29 Jul 2020 12:43
29 July 2020
Starvest Plc ("Starvest" or the "Company")
Update on Investee Company - Cora Gold Limited
Starvest PLC (LON:SVE), the London Stock Exchange AIM-listed specialist mining and resources investment business, is pleased to announce an update for investee company Cora Gold Ltd (LON:CORA) ("Cora") and its flagship Sanankoro gold project.
Highlights:
· Two new gold discoveries at Cora's flagship Sanankoro project
o Bokoro - a 1.5km long gold zone, 1,500m south of existing Selin deposit
§ 4,818m drilled over 67 aircore holes in shallow oxide material
o Dako II - a 1.5km long gold zone 7.5km south of the existing Zone A resource
§ 1,264m drilled over 18 aircore holes identified a new, near surface, oxide gold zone
Maximum depth of 80m drilled with several holes ending in mineralisation.
· Cora share price increase of +90% YTD
The recent announcements by Cora Gold Ltd (with relevant Competent Person's Statement) can be found at the following links:
https://www.londonstockexchange.com/news-article/CORA/new-discovery-at-sanankoro-gold-project/14629027
https://www.londonstockexchange.com/news-article/CORA/additional-new-discovery-at-sanankoro-gold-project/14632420
Callum Baxter, Chairman/CEO of Starvest, commented, "We are delighted to report that ongoing drilling at Cora's Sanankoro project continues to deliver exciting gold results. Discovery of two new zones of mineralisation near to the existing Selin deposit illustrates the potential of this project. We are pleased with the quality of the project and the ability of Cora management to successfully execute exploration and development activities. We look forward to further updates from Cora on its ongoing exploration activities."
Starvest's investment portfolio focuses on gold stocks and we are being rewarded with a significant increase in the value of our investments. For example, the Cora share price has increased more than 90% over the year to date. Currently the market is looking closely at other opportunities in the gold sector. Our investment portfolio includes carefully selected companies with good projects and effective management teams providing exposure to growth through discovery, development and production."
Cora Gold Ltd - Overview
Cora is an AIM-listed gold exploration company that holds exploration licenses in southern and western Mali and eastern Senegal. Its portfolio covers nearly 1,100km2 of prospective ground across two of the most prolific gold belts in the region, Yanfolila and Kenieba, which account for more than 65m oz gold discovered over the last two decades.
Cora has focused exploration activities on its flagship Sanankoro project, extending identified zones of gold mineralisation within a 14km long structural corridor yet to be fully tested.
The Company's exploration activities have already delineated significant mineralisation with confirmation of continuous oxide gold occurrences at Zone A, Zone B and Selin within the Sanankoro project. A maiden JORC 2012 compliant Inferred Mineral Resource Estimate ("MRE") of 5.0 million tonnes at 1.6g/t Au for 265,000 oz gold is supported by an independent JORC 2012 compliant Exploration Target of between 30-50mt of ore at an average grade of 1.0-1.3g/t for 1.0-2.0moz gold.
Cora have continued to de-risk the Sanankoro project showing shallow oxide material with potential for lower cost open pit mining, together with positive metallurgical test work results. The company also recently signed a US$21m term sheet with Lionhead Capital Advisors to fund construction on completion of a positive Feasibility Study before the end of 2021.
The relevant MRE announcement by Cora Gold Ltd (with Competent Person's Statement) can be found at:) https://www.londonstockexchange.com/news-article/CORA/maiden-resource-at-sanankoro/14335985
The relevant Exploration Target announcement by Cora Gold Ltd (with Competent Person's Statement) can be found at:) https://www.londonstockexchange.com/news-article/CORA/exploration-target-report-available-on-website/13845041
The latest Bokoro and Dako II results were returned from first pass reconnaissance drilling which has discovered two new 1.5km long gold zones about 1.5km south of the existing Selin deposit and 7.5km south of Zone A respectively. A total of 85 holes were drilled for 6,082m. All holes were drilled to depths of 60-80m with results including 8m @ 7.4g/t gold from 6m (BC0057), and several holes ending in mineralisation. The discovery of two new zones of mineralisation close to the existing Selin deposit illustrates the potential of the Sanankoro project.
For further information on Cora please refer to their web site, www.coragold.com
Starvest will continue to closely follow the development of Cora and we look forward to further information from Cora's ongoing work at Sanankoro.
Starvest is a specialist mining and resource investment company and has the industry knowledge and market exposure to select compelling opportunities early in the investment cycle.
Callum N Baxter
Chairman & Chief Executive
29 July 2020
Enquiries to:
Starvest PLC
Callum Baxter or Gemma Cryan 02077 696 876 info@starvest.co.uk
Grant Thornton UK LLP (Nomad)
Colin Aaronson, Harrison Clarke or Seamus Fricker 02073 835 100
SI Capital Ltd (Broker)
Nick Emerson or Alan Gunn 01483 413 500