REG - Cora Gold Limited - +1 Million Ounce Mineral Resource Estimate
15/01/2025 07:00
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RNS Number : 4039T Cora Gold Limited 15 January 2025
Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector: Mining
15 January 2025
Cora Gold Limited
('Cora' or 'the Company')
+1 Million Ounce Mineral Resource Estimate Delineated at Sanankoro Gold
Project
Cora Gold Limited, the West African focused gold company, is pleased to
announce an updated Mineral Resource Estimate ('MRE') at its flagship
Sanankoro Gold Project ('Sanankoro' or 'the Project') in southern Mali. This
follows the addition of 2,669m of drilling (50 Reverse Circulation ('RC')
drillholes) to the Sanankoro MRE dataset; this drilling was primarily to
de-risk the MRE and convert near surface Inferred Mineral Resource material to
higher-confidence Indicated, allowing the Company to extend the life of mine
('LOM') of the Project once new Ore Reserves ('OR') studies have been
completed.
2024 MRE Update Highlights
· 2024 MRE achieved:
o total resources 31.4 Mt at 1.04 g/t Au for 1,044 koz, comprising Indicated
19.0 Mt at 1.13 g/t Au for 689 koz plus Inferred 12.4 Mt at 0.89 g/t Au for
354 koz
o 26% increase in tonnage to 31.4Mt (2022 MRE: 24.9Mt)
o 13% increase in contained metal to 1,044koz Au (2022 MRE: 920koz Au)
· MRE update follows a successful 2023 mineral resource conversion
drill programme, the data from which led to a remodelling at Zone A and Selin.
· Other contributing factors to the 2024 MRE increase include:
o a decrease in the cut-off grade to 0.3 g/t Au (2022 MRE: 0.4 g/t Au).
o an increase in the gold price used for the pit shell of US$2,400/oz (2022
MRE: US$1,900/oz), which has increased the volume of material inside the
reporting pit.
· Potential further mineral growth that may be achievable:
o Results from the optimised pits imply more resources may be reported if
additional work is completed to delineate MRE model extensions; further deeper
drilling is now required to expand the MRE at Zone A, Zone B, Zone B North and
Zone C.
o The single exploration hole drilled at Zone B discovered new
mineralisation, which is not part of the current MRE, with three mineralised
zones intersected (19m at 0.66 g/t Au from 27m to 36m, 11m at 0.34 g/t Au from
70m to 81m) and with the hole ending in mineralisation (1m at 2.87 g/t Au) at
120m.
o A further pipeline of oxide drill targets (brownfield and greenfield) are
being reviewed by the Company's exploration team to potentially further grow
the Mineral Resource; the MRE potential of these targets has been highlighted
in the 2024 MRE Report.
o Subsequent to the announcement of the 2022 MRE for a total of 24.9 Mt at
1.15 g/t Au for 920 koz, Cora published an Exploration Target, which in
addition to the 2022 MRE, is estimated to contain between 26.0Mt and 35.2Mt
with a grade range of 0.58 - 1.21 g/t Au for a potential content of 490koz
Au-1.37Moz Au.
Note: The potential quantity and grade of this Exploration Target is
conceptual in nature, there has been insufficient exploration to estimate a
Mineral Resource and it is uncertain if further exploration will result in the
estimation of a Mineral Resource.
· 2024 MRE and ongoing optimisation studies to support an updated
Definitive Feasibility Study ('DFS') in 2025, with enhanced project metrics
expected given significantly higher gold price since the 2022 DFS (previously
completed on a US$1,750/oz gold price).
Bert Monro, Chief Executive Officer of Cora, commented, "The Company is
continuing to positively build the economic and exploration potential of the
Sanankoro Gold Project. It's been well established that the more we drill, the
more we find, and as a project it is far from a finished product. We are
constantly seeking ways to enhance the value of the prospects and extend the
life of mine in a way that best maximises shareholder funds. This MRE update
is another step in delivering on our development strategy, which in light of a
continued strong gold price, is proving to be a very opportune time to be
bringing a high value, low cost, oxide gold project such as Sanankoro into
production.
"During the last quarter, following a thorough review of the 2022 DFS, Cora
commissioned a processing optimisation study to look at ways to further
enhance the process plant flow sheet, aimed at delivering further economic
benefits to the Project. Following this study's completion, it's our
intention to update the Project's Ore Reserves and publish an updated DFS
during 2025. With the gold price currently at near record highs, and the
previously completed DFS based on a US$1,750/oz gold price, we are hoping for
significant improvements in the Project's economics. I look forward to being
able to share the results of these studies once completed.
"The Company is proactively engaging with the Malian government regarding its
application for a mining licence, which, once granted, will allow mine
construction to commence. We are looking forward to 2025 and working hard to
deliver an enhanced project."
Further Information
ERM Australia Consultants Pty Ltd ('ERM'; formerly CSA Global), was
commissioned by Cora to provide an updated MRE for Sanankoro. The Project is
located in southwestern Mali, approximately 25km northeast of the border with
Guinea, on the leading western edge of the Yanfolila-Kalana Volcanic Belt. On
a local scale, there are five main mineralised areas which currently define
the Project, which in order of significance are Selin, Zone A, Zone B, Zone B
North, and Zone C. Additionally, Fode 1 and Target 6 represent areas of
interest that were explored and drilled in the 2022 campaign. The subsequent
small MRE resource conversion and de-risking drill campaign focussed on infill
drilling at Selin and Zone A, with a single exploration hole drilled at Zone B
West.
Figure 1. Location of the Sanankoro Gold Project
The previous MRE was reported in 2022 by CSA Global (see announcement dated 19
July 2022). The 2024 MRE update is part of the Company's project improvement
efforts, which will result in an updated DFS for the Sanankoro Gold Project.
The 2024 MRE has been classified and reported as Indicated and Inferred in
accordance with the guidelines of the JORC Code 2012(( 1 (#_ftn1) )). Pit
optimisation studies demonstrate that the Mineral Resource can be extracted by
means of open pit mining and therefore meets the criteria required for
Reasonable Prospects for Eventual Economic Extraction ('RPEEE').
The 2024 MRE is reported above a cut-off grade of 0.3 g/t Au and comprises
31.4Mt at 1.04 g/t Au. The previous Mineral Resource was reported in June 2022
by CSA Global at a cut-off grade of 0.4 g/t Au and comprised 24.9Mt at 1.15g/t
Au. The 2024 MRE represents a 26% increase in tonnage and a 13% increase in
contained metal compared to the 2022 MRE. Contributing factors to this
increase are:
• remodelling at Zone A and Selin due to additional
data.
• a decrease in the cut-off grade from 0.4 g/t Au to
0.3 g/t Au.
• an increase in the gold price used for the RPEEE
pit shell of US$2,400/oz (2022 MRE: US$1,900/oz) has increased the volume of
material inside the reporting pit, at depth.
• an increased proportion of Inferred material
reported within the RPEEE pits is largely attributable to the metal price
increase.
The 2024 Mineral Resource is stated in Table 1 and a breakdown of the 2024
Mineral Resource by zone is presented in Table 2. A comparison of the 2022 MRE
vs the 2024 MRE by classification and zone is shown in Table 3.
Table 1 Sanankoro Mineral Resource
Classification Oxidation Zone Tonnage (Mt) Grade (g/t Au) Contained metal (koz Au)
Indicated Oxide 15 1.12 520
Transitional 4.3 1.17 160
Fresh 0.2 1.24 7
All Zones 19.0 1.13 689
Inferred Oxide 7.8 0.75 190
Transitional 2.8 1.16 100
Fresh 1.7 1.09 60
All Zones 12.4 0.89 354
Total 31.4 1.04 1,044
Notes:
Reported at a gold only cut-off grade of 0.3 g/t Au inside an optimised pit
shell constructed using a gold price of US$2,400/oz and dated at 30 November
2024. The topographic surface used for reporting accounts for artisanal mining
up to December 2020.
The Mineral Resource is reported on a 100% ownership basis and is stated as in
situ dry tonnes; figures are reported in metric tonnes. Figures have been
rounded to the appropriate level of precision for the reporting of Mineral
Resources.
Table 2. Sanankoro Mineral Resource by Zone
Zone Classification Tonnage (Mt) Grade (g/t Au) Contained metal (koz Au)
A Indicated 4.5 1.18 171
Inferred 1.4 0.91 41
Total 6.0 1.11 210
B Indicated 3.4 1.12 122
Inferred 5.7 0.73 132
Total 9.0 0.85 250
B North Indicated 1.9 0.93 56
Inferred 0.7 0.95 22
Total 2.6 0.93 78
C Indicated - - -
Inferred 1.8 1.13 65
Total 1.8 1.13 65
Selin Indicated 9.2 1.15 340
Inferred 2.8 1.04 94
Total 12 1.11 430
Total Indicated 19.0 1.13 689
Inferred 12.4 0.89 354
Total 31.4 1.04 1,044
Notes:
Reported at a gold only cut-off grade of 0.3 g/t Au inside an optimised pit
shell constructed using a gold price of US$2,400/oz and dated at 30 November
2024. The topographic surface used for reporting accounts for artisanal
mining up to December 2020.
The Mineral Resource is reported on a 100% ownership basis and is stated as in
situ dry tonnes; figures are reported in metric tonnes. Figures have been
rounded to the appropriate level of precision for the reporting of Mineral
Resources.
Table 3. Comparison 2022 MRE vs 2024 MRE by Classification and Zone
Classifi-cation Zone 2022 MRE 2024 MRE Difference % difference
Tonnage (Mt) Au Au Tonnage (Mt) Au Au Tonnage (Mt) Au Au Tonnage (Mt) Au Au
(g/t)
(koz)
(g/t)
(koz)
(g/t)
(koz)
(g/t)
(koz)
Indicated A 4.0 1.31 168 4.5 1.18 171 0.56 -0.13 4 14% -10% 2%
B 3.0 1.20 117 3.4 1.12 122 0.36 -0.08 5 12% -7% 4%
B Nth 1.7 0.97 52 1.9 0.93 56 0.21 -0.04 4 12% -4% 8%
Selin 7.5 1.33 320 9.2 1.15 340 1.73 -0.18 20 23% -14% 6%
Total 16.1 1.27 657 19.0 1.13 689 2.85 -0.14 33 18% -11% 5%
Inferred A 1.5 0.80 37 1.4 0.91 41 -0.03 0.11 4 -2% 14% 12%
B 4.0 0.75 96 5.7 0.73 132 1.69 -0.02 36 43% -3% 38%
B Nth 0.5 1.10 18 0.7 0.95 22 0.21 -0.15 4 41% -13% 22%
C 1.3 1.11 48 1.8 1.13 65 0.46 0.02 18 34% 2% 37%
Selin 1.5 1.38 65 2.8 1.04 94 1.32 -0.33 29 90% -24% 44%
Total 8.7 0.94 263 12.4 0.89 354 3.64 -0.05 91 42% -5% 35%
Total 24.9 1.15 920 31.4 1.04 1,044 6.49 -0.12 124 26% -10% 13%
Notes:
Reporting in this table is unrounded. Reported at a gold only cut-off grade of
0.3 g/t Au inside an optimised pit shell constructed using a gold price of
US$2,400/oz for the 2024 MRE and 0.4 g/t Au inside an optimised pit shell
constructed using a gold price of US$1,900/oz for the 2022 MRE. The
topographic surface used for reporting accounts for artisanal mining up to
December 2020.
The Mineral Resource is reported on a 100% ownership basis and is stated as in
situ dry tonnes; figures are reported in metric tonnes.
Zone B West Discovery
A single hole SC0708, was drilled to test the interpretation (made from recent
field observations) that multiple mineralised zones could exist between the
eastern Sanankoro structure (hanging wall) and the western Bokoro structure
(footwall) of the Sanankoro Main Shear Zone ('SMSZ'). The zone's approximate
width is 450m. Within hole SC0708, two mineralised zones (from 27m, 19m at
0.66 g/t Au; and from 70m, 11m at 0.34 g/t Au) were intersected in a
Tuffaceous unit, with a potential third zone commencing at the end of the hole
(120m). The last metre interval intersected sulphide rich quartz veins,
assaying, 1m at 2.87 g/t Au.
This hole highlighted and proved the exploration concept that multiple other
mineralised zones exist within the SMSZ and not just along the hanging wall
and footwall structures (i.e. Sanankoro and Bokoro structures respectively)
where the Mineral Resources are currently defined. Importantly, none of
these new mineralised zones are included in the 2022 MRE nor the 2024 MRE
update. As evidenced by the artisanal workings, these new Zone B West zones of
mineralisation are open to the north for over 500m, towards Zone B North (see
Figure 2 below) and can be seen to extend for another 500m to the south,
towards Zone A. Additionally, there remains another 300m of width across the
SMSZ to be drilled tested as more mineralised zones are interpreted to exist
as part of this large, mineralised shear zone, which if proved correct through
further drilling could result in further Mineral Resources being delineated.
Figure 2: Plan view of Zone B showing $1,650/oz Mineral Reserve pit (in white), CSA (now ERM) 2022 MRE Grade shell (in red) and 2023 drill hole location (SC0708) with best intercept.
Optimisation Studies
The focus of further exploration is to expand Sanankoro's Oxide Reserve
inventory to reduce the strip ratio below the existing 4.6:1, to further
enhance the mine's attractiveness as highlighted in the 2022 DFS and
Optimised Economics based on a US$1,750/oz gold price:
· 52.3% IRR
· 1.2 year payback period
· 6.8 years Reserve life
· 56koz average production
· US$997/oz AISC
Based on the results of the updated 2024 MRE, and following conclusion of an
ongoing optimisation study designed to enhance the 2022 DFS process design,
Cora intends to update the Project's Ore Reserves and DFS, which given the now
burgeoning gold price is expected to deliver material differences to the
Project's key metrics.
Competent Person's Statement
The information in the MRE report that relates to Mineral Resources is based
on information compiled by Sonia Konopa. Ms. Konopa is a full-time employee of
ERM and is a Fellow of the Australasian Institute of Mining and Metallurgy
(AusIMM) and has sufficient experience relevant to the style of mineralisation
and type of deposit under consideration and to the activity which they are
undertaking to qualify as Competent Persons as defined in the 2012 Edition of
the Australasian Code for the Reporting of Exploration Results, Mineral
Resources and Ore Reserves (JORC Code). Ms. Konopa consents to the disclosure
of the information in the MRE report in the form and context in which it
appears. Ms. Konopa assumes responsibility for matters related to Section 1, 2
and 3 of JORC Table 1 within the MRE report.
The technical information in this release that relates to Exploration Results
and Exploration Target was reviewed and approved by Murray Paterson, in his
capacity as a Competent Person, as required under the AIM Rules for Companies.
Mr. Paterson is the Chief Geologist for the Company and is a member of good
standing with the Australasian Institute of Mining and Metallurgy (MAusIMM).
Mr Paterson has sufficient experience that is 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 as defined in the
2012 Edition of the 'Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves'. Mr. Paterson consents to the inclusion in
this release of the Exploration Results and Exploration Target 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 the Market Abuse
Regulation (EU) No 596/2014 ('MAR'), which is part of UK law by virtue of the
European Union (Withdrawal) Act 2018, until the release of this announcement.
**ENDS**
For further information, please visit http://www.coragold.com
(https://url.avanan.click/v2/___http:/www.coragold.com___.YXAzOmRldGVycmFyb3lhbHRpZXM6YTpvOjNkODJiZmI1ZDkyN2FmYmU4NDE1ZDBhMGRlZWVhZjM1OjY6ZDJiZDpkZTk5NjUxNTQwMDViNjc2MzY3YTNhMGMxZWZlNDAwYmQ1NTI0Y2FkNjdkZDI5OTlhODgyM2I2NTE5MzlmNWMzOnA6VDpO)
, follow us on social media (LinkedIn and X: @cora_gold) or contact:
Bert Monro Cora Gold Limited info@coragold.com
Craig Banfield
Derrick Lee Cavendish Capital Markets Limited +44 (0)20 7220 0500
Pearl Kellie (Nomad & Broker)
Susie Geliher St Brides Partners cora@stbridespartners.co.uk
Charlotte Page (Financial PR)
Notes
Cora is a West African gold developer with de-risked project areas within two
known gold belts in Mali and Senegal. Led by a team with a proven track-record
in making multi-million-ounce gold discoveries that have been developed into
operating mines, its primary focus is on developing the Sanankoro Gold Project
in the Yanfolila Gold Belt, south Mali, into an open pit oxide mine. Based on
a gold price of US$1,750/oz and a Maiden Probable Oxide Reserve of 422koz at
1.3 g/t Au, the Project has strong economic fundamentals, including 52% IRR,
US$234 million Free Cash Flow over life of mine and all-in sustaining costs of
US$997/oz. Alongside this, the Company continues to seek value opportunities
across its portfolio and has identified large scale gold mineralisation
potential at the Madina Foulbé exploration permit within the Kenieba Project
Area of east Senegal.
APPENDIX JORC CODE TABLE 1
Section 1: Sampling Techniques and Data
Criteria JORC Code explanation Commentary
Sampling techniques Nature and quality of sampling (e.g. cut channels, random chips, or specific The Mineral Resource estimate (MRE) is based on reverse circulation (RC) chip
specialised industry standard measurement tools appropriate to the minerals and diamond drill core (DD) sampling. The 2023 program was composed of 2,669 m
under investigation, such as downhole gamma sondes, or handheld XRF of RC drilling, taking the total MRE dataset to 2,027 drillholes for 128,503
instruments, etc.). These examples should not be taken as limiting the broad m. This total does not include Rotary Air Blast (RAB) or auger drilling as
meaning of sampling. they are not used for the MRE. Trench and shallow pit data are also not used.
Include reference to measures taken to ensure sample representivity and the All RC drilling was sampled on 1 m intervals. Each rod string is 6 m in length
appropriate calibration of any measurement tools or systems used. and is checked and marked with grease every 1 m to allow personnel to observe
sampling and drill progress. The driller will sound a horn at the end of each
Aspects of the determination of mineralisation that are Material to the Public 1 m interval, warning the samplers to switch bags at the cyclone.
Report.
All industry standard RC sample quality procedures were applied, and each
In cases where 'industry standard' work has been done this would be relatively shift a geologist was present to ensure sample quality was maintained, holes
simple (e.g. 'reverse circulation drilling was used to obtain 1 m samples were not stopped in mineralisation and activity reporting monitored cost
from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In control. No detailed logging or sampling was conducted at the rigs.
other cases, more explanation may be required, such as where there is coarse
gold that has inherent sampling problems. Unusual commodities or All bulk 1 m samples were transported immediately upon hole completion to a
mineralisation types (e.g. submarine nodules) may warrant disclosure of central bag farm next to the Sanankoro camp. No samples were left in the
detailed information. field. All samples drilled were shipped to the bag farm for splitting and
logging under controlled and secured conditions.
The 1 m bulk samples are riffle split down to 5-6 kg using a three-tier 75:25
riffle splitter and a duplicate pair of 2-3 kg samples are then generated
using a two-tier 50:50 riffle splitter. One sample is sent to the lab and the
duplicate is stored for any future re-assay or reference.
All RC holes are photographed on chip tables and chip trayed after sampling
and logging.
All RC holes are geologically logged and panned for visible gold on 1 m
intervals concurrently with sampling.
The logging and panning results dictate whether the logging or senior
geologist will instruct compositing in less favourable intersections of a
hole. Composites of 4 m are possible in barren intersections.
Sampling of DD core aims to maintain a standard 1 m interval but can be
sampled from 0.5 m to 1.5 m in length, depending upon the interval required to
reach the mineralised contact or select the vein width.
All core is saw cut. Sample interval ends are saw cut pre-sampling to ensure
sampling intervals are adhered to.
All core boxes are metal.
All core boxes are photographed wet and dry upon receipt at the core shed from
the rig.
The RC samples were sent to an accredited laboratory where they were
pulverised to 85% passing 75 micron in a Labtechnics LM2 puck pulveriser and
sub-sampled to provide 2 kg for cyanide (CN) Bottle Roll (BR) and/or a 50 g
aliquot for fire assay (FA). BR is the preferred assaying method for oxide
materials and FA for fresh or sulphide-rich material.
Rotary air blast (RAB), aircore (AC) and AC hammer were sampled and analysed
as per the RC procedure.
The DD samples are sent to an accredited laboratory where they were
jaw-crushed 95% passing 2 mm, then pulverised down to 85% passing 75 micron in
an Labtechnics LM2 puck pulveriser and subsampled to provide 2 kg for CN BR
and/or a 50 g aliquot for FA. BR is the preferred assaying method for oxide
materials and FA for fresh or sulphide-rich materials.
Vertical auger drilling was conducted to gain a sample of the interface
material below transported surface gravels. Auger holes ranged from 0.5 m to
5.0 m and were sent to an accredited laboratory where they were pulverised to
85% passing 75 micron in a Labtechnics LM2 puck pulveriser and subsampled to
provide 2 kg for CN BR and or a 50 g aliquot for FA. BR is the preferred
assaying method for oxide materials and FA for fresh or sulphide-rich
material.
Drilling techniques Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air Various drilling techniques have been used at Sanankoro - auger, RAB, AC, AC
blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or hammer, RC and DD.
standard tube, depth of diamond tails, face-sampling bit or other type,
whether core is oriented and if so, by what method, etc.). The database was flagged as two parts, an exploration database consisting of
auger, RAB, AC and AC hammer; and a MRE database consisting of RC and DD.
All 2021 core intervals are orientated using a Wellforce DV8 iCORE ORI
instrument when geologically possible.
DD core was drilled on an average of 3 m rod pulls but depending upon ground
conditions 1.5 m or 6 m rod pulls could have been applied. PQ was used through
the soft, friable oxide from surface normally to between 40 m and 80 m. The
drill string was reduced subsequently to HQ. NQ was not drilled in 2021.
RC was drilled using a 5(3/8)" face-sampling hammer.
All drilling details and dates are recorded on hole logs and are stored in the
COLLAR file on DATASHED™.
Drill sample recovery Method of recording and assessing core and chip sample recoveries and results DD core was drilled on an average of 3 m rod pulls but depending upon ground
assessed. conditions 1.5 m or 6 m rod pulls could have been applied. PQ was used through
the soft, friable oxide from surface normally to between 40 m and 80 m. The
Measures taken to maximise sample recovery and ensure representative nature of drill string was reduced subsequently to HQ. NQ was not drilled in 2021.
the samples.
DD core recoveries were estimated on industry standard methods of direct tape
Whether a relationship exists between sample recovery and grade and whether measure on core reconstructed on a triple-length angle-iron cradle, locked
sample bias may have occurred due to preferential loss/gain of fine/coarse where possible and corrected for stick-up errors.
material.
RC was drilled using a 5 (3/8)" face-sampling hammer leading a 4 ½" standard
rod string. Auxiliary booster-compressor air packs were used on deeper holes,
normally > 110m, to ensure dry sample quality and recovery.
The RC drilling was sampled on a standard 1 m interval and recoveries assessed
quantitively by weighing each sampled metre. The practice of weighing drill
chip samples immediately from recovery at the rig is Cora standard practice
for all RAB, AC and RC drilling.
Sample quality and recovery are monitored at the rig during drilling shift
both observationally by the geologist checking the moisture content, possible
contamination and relative recovery along the bag line and quantitively by
weighing each of the bulk 1 m samples direct from the cyclone before layout.
DD and RC recoveries are logged and recorded in the database. Overall
recoveries are >90% for the DD and >70% for the RC; there are no core
loss issues or significant sample recovery problems. A geologist is always
present at the rig to monitor and record sample quality.
The Mineral Resource is defined by DD and RC drilling, which have high sample
recoveries. No relationship between sample recovery and grade have been
identified at the project. The consistency of the mineralised intervals and
density of drilling is considered to preclude any issue of sample bias due to
material loss or gain.
Logging Whether core and chip samples have been geologically and geotechnically logged All RC holes are logged, panned and sampled on a standard 1 m resolution.
to a level of detail to support appropriate Mineral Resource estimation, Every 1 m drilled is logged and panned before being sampled.
mining studies and metallurgical studies.
4 m compositing may be instructed in barren sections of drilled hole based on
Whether logging is qualitative or quantitative in nature. Core (or costean, the results of the detailed logging.
channel, etc.) photography.
All RC holes are photographed on chip tables and chip trayed after sampling
The total length and percentage of the relevant intersections logged. and logging.
All DD core is transported to the core shed located at the main Sanankoro Camp
for full rock quality designation (RQD), geotechnical logging and
density/point load testing determinations prior to being released for
geological logging and sampling from top to bottom of hole.
All core boxes are photographed wet and dry upon receipt at the core shed from
the rig.
The level of detail in the logging is deemed appropriate for Mineral Resource
estimation and reporting.
Subsampling techniques and sample preparation If core, whether cut or sawn and whether quarter, half or all core taken. All RC chip samples were weighed and riffle split to 2-3 kg for submission to
the lab. All RC holes are sampled in bulk, logged and panned on a standard 1 m
If non-core, whether riffled, tube sampled, rotary split, etc. and whether interval. Compositing to 4 m may occur in barren geology.
sampled wet or dry.
All DD core is saw cut and half core sampled. DD sample intervals can range
For all sample types, the nature, quality and appropriateness of the sample from 0.5 m to 1.5 m, depending on geology.
preparation technique.
A standard 5:25 sample QAQC was used throughout 2021, 2022 and 2023, composed
Quality control procedures adopted for all subsampling stages to maximise of one standard, one blank, two duplicates, and one triplicate. The 2021-2023
representivity of samples. assay stream had a routine 20% QAQC component.
Measures taken to ensure that the sampling is representative of the in-situ The database manager monitors all sampling and QAQC vetting of the assay
material collected, including for instance results for field stream.
duplicate/second-half sampling.
Field duplicates assist in determining the representivity of subsamples.
Whether sample sizes are appropriate to the grain size of the material being
sampled. Subsamples are deemed appropriate for Mineral Resource estimation and
reporting.
Quality of assay data and laboratory tests The nature, quality and appropriateness of the assaying and laboratory Sample preparation involved oven drying, jaw crushing core P70 passing 2 mm,
procedures used and whether the technique is considered partial or total. followed by total pulverisation through an LM2 puck pulveriser to a nominal
85% passing 75 microns.
For geophysical tools, spectrometers, handheld XRF instruments, etc, the
parameters used in determining the analysis including instrument make and Historically it has been proven that the nuggety, highly weathered nature of
model, reading times, calibrations factors applied and their derivation, etc. the Sanankoro oxide mineralisation is best head assayed by 2 kg BR/atomic
absorption spectrometry (AAS) with a 50 g FA/AAS on the BR tail residue. The
Nature of quality control procedures adopted (e.g. standards, blanks, bulk of the MRE assay database is completed by this method.
duplicates, external laboratory checks) and whether acceptable levels of
accuracy (i.e. lack of bias) and precision have been established. The fresh sulphide mineralisation is assayed by standard total fusion 50 g
FA/AAS.
A standard 5:25 sample QAQC was used throughout 2021 and 2022, composed of one
standard, one blank, two duplicates, and one triplicate. The 2021 and 2022
assay stream had a routine 20% QAQC component.
Certified reference material (CRM) standards were sourced from accredited
suppliers Geostats Pty Ltd and Rocklabs. CRM standards were used ranging from
0.1 ppm to 78.81 ppm.
Following review of the QAQC, the data are deemed appropriate for Mineral
Resource estimation and reporting.
Verification of sampling and assaying The verification of significant intersections by either independent or The 2022 Competent Person has visually verified significant intersections in
alternative company personnel. DC and RC drilling during the site visit.
The use of twinned holes. Geology and sampling data were logged into Microsoft Excel format templates
and sent via email to the database manager. Files were imported into Datashed
Documentation of primary data, data entry procedures, data verification, data via configured importers and passed through stringent validation.
storage (physical and electronic) protocols.
Validation included:
Discuss any adjustment to assay data.
· Logging codes checked against approved code lists
· Interval overlaps and gaps
· Records beyond end-of-hole.
All digital files received were archived on the workstation hosting the
database. This was located on site with the database manager. Scheduled daily
backups of the database and file archive were made to a NAS solution located
at the same site. Nightly scheduled offsite backups were conducted to a
verified backup service provider. All offsite backups are encrypted.
During the 2021 MRE drill program, historical Gold Fields Ltd (Gold Fields) RC
and DD intercepts were twinned, along with previous Cora AC and RAB intercepts
and previous important DD intercepts which correlated with sections of poor DD
core recoveries.
The Gold Fields twin holes correlated closely, underwriting the use of the
Gold Fields Mineral Resource data in the MRE where it is required.
Overall, the drilling, logging, sampling, assaying and QAQC procedures are
considered to be consistent with industry standard practice.
No adjustments or calibrations were made to any assay data used in this
estimate.
Location of data points Accuracy and quality of surveys used to locate drillholes (collar and downhole Grid System: WGS84 UTM zone 29N (EPSG: 32629).
surveys), trenches, mine workings and other locations used in Mineral Resource
estimation. All surface survey features were surveyed with a Leica GS18-T RTK differential
global positioning system (GPS) to within a proven accuracy of 30 cm; Cora
Specification of the grid system used. conducted the differential GPS work. All new and historical Mineral Resource
drill collars were located and resurveyed by CG-Leica in 2021.
Quality and adequacy of topographic control.
A large number of well distributed ground control points and features were
used for the Terrabotics satellite survey. All points were set-out or
picked-up using CG-Leica.
Terrabotics UK produced a site specific 139 km(2) digital terrain model (DTM)
with 0.3 m RL accuracy using tasked Maxar orthorectified Worldview-3 (WV3)
imagery flown in November to December 2020. The DTM was provided in February
2021 and utilised throughout the 2021 and 2022 drilling campaigns.
The Terrabotics DTM proved accurate from ongoing survey work to be within
30-50 cm RL. Differential GPS easting and northing showed better resolution.
The Terrabotics DTM is an acceptable topographic model for Sanankoro which
defines the surface relief and maps the artisanal pits across the 139 km(2)
area of interest accurately. The WV3 imagery maps the full cadastral and
natural features across the project area.
The 2021-2023 drilling utilised a Wellforce CHAMP north-seeking gyro
throughout and every drilled RC and DD hole has a detailed gyro DTH survey
file. Historically, DTH surveys where conducted, used a REFLEX EZ-TRAC.
The 2021 DD utilised a Wellforce DV8 iCORE ORI orientation tool.
Data spacing and distribution Data spacing for reporting of Exploration Results. The nominal drillhole collar spacing is 50 m x 25 m and 50 m x 50 m.
Whether the data spacing and distribution is sufficient to establish the Due to the orientation of drill traces on section, data between drillholes can
degree of geological and grade continuity appropriate for the Mineral Resource be spaced as close as 10 m in places.
and Ore Reserve estimation procedure(s) and classifications applied.
The mineralised domains have demonstrated sufficient continuity in both
Whether sample compositing has been applied. geology and grade to support the definition of Inferred and Indicated Mineral
Resources as per JORC 2012 guidelines.
All RC intersections are sampled and assayed on 1 m intervals but could be
composited up to 4 m in areas interpreted to be barren.
Orientation of data in relation to geological structure Whether the orientation of sampling achieves unbiased sampling of possible The bulk of the drilling is orientated 090° or 270° orthogonal to the strike
structures and the extent to which this is known, considering the deposit of the mineralised domains. Structural logging based on oriented core
type. indicates that the main mineralisation controls are ±20° from 000° north
and largely perpendicular to drill direction.
If the relationship between the drilling orientation and the orientation of
key mineralised structures is considered to have introduced a sampling bias, No orientation-based sampling bias has been identified in the dataset.
this should be assessed and reported if material.
Sample security The measures taken to ensure sample security. The full chain of custody is managed by Cora Gold. Samples collected daily
from the rigs and transported to the central bag farm and sample processing
area next to the main Sanankoro camp where the bulk samples are logged, split
and prepared for onward transport to the various labs.
The samples are stored on site and a truck collects available samples weekly
and transports them to Cora Gold office in Bamako for registration and
verification prior to onward delivery to either SGS Ouagadougou or ALS
Ouagadougou.
The labs sign sample submissions as evidence of receipt.
Completed assay files and pdf certificates were distributed to the approved
recipients by Lab LIMS. Assay files were imported as received to Datashed and
then archived on the workstation hosting the database.
Database management software used is DATASHED version 4.6.4.2 with DB version
4.6.5 with MSSQL Server SQL2017 backend.
Audits or reviews The results of any audits or reviews of sampling techniques and data. Cora's Head of Exploration (at the time) visited each of the labs in November
and December 2020 before signing contracts. No issues were identified during
the visit.
Section 2: Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section)
Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status Type, reference name/number, location and ownership including agreements or The Sanankoro Gold Project Area is located in the Yanfolila Gold Belt of
material issues with third parties such as joint ventures, partnerships, southern Mali. Sanankoro comprises five contiguous gold exploration permits,
overriding royalties, native title interests, historical sites, wilderness or being:
national park and environmental settings.
Bokoro II (expired August 2023; see Note A below)
The security of the tenure held at the time of reporting along with any known
impediments to obtaining a license to operate in the area. Bokoro Est (area 100 km(2); expiry date 18 September 2028)
Dako II (area 44.66 km(2); expiry date 31 December 2027)
Kodiou (expired May 2023; see Note B below)
Sanankoro II (84.11 km(2); expiry date 2 March 2030)
In accordance with the 2019 Mining Code of the Republic of Mali, the 84.11
km(2) Sanankoro II gold exploration permit was awarded to Cora Resources Mali
SARL on 2 March 2021. Cora Resources Mali SARL is registered in the Republic
of Mali. The duration of the permit is three years, renewable twice at the
holder's request. The duration of each renewal period is extended to three
years and, as such, the full-term expiry date of the Sanankoro II gold
exploration permit is 2 March 2030.
A gold exploration permit over the same area as that covered by the Sanankoro
II gold exploration permit was previously held by Sankarani Ressources SARL.
This permit expired on 1 February 2020, having been initially awarded on 1
February 2013.
Cora Resources Mali SARL is a wholly owned subsidiary of Sankarani Ressources
SARL which in turn is a 95% subsidiary of Cora Gold Limited. Sankarani
Ressources SARL is registered in the Republic of Mali. Cora Gold Limited is
registered in the British Virgin Islands. The residual 5% interest in
Sankarani Ressources SARL may be acquired from a third party for the sum of
US$1 million. In addition, the Sanankoro II permit is subject to a third party
1% net smelter return (NSR) royalty. All fees due to the government in respect
of the Sanankoro II gold exploration permit have been paid and the permit is
in good standing.
Exploration done by other parties Acknowledgment and appraisal of exploration by other parties. Exploration activities on the original Sanankoro permit by previous workers
have included geological mapping, rock chip sampling, termite sampling, trench
sampling geophysical surveys and surface drilling - auger, RAB, AC, RC, and
DD.
There were two previous companies who conducted work at Sanankoro, i.e.
Randgold Resources Ltd (Randgold) between 2004 and 2008 and Gold Fields
between 2008 and 2012.
During 2004 to 2008, Randgold conducted successive programs of soils and
termites geochemical sampling on iterative 500 m, 200 m and 100 m grids. Broad
blocks of gradient array induced polarisation (IP) were completed to assist
drill targeting on the broad regional-scale surface anomalies. They drilled
broad spaced 400 m x 100 m auger and RAB fences in search for bedrock
targets.
During 2008 to 2012, Gold Fields conducted infill soils and termite sampling
down to 100 m x 25 m resolution. They conducted large blocks of regional
gradient array IP and three main phases of drilling ranging from 400 m x 100 m
RAB with follow-up AC down to
50 m x 25 m RC and RC with DD tails, dependent upon results discovered.
Cora acquired the Sanankoro Permit in April 2017 and started exploration
termite sampling in May 2017.
Geology Deposit type, geological setting, and style of mineralisation. 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 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 2 km wide Sanankoro
Shear Zone, which can be traced over 30 km 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
northeast-southwest focused zone of en-echelon veining and associated sulphide
development.
There are five main areas which currently define the Sanankoro Gold project,
which in order of significance are Selin, Zone A, Zone B, Zone B North, and
Zone C.
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 the
deposit by discovering four to six multiple early/pre-D3 dykes of diorite
intruding the 65-80° west dipping axial trace of a western hangingwall F3
anti-form on this major reactivated D2 east-verging thrust. The >100 m 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, 10-30 m 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.
Zone A is located at the southern limit of the 11.5 km mineralised corridor,
which forms the Sanankoro Project. Zone A is the southern-most expression of
the 010° trending central axis of the Sanankoro Shear Zone, which sits 900 m
west of the Selin Boundary Shear and hosts the 5.8 km chain of open pit
resources from Zone A through Zone B1, B2, B3 to Target 3. The deposits of
this central trend verge westward mimicking the regional sense of thrusting.
Zone B is the strike extension of Zone A, located 800 m to the north. The
Sanankoro Main Trend runs for 6 km from south end of Zone A to the north end
of Target 3. Detailed sectional drilling is required along the length of this
major generative gold system. The local structural facing and stratigraphy of
Zone B is very similar to Zone A with the western footwall sequences hosting
more crystalline volcanic tuffaceous units and the eastern, hangingwall
assemblages being more basinal sediments. Zone B hosts an impressive scale of
hydrothermal activity and the broad horizontal widths of mineralisation
observed in the recent drilling bodes well for future discovery potential
along the central and southern sections of the Sanankoro Main Shear Zone.
Zone C is located 650 m southwest of Zone A on the parallel, >7 km long
Sanankoro West Shear Zone (SWSZ) which can be traced along a chain of surface
workings to the Excavator Prospect, 1.5 km north-northwest of Target 3. The
SWSZ is high in the priority list for drilling in the 2022 program and a
number of SWSZ targets, beyond Zone C, will be tested for surface potential.
Zones A, B and C deposits are identical in style and typical of Siguiri Basin
deposits, fold-thrust controlled within pelitic and psammitic sediments and
very deeply weathered (>120 m from surface). There is a highly evolved
weathering profile with a pronounced 8-10 m thick duricrust-laterite
ferro-cap, grading downward into a well-developed mottled zone to 20-25 m
depth and remains highly weathered until beyond 140 m vertically within the
central mineralised fault zone. Zone B1 has extremely deep weathering with
shallow oxide densities measured to depths of 190 m down-dip within the ore
zone trough.
All the host oxide lithologies are weathered to kaolin with only highly
corroded quartz vein material remaining in-situ to mark the main gold faults.
Diamond core shows the host lithologies to be predominantly variably grained
basinal pelites and sandstones with minor horizons of small quartz clast,
matrix-supported greywacke inter-bedded within the sequence. A minor intercept
of diorite has been identified but does not form an important control to the
mineralisation currently drill tested at Zone A or C. The primary sulphide is
pyrite disseminated around central vein networks and enveloped by a broader
hydrothermal halo of silica flooding, sericite and ankerite.
Drillhole information A summary of all information material to the understanding of the exploration Significant intercepts that form the basis of the MRE have been released in
results including a tabulation of the following information for all Material previous announcements (available on the Cora website) with appropriate tables
drillholes: incorporating Hole ID, Easting, Northing, From, Depth and Intercept Assay
Data. Appropriate maps and plans accompany this MRE.
· easting and northing of the drillhole collar
Previous drilling completed by Cora, Gold Fields and Randgold is documented
· elevation or RL (Reduced Level - elevation above sea level in metres) herein.
of the drillhole collar
A complete listing of all drillhole details is not necessary for this report
· dip and azimuth of the hole which describes the Sanankoro Gold Project Mineral Resources and in the
Competent Person's opinion the exclusion of this data does not detract from
· downhole length and interception depth the understanding of this report.
· hole length. The 2021 program twinned important historical Goldfields and early Cora,
smaller diameter, air core and RC intercepts. Historical Energold DD NQ core
If the exclusion of this information is justified on the basis that the holes exhibited sections of unacceptably poor recoveries, especially in the
information is not Material and this exclusion does not detract from the deeply oxidised deposits of Zone A and Zone B1, which were twinned using the
understanding of the report, the Competent Person should clearly explain why deep RC rig.
this is the case.
The 2022 program focussed on infill drilling at Zone B North and Selin, and
targeted Fode 1 and Target 6 as potential sites of interest.
The 2023 program focussed on infill drilling at Zone A and Selin, with a
single drillhole into Zone B.
Data aggregation methods In reporting Exploration Results, weighting averaging techniques, maximum All RC intersections are sampled and assayed on 1 m intervals but could be
and/or minimum grade truncations (e.g. cutting of high grades) and cut-off composited up to 4 m in areas interpreted to be barren.
grades are usually Material and should be stated.
DD core sampling can be 0.5-1.5 m in length depending on geological contacts.
Where aggregate intercepts incorporate short lengths of high grade results and
longer lengths of low grade results, the procedure used for such aggregation Significant intercepts have previously been reported using a cut-off grade of
should be stated and some typical examples of such aggregations should be 0.5 g/t, without top cuts.
shown in detail.
Mineralised intervals are reported with a maximum of 3 m of consecutive
The assumptions used for any reporting of metal equivalent values should be internal dilution of less than 0.5 g/t Au. Mineralised intervals are reported
clearly stated. on a length-weighted average basis.
No metal equivalents are reported.
Relationship between mineralisation widths and intercept lengths These relationships are particularly important in the reporting of Exploration The orientation of the mineralised zone has been established and majority of
Results. the drilling was planned to intersect the mineralised structures orthogonally
or as close as practicable.
If the geometry of the mineralisation with respect to the drillhole angle is
known, its nature should be reported. Existing artisanal workings, buildings, sacred sites and drainage sometimes
created obstacles which prevented perfect intersection and some holes were
If it is not known and only the downhole lengths are reported, there should be required to be drilled at less-than-ideal orientations.
a clear statement to this effect (e.g. 'downhole length, true width not
known'). For the bulk of drillholes, site preparations were carried out and 50 m by 25
m drill spacing applied and acceptable intersection orientations were
achieved.
Diagrams Appropriate maps and sections (with scales) and tabulations of intercepts The appropriate plans and sections are included in this document.
should be included for any significant discovery being reported These should
include, but not be limited to a plan view of drill hole collar locations and
appropriate sectional views.
Balanced reporting Where comprehensive reporting of all Exploration Results is not practicable, Not applicable as no Exploration Results are being reported in this document.
representative reporting of both low and high grades and/or widths should be
practiced to avoid misleading reporting of Exploration Results.
Other substantive exploration data Other exploration data, if meaningful and material, should be reported Detailed metallurgical test work has been carried out as part of a previous
including (but not limited to): geological observations; geophysical survey scoping study. Testwork shows that the ore is amenable to conventional
results; geochemical survey results; bulk samples - size and method of crushing, grinding, gravity and carbon-in-leach processing. Oxide recoveries
treatment; metallurgical test results; bulk density, groundwater, geotechnical have been determined to be >95%.
and rock characteristics; potential deleterious or contaminating substances.
1,068 detailed dry bulk density determinations were conducted on all 2021
drilled core.
589 detailed UCS point load determinations were conducted on all drilled fresh
core.
Detailed geotechnical logging and analysis was conducted on all drill core.
Detailed regional exploration programs continue to generate new drill targets
which will feed into potential Mineral Resource growth.
Further work The nature and scale of planned further work (e.g. tests for lateral Detailed ESIA studies commenced in Q2 2020 and stakeholder engagement meetings
extensions or depth extensions or large-scale step-out drilling). conducted throughout the period to date.
Diagrams clearly highlighting the areas of possible extensions, including the A program of detailed hydrology and civil geotechnical drilling is planned for
main geological interpretations and future drilling areas, provided this water management, tailings storage facility and plant sites.
information is not commercially sensitive.
Detailed variability metallurgical testwork is planned at ALS Perth to support
a feasibility study.
Detailed open pit and civils geotechnical studies are planned to support a
feasibility study.
Detailed hydrology studies are planned to support a feasibility study.
Additional Mineral Resource, Ore Reserve and grade control pattern drilling is
planned to update Ore Reserve designs prior to commencement of mining.
A gold exploration permit over the same area as that covered by the Sanankoro
II gold exploration permit was previously held by Sankarani Ressources SARL.
This permit expired on 1 February 2020, having been initially awarded on 1
February 2013.
Cora Resources Mali SARL is a wholly owned subsidiary of Sankarani Ressources
SARL which in turn is a 95% subsidiary of Cora Gold Limited. Sankarani
Ressources SARL is registered in the Republic of Mali. Cora Gold Limited is
registered in the British Virgin Islands. The residual 5% interest in
Sankarani Ressources SARL may be acquired from a third party for the sum of
US$1 million. In addition, the Sanankoro II permit is subject to a third party
1% net smelter return (NSR) royalty. All fees due to the government in respect
of the Sanankoro II gold exploration permit have been paid and the permit is
in good standing.
Exploration done by other parties
Acknowledgment and appraisal of exploration by other parties.
Exploration activities on the original Sanankoro permit by previous workers
have included geological mapping, rock chip sampling, termite sampling, trench
sampling geophysical surveys and surface drilling - auger, RAB, AC, RC, and
DD.
There were two previous companies who conducted work at Sanankoro, i.e.
Randgold Resources Ltd (Randgold) between 2004 and 2008 and Gold Fields
between 2008 and 2012.
During 2004 to 2008, Randgold conducted successive programs of soils and
termites geochemical sampling on iterative 500 m, 200 m and 100 m grids. Broad
blocks of gradient array induced polarisation (IP) were completed to assist
drill targeting on the broad regional-scale surface anomalies. They drilled
broad spaced 400 m x 100 m auger and RAB fences in search for bedrock
targets.
During 2008 to 2012, Gold Fields conducted infill soils and termite sampling
down to 100 m x 25 m resolution. They conducted large blocks of regional
gradient array IP and three main phases of drilling ranging from 400 m x 100 m
RAB with follow-up AC down to
50 m x 25 m RC and RC with DD tails, dependent upon results discovered.
Cora acquired the Sanankoro Permit in April 2017 and started exploration
termite sampling in May 2017.
Geology
Deposit type, geological setting, and style of mineralisation.
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 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 2 km wide Sanankoro
Shear Zone, which can be traced over 30 km 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
northeast-southwest focused zone of en-echelon veining and associated sulphide
development.
There are five main areas which currently define the Sanankoro Gold project,
which in order of significance are Selin, Zone A, Zone B, Zone B North, and
Zone C.
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 the
deposit by discovering four to six multiple early/pre-D3 dykes of diorite
intruding the 65-80° west dipping axial trace of a western hangingwall F3
anti-form on this major reactivated D2 east-verging thrust. The >100 m 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, 10-30 m 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.
Zone A is located at the southern limit of the 11.5 km mineralised corridor,
which forms the Sanankoro Project. Zone A is the southern-most expression of
the 010° trending central axis of the Sanankoro Shear Zone, which sits 900 m
west of the Selin Boundary Shear and hosts the 5.8 km chain of open pit
resources from Zone A through Zone B1, B2, B3 to Target 3. The deposits of
this central trend verge westward mimicking the regional sense of thrusting.
Zone B is the strike extension of Zone A, located 800 m to the north. The
Sanankoro Main Trend runs for 6 km from south end of Zone A to the north end
of Target 3. Detailed sectional drilling is required along the length of this
major generative gold system. The local structural facing and stratigraphy of
Zone B is very similar to Zone A with the western footwall sequences hosting
more crystalline volcanic tuffaceous units and the eastern, hangingwall
assemblages being more basinal sediments. Zone B hosts an impressive scale of
hydrothermal activity and the broad horizontal widths of mineralisation
observed in the recent drilling bodes well for future discovery potential
along the central and southern sections of the Sanankoro Main Shear Zone.
Zone C is located 650 m southwest of Zone A on the parallel, >7 km long
Sanankoro West Shear Zone (SWSZ) which can be traced along a chain of surface
workings to the Excavator Prospect, 1.5 km north-northwest of Target 3. The
SWSZ is high in the priority list for drilling in the 2022 program and a
number of SWSZ targets, beyond Zone C, will be tested for surface potential.
Zones A, B and C deposits are identical in style and typical of Siguiri Basin
deposits, fold-thrust controlled within pelitic and psammitic sediments and
very deeply weathered (>120 m from surface). There is a highly evolved
weathering profile with a pronounced 8-10 m thick duricrust-laterite
ferro-cap, grading downward into a well-developed mottled zone to 20-25 m
depth and remains highly weathered until beyond 140 m vertically within the
central mineralised fault zone. Zone B1 has extremely deep weathering with
shallow oxide densities measured to depths of 190 m down-dip within the ore
zone trough.
All the host oxide lithologies are weathered to kaolin with only highly
corroded quartz vein material remaining in-situ to mark the main gold faults.
Diamond core shows the host lithologies to be predominantly variably grained
basinal pelites and sandstones with minor horizons of small quartz clast,
matrix-supported greywacke inter-bedded within the sequence. A minor intercept
of diorite has been identified but does not form an important control to the
mineralisation currently drill tested at Zone A or C. The primary sulphide is
pyrite disseminated around central vein networks and enveloped by a broader
hydrothermal halo of silica flooding, sericite and ankerite.
Drillhole information
A summary of all information material to the understanding of the exploration
results including a tabulation of the following information for all Material
drillholes:
· easting and northing of the drillhole collar
· elevation or RL (Reduced Level - elevation above sea level in metres)
of the drillhole collar
· dip and azimuth of the hole
· downhole length and interception depth
· hole length.
If the exclusion of this information is justified on the basis that the
information is not Material and this exclusion does not detract from the
understanding of the report, the Competent Person should clearly explain why
this is the case.
Significant intercepts that form the basis of the MRE have been released in
previous announcements (available on the Cora website) with appropriate tables
incorporating Hole ID, Easting, Northing, From, Depth and Intercept Assay
Data. Appropriate maps and plans accompany this MRE.
Previous drilling completed by Cora, Gold Fields and Randgold is documented
herein.
A complete listing of all drillhole details is not necessary for this report
which describes the Sanankoro Gold Project Mineral Resources and in the
Competent Person's opinion the exclusion of this data does not detract from
the understanding of this report.
The 2021 program twinned important historical Goldfields and early Cora,
smaller diameter, air core and RC intercepts. Historical Energold DD NQ core
holes exhibited sections of unacceptably poor recoveries, especially in the
deeply oxidised deposits of Zone A and Zone B1, which were twinned using the
deep RC rig.
The 2022 program focussed on infill drilling at Zone B North and Selin, and
targeted Fode 1 and Target 6 as potential sites of interest.
The 2023 program focussed on infill drilling at Zone A and Selin, with a
single drillhole into Zone B.
Data aggregation methods
In reporting Exploration Results, weighting averaging techniques, maximum
and/or minimum grade truncations (e.g. cutting of high grades) and cut-off
grades are usually Material and should be stated.
Where aggregate intercepts incorporate short lengths of high grade results and
longer lengths of low grade results, the procedure used for such aggregation
should be stated and some typical examples of such aggregations should be
shown in detail.
The assumptions used for any reporting of metal equivalent values should be
clearly stated.
All RC intersections are sampled and assayed on 1 m intervals but could be
composited up to 4 m in areas interpreted to be barren.
DD core sampling can be 0.5-1.5 m in length depending on geological contacts.
Significant intercepts have previously been reported using a cut-off grade of
0.5 g/t, without top cuts.
Mineralised intervals are reported with a maximum of 3 m of consecutive
internal dilution of less than 0.5 g/t Au. Mineralised intervals are reported
on a length-weighted average basis.
No metal equivalents are reported.
Relationship between mineralisation widths and intercept lengths
These relationships are particularly important in the reporting of Exploration
Results.
If the geometry of the mineralisation with respect to the drillhole angle is
known, its nature should be reported.
If it is not known and only the downhole lengths are reported, there should be
a clear statement to this effect (e.g. 'downhole length, true width not
known').
The orientation of the mineralised zone has been established and majority of
the drilling was planned to intersect the mineralised structures orthogonally
or as close as practicable.
Existing artisanal workings, buildings, sacred sites and drainage sometimes
created obstacles which prevented perfect intersection and some holes were
required to be drilled at less-than-ideal orientations.
For the bulk of drillholes, site preparations were carried out and 50 m by 25
m drill spacing applied and acceptable intersection orientations were
achieved.
Diagrams
Appropriate maps and sections (with scales) and tabulations of intercepts
should be included for any significant discovery being reported These should
include, but not be limited to a plan view of drill hole collar locations and
appropriate sectional views.
The appropriate plans and sections are included in this document.
Balanced reporting
Where comprehensive reporting of all Exploration Results is not practicable,
representative reporting of both low and high grades and/or widths should be
practiced to avoid misleading reporting of Exploration Results.
Not applicable as no Exploration Results are being reported in this document.
Other substantive exploration data
Other exploration data, if meaningful and material, should be reported
including (but not limited to): geological observations; geophysical survey
results; geochemical survey results; bulk samples - size and method of
treatment; metallurgical test results; bulk density, groundwater, geotechnical
and rock characteristics; potential deleterious or contaminating substances.
Detailed metallurgical test work has been carried out as part of a previous
scoping study. Testwork shows that the ore is amenable to conventional
crushing, grinding, gravity and carbon-in-leach processing. Oxide recoveries
have been determined to be >95%.
1,068 detailed dry bulk density determinations were conducted on all 2021
drilled core.
589 detailed UCS point load determinations were conducted on all drilled fresh
core.
Detailed geotechnical logging and analysis was conducted on all drill core.
Detailed regional exploration programs continue to generate new drill targets
which will feed into potential Mineral Resource growth.
Further work
The nature and scale of planned further work (e.g. tests for lateral
extensions or depth extensions or large-scale step-out drilling).
Diagrams clearly highlighting the areas of possible extensions, including the
main geological interpretations and future drilling areas, provided this
information is not commercially sensitive.
Detailed ESIA studies commenced in Q2 2020 and stakeholder engagement meetings
conducted throughout the period to date.
A program of detailed hydrology and civil geotechnical drilling is planned for
water management, tailings storage facility and plant sites.
Detailed variability metallurgical testwork is planned at ALS Perth to support
a feasibility study.
Detailed open pit and civils geotechnical studies are planned to support a
feasibility study.
Detailed hydrology studies are planned to support a feasibility study.
Additional Mineral Resource, Ore Reserve and grade control pattern drilling is
planned to update Ore Reserve designs prior to commencement of mining.
Section 3: Estimation and Reporting of Mineral Resources
(Criteria listed in section 1, and where relevant in section 2, also apply to
this section)
Criteria JORC Code explanation Commentary
Database integrity Measures taken to ensure that data has not been corrupted by, for example, Cora has a dedicated, 30-year experienced Data Manager consultant (Mr Tim
transcription or keying errors, between its initial collection and its use for Kelemen) who devised and built the central Datashed™ database with
Mineral Resource estimation purposes. standardised data collection templates, lookup tables and validation routines
for all exploration logging, spatial and sampling data.
Data validation procedures used.
Data collection is updated nightly by the Senior Project Geologist and emailed
as a quick-log to Tim in Brisbane for upload, validation and reporting. The
quick-log Microsoft Excel file contains DRILL ACTUAL VS PLAN, COLLAR, DTH
SURVEY, SAMPLING, GEOLOGY, VG LOGGING, WATER TABLE, INTERCEPTS and LAB
SUBMISSION sheets.
Sample numbers are unique and pre-numbered bags are used.
Cora project geologists validate assays returned back to the drill logged
geology in chips and core, previous section intercepts and on-going 3D
interpretation within MICROMINE™.
The MRE data was further validated on import into MICROMINE™ mining
software.
Cora employed routine 20% QAQC throughout all the 2021 - 2023 assaying stream,
involving one standard, one blank, two duplicates and one triplicate which
were inserted for every 25 samples submitted (5:25).
Detailed re-splits of important positive and negative intercepts were taken as
directed by the Head of Exploration, re-assayed at various labs and
cross-checked against original assays as selective QAQC.
A full record of access and database keystrokes is maintained within Datashed.
Tim Kelemen is the sole person with access to the Master DATASHED™ database,
which consequently is held remotely in Brisbane and backed-up to the cloud
nightly.
Site visits Comment on any site visits undertaken by the Competent Person and the outcome The 2022 Competent Person for the MRE, Mr Anton Geldenhuys, visited the
of those visits. Sanankoro Project in October 2021. The visit included inspection of geology
offices, RC Chip Library, DD Core Shed and Library, geotech rock lab and
If no site visits have been undertaken indicate why this is the case. viewing sample/pulp stores, central bag farm, sampling sheds, drill sites,
artisanal workings, and local surface geology.
DD coring was ongoing at Zone A and Zone B at the time of visit and the
Competent Person observed geological/geotechnical logging and density
determinations. A number of RC chip trays and DC holes were reviewed which
form part of this MRE.
Ongoing civil unrest in Mali precludes further site visits at this point in
time.
Geological interpretation Confidence in (or conversely, the uncertainty of) the geological The diorite intrusive at Selin plays a significant role in controlling the
interpretation of the mineral deposit. distribution and tenor of the mineralisation and consequently has been
modelled as solid units within the enveloping gold mineralisation wireframe.
Nature of the data used and of any assumptions made. The diorite intrusion precedes the gold mineralisation event and dips 70-85°
to the west.
The effect, if any, of alternative interpretations on Mineral Resource
estimation. The main host protolith at Zones A, B, B North and C, and surrounding the
diorite at Selin, are predominantly pelitic sediments and graphitic shears
The use of geology in guiding and controlling Mineral Resource estimation. which similarly dip at moderate to high angles to the east.
The factors affecting continuity both of grade and geology. Overprinting the strong linear north-south lithological architecture is a flat
weathering stratigraphy which is characterised from surface with an iron
indurated cap of laterite ± duricrust down to 12-17 m, with an underlying
mottled zone of soft plastic clay and highly kaolinized laterite for a further
6-12 m. Below the mottled zone is the saprolite, a highly weathered
discernible rock which is present, but down to highly variable depths, across
the deposits, reaching depths of >170 m at Zone B. The saprolite can be
observed to freshen into transition material relatively rapidly but extends to
depths normally between 170 m and 200 m at Zone A and Zone B, in the
highlands, before becoming true fresh rock.
At Selin, the weathering profile is suppressed, probably by the massive
siliceous nature of the diorite, with the transition material occurring from
60 m in certain highly siliceous, veined mineralisation locations. The
transition diorite mineralisation tends to maintain good CN recoveries.
Zone A and Zone B/North exhibit a very pronounced deep trough weathering
profile whereas Zone C and Selin seem to host less pronounced weathering,
likely due to host rock types and topographically low relief positions.
Mineralisation was modelled using a 0.2 g/t Au threshold value for all areas.
The threshold is deemed to be an indicator of mineralised material.
Higher grade zones were investigated, but these proved to not be sufficiently
continuous for modelling and estimation purposes.
The mineralisation model was guided by local dip and strike trends.
Dimensions The extent and variability of the Mineral Resource expressed as length (along The Selin mineralisation model is 2.8 km in length along strike, a maximum of
strike or otherwise), plan width, and depth below surface to the upper and 270 m in depth, and is anything from a few to 50 m wide. Selin is reported to
lower limits of the Mineral Resource. a maximum depth of 220 m below surface.
The Zone A mineralisation model is 1.2 km in length along strike, a maximum of
245 m in depth, and is anything from a few to 50 m wide. Zone A is reported to
a maximum depth of 190 m below surface.
The Zone B mineralisation model is 1.7 km in length along strike, a maximum of
215 m in depth, and is anything from a few to 50 m wide. Zone B is reported to
a maximum depth of 180 m below surface.
The Zone C mineralisation model is 750 m in length along strike, a maximum of
160 m in depth, and is anything from a few to 50 m wide. Zone C is reported to
a maximum depth of 120 m below surface.
The Zone B North mineralisation model is 1 km in length along strike, a
maximum of 130 m in depth, and is anything from a few to 50 m wide. Zone B
North is reported to a maximum depth of 110 m below surface.
Estimation and modelling techniques The nature and appropriateness of the estimation technique(s) applied and key Samples were composited to 2 m for all MRE processes.
assumptions, including treatment of extreme grade values, domaining,
interpolation parameters and maximum distance of extrapolation from data Experimental semi-variograms were calculated for gold from composites in Zones
points. If a computer assisted estimation method was chosen include a A and B combined, and Selin. Zones B North and C were deemed to contain too
description of computer software and parameters used. few data for variography.
The availability of check estimates, previous estimates and/or mine production The modelled semi-variogram for Zone A + B combined was applied to Zones A, B,
records and whether the Mineral Resource estimate takes appropriate account of B North and C for grade estimation. The modelled semi-variogram for Selin was
such data. only used to estimate grade at Selin.
The assumptions made regarding recovery of by-products. Estimation was carried out within the modelled 0.2 g/t Au mineralised volumes
using ordinary kriging on 2 m composites for gold. The entire volume was
Estimation of deleterious elements or other non-grade variables of economic estimated such that estimates were extrapolated no more than 100 m away from
significance (e.g. sulphur for acid mine drainage characterisation). data. This was often downdip, however, reporting pit shells ensure that deep
extrapolated grades were not included in the Mineral Resource.
In the case of block model interpolation, the block size in relation to the
average sample spacing and the search employed. Mineralisation boundaries were treated as hard contacts for estimation.
Any assumptions behind modelling of selective mining units. Ordinary kriging was optimised based on the kriging neighbourhood which
ensured minimal negative kriging weights and representative local estimates.
Any assumptions about correlation between variables.
Seequent Leapfrog Geo was used to model the mineralisation and Datamine RM was
Description of how the geological interpretation was used to control the used to estimate grade and tabulate the Mineral Resource tonnages, grade, and
resource estimates. content.
Discussion of basis for using or not using grade cutting or capping. An Inverse distance weighting estimate was carried out as a check of the
ordinary kriged estimates. These correlate well and the ordinary kriged
The process of validation, the checking process used, the comparison of model estimate is deemed to be an acceptable representation of the in-situ gold
data to drillhole data, and use of reconciliation data if available. grade.
No by-products or deleterious elements were considered in the MRE.
The parent cell size is 5 m x 20 m x 20 m (XYZ). Collars were drilled at 50 m
x 50 m or 50 m x 25 m spacing. The block is deemed to be appropriate relative
to the data configuration.
Search distance was roughly aligned to the variogram range (30 m) for all
zones.
Selective mining units were not considered in the estimation.
Composite gold grades were capped for estimation according to Zone, based on
statistics and outliers. Selin composites were capped to 35 g/t Au, Zone A
composites were capped to 25 g/t Au, Zone B composites were capped to 21 g/t
Au, Zone B North composites were capped to 8.5 g/t Au and Zone C composites
were capped to 6 g/t Au.
Gold grade estimates were validated by means of global statistics, swath plots
and visual sectional checks of grade in the model vs grade of the composites.
Moisture Whether the tonnages are estimated on a dry basis or with natural moisture, The tonnages in the estimate are for dry tonnage with no factoring for
and the method of determination of the moisture content. moisture.
Cut-off parameters The basis of the adopted cut-off grade(s) or quality parameters applied. The Mineral Resource is reported at a cut-off grade of 0.3 g/t Au, which is a
reduction from the previously used 0.4 g/t Au cutoff grade.
The cut-off grade is in line with other similar reported styles of gold
mineralisation.
Mining factors or assumptions Assumptions made regarding possible mining methods, minimum mining dimensions The Mineral Resource is deemed to be amenable to open pit extraction.
and internal (or, if applicable, external) mining dilution. It is always
necessary as part of the process of determining reasonable prospects for Reasonable prospects for eventual economic extraction were determined using
eventual economic extraction to consider potential mining methods, but the conceptual mining parameters and a long-term gold price of US$2,400/oz.
assumptions made regarding mining methods and parameters when estimating
Mineral Resources may not always be rigorous. Where this is the case, this The parameters and long-term gold price were used to determine an optimised
should be reported with an explanation of the basis of the mining assumptions pit shell for reporting the Mineral Resource.
made.
Metallurgical factors or assumptions The basis for assumptions or predictions regarding metallurgical amenability. Metallurgical testwork conducted upon Selin, Zones A and B gold ore composites
It is always necessary as part of the process of determining reasonable - ALS Perth Report No. A21106, March 2021.
prospects for eventual economic extraction to consider potential metallurgical
methods, but the assumptions regarding metallurgical treatment processes and Results indicated +95% recoveries from grinding P80 passing 75 micron,
parameters made when reporting Mineral Resources may not always be rigorous. gravity and direct CIL.
Where this is the case, this should be reported with an explanation of the
basis of the metallurgical assumptions made. As significant program of metallurgical variability test work is ongoing at
ALS Perth and will be incorporated into the forthcoming Definitive Feasibility
Study.
Environmental factors or assumptions Assumptions made regarding possible waste and process residue disposal Metallurgical testwork conducted upon Selin, Zones A and B Gold Ore Composites
options. It is always necessary as part of the process of determining - ALS Perth Report No. A21106, March 2021. The acid mine drainage prediction
reasonable prospects for eventual economic extraction to consider the analysis for all four composite samples indicated that none would be net
potential environmental impacts of the mining and processing operation. acid-producers.
While at this stage the determination of potential environmental impacts, A significant program of AMS testwork is ongoing at ALS Perth and will be
particularly for a greenfields project, may not always be well advanced, the incorporated into the forthcoming Definitive Feasibility Study.
status of early consideration of these potential environmental impacts should
be reported. Where these aspects have not been considered this should be A full Definitive Feasibility Study-level ESIA study commenced in June 2020 by
reported with an explanation of the environmental assumptions made. Digby Wells and will be incorporated into the forthcoming Definitive
Feasibility Study.
Bulk density Whether assumed or determined. If assumed, the basis for the assumptions. If Dry bulk density determinations were made using the 'water displacement method
determined, the method used, whether wet or dry, the frequency of the 6' as outlined in 'AusIMM Monograph 30 - Measurement of Bulk Density for
measurements, the nature, size and representativeness of the samples. Resource Estimation' (Lipton and Horton). The method utilises the water
immersion technique on samples before and after coating with wax.
The bulk density for bulk material must have been measured by methods that
adequately account for void spaces (vugs, porosity, etc.), moisture and Samples are dried for 24 hours at 110°C, weighed, then waxed and re-weighed
differences between rock and alteration zones within the deposit. dry and immersed using LTB 6002e 0.1 g electronic balance.
Discuss assumptions for bulk density estimates used in the evaluation process A total of 1,068 dry bulk density determinations were made on full PQ and HQ
of the different materials. core samples from Selin, Zone A and Zone B.
Bulk density was analysed according to weathering domain by removing outlier
values and determining mean values from representative data.
Mean values were applied to the weathering domains as follows: duricrust cap
2.23 t/m(3); mottled zone 1.95 t/m(3); oxide 1.86 t/m(3); transition 2.58
t/m(3) and fresh 2.74 t/m(3).
Classification The basis for the classification of the Mineral Resources into varying The Mineral Resource was classified into Indicated and Inferred categories as
confidence categories. defined by The Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves ("the JORC Code").
Whether appropriate account has been taken of all relevant factors (i.e.
relative confidence in tonnage/grade estimations, reliability of input data, Mineral Resource classification considered the quality and quantity of
confidence in continuity of geology and metal values, quality, quantity and available data, geological continuity, grade continuity and confidence in the
distribution of the data). grade estimates.
Whether the result appropriately reflects the Competent Person's view of the Indicated Mineral Resources were classified from data that was deemed
deposit. acceptable for Mineral Resource estimation and reporting, and where data were
sufficient to model mineralisation and estimate grade with a reasonable level
of confidence for Indicated Mineral Resources. For Indicated, data was
generally spaced at 35 m x 35 m in Zones A, B, B North and C, and at 40 m x 40
m at Selin. The mineralisation at Selin is deemed to be more continuous, hence
the wider spacing allowed for Indicated. Indicated Mineral Resources have
slope of regression values ≥0.75, demonstrating an acceptable level of
confidence in the estimate.
Inferred Mineral Resources were classified beyond the 35 m x 35 m (Zones A, B,
B North and C) and 40 m x 40 m (Selin) data spacing.
Mineral Resources were constrained by the reasonable prospects for eventual
economic extraction pits, below which any mineralisation was not classified
and therefore not reported.
Audits or reviews The results of any audits or reviews of Mineral Resource estimates. No Mineral Resource audit or review by the Competent Person for Mineral
Resources, however, a site visit was carried out in 2022 to review the data
acquisition and processing practices.
Discussion of relative accuracy/ confidence Where appropriate a statement of the relative accuracy and confidence level in The level of accuracy in the Mineral Resource is represented by the
the Mineral Resource estimate using an approach or procedure deemed classification categories assigned to block model.
appropriate by the Competent Person. For example, the application of
statistical or geostatistical procedures to quantify the relative accuracy of Indicated Mineral Resources can be considered as reasonable local estimates.
the resource within stated confidence limits, or, if such an approach is not
deemed appropriate, a qualitative discussion of the factors that could affect Inferred Mineral Resources are deemed to be global in nature.
the relative accuracy and confidence of the estimate.
No commercial production has taken place and therefore no production data is
The statement should specify whether it relates to global or local estimates, available for Mineral Resource reconciliation.
and, if local, state the relevant tonnages, which should be relevant to
technical and economic evaluation. Documentation should include assumptions
made and the procedures used.
These statements of relative accuracy and confidence of the estimate should be
compared with production data, where available.
1 (#_ftnref1) Joint Ore Reserves Committee, 2012. Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore Reserves. The JORC
Code, 2012 Edition. online . Available from http://www.jorc.org (The Joint
Ore Reserves Committee of The Australasian Institute of Mining and Metallurgy,
Australian Institute of Geoscientists, and Minerals Council of Australia).
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