Cora Gold Regulatory News (CORA)

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR") 

Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector: Mining

24 April 2018

 Cora Gold Limited ("Cora Gold", "Cora" or "the Company")

Sanankoro Reconnaissance Drill Results Confirm Large Gold Mineralised Structure

Cora Gold Limited, the West African focused gold exploration company, is pleased to provide highly encouraging assay results from the 5,600m aircore ("AC") and reverse circulation ("RC") Stage 2 reconnaissance drilling campaign at its flagship Sanankoro Gold Discovery ("Sanankoro" or "the Project") in southern Mali. To view the announcement with the illustrative maps and diagrams, please click on the following link: http://www.rns-pdf.londonstockexchange.com/rns/8466L_-2018-4-23.pdf

Highlights

Dr Jonathan Forster, CEO of Cora Gold, said, "The demonstration of a 3,600m long continuous gold structure highlights Sanankoro's position as a new gold discovery with the potential to become a significant development asset. We have also identified a 900m long zone of continuous gold mineralisation on the previously untested Bokoro Structure to the west. Having defined the gold zones, the next step will be to target the higher-grade areas.

"Bearing in mind that we have previously reported a new discovery to the north of Zone A-B, "Target 1", and there remains every chance of identifying additional new zones on both the Sanankoro and Bokoro structures with future drilling, we are excited to see the inventory of targets is expanding for prioritisation at the resource drilling stage. In the meantime, as we continue our active drill programme in Mali I look forward to reporting the initial assay results from our Tekeledougou project in the near-term."

The Sanankoro Structure

The Sanankoro Structure can be clearly traced on ground geophysics (resistivity) and has now been drilled on a reconnaissance basis over a length of 3,600m. Through the completion of the Stage 2 drill programme, Cora has now been able to join together the previous Zone A and Zone B mineralised areas defined by historical drilling and extend to both the south and north. A full summary of results can be found in Appendix 1.

Cora's drilling was orientated obliquely to the overall 010o trend in order to also incorporate the influence of E-W structures. Although the results of four core holes drilled on spaced fences in Zones A and B are awaited, a RC drill fence within Zone A has confirmed the style, gold grades and width of mineralisation recorded from historic drilling. Here, three RC holes (SC 027, SC 084, SC 085) were drilled on this fence line and together indicate the approximate true width of the combined gold mineralised zones (including the influence of E-W structures) is around 30m with a weighted, recovered (intercept length x width, with gold value extracted by cyanide leach) gold grade of 1.12 g/t Au. This compares with two adjacent historical drill fences located about 60m south and 40m north of the Cora fence, where combined true widths of about 15m on each fence were recorded with weighted gold grades of about 1.3 and 1.6 g/t Au.

Cora's reconnaissance drilling (announcement dated 22 March 2018) has linked Zone A and Zone B over a distance of about 1,100m and extended Zone A some 350m to the south through gold zones that vary in width and grade, but are continuously developed on each drill fence (160m apart). Gold mineralisation is associated with a 20-30m wide quartz zone, within which there are usually 2-3 gold zones, each of which typically range from 0.5-2.0 g/t Au in grade, with intercept lengths of 1-14 metres. An exceptional intercept of 35.7 g/t Au over 1 metre has also been recorded.

Bokoro Structure (formerly Western Structure)

Reconnaissance drilling on fences orientated NW-SE and set 160m apart was completed in March 2018 (see announcement dated 22 March 2018) towards the southern end of the Bokoro Structure, at a location known as Zone C. The Bokoro Structure is very clearly defined on ground geophysics (resistivity), and Zone C is a site of previous artisanal activity.

Assay results demonstrate a continuity of gold mineralisation over a strike length of 900m, and is open in all directions, including depth. Gold grade is variable, typically lying between 0.5 to 1.5 g/t Au, with exceptional results up to 4.9 g/t Au. Intercept length typically ranges from 6-15 metres and is often associated with zones of more intense quartz veining.

The gold mineralised structure clearly follows a distinct ground resistivity and chargeability structure and represents the first testing of the nearly 10 km long Bokoro Structure.

Assaying

Assays were accomplished in the majority of the gold zones (guided by the quartz zones and visible gold in the pan at the rig side) using cyanide leach in 2kg bottle rolls at the SGS laboratory in Ougadougou, Burkina Faso to overcome the complexity of coarse gold. Elsewhere, 50g fire assay was used, undertaken at the SGS laboratory in Bamako, Mali. It should be noted that cyanide leach provides a "recovered" gold grade rather than a total gold grade. In oxide samples, such as at Sanankoro, the total gold assay might be expected to be about 5-10% higher than the recovered grade. Future bottle roll assays will include a component of 50g fire assay testing of the residue material from the bottle roll to enable a total gold content to be provided as well as an indication of gold recovery through cyanide leach.

Ground Geophysics

A ground Induced Polarisation programme has recently been completed by contracting company, SAGAX, on 100m line spacing across much of the northern part of the Sanankoro Permit. In conjunction, pre-existing data from the central part of the Permit was re-processed to enable the two sets of results to be viewed in combined form. The imagery provides a significant addition to the regional data held across the Permit and complements the surface geological mapping that has been conducted by Cora Gold. Structural and geological boundaries are clearly defined with at least three 10 km long geological structures that appear to control the gold mineralisation and will prove to be extremely useful in the planning and evaluation of drilling data.

** ENDS **

For further information, please visit http://www.coragold.com or contact:

Notes to the Editors

Cora Gold is a new 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 (South 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 profitable mines.

Dr Forster, who is a Fellow of the Institute of Materials, Minerals and Mining, has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is undertaking to qualify as a Competent Person in accordance with the guidance note for Mining, Oil & Gas Companies issued by the London Stock Exchange in respect of AIM Companies, which outlines standards of disclosure for mineral projects. Dr Forster consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

Appendix 1: Summary of Intercepts