TIDMCORA
RNS Number : 2345M
Cora Gold Limited
20 January 2021
Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector:
Mining
20 January 2021
Cora Gold Limited ('Cora' or 'the Company')
Further positive drill results at the Sanankoro Gold Project
Cora Gold Limited, the West African focused gold company, is
pleased to announce further drill results on both the Dako II
permit ('Dako II') contiguous with its flagship Sanankoro Gold
Project ('Sanankoro' or 'Project') and the Tagan permit ('Tagan')
adjacent to the north of the Hummingbird Resources Plc
('Hummingbird' AIM: HUM) Yanfolila Mine, in southern Mali. The Dako
II drilling, which lies immediately to the south of Sanankoro,
builds on the discovery made there last year (see announcement on
29 July 2020 for further details). The Tagan drilling is the
follow-up of a small rotary air blast ('RAB') programme drilled
June 2019.
To view the RNS with illustrative maps and diagrams please use
the following link:
http://www.rns-pdf.londonstockexchange.com/rns/2345M_1-2021-1-19.pdf
Highlights:
Dako II preliminary results include:
o 9m @ 2.74 g/t Au in hole DC0035
o 21m @ 1.48 g/t Au in hole DC0030
o 21m @ 0.75 g/t Au in hole DC0031
Previous intercepts included:
o 3m @ 86.8 g/t Au in hole DAC0005
o 12m @ 1.52 g/t Au in hole DAC0007
o 55m @ 0.50 g/t Au in hole DAC0008
-- The style of mineralisation is similar to Zone A at
Sanankoro, being fold and high angle, reverse, thrust faulting
within high angle dipping fine grained pelitic and psammitic
sediments
-- 1,834 m drilling was completed over 22 holes
-- +2 km mineralised strike length now identified at Dako II
-- +3 km of surface mineralisation remains untested by drilling
-- 2kg bottle roll analyses ongoing to elevate the newly
discovered mineralised zones to resource quality
Upon completion of Dako II, the rig moved to drill a short
RAB-style air core ('AC') programme on the Tagan Permit in our
Yanfolila North Project.
Tagan results include:
o 9m @ 1.23 g/t Au in hole TAC0014
o 24m @ 0.51 g/t Au in hole TAC0015
-- Previous intercepts have included:
o 43m @ 1.20 g/t Au in hole TNAC0047
o 25m @ 1.10 g/t Au in hole TNRCD0001
-- 843m drilling was completed over 19 holes
-- Multiple parallel +1 km mineralised structures now identified
at Tagan No. 1 Prospect as the NW strike extension of Sanioumale
West Shear on the Yanfolila Mine permit.
Bert Monro, CEO of Cora Gold, commented, "We are delighted to
have followed up last year's discovery at Dako II with further
promising results. Seeing the footprint of the Dako II continuing
to grow is exciting and having over +3 km of surface mineralisation
still to be drilled offers the potential for even more. Dako II is
7km south of our resources at Sanankoro and we would hope to see
this discovery turn into part of the future resources and mine plan
for the Project."
FURTHER DETAILS
Cora Gold completed a 1,264m (18 drill holes) shallow AC
drilling programme on the Dako II permit, with the objective of
discovering a new, near surface, oxide gold zone that could lie
within easy haulage distance of the Sanankoro Gold Project.
Figure 1: Daka II Drill results January 2021 - Regional
Setting
The primary lithologies observed at Dako II in drilled holes
were mostly siltstone and sandstone. The majority of the upper
oxide portions of the holes were completely altered to kaolinite
and clays. Visible gold was successfully logged across all of the
Dako II holes and 3D modelling allowed better targeting of later
holes after DC0029. The Q4 2020 Dako II drill programme was
designed to follow-up on the previous phases of exploration
drilling targeting the regional Fie Shear Zone on drill sections
sited between 100m and 600m apart.
The drill results have defined a broad zone of economic grade
oxide mineralisation which is 120m wide and extends over 2km as
currently tested. There remains a significant, immediate 3km strike
of surface anomalism which is yet to be drill-tested and extends NE
into the Bokoro II and Bokoro Est permits. Newly acquired WORLDVIEW
3 imagery from TERRABOTIX UK Ltd. highlights the potential for a
7-8km extension beyond current limits and is forming the
foundations for on-going generative exploration. The Company will
continue to geochemically define the extension and parallel lodes
in preparation for drill testing at a later date.
Dako II represents a significant scale oxide resource target.
The current drilled deposit is only 7km SSE of Zone A.
Sanankoro is characterised by coarse, structurally-hosted gold
associated with veining and shearing. To produce representative
assaying for oxide resource purposes and minimise nugget effects, a
large 4kg sample is routinely prepared and a 2kg bottle roll
analysis completed for each 1 metre interval down-the-hole, within
the ore zone. The results presented below in Table 1 are 50g fire
assay, which is employed in early-stage exploration as a first-pass
screening technique to identify resource-quality mineralisation,
which is then subsequently upgraded by 2kg bottle roll with 50g
fire assay DIBK-AAS on the tail. The resource bottle roll analyses
of the Dako II mineralised intercepts is currently in progress at
SGS Laboratory in Ouagadougou.
Hole_ID East North EOH From Interval Assay
UTM_29N UTM_29N metres metres metres g/t
DC0019 561205 1290028 83 66 6 1.01
DC0020 561260 1289987 99 47 7 0.7
75 10 0.5
90 3 0.74
DC0022 561890 1290347 89 16 1 0.9
79 2 0.54
DC0023 560936 1289196 70 23 4 0.67
32 4 1.12
DC0027 560909 1289090 64 3 8 0.45
32 9 0.3
DC0028 560895 1289041 80 26 2 1.48
34 2 1.12
DC0029 560927 1289133 93 33 3 1.12
41 4 0.64
52 3 0.65
75 3 0.49
DC0030 560944 1289122 78 57 21 1.48
DC0031 560845 1288855 83 0 3 0.68
24 21 0.75
DC0032 560920 1288780 88 9 19 0.45
9 3 1.07
44 2 1.46
DC0035 561132 1289712 120 77 9 2.74
DC0036 560901 1289069 101 18 3 1.38
DC0037 560932 1289176 96 28 4 0.53
Table 1: Dako II Drill results January 2021
Figure 2: DAKO II - January, 2021 Summary of Drill results
Tagan
We completed a total of 19 holes on the Tagan 1 prospect,
equating to a total of 843 metres and collected 280 samples. The
primary lithologies logged were diorite, granodiorite, quartzite
and sandstone. The alteration is mainly limonite after primary
hydrothermal hematite, sericite and more distal chlorite. Quartz
veins were observed in some of the holes often including
pseudomorphs of 2-4% cubic and amorphous secondary pyrite.
Hole_ID East North EOH From Interval Assay
UTM_29N UTM_29N metres metres metres g/t
TAC0002 567754 1266031 60 15 3 0.27
33 9 0.22
54 3 0.14
TAC0003 567779 1266001 66 9 9 0.4
TAC0004 567810 1265973 64 57 3 0.53
TAC0005 567832 1265949 52 9 9 0.32
TAC0006 567711 1266078 36 6 24 0.14
TAC0009 567832 1265725 37 0 12 0.36
TAC0010 567704 1265722 51 9 36 0.17
TAC0012 567020 1266349 40 15 3 0.31
33 7 0.34
TAC0013 567104 1266349 37 24 3 0.76
TAC0014 567711 1266053 33 12 21 0.64
incl. 21 9 1.23
TAC0015 567754 1266049 50 24 24 0.51
incl. 30 12 0.72
TAC0016 567743 1265998 38 9 3 0.26
TAC0018 567729 1266078 44 24 3 0.99
39 3 0.37
The results reported from this shallow AC to refusal programme
highlight a multiplicity of +1km striking, parallel gold faults at
our Tagan No.1 prospect. Most of the holes end in grade at refusal.
Collectively these structures are the north-western extension of
the main Sanioumale West Shear Zone from the Yanfolila Mine.
Historical intercepts of 43m @ 1.20 g/t Au in hole TNAC0047 and 25m
@ 1.10 g/t Au in hole TNRCD0001 form the core of the Tagan No 1
prospect and are yet to be fully explored with reverse circulation
('RC') and diamond drill ('DD') coring.
Cost-efficient, early-stage exploration of broad,
regolith-complex, geochemical anomalies often requires a first-pass
shallow drill or auger programme to constrain the target gold
structure for later RC and DD definition. These smaller rigs often
cannot penetrate fresh or highly siliceous ground and often stop at
point of contact to mineralised zones or large veins. At Tagan the
Company used "aircore to refusal" on various drill sections to
confirm and extend interpreted gold structures. The results confirm
the regional interpretation and maps clearly the gold anomalism
associated with a broad 400 metre wide, +1km NW-SE striking shear
system.
A targeted RC programme has been planned and will be executed
later to fully probe the strike and dip potential of this highly
anomalous gold system.
Figure 3: Tagan Drill results January 2021
Competent persons statement: Norman ('Norm') Bailie 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. Norm Bailie consents
to the inclusion in this announcement of the matters based on his
information in the form and context in which it appears.
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 / Norm Bailie Cora Gold Limited 0010
Christopher Raggett finnCap Ltd +44 (0) 20 7220
/ Charlie Beeson (Nomad & Joint Broker) 0500
Turner Pope Investments +44 (0) 20 3657
Andy Thacker (Joint Broker) 0050
Megan Dennison / Susie St Brides Partners +44 (0) 20 7236
Geliher (Financial PR) 1177
Notes
Cora Gold is a gold 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 107% IRR and US$41.5m NPV(8) at a US$1,500 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.
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