TIDMCORA
RNS Number : 9867Q
Cora Gold Limited
25 June 2020
Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector:
Mining
25 June 2020
Cora Gold Limited ('Cora' or 'the Company')
Positive Metallurgical Test Work Results
Cora Gold Limited, the West African focused gold company, is
pleased to announce positive results from the bulk sample programme
it has completed in conjunction with Hummingbird Resources Plc
(AIM: HUM or 'Hummingbird'). The test work explored the ability of
the ore at Cora's Sanankoro Gold Project ('Sanankoro' or the
'Sanankoro Project') to be concentrated by gravity separation to a
level that would be viable to transport distances more than 100km
which could support a lower capex and faster route to cash flow for
the Company.
Highlights
-- Gravity concentration a viable route based on test work completed:
o Approximately 57% of gold recovered from the -1.7mm size
fraction to a concentrate representing less than 1% of the feed
mass
o +70 g/t Au grade of concentrate possible
-- The remaining coarse material (-37mm, +1.7mm) was subject to
a kinetic cyanide bottle roll to simulate heap leaching
conditions
o Approximately 75% gold extraction in 96 hours with potential
to improve if given further time
Bert Monro, CEO of Cora Gold, commented, "These results suggest
that a streamlined process flow sheet incorporating gravity
concentration and the trucking of a high grade concentrate to an
existing mine in the region could be run in parallel with a smaller
on-site heap leach project treating the residual coarser size
fraction. These initial results suggest this could be a viable
alternative route for us, potentially providing a lower capex and
faster route to cash flow for the Company.
"In parallel, Cora commenced further metallurgical test work
earlier this month to build on the work completed for the Sanankoro
Scoping Study published in January 2020. This is focused on taking
the metallurgical results to a 'pre-feasibility study' standard. As
part of this programme, we are also continuing further test work on
gravity concentration and we expect to report on these results
during Q3 2020.
"We remain focussed on delivering a stand-alone mining operation
at Sanankoro and signed last week a project financing term sheet
for US$21m to support this plan. The Company will always aim to
deliver the optimum return for all shareholders and will continue
to remain open to all routes for the Sanankoro Project."
Further information on the completed Test Work programme
As announced on 2 March 2020, Cora commenced an oxide ore bulk
sample test work programme in conjunction with Hummingbird. The
objective of this programme was to explore the amenability of the
oxide ore at Cora's Sanankoro Gold Project to be concentrated to a
level that could be viable for commercial trucking to Hummingbird's
Yanfolila Gold Mine, located 100km from Sanankoro.
Accordingly, Cora arranged for a 350kg oxide bulk sample from
the Sanankoro Project to be shipped to North America for gravity
and sizing based metallurgical test work at a facility independent
of both Hummingbird and Cora. The test work examined a simple, low
cost route to produce this concentrate.
The bulk sample was screened at 37.5mm and 1.7mm, with the
+37.5mm size fraction then crushed to just below 37.5mm and re
screened at 1.7mm. The total -1.7mm fraction, which accounted for
about 80% of the bulk sample, was passed through a Knelson
concentrator and a gravity concentrate extracted.
The results are encouraging with approximately 57% of the gold
reporting to a gravity concentrate, which represented less than 1%
of the feed mass. The resulting gold concentrate, with a grade of
over 70g/t Au, could be economic to transport long distances. The
programme focused on just a single pass through a centrifugal
concentrator and it is expected that further work could optimise
the crush size and result in further improved recovery to the
concentrate and potentially higher grades. The coarser size
fraction (-37.5mm, +1.7mm), which accounts for about 20% of the
bulk sample, was used for a kinetic cyanide bottle roll test
carried out to simulate heap leach conditions. This also produced
encouraging results with gold extraction being approximately 75%
after 96 hours, with the leach curve still rising suggesting gold
recovery rates could increase with more time.
Update on existing Test Work programme
Metallurgical test work is focused on the oxide material across
the three main deposits at Sanankoro, Zone A, Zone B and Selin. The
work is analysing Carbon in Leach ('CIL'), Heap Leach and Gravity
gold recovery and is building on previous work programmes carried
out in 2019 as part of the Sanankoro Scoping Study released in
January 2020. The Scoping Study compared both Heap Leach and CIL
routes of processing with Heap Leach recoveries assumed to achieve
70% being the optimum route of production based on the existing
resources. This current test work is planned to build on the
Scoping Study and help guide decisions on the optimum process route
for the project as the Company moves towards the planned DFS during
2021. The results are expected during Q3 2020.
Permitting
As stated in the RNSs released on 16 January 2020 and 25
February 2020, the Sanankoro Exploration Permit expired on 01
February 2020 in accordance with Mali's Mining Code. Prior to
expiry the Company submitted an application for the award of a new
permit over the area covered by the Sanankoro Permit. The Company
looks forward to announcing the award of a new permit in due course
once the necessary process set out in the Mining Code has occurred.
The Sanankoro Permit was one of five permits that together comprise
the Sanankoro Gold Project Area, these include Bokoro (permit
expires August 2022), Bokoro Est (permit expires September 2026),
Dako II (permit expires December 2025) and Kodiou (permit expires
May 2022).
Market Abuse Regulation ('MAR') Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
**ENDS**
For further information, please visit http://www.coragold.com or
contact:
+44 (0) 20 3239
Bert Monro / Jon Forster Cora Gold Limited 0010
Ewan Leggat / Charlie SP Angel +44 (0) 20 3470
Bouverat (Nomad & Joint Broker) 0470
Turner Pope Investments +44 (0) 20 3657
Andy Thacker / Zoe Alexander (Joint Broker) 0050
Megan Dennison / Susie St Brides Partners +44 (0) 20 7236
Geliher (Financial PR) 1177
Notes
Cora Gold is a 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'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 84% IRR and US$30.9m NPV at a US$1,400
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.
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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