Cora Gold Share News (CORA)

(Sharecast News) - West African focused explorer Cora Gold has determined an initial exploration target of 30-50m tonnes at its Sanankoro asset in southern Mali.Cora told investors on Monday that its discovery was confirmed at a grade of 1 to 1.3 grams per tonne as part of a full exploration target report prepared by external consultants SRK Consulting.The AIM-listed revealed that DRK's report had confirmed its internal conviction that Sanankoro held the potential to delineate between one and two million ounces to a depth of 100m, indicative of "significant potential" for further upside at depth.Chief executive Dr Jonathan Forster, said: "It is very pleasing to have our confidence in the gold potential of the Sanankoro project confirmed by SRK's independent review."Forster said the site's soft saprolitic ore, should be amenable to low-cost mining and processing which could also be beneficial for the early stages of mine development."SRK's report will now act as a springboard for the next stage of our strategy. We are currently planning a programme which will be seeking to define the strike extent and depth potential of higher-grade zones which might be suitable as 'starter pits' for any future standalone gold mine."As of 1030 BST, Cora shares had improved 4.36% to 8.98p.