TIDMCORA
RNS Number : 0895D
Cora Gold Limited
29 January 2018
Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector:
Mining
29 January 2018
Cora Gold Limited ("Cora Gold", "Cora" or "the Company")
New Shallow Gold Zone Identified at Sanankoro Discovery with
Impressive Initial Results
Cora Gold Limited, the West African focused gold exploration
company, is pleased to announce the first results from stage 1 of
its on-going drilling programme at its flagship Sanankoro Gold
Discovery ("Sanankoro" or "the Project") in southern Mali, with
extremely encouraging high-grade gold intercepts reported of up to
52.80 grams per tonne ("g/t"). To view the press release with the
illustrative maps and diagrams, please click on the following link:
http://www.rns-pdf.londonstockexchange.com/rns/0895D_-2018-1-26.pdf
Highlights
-- Stage 1 drilling gold assay results from broadly spaced,
shallow, reconnaissance drilling at Target 1 confirm the discovery
of a new gold zone of at least 1,200m length with potential to
increase to more than 3,000m
-- Impressive assays from the initial programme include:
o 17 metres @ 5.43g/t from 67 metres downhole (including 8
metres @ 11.24g/t);
o 11 metres @ 5.24g/t from 4 metres downhole (including 1 metre
@ 52.80g/t);
o 20 metres @ 2.15g/t from 77 metres downhole;
o 15 metres @ 1.41g/t from surface; and
o 10 metres @ 1.37g/t from 39 metres downhole.
-- Results indicate strong potential for the zone to carry economic grades and widths
-- Target remains open to the north, south and at depth
-- Drill holes only tested to vertical depths of up to 100m. The
depth of oxidation appears to range from about 40-50m in the north
to around 80-100m in the south
-- The most southerly drill fence lies at the northern end of a
450m long zone of artisanal mining
-- Mapping suggests that the gold zone could link to Zone B,
approximately 4km to the south of Target 1
-- Stage 2 drilling underway with 4,000m of combined RC/AC and
500m of diamond core focusing on Sanankoro Zones A, B and C
Dr Jonathan Forster, CEO of Cora Gold said, "This initial drill
programme has delivered impressive grades of gold and has
vindicated our strategy of stepping away from the known zones of
gold mineralisation at Sanankoro to demonstrate the extensive gold
endowment of the belt. The results, which are shallow with broad
zones of high grade mineralisation, provide great encouragement
with respect to the mineralised potential of the over 15km of
identified strike at Sanankoro. We have numerous clear drill
targets that are not yet tested by AC (air-core) or RC (reverse
circulation) drilling which may have similar styles of gold
mineralisation and, as a consequence, our belief in the 1
million-plus ounce potential of the project is enhanced."
Sanankoro - Target 1
The drilling programme at Target 1 has tested just 1.5km of a
greater than 7km long structure on a reconnaissance basis, with
drill fences orientated E-W and set mainly 320m apart. The final
fence tested the structure about 1.7km further to the south, at the
northern end of a 450m long zone of artisanal mining. Drilling
comprised a mix of both AC and RC holes to vertical depths
typically ranging from 60-100m.
Target 1 sits along a structure that is possibly linked to Zone
B, which is located approximately 4km to the south. This extension
to the structure can be traced back to Zone B through a combination
of artisanal mining pits, soil geochemistry and historical RAB
(rotary air-blast) drilling, raising the possibility that
mineralisation could be continuous along the full length of the
structure.
Figure 1: Map of Sanankoro Gold Discovery [Please see PDF]
Geological interpretation of the reconnaissance drilling at
Target 1 indicates that the gold mineralisation is typically seen
with a strong visible gold component (in both oxide and sulphide
setting) and is associated with sub vertical quartz veining.
Several parallel gold zones may occur within a 30-40m wide
corridor. The corridor primarily lies within a package of
sandstones and siltstones, with a footwall of phyllites which may
be carbonaceous. It is believed that this package of lithologies
could be responsive to ground geophysics (induced polarisation,
"IP") and as such a programme will be planned to extend the
historical ground geophysics that covers the central area of
Sanankoro. Once available this data should support the subsequent
planning of an infill drill programme at Target 1.
The reconnaissance nature of the drilling to date precludes the
determination of controls and geometry of mineralisation and as
such it is too early in the programme to be able to comment on the
likely true widths of gold mineralisation. However, in broad terms,
the intercepts seen on each drill fence, excepting that of fence 6
(N 1303320), suggest the potential for mineable widths and grades
over at least 1,200m of strike. The results of fence 6 remain
ambiguous, with the geological units showing more phyllites
compared to the other drill fences. The Company believes that
offsetting due to faulting may have caused the drilling to miss the
mineralised structure at the targeted depths. A planned ground IP
programme may assist in determining whether the mineralised zone
was crossed by this stage of drilling.
The most southerly drill fence 7, located on the strike extent
of a 450m long zone of shallow artisanal mining, confirmed the
presence of an underlying gold mineralised structure, similar in
style to that of the remainder of Target 1. The intercept lies
along a zone that extends south from Target 1 defined by two widely
spaced historical RAB fences, anomalous soil geochemistry and semi
quantitative termite samples over a distance of 1.7km. It is likely
that this represents the same structure as that tested in Target
1.
Figure 2: Map of Target 1 Sanankoro [Please see PDF]
Drilling has indicated that the depth of oxidation ranges from
about 45m in the north (where closest to the Niger River) to in
excess of 100m in the south. There is evidence that post
mineralisation cross faults may locally offset the structure.
Visible gold up to sand grain size has been observed in both oxide
and sulphide zones, suggesting that exploration will need to take
into account the influence of nugget gold on assays. Selected
samples from this first batch, which were analysed by 50-gram fire
assay, will be forwarded for check assay by 1 kg cyanide leach
bottle roll at the SGS facility in Burkina Faso.
The results confirm that the Target 1 structure can be added to
the inventory of Gold Zones that Cora Gold will prioritise for
subsequent follow up infill drilling. A number of core drill holes
will be required, in conjunction with information from ground IP to
enable better understanding of geometry, structure and
mineralisation controls prior to subsequent infill drilling.
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
Mirabaud Securities (Joint +44 (0) 20 3167
Peter Krens/Nick Orgill Broker) 7150
Beaufort Securities (Joint +44 (0) 20 7382
Jon Belliss Broker) 8300
Lottie Wadham/Susie St Brides Partners (Financial +44 (0) 20 7236
Geliher 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 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.
Appendix 1 - Table of Drill Intercepts
Hole Easting Northing Azimuth EOH Oxide Intercept Intercept g/t
No 29N 29N degrees metres depth From Length Au
metres metres metres
-------- -------- --------- --------- -------- ---------- ---------- ---------- ------- ----
SC0001 559800 1304600 270 87 60 45 5 2.38
-------- -------- --------- --------- -------- ---------- ---------- ---------- ------- ----
and 67 17 5.43
-------- -------- --------- --------- -------- ---------- ---------- ---------- ------- ----
(includes 67 8 11.24)
-------- -------- --------- --------- -------- ---------- ---------- ---------- ------- ----
SC0002 559770 1304600 270 120 NSI
-------- -------- --------- --------- -------- ---------- ---------- ---------- ------- ----
SC0003 559825 1304608 270 130 73 18 12 1.06
-------- -------- --------- --------- -------- ---------- ---------- ---------- ------- ----
and 69 4 1.00
-------- -------- --------- --------- -------- ---------- ---------- ---------- ------- ----
SC0004 559775 1304760 270 80 55 9 2 2.62
-------- -------- --------- --------- -------- ---------- ---------- ---------- ------- ----
and 37 5 2.28
-------- -------- --------- --------- -------- ---------- ---------- ---------- ------- ----
SC0005 559816 1304760 270 117 52 60 9 0.74
-------- -------- --------- --------- -------- ---------- ---------- ---------- ------- ----
SC0006 559750 1304280 270 82 NSI
-------- -------- --------- --------- -------- ---------- ---------- ---------- ------- ----
SC0007 559800 1304280 270 64 NSI
-------- -------- --------- --------- -------- ---------- ---------- ---------- ------- ----
SC0008 559820 1304280 270 117 90 4 11 5.24
-------- -------- --------- --------- -------- ---------- ---------- ---------- ------- ----
(includes 13 1 52.80)
-------- -------- --------- --------- -------- ---------- ---------- ---------- ------- ----
and 30 3 1.43
-------- -------- --------- --------- -------- ---------- ---------- ---------- ------- ----
SC0009 559815 1303960 270 61 53 NSI
-------- -------- --------- --------- -------- ---------- ---------- ---------- ------- ----
SC0010 559785 1303960 270 110 >110 NSI
-------- -------- --------- --------- -------- ---------- ---------- ---------- ------- ----
SC0011 559835 1303960 270 110 80 0 15 1.41
-------- -------- --------- --------- -------- ---------- ---------- ---------- ------- ----
SC0012 559840 1304270 270 113 105 39 9 1.32 **
-------- -------- --------- --------- -------- ---------- ---------- ---------- ------- ----
and 77 20 2.15
-------- -------- --------- --------- -------- ---------- ---------- ---------- ------- ----
SC0013 559860 1303966 270 117 97 39 10 1.37 *
-------- -------- --------- --------- -------- ---------- ---------- ---------- ------- ----
and 84 6 0.86 **
-------- -------- --------- --------- -------- ---------- ---------- ---------- ------- ----
SC0014 559915 1303640 270 87 >87 37 3 1.16
-------- -------- --------- --------- -------- ---------- ---------- ---------- ------- ----
and 55 16 0.93
-------- -------- --------- --------- -------- ---------- ---------- ---------- ------- ----
(includes 55 1 6.38)
-------- -------- --------- --------- -------- ---------- ---------- ---------- ------- ----
SC0015 559940 1303640 270 109 95 NSI
-------- -------- --------- --------- -------- ---------- ---------- ---------- ------- ----
SC0016 559880 1303641 270 100 >100 28 5 0.75
-------- -------- --------- --------- -------- ---------- ---------- ---------- ------- ----
SC0017 559835 1303640 270 92 74 NSI
-------- -------- --------- --------- -------- ---------- ---------- ---------- ------- ----
SC0018 559811 1303640 270 68 >68 NSI
-------- -------- --------- --------- -------- ---------- ---------- ---------- ------- ----
SC0019 559960 1303320 270 80 >80 NSI
-------- -------- --------- --------- -------- ---------- ---------- ---------- ------- ----
SC0020 559925 1303320 270 81 >81 NSI
-------- -------- --------- --------- -------- ---------- ---------- ---------- ------- ----
SC0021 559890 1303326 270 80 >80 60 3 1.37
-------- -------- --------- --------- -------- ---------- ---------- ---------- ------- ----
SC0022 559858 1303320 270 80 >80 NSI
-------- -------- --------- --------- -------- ---------- ---------- ---------- ------- ----
SC0023 559902 1301600 270 66 >66 63 3 1.36 ***
-------- -------- --------- --------- -------- ---------- ---------- ---------- ------- ----
SC0024 559875 1301598 270 86 75 NSI
-------- -------- --------- --------- -------- ---------- ---------- ---------- ------- ----
SC0025 559835 1301600 270 32 >32 NSI
-------- -------- --------- --------- -------- ---------- ---------- ---------- ------- ----
SC0026 559924 1301598 270 123 95 92 1 12.60
-------- -------- --------- --------- -------- ---------- ---------- ---------- ------- ----
and 103 16 1.03
-------- -------- --------- --------- -------- ---------- ---------- ---------- ------- ----
(includes 103 2 5.40
-------- -------- --------- --------- -------- ---------- ---------- ---------- ------- ----
SC0027 559885 1301602 320 107 100 awaited
-------- -------- --------- --------- -------- ---------- ---------- ---------- ------- ----
NSI= no significant intersection
*=wet samples **=3m composite samples ***= hole ended in mineralisation
All quoted depths are downhole length
Sample Collection and Assay
Drilling has been completed by a mix of air-core and reverse
circulation with a drill bit diameter of 69mm, and a hole
declination of -55(o) . In the majority of holes, the water table
was intersected at about 40-50 metres depth, with less than 3
samples normally considered wet or damp. Usually samples below this
remain dry. Where this is not the case, it has been highlighted in
the table.
Samples are dried, prepared and analysed at the SGS laboratory
in Bamako, Mali with QAQC protocols inserted by Cora Gold
incorporating 5% blanks, 5% duplicates and 5% assay standards.
Assay is by 50 gram fire assay.
Drill intercepts using a 0.5 g/t Au lower cut-off grade were
compiled by undertaking weighted averages of consecutive individual
assays, equal to or in excess of the minimum grade of 0.5 g/t Au.
Internal dilution (<0.5 g/t Au) was allowed for up to a maximum
of 3 metres. In the event that no samples were collected in areas
of poor core recovery, a zero grade was ascribed to the zone, even
if located within a run of gold mineralisation.
** ENDS **
This information is provided by RNS
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