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(Alliance News) - Cora Gold Ltd on Friday announced "high grade" gold mineralisation from the Sanankoro gold project in southern Mali.
Initial results from the Central Selin prospect found mineralisation in deep sulphides of 22 metres at 2.7 grams of gold per tonne of ore, from a depth of 51 metres.
Cora also found 9 metres at 3.1 grams of gold from 117 metres, and 8 metres at 3.1 grams from a depth of 114 metres.
In October, Cora announced a one to two million ounces of gold exploration target at Sanankoro, but this only included mineralisation up to a depth of 100 metres.
Chief Executive Jonathan Forster said: "I am pleased to report Cora's exploration drill programme, which has progressed on schedule and on budget, intersected gold mineralisation on each deeper drill hole at the Selin prospect, often at grades of more than three grams of gold."
"Such promising results support earlier indications the sulphide potential at Selin could be significant, providing justification for a future drill programme that would aim to extend the gold mineralisation at depth."
"This set of results consists of the initial, preliminary testing of a strike-length of up to just 300 metres of the sulphide gold mineralisation that is believed to lie underneath the 2,000 metre-long gold oxide zone previously identified at the Selin prospect," Forster continued.
"With the sulphide zone lying at depths of typically greater than 60 to 80 metres, these initial drill holes are still considered to be near surface with open pit mining potential."
"A previously unknown gold zone was identified in the oxide part of a deeper hole, highlighting the ongoing opportunities to make new discoveries at Sanankoro. We look forward to updating the market with further results over the coming months," he concluded.
Shares were 17% higher on Friday morning at a price of 4.68 pence each. Hummingbird Resources PLC, which owns 18% of Cora, was up 0.5% at 19.10p.
