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

26 July 2018

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

Further Impressive High Grades at Sanankoro Enhance the Potential Large-Scale of Cora's Gold Discovery in Mali

Cora Gold Limited, the West African focused gold exploration company, is pleased to provide further assay results indicating shallow, broad zones of high grade gold mineralisation from its Sanankoro Gold Discovery ("Sanankoro" or "the Project") in southern Mali. Furthermore, with the onset of the wet season (June-October), the successful 2017/2018 drilling campaign has now been completed and the Company awaits approximately 900 assays, primarily relating to the Tekeledougou Project in southern Mali ("Tekeledougou"), which will be released once available. To view the announcement with the illustrative maps and diagrams, please click on the following link: http://www.rns-pdf.londonstockexchange.com/rns/7914V_1-2018-7-25.pdf

Highlights

· Further drilling indicates broad zones of shallow, high-grade mineralisation in the weathered zone including:

o 52m at 2.41 g/t Au including 25m at 3.91 g/t Au from14m;

o 32m at 3.54 g/t Au including 1m at 72.9 g/t Au;

o 15m at 1.93 g/t Au including 6m at 3.46 g/t Au from 24m;

o 32m at 1.1 g/t Au including 10m at 1.9 g/t Au from 27m; and

o 17m at 1.5 g/t Au from 15m;

· Sanankoro confirmed strike length now extended to approximately 8km indicating its large-scale potential

· Drilling campaigns at both Sanankoro and Tekeledougou projects now completed with ~18,000m completed across both projects and assays pending

Dr Jonathan Forster, Cora's CEO commented, "We are continuing to identify new zones of gold mineralisation, enhancing the large-scale potential of the Sanankoro gold discovery. We have now delineated approximately 8km of drill defined gold mineralized structures, forming the basis of future drill programmes focusing on mineral resource definition. This further increases our confidence in the potential for Sanankoro to be a standalone mine. We have been highly encouraged by this set of drilling results from Sanankoro, which shows broad zones of mineralization with good grades in the reconnaissance step out holes at the northern end of "Target 1" which was discovered in the initial drill programme. These results potentially increase the length of this new mineralised structure (Target 1) to over 2 km.

"We have made fantastic progress on the ground since our IPO in October 2017 and with the wet season rains commencing, drilling has now been concluded at both Sanankoro and Tekeledougou for this exploration season. This has been a very successful exploration campaign with more than 18,000m of combined AC, RC and diamond drilling completed across both projects. We look forward to releasing the final results from the work programme as they become available."

Sanankoro Gold Discovery

During the 2018 drilling season, the Company completed 135 drill holes for a total of over 13,000m including approximately 12,500m of aircore ("AC") and reverse circulation ("RC"), and 507m of core. The programme primarily comprised shallow, first pass, reconnaissance drilling, with a fence spacing of mainly 160m over a combined strike length of about 8km. Drill results have previously been reported (refer RNS announcements dated 29 January 2018; 24 April 2018; and 4 June 2018) for all of the core holes and 104 AC/RC holes. The results of a further 21 holes are reported in this announcement.

Of the 21 holes reported here, eight holes are interpreted to have missed the structure (SC 110-114, 119-121 at Target 1) with no significant intersections.

Figure 1: Selected Drilling Results at Sanankoro

Selin Structure

Cora completed infill drill fences at "Target 1" on approximately 160m spacing (refer Figure 1) using a NW azimuth rather than the earlier E-W direction. The Company also completed further step out reconnaissance drilling, with the objective of extending Target 1 a further 900m to the north. Results from this work continues to indicate continuity of the gold mineralised structure between the wide spaced fences of the first round of drilling at Target 1, however, the Company believes that due to incorrect collar locations for some holes, some areas of the structure may not have been properly tested.

Impressive results were obtained from the two northerly step out drill fences, set about 360m apart, both of which returned evidence for significant gold mineralisation from surface. Depth of weathering is estimated to be approximately 50m, as the alluvial plains of the Niger River are approached. Consistent with previous drilling, visible gold is readily observed from panning of the weathered drill samples with correlation emerging between intercepts with high levels of visible gold and high assay grades. True width of the structure in the step-out holes is, as yet, unknown.

Notes:

assay grades are "recovered grades" determined by cyanide bottle roll techniques. No top cut has been applied to high values.

* hole ended in gold mineralisation

samples were collected predominantly at 1m intervals excepting holes SRC 116 and 117 which were 3m composite samples.

Table1: Selin Structure Drill Results

Bokoro Structure 

The Company completed two scissor holes to test an isolated artisanal excavation of 360m length located at the northern part of the Bokoro structure (the same structure hosting Zone C, which is located about 6.7 km to the south).

This artisanal zone extends at least a further 400m to the north as observed by abandoned pits. These holes are the first to be drilled in the northern section of the Bokoro structure and open up a multi-kilometre long zone for follow up exploration.

  Note: Assay grades are "recovered grades" determined by cyanide bottle roll techniques 

Table 2: Bokoro Structure Drill Results

Tekeledougou

Cora has recently completed an 18-hole combined AC/RC drill programme for 2,097m at its Tekeledougou Project which includes two new gold discoveries with large footprints, "Woyoni" and "Kouroudian". Both of these prospects are located within trucking distance (~8km) of the operating Yanfolila Gold Mine. The drill programme included six holes at the Woyoni Prospect and 12 holes at the Kouroudian Prospect. Both prospects have now been drilled on approximately 80m spaced fences with the most recent campaign testing to depths of approximately 100 vertical metres. The objective of this drilling campaign was to increase the strike length of both prospects, with Woyoni now tested to 440 metres and Kouroudian to 1km of strike length. The Company believes there is significant potential to extend these wide structures well beyond the already identified footprint which, if consistently mineralised, could lead to a large gold deposit. A total of 523m of orientated core drilling was also completed, with four holes set with RC pre-collars at Woyoni, and a single hole to help understand geology at Kouroudian. In addition, a 2,500m rotary air blast ("RAB") programme has also been completed to investigate possible further extensions to the mineralised structures along strike.

Assay results are awaited from this Tekeledougou work programme and will be reported once received.

Assaying

In order to maximise the reproducibility of assays in the presence of visible gold, 4kg sample sizes from both AC/RC and core were collected and transported to the SGS laboratory in Ougadougou, Burkina Faso. The entire sample was then dried and pulverised, prior to splitting to 2kg samples for cyanide bottle roll analysis. 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. Bottle roll assays in excess of 0.5 g/t Au 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 established as well as an indication of gold recovery through cyanide leach.

Standard QA/QC procedures include the insertion of standards, blanks and duplicates on a 5% basis.

** 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 operating mines.

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.