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(Sharecast News) - West Africa-focussed Cora Gold announced the third set of drill results from its largest-ever drilling campaign, which began in March, at its Sanankoro Gold Project in southern Mali on Monday.
The AIM-traded firm said it planned to drill up to 35,000 metres by the end of July, with a dual focus on targeting resource growth, as well as infill drilling to convert existing inferred resources to measured and indicated resources.
Of the new drill results at Selin, it highlighted 19 metres at four grams of gold per tonne from 13 metres, including seven metres at 8.86 grams per tonne in hole SC0333.
It also highlighted 17 metres at 2.82 grams of gold per tonne from 47 metres, including one metre at 27.77 grams per tonne in hole SC0342, as well as 11 metres at 2.29 grams per tonne from 44 metres in hole SC0339.
On hole SC0347, it reported 11 metres at 2.02 grams of gold per tonne from 13 metres, as well as 15 metres at 1.96 grams per tonne from 31 metres in hole SC0340.
Finally, it highlighted 13 metres at 1.49 grams of gold per tonne from 18 metres in hole SC0316, and 18 metres at 1.46 grams per tonne from 68 metres in hole SC0341.
Cora said the results were in areas of Selin with "limited" historical drilling.
It said it had drilled 132 holes totalling more than 13,000 metres from the start of the campaign to 19 May, adding that the arrival of the second reverse circulation rig from Geodrill was expected in early June.
Capital Drilling's diamond core rig had started a 2,000-metre geotechnical programme, and geotechnical and hydrology contractors had been appointed, the board said.
It was targeting completion of up to 35,000 metres of drilling by the end of July.
"Following on from the first two sets of drill results, it is extremely pleasing to be reporting further strong results from Sanankoro, including 19 metres at four grams of gold from 13 metres depth - our best hole of the campaign to date in more shallow oxides," said chief executive officer Bert Monro.
"These results are also in areas of limited historical drilling, offering further significant encouragement."
Monro said the company had now completed over 13,000 metres of drilling in the programme, and had recently started geotechnical drilling with a diamond drill rig.
"A second reverse circulation rig will be mobilising to site in the coming weeks."
At 1028 BST, shares in Cora Gold were up 8.12% at 8.49p.
27 Jun 2022 20:26
IN BRIEF: Cora Gold financer signs off on feasibility study delay
Cora Gold Ltd - West Africa-focused gold explorer - Says Lionhead Capital Advisors Proprietary Ltd has confirmed it does not intend to terminate the term sheet for the funding of Cora's flagship Sanankoro Gold Project if Cora fails to deliver the definitive feasibility study by June 30. The delivery of the DFS by the deadline was part of the terms and conditions of the USD25 million mandate and term sheet with Lionhead, as announced last September.
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