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(Sharecast News) - West Africa-focussed Cora Gold announced the results of an exploration target estimate for its wider Sanankoro Gold Project in southern Mali on Monday.
The AIM-traded company said the target, based on data from historical drill programmes and other exploration activity, defined the mineralised potential of the areas currently drilled at Sanankoro.
Further exploration potential was still considered likely due to limited exploration activity outside of the known structures hosting the indicated and inferred mineral resources, the board explained.
The exploration target for Sanankoro was estimated to contain between 26 and 35 million tonnes, with a grade range of 0.58 to 1.21 grams of gold per tonne, for a potential content of 490,000 to 1,370,000 ounces of gold.
Cora Gold said the target was in addition to the indicated and inferred mineral resource of 24.9 million tonnes at 1.15 grams of gold per tonne, for 920,000 ounces, as announced on 19 July.
In total, the target consisted of 12 areas, with three areas responsible for more than 50% of the target, being target three, target five and six, and the Selin-Bokoro West Extension.
Oxide and transitional material made up at least 90% of the exploration target, with the target set to form the basis of future drill programmes to expand the recently-published July mineral resource estimate.
The directors said the exploration target was focussed on brownfield areas within eight kilometres of the existing mineral resource, and was primarily estimated using drill data.
"This exploration target, focussed on brownfield areas at Sanankoro, all within eight kilometres of existing deposits, is clear evidence of our opportunity to considerably expand our mineral resource over time," said chief executive officer Bert Monro.
"The exploration target shows the uplift potential for an additional 1.37 million ounces of gold over and above our existing 920,000 ounce mineral resource at Sanankoro."
Monro said the target would be used as part of the firm's planning of future exploration programmes, as it looked to grow its flagship Sanankoro project.
"Cora remains fully focussed on the definitive feasibility study, and looks forward to updating shareholders on its progress during the quarter."
At 1018 GMT, shares in Cora Gold were up 2.29% at 4.3p.
Reporting by Josh White for Sharecast.com.
