TIDMCORA
RNS Number : 2262W
Cora Gold Limited
22 April 2021
Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector:
Mining
22 April 2021
Cora Gold Limited ('Cora' or 'the Company')
Maiden Drill Results from 2021 Sanankoro Drill Programme
Cora Gold Limited, the West African focused gold company, is
pleased to announce the first drill results from its largest ever
drilling campaign, which commenced in March 2021 at its Sanankoro
Gold Project ('Sanankoro' or 'the Project'), in Southern Mali. The
Company plans to drill up to 35,000m by end of July 2021, with a
dual focus on targeting resource growth as well as infill drilling
to convert existing Inferred resources to Indicated.
Highlights:
-- Results from the first 4 drill sections, involving 8 reverse
circulation ('RC') holes, have been received
-- Results include:
o 34m @ 1.98 g/t Au from 13m
-- including 3m @ 17.78 g/t Au in hole SC0312
o 52m @ 1.78 g/t Au from 20m
-- including 7m @ 4.21 g/t Au in hole SC0311
o 16m @ 1.31 g/t Au from 50m SC0306 and
o 4m @ 2.59 g/t Au from 83m in hole SC0306
o 13m @ 1.24 g/t Au from 68m in SC0309
-- 79 holes drilled totalling over 7,500m from start of the campaign to 18 April 2021
-- Two further rigs due to arrive during May 2021 with a total
of approximately 300 holes and 35,000m of drilling planned
To view the RNS with illustrative maps and diagrams, please
click here:
http://www.rns-pdf.londonstockexchange.com/rns/2262W_1-2021-4-21.pdf
Bert Monro, CEO of Cora, commented, "The first drill results of
our largest drill campaign at Sanankoro are extremely promising.
34m @ 1.98 g/t Au from 13m depth and 52m @ 1.78 g/t Au from 20m
depth are two very good drill holes and further emphasise the
potential of the Selin deposit at Sanankoro, as we look to both
grow the resources and convert them to Indicated from Inferred
category.
"We expect to have drilled up to 35,000m by July 2021 - these
results are from just the first 817m of this drill programme.
Following the completion of the drill programme the Company will be
targeting an update to its mineral resource estimate."
Further Information
The objective of the drilling campaign is to build on the
Mineral Resource Estimate ('MRE'), reported by independent
consultants SRK Consulting (UK) Limited in December 2019, both from
a resource growth perspective and upgrading of existing Inferred
resources to the Indicated category. The MRE identified a resource
of 5.0Mt at 1.6 g/t Au for a contained 265,000 ounces including
4.5Mt of oxide material at a grade of 1.6 g/t Au, and 0.5Mt of
sulphide material at 1.8 g/t Au.
The results equate to the first 2.5% of the total budgeted total
35,000 metre drill programme and only 15% of the Selin Phase 1
programme planned and completed targeting the shallow oxides.
Drilling is due to ramp over the next month with the
commencement of a 2,500m diamond core programme in May 2021
supervised by Capital Drilling and the arrival of a second RC rig
in mid-May 2021 from GEODRILL.
Further drill results are expected from Sanankoro on a regular
basis during the course of the programme.
Figure 1: Plan map showing locations - See PDF
Figure 2: Plan map of Sanankoro Project area - See PDF
Holes - Metres - Intercepts reported - Metres sent for assay
The first 8 holes of the 2021 drill programme have been reported
to preliminary assay, namely SC0305 to SC0312. The intercepts
reported equate to the first 817 metres of the 35,000m
programme.
As of 18 April 2021, 79 holes have been completed, totalling
7,754m of RC drilling, with the first 58 holes, some 5,531m, being
drilled at the Selin Prospect in the north, and a further 21 holes
comprising 2,223m drilled at Zone A Prospect to the south. The rig
continues to drill at Zone A as part of a larger 4,410m Phase 1
first-pass programme.
The results reported from SC0305 to SC0312 were generated from
959 submitted samples which included a high level of 20% blind,
independent, accredited QAQC. The intercepts reported have passed
rigorous QAQC.
Background on the geology and relevance of the results
Sanankoro is located on the leading western edge of the
Yanfolila-Kalana Volcanic Belt, which is the western-most
expression of the cratonic Baoulé-Mossi domain, on the major
transcrustal margin with the Siguiri Basin. There is major
deep-seated architecture across the district which links the major
gold mines at Siguiri, Lero, Tri-K, Kalana and Yanfolila.
On a project scale Sanankoro is characterised by the 2km wide,
N-S oriented, Sanankoro Shear Zone which can be traced over 30km
from Kabaya South in the western Yanfolila Mine to north of the
Niger River beyond Selin and onto Karan. Within the project area,
each of the prospects are underpinned by a strong linear parallel,
and where strong mineralisation is developed, a pronounced
localised NE-SW focused zone of en-echelon veining and associated
sulphide development.
The Selin deposit has a typical interference node control but
with the additional positive impact of a strong, rheological
diorite intrusive host. The gold geology at Selin is anchored along
this linear, en-echelon or possibly folded, diorite igneous
intrusive which cores the volcaniclastic thrust assemblage and
focuses the gold deposition. The intercepts to date behave well
structurally and reinforce the strong ore continuity associated
with the shear architecture which has developed enveloping this
diorite sill.
Cross sections: See PDF
Full table of Drill results:
HOLE_ID EUTM_29N NUTM_29N End of FROM (m) INTERCEPT
Hole
(m)
10m @ 0.88
SC0305 559645.3436 1305500.169 80 15 g/t
------------ ------------ ------- --------- --------------
SC0306 559675.708 1305500.244 110 30 2m @ 0.99 g/t
------------ ------------ ------- --------- --------------
50 16m @ 1.31
g/t
------------ ------------ ------- --------- --------------
83 4m @ 2.59 g/t
------------ ------------ ------- --------- --------------
SC0307 559700.4142 1305500.034 160 26 3m @ 2.34 g/t
------------ ------------ ------- --------- --------------
57 38m @ 0.82
g/t
------------ ------------ ------- --------- --------------
SC0308 559645.2984 1305549.91 80 16 18m @ 1.1 g/t
------------ ------------ ------- --------- --------------
SC0309 559675.6765 1305549.783 112 41 7m @ 1.29 g/t
------------ ------------ ------- --------- --------------
68 13m @ 1.24
g/t
------------ ------------ ------- --------- --------------
SC0310 559660.1026 1305449.789 80 16 4m @ 0.59 g/t
------------ ------------ ------- --------- --------------
61 2m @ 0.66 g/t
------------ ------------ ------- --------- --------------
52m @ 1.78
SC0311 559690.3096 1305449.954 115 20 g/t
------------ ------------ ------- --------- --------------
34m @ 1.98
SC0312 559640.4148 1305599.904 80 13 g/t
------------ ------------ ------- --------- --------------
Competent persons statement: Mr. Norman ('Norm') Bailie is a
Chartered Professional Geology and Management Fellow of the
Australasian Institute of Mining and Metallurgy (AUSIMM) and a
Fellow of the Geological Society UK, and qualifies 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.
**S**
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 / Zoe Alexander (Joint Broker) 0050
Megan Dennison / Susie St Brides Partners +44 (0) 20 7236
Geliher (Financial PR) 1177
Notes
Cora 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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