Last checked at 14 Mar 2018 07:00
Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector: Mining
14 March 2018
Cora Gold Limited ("Cora Gold", "Cora" or "the Company")
Drilling Commences at Tekeledougou Project
Cora Gold, the West African focused gold exploration company, is pleased to announce the commencement of drilling at the Company's Tekeledougou project in southern Mali ("Tekeledougou" or "the Project"). To view the announcement with the illustrative maps and diagrams, please click on the following link: http://www.rns-pdf.londonstockexchange.com/rns/5719H_-2018-3-13.pdf
Highlights:
· Multi-purpose drill rig mobilised and drilling commenced for a maiden 2,000m drill programme;
· Located within 8km of Hummingbird Resources plc's ("Hummingbird") operational Yanfolila Gold Mine (Hummingbird is a 33.85% shareholder in Cora) and 60km south of the Company's flagship Sanankoro Gold Discovery;
· Two promising targets identified at Tekeledougou which are now being prioritised for drilling (see announcement dated 11 January 2018);
· Significant artisanal workings have exposed two extensive intense quartz structures; and
· Potential to extend footprint to over 1km with exploration work.
Dr Jonathan Forster, CEO of Cora Gold said, "Tekeledougou is an exciting prospect with two separate structures exposed; one with over 600m of strike of an intensely veined quartz shear structure and the other approximately 200m of strike. Based on our findings so far, these structures may carry significant gold mineralisation. The initial reconnaissance programme will seek to test and confirm the mineralisation of the structures and also to extend them along the strike where possible. Due to the close proximity of these targets to our ~34% shareholder Hummingbird's producing Yanfolila mine, in the event of a significant discovery there is potential for early cash-flow by utilising the Yanfolila treatment plant. I look forward to providing assay results from Tekeledougou as they become available as we look to unlock the potential of this exciting project.
"In addition, we look forward to reporting on the remaining assay results relating to the recently completed drill programme at our flagship Sanankoro Gold Discovery, which has already yielded exceptional assays including 17 metres @ 5.43g/t from 67 metres downhole (including 8 metres @ 11.24g/t). With active work programmes underway at both Tekeledougou and Sanankoro, we remain focused on our objective of delivering multiple high value gold exploration and development assets, laying the foundations for future potential 1 million-ounce plus deposits."
Tekeledougou
Tekeledougou is located approximately 60km south of Cora's flagship Sanankoro Gold Discovery ("Sanankoro") and within 8km of Hummingbird's Yanfolila mine and plant. The Company previously announced (refer RNS 11 January 2018: Stage 1 Drilling Complete at Sanankoro Gold Discovery and Exciting New Targets Identified) that it had identified two new targets at Tekeledougou and intended to drill them prior to the end of Q1 2018. This will be the first drill programme ever completed at Tekeledougou.
The first target at Tekeledougou is the site of significant artisanal workings that have exposed a quartz shear structure approximately 30m to 40m in width along a strike length of approximately 600m. The geology comprises well developed, stacked, sheeted and stock worked, predominantly east-west oriented intense quartz veining. The Company believes there is strong potential to extend the footprint to greater than 1km strike length.
The second target was also extensively mined by artisanal miners with the pit area extending 100m laterally and approximately 200m in length. Discussions with the local artisanal miners anecdotally suggest the presence of similar quartz veining to the first target including some rich gold grades.
** ENDS **
For further information, please visit http://www.coragold.com or contact:
Jon Forster | Cora Gold | +44 (0) 20 3239 0010 |
John Depasquale/Nick Harriss/ Liz Kirchner | Allenby Capital (Nominated Adviser) | +44 (0) 20 3328 5656 |
Peter Krens/Nick Orgill | Mirabaud Securities (Broker) | +44 (0) 20 3167 7150 |
Lottie Wadham/Susie Geliher | St Brides Partners (Financial PR) | +44 (0) 20 7236 1177 |
Notes to the Editors
Cora Gold is a new gold exploration company focused on two world class gold regions in Mali and Senegal, 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.
The information in this announcement is based on historical information compiled on behalf of Cora Gold by Dr Jonathan Forster. Dr Jonathan Forster (PhD, MBA, FIMMM) is Cora Gold's chief executive officer. Dr Forster 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.