Cora Gold Regulatory News (CORA)

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

20 October 2021

Cora Gold Limited ('Cora' or 'the Company')

Final drill results from Selin demonstrate continuous 3.4km long ore body

Cora Gold Limited, the West African focused gold company, is pleased to announce the thirteenth set of drill results from its largest ever +40,000m drill campaign at its Sanankoro Gold Project ('Sanankoro' or 'the Project') in Southern Mali. The drill results have continued to be extremely encouraging throughout the campaign with high-grade results in generally shallow oxide ore. An updated mineral resource estimate ('MRE') is expected in the coming weeks after the final set of drill results have been published.

HIGHLIGHTS

· Latest results from Selin deposit delineate a continuous ore body of 3.4km strike length which remains open in all directions, intercepts include:

o 18m @ 2.32 g/t Au from 86m in hole SC1051

o 18m @ 2.29 g/t Au from 146m in hole SC1032

o 16m @ 2.15 g/t Au from 90m in hole SC1090

o 24m @ 1.13 g/t Au from 91m in hole SC1087

· Results infill a 300m gap between the existing pit shells at Selin

· +700 metres strike length of new surface mineralisation proved in this drill programme

· Several new hanging-wall ore shoots have been discovered parallel and within 100m to the west of the existing Selin ore body

· Selin resource remains open in all directions, since the 2021 drilling was focused on Measured and Indicated (M&I) conversion proximal to the 2019 pit shells

Bert Monro, CEO of Cora, commented, "The final results at Selin from this drill programme have once again shown good quality grade and widths in oxide material. More importantly these results infill the gaps between the current two pit shells that make up Selin offering the potential to create one larger pit in the upcoming MRE update. Over this drill campaign the mineralised surface footprint of Selin has been extended +700m in strike length north and south of the previous pit boundaries which, coupled with these infill results, offers the Company encouragement in advance of the upcoming MRE.

"This recent drilling at Selin has also identified a new mineralised structure less than 100m west of the existing ore body. This is an interesting development that will need further drilling but offers yet more potentially significant upside at the Selin deposit alone."

To view the RNS with illustrative diagrams and maps, please use the following link: http://www.rns-pdf.londonstockexchange.com/rns/5880P_1-2021-10-19.pdf

New Website

Cora is pleased to launch an updated website: www.coragold.com

The information contained in the website continues to comply with Rule 26 of the AIM Rules for Companies.

Relevance of the results 

The intercepts reported complete the 2021 resource definition drilling for the Selin deposit. The 300m long Selin gap between pit shells should now be removed in this MRE update to form a single coherent, economic unit. The combined results now confirm the resource continuity of broad, continuous, open pit-quality, oxide mineralisation along the entire 3.4km strike length of Selin gold deposit. Drill results have been reported systematically along this resource on 50m cross sections and to a maximum of 200 vertical metres in the strongest sections of Selin North. Several new hanging-wall ore shoots have been discovered parallel, and within 100m to the west of the main Selin mineralised diorite trend. The surface footprint of Selin has grown on strike by +700m. Future grade control drilling will target all potential surface oxide sources.

Resource and metallurgical coring has confirmed the continuity of the core diorite intrusion to the extents of the current drilling and core samples have been composited and shipped to ALS Perth for metallurgical test work.

Plans of the drill intercepts and annotated drill sections Selin 1294275N, 1294400N and 1294650N are included to illustrate the grade and geological context of the reported results.

Holes - Metres - Intercepts Reported - Metres Sent for Assay

The intercepts reported equate to the latest 4,126m of an expanded +40,000m drill programme and are hosted on eleven 50m cross sections between 1304250N and 1304800N. As of 18 October 2021, 379 holes have been completed totalling 39,791m of reverse circulation ('RC') drilling and 3,714m of diamond drill ('DD') coring. The Company has reported assay results for 29,278 sampled intervals which equates to 96% of the total 30,360 samples submitted to date. There are 1,082 samples still to be reported from Zone B1 in the near future.

The results reported herein were generated from 2,626 submitted samples, which included a high level of 20% blind, independent, accredited QAQC samples. The intercepts reported have passed rigorous QAQC.

Background on the Selin Geology

Sanankoro is located on the leading western edge of the Yanfolila-Kalana Volcanic Belt, which is the western-most expression of the cratonic Baoulé-Mossi domain, on the major transcrustal margin with the Siguiri Basin. There is major deep-seated structural architecture across the district which links the major gold mines at Siguiri, Lero, Tri-K, Kalana and Yanfolila.

On a project scale, Sanankoro is characterised by the 2km wide Sanankoro Shear Zone, which can be traced over 30km from Kabaya South in the western Yanfolila Mine to north of the Niger River beyond Selin and onto Karan. Within the project area, each of the prospects are underpinned by a strong linear parallel, and where strong mineralisation is developed, a pronounced localised NE-SW focused zone of en-echelon veining and associated sulphide development.

Selin is hosted on the eastern margin of the Sanankoro Shear Zone in the north-eastern corner of the Sanankoro permit.

The Selin deposit has a typical interference node control but with the additional positive impact of a strong, rheological diorite intrusive host. The gold geology at Selin is anchored along this linear, en-echelon or possibly folded, diorite igneous intrusive which cores the volcaniclastic thrust assemblage and focuses the gold deposition.

Recent core drilling into Selin has enlightened the genetic model for this resource deposit by discovering 4-6 multiple early/pre-D3 dykes of diorite intruding the 65-80o W dipping axial trace of a western hanging-wall F3 anti-form on this major reactivated D2 east-verging thrust. The >100 metre wide Selin Shear Zone may be a regional back-thrust and the dominant eastern margin of the regional west-verging Sanankoro Thrust. The largest diorite unit is demonstrably discordant and sits immediately west and adjacent to a major early ductile, 10-30m wide footwall carbonaceous shear. Progressive deformation has folded, warped and possibly cross-faulted the diorite units prior to gold deposition. The early footwall shear fabrics are overprinted by later semi-brittle to brittle graphitic faults which locally convert all protolith to graphitic schist on sub-metre scale. The diorite units exhibit multi-phase veining interference and sulphide development. The dominant sulphide is pyrite with occasional arsenopyrite and a scattering of chalcopyrite. Alteration minerals are predominantly sericite, silica, fuchsite, ankerite, graphite and calcite.

Diorite has been logged in various other prospects in the Sanankoro Gold Project, especially in the main central trend in Zone A, Zone B3, Target 3 and within exploration fences further north along strike from the northern end of Target 3 Pit. A full review and targeted drill programme to investigate the resource potential of the diorite intrusives hosted within these external prospects is planned for the future.

Detailed Sanankoro Drill Results 18 10 21:

Competent persons statement: Mr. Norman ('Norm') Bailie is a Chartered Professional - Geology and Management and Fellow of the Australasian Institute of Mining and Metallurgy (AUSIMM) and a Chartered Professional and Fellow of the Geological Society UK and qualifies 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. Norm Bailie consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

Market Abuse Regulation ('MAR') Disclosure

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the company's obligations under Article 17 of MAR.

**ENDS**

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

Notes

Cora is a gold 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's primary focus is on further developing Sanankoro in the Yanfolila Gold Belt (Southern Mali), which Cora believes has the potential for a standalone mine development. Sanankoro has a positive Scoping Study published on it showing an 107% IRR and US$41.5m NPV8 at a US$1,500 gold price. Cora's highly experienced management team has a proven track record in making multi-million-ounce gold discoveries, which have been developed into operating mines.