Last checked at 19 Nov 2019 07:00
Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector: Mining
19 November 2019
Cora Gold Limited ("Cora", "Cora Gold" or "the Company")
Commencement of Drilling at Sanankoro
Cora Gold Limited, the West African focused gold exploration company, is pleased to provide an update regarding its latest work programme at its Sanankoro Gold Discovery ("Sanankoro" or "the Project") in the Yanfolila Gold Belt, Southern Mali.
Highlights
·; 5,000m drilling programme commenced with completion during Q4 2019
·; Programme designed to:
o further investigate the sulphide and deep oxide potential below known mineralisation at key prospects; and
o extend existing and potential new shallow oxide targets
·; Exploration team re-mobilised to Sanankoro over the last month following the wet season
·; Drilling to date has covered less than c.25% of the 1-2Moz exploration target area
Cora Gold CEO, Jonathan Forster, said, "In what has been an excellent exploration year so far, with our objective of defining higher grade zones at Sanankoro having been met as well as good indicators now pointing to sulphide potential, we look forward to the final phase of exploration for 2019. With the objective of better understanding the potential beneath the base of the oxide mineralisation, and in addition starting to look to expansion of the oxide potential, we see the work as being likely to supplement the guidance on future development."
Details
The Company remains focused on advancing Sanankoro in Mali. To this end, during 2019 the Company has completed two targeted exploration programmes at Sanankoro, which have generated encouraging results. The focus has been on the oxide only potential of four prospects comprising the 2.25km long Selin prospect on the Selin structure and Zones A, B and B North, which together have a cumulative length of over 3km along the Sanankoro structure. Drilling to date has been on fences mainly 80m apart and has demonstrated good continuity of oxide gold mineralisation with potentially economic grades and widths to depths of typically less than 100m. A short programme of deeper holes at Selin confirmed that sulphide gold targets exist, and it is anticipated that this would be the case elsewhere at Sanankoro.
The Project's upside is clearly shown, in that drilling to date has covered less than c.25% of the 1-2Moz exploration target of SRK (RNS dated 15 October 2018), which notably only considered the top 100m of structures with mineralisation encountered up to 170m depth to date.
These positive results have provided Cora with a deeper understanding of the Project, enabling it to plan a dual-focused, c. 5,000m Q4 2019 drilling programme, which includes:
·; 2,000m reverse circulation ("RC") drilling to further investigate the sulphide and deep oxide potential below known mineralisation at Selin, Zone A and Zone B North
·; Up to 1,000m of core drilling to support this work, including plans to access the Zone B mineralisation
·; A combination of in-house rotary air blast ("RAB") drilling followed by a 2,000m air core ("AC") programme to commence shallow exploration of some 3km of new oxide targets along the northern end of the Sanankoro structure and other identified structures
Market Abuse Regulation ("MAR") Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
**ENDS**
For further information, please visit http://www.coragold.com or contact:
Jon Forster / Bert Monro | Cora Gold Limited | +44 (0) 20 3239 0010 |
Ewan Leggat / Charlie Bouverat | SP Angel (Nomad & Joint Broker) | +44 (0) 20 3470 0470 |
Andy Thacker / Zoe Alexander | Turner Pope Investments (Joint Broker) | +44 (0) 20 3657 0050 |
Isabel de Salis / Megan Dennison | St Brides Partners (Financial PR) | +44 (0) 20 7236 1177 |
Notes
Cora Gold is a gold exploration company focused on two world class gold regions in Mali and Senegal in West Africa. Historical exploration has resulted in the highly prospective Sanankoro Gold Discovery, in addition to multiple, high potential, drill ready gold targets within its broader portfolio. Cora Gold's primary focus is on further developing Sanankoro in the Yanfolila Gold Belt (Southern Mali), which Cora Gold believes has the potential for a standalone mine development. Cora Gold's highly experienced and successful management team has a proven track record in making multi-million-ounce gold discoveries, which have been developed into operating mines.