TIDMCORA
RNS Number : 8937A
Cora Gold Limited
17 September 2018
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR")
Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector:
Mining
17 September 2018
Cora Gold Limited ("Cora Gold", "Cora" or "the Company")
Final Assay Results from Tekeledougou
Cora Gold Limited, the West African focused gold exploration
company, announces the final batch of assay results from the
Tekeledougou Project in Southern Mali ("Tekeledougou"). To view the
announcement with the illustrative maps and diagrams, please click
on the following link:
http://www.rns-pdf.londonstockexchange.com/rns/8937A_1-2018-9-16.pdf
Highlights:
-- Results confirm that the strike length of gold mineralised structures extended to at least:
o 1.1km at Kouroudian prospect; and
o 350 metres at Woyoni prospect
-- Combined reverse circulation ("RC") and core drilling
suggests gold is associated with an extensive array of narrow
quartz veins splaying off primary shear zones with barren material
between the veins;
-- Local grades up to 25g/t; and
-- Multiple short vein sets with widths of 1-2m often carry gold
grades ranging from 1-4 g/t Au.
Dr Jonathan Forster, Cora's CEO commented, "The second phase of
drilling which combined both reverse circulation and orientated
core at Tekeledougou has been of value as it has successfully
identified extensions to the mineralised structures and allowed us
to better understand the distribution of gold mineralisation at the
two prospects, Kouroudian and Woyoni.
"The results suggest that we are dealing with multiple gold
mineralised quartz veins set in "en-echelon" fashion. The frequency
of the veining and its direct association with gold is encouraging.
As is often the case in exploration, the controls to gold
mineralisation prove to be more complex than envisaged from the
first few drill holes. The association with en-echelon zones of
quartz veining mean that the Company may elect to consider these as
selective rather than bulk mining targets. We will continue to
evaluate all of the drilling data before planning the next stage in
the programme at Tekeledougou. In the meantime, we look forward to
the forthcoming end of the rainy season in Mali and recommencing
our drill programme at our Sanankoro Gold Discovery which we
believe has significant large-scale potential."
Kouroudian
The Kouroudian prospect was subject to a second phase of reverse
circulation drilling in June 2018, with a total of 15 inclined
(-55(o) ) drill holes (1,461 metres) completed with hole lengths
between 90-120m on drill azimuths of about 220(o) . The drilling
has now been completed over a strike length of nearly 1,100m on
fences mainly about 80m apart, with the central 400m on approximate
40m spacings. A single orientated core "tail" was also completed,
central to the prospect with core collected from a depth of 63m to
174m. More usually, drilling has extended to vertical depths of
about 80-100m.
The drilling has identified host rocks comprising intercalated
siltstones, sandstones and volcanic tuff. In the core, it was
clearly observed that interbedded units of sandstones and
coarse-grained volcanic tuff, grading down into a more massive
development of volcanic tuff with local breccias was prevalent. The
depth of oxidation progressively deepens from north to south from
about 50m to over 100m.
Quartz veining is commonly observed in all drill holes, with an
apparent increase in intensity from north to south. Over the
northern 400m of the structure, quartz veining is currently
interpreted to occur as steeply dipping zones with widths of about
2-5m and possible E-W to WNW alignment, separated by barren zones
of around 5-10m thickness. Over the remaining central/southern part
of the structure, quartz vein zones interpreted to also have a
predominantly E-W to WNW orientation, are well developed with zones
of apparent thickness ranging from about 5-10m separated by weakly
veined zones of similar thickness.
Together the quartz vein zones appear to display a distribution
which is termed "en-echelon", whereby a hanging wall shear zone (in
this instance interpreted to be orientated with a direction of
about 350(o) ) is characterised by having a regular sequence of
quartz filled structures orientated about E-W splaying off the main
shear, with a frequency of around each 5-10m. Here, the splay
structures appear to be well developed and individually may extend
for up to 40-50m away from the shear.
Gold mineralisation is observed over the full 1,100m of the
structure and appears to be almost ubiquitously associated with the
zones of more intense quartz veining. As a consequence, fine
visible gold can be observed in the pan over significant lengths
where quartz veining is observed when RC drilling. Gold assays are
more variable, ranging from anomalous values (>0.1 g/t Au) over
multiple metres, through to higher grades over select 1-2m
intervals (usual range of 1-4 g/t Au, with occasional spot values
to 25 g/t Au or even 100 g/t Au (refer RNS "Exciting High Grade
Drill Results from Tekeledougou - 1 May 2018).
An alteration halo including iron carbonate, chlorite, pyrite
and localised arsenopyrite is evident across the prospect, with an
indication at present that the gold may be a separate phase.
Woyoni
A total of 6 RC drill holes (504m plus 252m of pre-collar
drilling for core "tails") were completed on two drill fences set
about 80m to the north and south of the previous drilling (refer
RNS "Exciting High Grade Drill Results from Tekeledougou - 1 May
2018) on azimuths of 220(o) . Only anomalous gold values were
recovered to the south, but gold intercepts to the north extends
the length of the known mineralisation to 350m. Water inflow into
the RC holes prevented any deeper reconnaissance drilling.
The central 200m of the prospect has previously been excavated
by artisanal mining leaving behind a 70m wide flooded pit to depths
of about 10-15m. The strong ground water flow encountered in RC
drilling was overcome by completing 4 core "tails" on drill fences
approximately 80m apart over the centre of the prospect. A total of
411m of orientated HQ core was drilled to hole lengths ranging from
150-190m. Fresh rock was generally intercepted from about 75-90m
downhole, indicating that the vertical depth of oxidation lies at
about 70m.
The orientated core indicates that the host lithology for
extensive quartz veining is interpreted as a 30-40m thick coarse
volcanic tuff locally interbedded with multiple thin units of a
sedimentary breccia. This lies within interbedded sandstone - tuff
units in the hanging and foot walls. Bedding is interpreted to be
sub vertical with a N-S strike.
Multiple directions of quartz vein sets have been recorded
across much of the tuff unit with veining typically < 3 cms in
thickness, with an associated alteration halo of iron carbonate,
carbonate, chlorite and biotite. Pyrite is disseminated throughout.
Analysis of the orientated core indicates that the primary quartz
vein sets are steeply dipping and strike on approximately 080(o)
and 110(o) , with a subordinate vein set striking to the NE. N-S
veins also occur with a variable dip from steep to shallow. The
recognition of an important set of NE orientated quartz veins will
need to be considered in the light of the drill orientation.
In the excavated pit area, the quartz veining is associated with
anomalous gold values (> 0.1 g/t) over intervals of about 30m.
Within this lie discrete individual intercepts of typically 1-3m
length that commonly lie in the range of 1-4 g/t Au. Occasional
observations of visible gold in the core supports the indication
from bottle roll results (which provisionally suggest gold recovery
of > 90% in the sulphide domain) that gold may have been
introduced as a late phase in the development of the system.
Hole Easting Northing Azimuth From Length Grade Comment
no
(m) (m) (g/t Au)
-------- --------- -------- ----- ------- ------ -------------
Woyoni
-------- --------- -------- ----- ------- ------ -------------
TKC 0020 553275 1237715 220 84 6 1.31 wet sample
-------- --------- -------- ----- ------- ------ -------------
TKC 0021 553242 1237867 220 8 1 1.26
-------- --------- -------- ----- ------- ------ -------------
63 1 0.89 wet sample
------------ -------- --------- -------- ----- ------- ------ -------------
TKC 0022 553259 1237888 220 40 6 0.93
-------- --------- -------- ----- ------- ------ -------------
(incl) 40 1 2.18
------------ -------- --------- -------- ----- ------- ------ -------------
54 3 0.52
------------ -------- --------- -------- ----- ------- ------ -------------
TKC 0039 553268 1237562 220 48 3 4.89 3m composite
-------- --------- -------- ----- ------- ------ -------------
TKD 0001 553268 1237562 220 75 5 0.7
-------- --------- -------- ----- ------- ------ -------------
84 1 2.07
------------ -------- --------- -------- ----- ------- ------ -------------
90 6 0.56
------------ -------- --------- -------- ----- ------- ------ -------------
TKD 0002 553286 1237648 220 77 2 0.53
-------- --------- -------- ----- ------- ------ -------------
103 2 1.82
------------ -------- --------- -------- ----- ------- ------ -------------
113 1 1.34
------------ -------- --------- -------- ----- ------- ------ -------------
136 1 0.91
------------ -------- --------- -------- ----- ------- ------ -------------
TKD 0003 553290 1237734 220 85 3 2.41
-------- --------- -------- ----- ------- ------ -------------
96 1 1.39
------------ -------- --------- -------- ----- ------- ------ -------------
109 1 3.96
------------ -------- --------- -------- ----- ------- ------ -------------
115 1 1.23
------------ -------- --------- -------- ----- ------- ------ -------------
130 1 4
------------ -------- --------- -------- ----- ------- ------ -------------
134 1 2.82
------------ -------- --------- -------- ----- ------- ------ -------------
TKD 0004 553286 1237808 220 111 1 0.7
-------- --------- -------- ----- ------- ------ -------------
121 1 0.69
------------ -------- --------- -------- ----- ------- ------ -------------
Kouroudian
-------- --------- -------- ----- ------- ------ -------------
TKC 0025 555500 1234300 220 15 1 4.51
-------- --------- -------- ----- ------- ------ -------------
(incl) 28 6 2.87
------------ -------- --------- -------- ----- ------- ------ -------------
28 1 10.51
------------ -------- --------- -------- ----- ------- ------ -------------
36 1 0.78
------------ -------- --------- -------- ----- ------- ------ -------------
TKC 0026 555526 1234169 220 53 11 1
-------- --------- -------- ----- ------- ------ -------------
(incl) 58 1 3.80
------------ -------- --------- -------- ----- ------- ------ -------------
63 1 3.07
------------ -------- --------- -------- ----- ------- ------ -------------
TKC 0027 555553 1234128 220 NSI
-------- --------- -------- ----- ------- ------ -------------
TKC 0028 555554 1234015 220 93 3 1.79
-------- --------- -------- ----- ------- ------ -------------
TKC 0029 555565 1233924 220 38 4 1.53
-------- --------- -------- ----- ------- ------ -------------
(incl) 41 1 3.89
------------ -------- --------- -------- ----- ------- ------ -------------
TKC 0030 555572 1233886 220 45 2 2.03
-------- --------- -------- ----- ------- ------ -------------
57 7 0.64
------------ -------- --------- -------- ----- ------- ------ -------------
69 3 1.18
------------ -------- --------- -------- ----- ------- ------ -------------
73 1 0.96
------------ -------- --------- -------- ----- ------- ------ -------------
TKC 0031 555577 1233692 220 17 1 2.73
-------- --------- -------- ----- ------- ------ -------------
23 2 0.61
------------ -------- --------- -------- ----- ------- ------ -------------
69 1 1.32
------------ -------- --------- -------- ----- ------- ------ -------------
75 1 0.78
------------ -------- --------- -------- ----- ------- ------ -------------
83 1 24.9
------------ -------- --------- -------- ----- ------- ------ -------------
99 1 1.03
------------ -------- --------- -------- ----- ------- ------ -------------
109 1 2.28
------------ -------- --------- -------- ----- ------- ------ -------------
TKC 0032 555602 1233692 220 28 1 0.72
-------- --------- -------- ----- ------- ------ -------------
43 1 1.57
------------ -------- --------- -------- ----- ------- ------ -------------
54 1 1.53
------------ -------- --------- -------- ----- ------- ------ -------------
69 1 0.53
------------ -------- --------- -------- ----- ------- ------ -------------
86 1 0.86
------------ -------- --------- -------- ----- ------- ------ -------------
TKC 0036 555493 1234469 220 37 1 1.91
-------- --------- -------- ----- ------- ------ -------------
42 1 1.36
------------ -------- --------- -------- ----- ------- ------ -------------
79 1 0.94
------------ -------- --------- -------- ----- ------- ------ -------------
87 1 2.19
------------ -------- --------- -------- ----- ------- ------ -------------
TKC 0037 555504 1234469 220 27 1 2.85
-------- --------- -------- ----- ------- ------ -------------
72 1 0.89
------------ -------- --------- -------- ----- ------- ------ -------------
TKD 0005 555591 1233832 220 100 3 1.42
-------- --------- -------- ----- ------- ------ -------------
111 1 1.09
------------ -------- --------- -------- ----- ------- ------ -------------
113 2 0.84
------------ -------- --------- -------- ----- ------- ------ -------------
125 1 2.23
------------ -------- --------- -------- ----- ------- ------ -------------
149 1 1.3
------------ -------- --------- -------- ----- ------- ------ -------------
156 1 0.77
------------ -------- --------- -------- ----- ------- ------ -------------
160 2 2.56
------------ -------- --------- -------- ----- ------- ------ -------------
RC samples were collected and assayed at 1m intervals except for
samples considered to be unmineralised following hand panning of
grab samples taken from each. These samples were composited to form
3m samples for the laboratory. Individual sample weight was about 4
kg. Half core was sampled at 1 metre intervals, with individual
sample weight usually about 3.5-4.5 kg. Quality assurance/quality
control ("QA/QC") incorporates blanks, duplicates and standards
introduced on a 5 % basis (1 in 20).
Samples were sent to the independent SGS facility at
Ouagadougou, Burkina Faso where they were dried in their entirety
before being crushed with 95% <2mm. The +/- 4 kg crushed sample
is pulverised to 95% < 75 micron after which it is riffle split
to a 2 kg sample which is introduced into a cyanide bottle roll
with Leachwell tablets added, for a total of 12 hours. On
completion, a sample of the solution is analysed for gold using
atomic absorption spectrophotometry ("AAS"). The residue of any
leach sample in excess of 0.5 ppm is taken for 50 gm fire assay.
The residue gold value is added to that of the leached value to
give a final (total) gold assay.
Gold mineralised intervals are calculated using a 0.5 g/t Au
lower cut off with no upper cut, and weighted by individual sample
lengths. The interval may include up to 3m of internal waste.
**S **
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
Ewan Leggat/ Richard +44 (0) 20 3470
Parlons SP Angel (Joint Broker) 0470
Mirabaud Securities (Joint +44 (0) 20 3167
Peter Krens/Nick Orgill Broker) 7150
Lottie Wadham/Gaby St Brides Partners (Financial +44 (0) 20 7236
Jenner 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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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