0499

  557,685

  1,295,750

52

4m @ 0.63 g/t

 

 

63

11m @ 1.40 g/t

 

 

79

2m @ 0.61 g/t

 

 

85

3m @ 0.55 g/t

 

 

96

7m @ 0.90 g/t

 

 

 ZONE A

 SC0500

  557,660

  1,295,775

6

4m @ 1.97 g/t

 

 

42

5m @ 1.66 g/t

 

 

128

1m @ 0.95 g/t

 

 

 ZONE A

 SC0501

  557,685

  1,295,800

60

25m @ 1.50 g/t

 

 

90

7m @ 0.69 g/t

 

 

120

2m @ 0.98 g/t

 

 

 ZONE A

 SC0502

  557,709

  1,295,725

99

1m @ 0.50 g/t

 

 

109

1m @ 0.80 g/t

 

 

 ZONE A

 SC0503

  557,690

  1,295,750

76

1m @ 0.51 g/t

 

 

104

11m @ 0.72 g/t

 

 

 ZONE A

 SC0504

  557,649

  1,295,675

22

1m @ 1.02 g/t

 

 

58

2m @ 2.4 g/t

 

 

63

2m @ 1.16 g/t

 

 

 ZONE A

 SC0505

  557,685

  1,295,700

72

1m @ 0.861 g/t

 

 

85

1m @ 0.562 g/t

 

 

89

2m @ 0.63 g/t

 

 

104

4m @ 0.76 g/t

 

 

 ZONE A

 SC0506

  557,700

  1,295,775

74

1m @ 0.503 g/t

 

 

78

1m @ 0.52 g/t

 

 

112

1m @ 1.58 g/t

 

 

119

2m @ 0.97 g/t

 

 

122

1m @ 0.5 g/t

 

 

 ZONE A

 SC0507

  557,730

  1,295,800

2

12m @ 1.59 g/t

 

 

118

12m @ 0.8 g/t

 

 

 ZONE A

 SC0508

  557,651

  1,295,825

23

12m @ 0.8 g/t

 

 

38

1m @ 0.668 g/t

 

 

 ZONE A

 SC0509

  557,655

  1,295,875

22

1m @ 1.434 g/t

 

 

32

12m @ 1.76 g/t

 

 

63

1m @ 3.73 g/t

 

 

 ZONE A

 SC0510

  557,684

  1,295,950

19

3m @ 0.75 g/t

 

 

38

4m @ 1.04 g/t

 

 

70

2m @ 3.22 g/t

 

 

 ZONE A

 SC0511

  557,730

  1,296,103

1

2m @ 1.47 g/t

 

 

51

25m @ 2.12 g/t

 

 

91

18m @ 1.09 g/t

 

 

 ZONE A

SC0512

  557,573

  1,295,750

 

no significant intercept

 

 

 ZONE A

 SC0513

  557,575

  1,295,750

53

1m @ 1.842 g/t

 

 

58

1m @ 1.049 g/t

 

 

 ZONE A

SC0514

  557,578

  1,295,800

34

1m @ 0.697 g/t

 

 

 ZONE A

 SC0515

  557,580

  1,295,800

0

1m @ 23.71 g/t

 

 

45

9m @ 2.31 g/t

 

 

67

2m @ 1.87 g/t

 

 

 ZONE A

SC0516

  557,585

  1,295,850

 

no significant intercept

 

 

 ZONE A

 SC0517

  557,587

  1,295,850

59

1m @ 0.904 g/t

 

 

65

5m @ 1.17 g/t

 

 

 ZONE A

 SC0531

  557,647

  1,296,195

21

4m @ 0.57 g/t

 

 

54

3m @ 1.65 g/t

 

 

81

37m @ 2.39 g/t

 

 

 ZONE A

 SC0533

  557,645

  1,296,225

44

5m @ 1.24 g/t

 

 

56

6m @ 1.49 g/t

 

 

98

39m @ 1.21 g/t

 

 

 ZONE A

 SC0535

  557,714

  1,296,300

8

9m @ 0.86 g/t

 

 

 SELIN

 SC1012

  559,699

  1,305,199

 

no significant intercept

 

 

 SELIN

 SC1013

  559,705

  1,305,150

 

no significant intercept

 

 

 SELIN

SC1014

  559,717

  1,305,101

30

3m @ 3.49 g/t

 

 

 SELIN

 SC1015

  559,735

  1,305,100

14

6m @ 1.88 g/t

 

 

76

1m @ 0.92 g/t

 

 

 SELIN

 SC1016

  559,773

  1,305,101

87

8m @ 6.60 g/t

 

 

 SELIN

 SC1017

  559,740

  1,305,051

 

no significant intercept

 

 

 SELIN

 SC1018

  559,775

  1,305,050

65

7m @ 6.60 g/t

 

 

 SELIN

 SC1019

  559,681

  1,305,051

23

1m @ 6.60 g/t

 

 

37

2m @ 1.77 g/t

 

 

 SELIN

 SC1019

 

 

78

1m @ 0.46 g/t

 

 

 SELIN

 SC1019

 

 

90

11m @ 0.76 g/t

 

 

 SELIN

 SC1020

  559,740

  1,305,000

 

no significant intercept

 

 

 SELIN

 SC1021

  559,797

  1,305,000

17

3m @ 4.03 g/t

 

 

91

3m @ 0.57 g/t

 

 

110

2m @ 2.77 g/t

 

 

 SELIN

 SC1022

  559,764

  1,304,950

12

21m @ 0.56 g/t

 

 

 SELIN

 SC1023

  559,749

  1,304,900

9

1m @ 0.751 g/t

 

 

 SELIN

 SC1024

  559,769

  1,304,900

10

10m @ 0.65 g/t

 

 

 SELIN

SC1025

  559,755

  1,304,849

 

no significant intercept

 

 

 SELIN

 SC1026

  559,775

  1,304,850

8

8m @ 0.73 g/t

 

 

 SELIN

 SC1027

  559,815

  1,304,850

82

9m @ 1.86 g/t

 

 

 SELIN

 SC1028

  559,825

  1,304,800

75

13m @ 0.5 g/t

 

 

 SELIN

 SC1029

  559,789

  1,304,755

11

2m @ 1.25 g/t

 

 

52

1m @ 0.766 g/t

 

 

 SELIN

 SC1030

  559,769

  1,304,700

99

1m @ 1.246 g/t

 

 

 SELIN

SC1031

  559,825

  1,304,699

77

6m @ 2.63 g/t

 

 

 SELIN

 SC1032

  559,779

  1,304,651

 

no significant intercept

 

 

 SELIN

 SC1033

  559,814

  1,304,649

18

1m @ 0.613 g/t

 

 

59

6m @ 1.26 g/t

 

 

86

2m @ 0.85 g/t

 

 

103

1m @ 0.79 g/t

 

 

 SELIN

 SC1034

  559,724

  1,304,600

 

no significant intercept

 

 

 SELIN

 SC1035

  559,835

  1,304,602

97

10m @ 0.83 g/t

 

 

 SELIN

 SC1036

  559,855

  1,304,600

134

3m @ 0.79 g/t

 

 

148

1m @ 0.66 g/t

 

 

 SELIN

 SC1037

  559,852

  1,304,549

104

5m @ 1.82 g/t

 

 

 SELIN

 SC1038

  559,831

  1,304,549

 

no significant intercept

 

 

 SELIN

 SC1039

  559,810

  1,304,550

11

1m @ 0.77 g/t

 

 

56

1m @ 2.3 g/t

 

 

 SELIN

 SC1063

  559,631

  1,305,250

103

10m @ 0.88 g/t

 

 

 SELIN

 SC1064

  559,800

  1,305,100

156

1m @ 0.93 g/t

 

 

156

1m @ 0.93 g/t

 

 

 SELIN

 SC1065

  559,650

  1,305,100

119

6m @ 3.71 g/t

 

 

 SELIN

 SC1066

  559,649

  1,305,150

105

9m @ 0.91 g/t

 

 

 SELIN

 SC1067

  559,670

  1,305,001

85

1m @ 0.69 g/t

 

 

 SELIN

 SC1068

  559,750

  1,305,149

58

6m @ 1.13 g/t

 

 

69

1m @ 0.53 g/t

 

 

 SELIN

 SC1069

  559,679

  1,305,505

46

1m @ 0.55 g/t

 

 

 SELIN

 SC1070

  559,705

  1,305,549

 

no significant intercept

 

 

 SELIN

 SC1071

  559,725

  1,305,450

113

1m @ 1.63 g/t

 

 

 SELIN

 SC1072

  559,809

  1,304,950

82

8m @ 0.48 g/t

 

 

98

7m @ 0.71 g/t

 

 

 SELIN

 SC1073

  559,815

  1,304,900

92

23m @ 0.83 g/t

 

 

 SELIN

 SC1074

  559,839

  1,304,751

 

no significant intercept

 

 

 SELIN

 SC1075

  559,847

  1,304,701

113

2m @ 1.37 g/t

 

 

144

21m @ 1.79 g/t

 

 

 SELIN

 SC1076

  559,805

  1,304,699

14

14m @ 1.01 g/t

 

 

33

1m @ 0.96 g/t

 

 

58

2m @ 2.07 g/t

 

 

 SELIN

 SC1077

  559,820

  1,304,752

 

no significant intercept

 

 

 SELIN

 SC1078

  559,849

  1,304,650

121

21m @ 1.29 g/t

 

 

 SELIN

 SD0020

  559,559

  1,305,404

196

14m @ 1.12 g/t

 

 

 SELIN

 SD0021

  559,534

  1,305,680

191

33m @ 1.48 g/t incl 9m @ 3.95 g/t

 

 

  SELIN

 SD0022

  559,532

  1,305,681

153

0.5m @ 2.39 g/t

 

 

166

11m @ 0.83 g/t

 

 

213

11m @ 0.62 g/t

 

 

 SELIN

 SD0023

  559,649

  1,305,500

46

103m @ 2.10 g/t incl

 

 

11.5m @ 7.45g/t and

 

11.5m @ 7.12 g/t

 

   

 

Competent persons statement:   Mr. Norman ('Norm') Bailie is a Chartered Professional - Geology and Management and Fellow of the Australasian Institute of Mining and Metallurgy (AUSIMM) and a Chartered Professional and Fellow of the Geological Society UK and qualifies as a Competent Person in accordance with the guidance note for Mining, Oil & Gas Companies issued by the London Stock Exchange in respect of AIM Companies, which outlines standards of disclosure for mineral projects.  Norm Bailie consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

 

Market Abuse Regulation ('MAR') Disclosure

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the company's obligations under Article 17 of MAR.

**ENDS**

 

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

 

Bert Monro / Norm Bailie

Cora Gold Limited

+44 (0) 20 3239 0010

Christopher Raggett / Charlie Beeson

finnCap Ltd

(Nomad & Joint Broker)

+44 (0) 20 7220 0500

Andy Thacker / James Pope

Turner Pope Investments

(Joint Broker)

+44 (0) 20 3657 0050

Susie Geliher / Selina Lovell

St Brides Partners

(Financial PR)

+44 (0) 20 7236 1177

 

Notes

Cora is a gold 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's primary focus is on further developing Sanankoro in the Yanfolila Gold Belt (Southern Mali), which Cora believes has the potential for a standalone mine development.  Sanankoro has a positive Scoping Study published on it showing an 107% IRR and US$41.5m NPV8 at a US$1,500 gold price.  Cora's highly experienced 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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