LONDON (Alliance News) - Shares in AIM miner Cora Gold Ltd rose Wednesday as the company targeted a maiden resource estimate in Mali by the end of the year.
In October, Cora announced an exploration target of between 1 to 2 million ounces of gold at the Sanankoro project, and it is now planning a 6,000 metre drilling campaign.
The objective will be to report a maiden gold oxide mineral resource, targeting the fourth quarter of 2019, and Cora expects to publish metallurgical results in the second quarter.
Cora also hopes to finish a scoping study for a smaller-scale gold project at Sanankoro, likewise completed during the fourth quarter.
Cora is well funded, it said, following a GBP1.4 million fundraise completed at the start of April.
Chief Executive Jonathan Forster said: "The start of the next stage in an exploration programme is always exciting and I am looking forward to building on the success of the drill campaign undertaken in the first quarter of this year.
"We have a clear objective for the next stage of work of obtaining sufficient information for the publication of a maiden resource for the Sanankoro gold oxide project later this year. This will mark a key milestone for the company in the development of the Sanankoro gold project."
"Work to date at Sanankoro has consistently demonstrated its significant potential and we believe that the upcoming scoping study, which we currently plan to deliver by the end of this year, will provide not only an initial indication of the project's economic feasibility but will also act as a guide to future expansion," Forster added.
Cora shares were 25% higher on Wednesday at 4.70 pence each.
Cora Gold (CORA)