Cora Gold Limited Exploration Target Confirms Multi-Moz Au Potential (9601D)
15 October 2018 - 5:00PM
UK Regulatory
TIDMCORA
RNS Number : 9601D
Cora Gold Limited
15 October 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
15 October 2018
Cora Gold Limited ("Cora Gold" or "the Company")
Exploration Target Confirms Multi-Million Ounce Gold Potential
for Sanankoro Gold Discovery
Cora Gold Limited, the West African focused gold exploration
company, is pleased to announce that SRK Consulting (UK) Ltd
("SRK") has determined an initial Exploration Target of between 30
and 50 million tonnes of gold at a grade of between 1.0 and 1.3 g/t
Au for its Sanankoro Gold Discovery ("Sanankoro" or "the Project")
in southern Mali. SRK's report confirms the Company's internal
expectation that Sanankoro has the potential to delineate 1.0-2.0
million ounces ("Moz") to a depth of 100m, indicating the potential
for significant further upside at depth.
Dr Jonathan Forster, Cora's CEO commented, "It is very pleasing
to have our opinion on the gold potential of the Sanankoro project
confirmed by this independent review by SRK. That the Exploration
Target of 1.0-2.0 Moz is taken only to a vertical depth of 100m in
an environment where depth of oxidation ranges from about 50m to in
excess of 100m, suggests that the potential for significant upside
remains at depth.
"We are pleased that our strategy of first defining the scale
potential of the Project has been vindicated before reverting to
more focused drilling to identify areas of higher grade
mineralisation, which might be suitable as 'starter pits' for any
future standalone gold mine. In addition, large tonnages of oxide
ore, which in many places is represented by soft saprolitic ore,
might be anticipated to be amenable to low cost mining and
processing which could also be beneficial for the early stages of
mine development.
"The review by SRK will now act as a springboard for the next
stage of our strategy where we will be seeking to define the strike
extent and depth potential of the higher grade zones that the first
round of drilling has indicated may exist."
Exploration Target Statement by SRK Consulting (UK) Ltd
Using the guidelines and terminology given in the JORC (2012)
Code, SRK's Competent Person, Martin Pittuck, has derived an
Exploration Target of between 30 Mt and 50 Mt at a grade of between
1.0 and 1.3 g/t Au.
The upper tonnage assumes that the drilled structures which have
been modelled in 3D by SRK to a depth of 100m are supported by
infill drilling in the future and that the extensions to these and
less well drilled structures identified by surface exploration
elsewhere on the property will be found to contain mineralisation
of similar grade and thickness to the drilled structures.
In gold deposits of this type, closer spaced drilling
information may delineate smaller scale continuous structures with
even higher grades than the range given above with a commensurately
lower tonnage, potentially below the range provided above; the
likelihood of this is not possible to assess at this stage.
The Exploration Target is conceptual in nature. To date there
has been insufficient exploration to define a Mineral Resource and
it is uncertain if further exploration will result in the reporting
of Mineral Resources.
Sanankoro has been the subject of multiple exploration
campaigns, initially by Randgold Resources Limited and subsequently
Gold Fields Limited in the mid-2000s to early 2010s, and most
recently by Cora Gold in 2017 and 2018. As a consequence, over all
four licences that constitute Sanankoro, a significant amount of
exploration data is available for the assessment of the exploration
potential of the property. Specifically, this includes a series of
variably spaced fences of air core ("AC") and reverse circulation
("RC") holes and wide-spaced shallow vertical rotary air blast
("RAB"), AC and auger holes across much of the Sanankoro permit,
regional and detailed soil sampling data and termite mound sampling
data, mapping of artisanal pits and geophysical imagery, including
induced polarisation.
SRK has considered all available data, in developing an
Exploration Target for the Sanankoro Project. The Exploration
Target was derived through a combination of:
-- Direct 3D volumetric modelling and subsequent block modelling
and grade interpolation of downhole assays, predominantly from
inclined RAB, AC and RC holes
-- 2D map-line modelling of potential strike extensions to the
drilled mineralisation and additional prospective zones, based on
trends in the exploration data, outside of the main areas of
inclined drill sections
The full SRK Exploration Target report will be made available in
due course.
Information in this announcement has been reviewed by Martin
Pittuck of SRK Consulting (UK) Ltd who consents to the inclusion in
the announcement of the material in the form and context in which
it appears.
**ENDS**
For further information, please visit http://www.coragold.com or
contact:
+44 (0) 20 3239
Jon Forster Cora Gold 0010
Ewan Leggat / Charlie SP Angel (Nomad & Joint +44 (0) 20 3470
Bouverat Broker) 0470
Peter Krens / Nick Mirabaud Securities (Joint +44 (0) 20 3167
Orgill Broker) 7150
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
operating mines.
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END
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