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LONDON (Alliance News) - Cora Gold Ltd on Friday said it swung to loss in the first half of 2018 as it progresses on its flagship Sanankoro project in the Yanfolila gold belt of southern Mali.
The West African focused gold exploration company said it swung to a pretax loss of USD419,000 in the six months to the end of June compared to USD1.8 million profit reported for the same period a year earlier.
Overhead costs grew to USD419,000 over the period from USD101,000 a year before. In the first half of 2017, Cora Gold secured USD2.1 million gain on business combinations.
In February last year, Cora Gold was acquired by Glenwick PLC in an all-share deal. The company started trading on AIM in October last year, after raising GBP3.5 million in placing.
The company said during the period it completed drilling of over 13,000 metres at Sanankoro project. The results have identified a number of new zones of gold mineralisation, confirming the very large-scale potential of the Sanankoro project.
Looking forward, the company said it intends to expand its exploration footprint to additional prospects to expedite future work programmes, including mapping and surface work.
"2018 has been a period of substantial activity, with work programmes centred primarily on Sanankoro, where we have identified eight kilometres of drill defined gold mineralised structures, highlighting the potential for a very large-scale gold development project," said Chief Executive Jonathan Forster.
The stock was down 0.2% on Friday at 10.25 pence per share.
