TIDMCORA
RNS Number : 5214B
Cora Gold Limited
11 January 2018
Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector:
Mining
11 January 2018
Cora Gold Limited ("Cora Gold", "Cora" or "the Company")
Stage 1 Drilling Complete at Sanankoro Gold Discovery and
Exciting New Targets Identified
Cora Gold Limited, the West African focused gold exploration
company, is pleased to announce that, following the mobilisation of
the drill rig on 30 November 2017, it has completed the Stage 1
reconnaissance drill programme at its flagship Sanankoro Gold
Discovery in Southern Mali ("Sanankoro" or the "Project") and is
awaiting assay results. To view the press release with the
illustrative maps and diagrams, please click on the following
link:
http://www.rns-pdf.londonstockexchange.com/rns/5214B_-2018-1-10.pdf
Highlights
-- 29 drill holes completed for nearly 2,800m of mixed aircore
("AC") and reverse circulation ("RC") drilling ranging between 68m
and 140m in length
o 27 drill holes completed at Sanankoro Target 1 over a strike
length of nearly 3km
o Two drill holes at Sanankoro Zone A
-- Visible gold observed in many holes indicating widespread
mineralisation along the structures
-- Assay results expected prior to the end of January 2018
-- New structure (Zone C) located to the west of Zones A and B
has been identified through mapping of artisanal sites and surface
sampling
-- Stage 2 drilling commencing with 4,000m of combined RC/AC and
500m of diamond core focusing on Sanankoro Zones A, B and C
-- New, highly prospective, drill ready targets identified at
Tekeledougou Project (about 60 km south of Sanankoro),located
within 8km of Hummingbird Resources plc's ('Hummingbird Resources')
producing Yanfolila Plant. Drilling at Tekeledougou is targeted by
end of Q1 2018
Dr Jonathan Forster, CEO of Cora Gold said, "We are very pleased
with the progress of the drill programme at Sanankoro to date. The
presence of visible gold in many of the drill holes along nearly
3km of strike is particularly encouraging as is the visual
identification of key lithologies that appear to host gold
mineralisation. I look forward to reporting the initial assay
results which are targeted by the end of January 2018.
"We are now commencing Stage 2 of the drilling campaign,
focusing on connecting Zones A and B into a single larger zone as
well as completing the first stages of exploration at Zone C, a
potential parallel repetition of these structures to the west. Zone
C is a new structure identified by field work during Stage 1 of the
drill programme.
"In addition, we have identified two extremely promising targets
at our Tekeledougou Project within the Yanfolila Project area,
which will be prioritised for reconnaissance drilling towards the
end of Q1 2018. They represent exciting prospects over large,
already identified strike lengths, within close proximity to
Hummingbird Resources' now operational Yanfolila Mine and
Plant."
Sanankoro - Target 1
During December 2017, seven drill fences with 27 holes for a
total of 2,499m of combined AC and RC drilling were completed at
Sanankoro Target 1 ("Target 1"). Target 1, which is located nearly
4km to the north of Zone B, covers a strike length of 3km. The
primary objective of the drill campaign was to confirm the presence
of mineralised structures previously indicated by shallow
historical RAB drilling. Importantly, visible gold was identified
in many of the drill holes completed indicating widespread gold
mineralisation along the structure.
Based on visual characterisation of the samples from drilling,
the lithological package appears to be (from hanging to footwall) a
mix of sandstones/siltstones, followed by a 30-40m wide zone of
sandstone, which overlies a phyllite, which is interpreted to be
carbonaceous. Visible gold was observed to lie predominantly within
or close to the sandstone units.
Sanankoro - Zone A
Two drill holes (total 250m) were undertaken at Zone A to target
the main north-south trending structure at Sanankoro. By using a
north-west drill azimuth (rather than the historical E-W
orientation) Cora planned to also target the east-west oriented
quartz veins which it believes were not properly identified in the
previous Gold Fields drilling. Initial results are encouraging,
with visible gold and intense quartz mineralisation observed in
several samples. Given the broad zones of quartz veining, the
Company believes some is likely to have occurred on the east-west
orientation, potentially indicating a broader mineralised structure
than previously identified. Unfortunately, the drill rods became
stuck approximately 140m down hole leading to one of the holes
being abandoned before its final completion depth.
Figure 1: Map of Drilling Locations at Sanankoro [please view
PDF]
Next Phase of Work
Sanankoro Zones A, B and C
The Company intends to complete an additional 4,000 metres of
AC/RC and approximately 500 metres of diamond core drilling at
Sanankoro in the coming months. This drilling will focus on
extending Zones A and B and connecting them, increasing the drilled
strike to over 2.5 km. In addition, a new structure called Zone C,
located to the west of Zones A and B has been identified through
mapping of artisanal sites and surface sampling. Similar quartz
veining has been identified at Zone C, which currently extends over
1km of identified strike (refer Figure 1 for Map of Targets).
Tekeledougou Project (Yanfolila Project Area)
The Company has identified two additional targets at its
Tekeledougou Project, which lies about 60 km south of Sanankoro and
within 8km of Hummingbird Resources' Yanfolila Plant. Hummingbird
Resources is a 33.85% shareholder in Cora. The first target is the
site of significant artisanal workings that have exposed a quartz
shear structure approximately 30-40m in width along a strike length
of approximately 600m. The geology exposed by the artisanal
workings comprises well developed, stacked, sheeted and stock
worked, predominantly east-west oriented intense quartz veining.
The Company believes there is potential to extend the footprint,
with a potential target of greater than 1km strike length.
Figure 2: Map of Cora Yanfolila Gold Belt Tenements [please view
PDF]
The second target was also extensively mined by artisanals with
the pit extending 100m laterally and approximately 200m in length.
During the wet season, the artisanal pit flooded, but discussions
with the local artisanal miners anecdotally suggest the presence of
similar quartz veining to the first target including some rich gold
grades.
Cora is planning to complete up to 2,000 metres of combined
AC/RC drilling on these two key targets at Tekeledougou by the end
of Q1 2018.
Figure 3: East-West Oriented Quartz Stockwork at Tekeledougou
[please view PDF]
** ENDS **
For further information, please visit http://www.coragold.com or
contact:
+44 (0) 20 3239
Jon Forster Cora Gold 0010
John Depasquale/Nick Allenby Capital (Nominated +44 (0) 20 3328
Harriss/ Liz Kirchner Adviser) 5656
Peter Krens/Nick Mirabaud Securities +44 (0) 20 3167
Orgill (Joint Broker) 7150
Beaufort Securities +44 (0) 20 7382
Jon Belliss (Joint Broker) 8300
Lottie Wadham/Susie St Brides Partners +44 (0) 20 7236
Geliher (Financial PR) 1177
Notes to the Editors
Cora Gold is a new 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
profitable mines.
Dr Jonathan Forster (PhD, MBA, FIMMM) is Cora Gold's chief
executive officer. Dr Forster has sufficient experience relevant to
the style of mineralisation and type of deposit under
consideration, and to the activity which he is undertaking to
qualify 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. Dr Forster consents to the
inclusion in this announcement of the matters based on his
information in the form and context in which it appears.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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