(Alliance News) - Cora Gold Ltd on Tuesday said drilling in southern Mali has confirmed "significant" mineralisation away from the existing resource.
Cora has been targeting shallow oxide extensions beyond the existing mineral resource at the Sanankoro gold project. The current resource stands at 5.0 million tonnes of ore, containing 265,000 ounces of gold from a grade of 1.6 grams of told per tonne of ore.
The company has identified a more than 1,500 metre-long gold structure as a continuation of Zone B North, as well as 500 metres of new mineralisation along strike to the west of Zone C.
Grades includes 3.0 grams of gold at North Sanankoro and 2.7 grams of gold at Zone C.
Bert Monro, Cora's chief executive, commented: "This latest round of drill results has identified a new 1,500 metre plus-long gold structure representing a continuation of Zone B North. This is particularly encouraging given the shallow drilling undertaken is only designed to provide a guide to the location of the structures.
"This has similarities to early results from Selin before deeper holes were drilled, and a maiden resource was declared. Additionally, a further 500 metres of strike to the west of Zone C was also identified as a new mineralised zone. I look forward to releasing the remaining results from this programme once they are received."
Monro took charge at Cora earlier this year, replacing Jonathan Forster, who has remained at Cora as head of exploration.
Cora shares were 9.4% lower on Tuesday afternoon in London at a price of 6.00 pence each. The company is 18%-owned by London-listed gold producer Hummingbird Resources PLC.
By George Collard; georgecollard@alliancenews.com
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Cora Gold (CORA)