Last checked at 10 Feb 2021 07:00
Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector: Mining
10 February 2021
Cora Gold Limited ('Cora' or 'the Company')
New Gold Discoveries at Sanankoro Gold Project
Cora Gold Limited, the West African focused gold company, is pleased to announce a series of new surface gold discoveries from satellite imagery and surface prospecting programmes at the Sanankoro Gold Project ('Sanankoro'), on the Yanfolila Gold Belt in southern Mali. Additionally, the Company is delighted to announce the award of a new Convention agreement, one of the first under the new mining code, with respect to the Sanankoro Permit area.
Highlights:
● Three new mineralised structures identified
o +4km trend of new surface workings identified at Selin
▪ Selin is the largest and highest-grade deposit at Sanankoro
▪ New x-ray fluorescence ('XRF') work has defined a clear strong Au:As:W signature which will facilitate fast-tracking additional Selin-styled diorite-host resource targets
o +8km trend of surface workings identified West of C Zone - Bokoro West Trend, on newly identified Bokoro Far West Trends
▪ Two new trends of surface workings identified east of the Sanankoro Main Trend South
o +3km north-eastern extension of Dako II Main discovery
▪ A new prospect located on Dako II Far East Trend
● Over 900 samples have been collected and panned to identify these discoveries
● Follow up drilling is now planned on these discoveries with the Company's Dando rotary airblast ('RAB') rig during Q1 and Q2 2021
Bert Monro, CEO of Cora Gold, commented, "These new discoveries will be ordered and prioritised accordingly and fed into the drilling pipeline at Sanankoro. The fact the team on the ground is continually making new discoveries bolsters our confidence in the Sanankoro resources growing significantly over time with further drilling. We look forward to following up these discoveries with drilling in the near future."
To view the RNS with illustrative maps and diagrams please use the following link: http://www.rns-pdf.londonstockexchange.com/rns/5385O_1-2021-2-9.pdf
Convention Agreement
On 29 January 2020 the Company was awarded a Convention d'Établissement in respect of the area covered by the Sanankoro Permit which expired, in accordance with the Mining Code, on 1 February 2020. The Convention d'Établissement is one of the first to be awarded under Mali's new Mining Code which was introduced in September 2019. A Convention d'Établissement sets out the administrative, legal and fiscal framework under which the permit holder will operate when working on the relevant area. Cora looks forward to announcing the award of the related new permit in due course, once the necessary process set out in the Mining Code has occurred. This will subsequently complete the permitting process.
Competent persons statement: Norman ('Norm') Bailie 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. 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
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:
Bert Monro / Norm Bailie | Cora Gold Limited | +44 (0) 20 3239 0010 |
Christopher Raggett / Charlie Beeson | finnCap Ltd (Nomad & Joint Broker) | +44 (0) 20 7220 0500 |
Andy Thacker | Turner Pope Investments (Joint Broker) | +44 (0) 20 3657 0050 |
Megan Dennison / Susie Geliher | St Brides Partners (Financial PR) | +44 (0) 20 7236 1177 |
Notes
Cora Gold 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.