(Sharecast News) - Cora Gold announced plans for an exploration drill programme at its Madina Foulbé gold permit within the Kenieba Project Area in east Senegal on Monday, set to start shortly.
The AIM-traded firm said the permit was strategically located near several tier-one gold deposits within the Mako Geological Belt of the Kédougou-Kéniéba Inlier.
It said the exploration programme would consist of a 2,000-metre reverse circulation (RC) drilling initiative aimed at evaluating the most promising gold anomalies that had not been previously drill tested.
The company had already signed a drill contract, and site preparation was underway, with drilling scheduled to start in the week of 15 April, and conclude by May.
Previous soil geochemistry work revealed a significant gold anomaly at the Tambor anomaly, stretching over three kilometres in length and 1.6 kilometres in width, with gold concentrations exceeding 20 parts per billion (ppb).
The anomaly presented a compelling target for exploration and potential resource delineation.
Moreover, the region benefitted from excellent infrastructure and operated within a mining-friendly jurisdiction, which the firm said was conducive to efficient exploration and development activities.
"We are delighted to restart work at Madina Foulbé, where previous exploration works only scratched the surface in terms of evaluating the potential size and scale of the in-situ gold mineralisation of the Tambor target," said chief executive officer Bert Monro.
"The geological team is excited about the Project's geological potential given its proximity to several operating mines, while Senegal's favourable mining jurisdiction and successful project development history further enhance its prospects."
At 1036 BST, shares in Cora Gold were up 14.29% at 2p.
Reporting by Josh White for Sharecast.com.
Cora Gold (CORA)