REG - Cora Gold Limited - 2024 Sanankoro Exploration Update

Cora GoldAnnouncement

24/09/2024 07:00

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RNS Number : 3212F  Cora Gold Limited  24 September 2024

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

 24 September 2024

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

2024 Sanankoro Exploration Update

 

Cora Gold Limited, the West African focused gold company, is pleased to
provide an update on recent exploration work conducted at the Company's
Sanankoro Gold Project ('Sanankoro' or the 'Project') in southern Mali.

 

2024 Exploration Highlights

●     Sampling completed as part of a targeted exploration programme
aimed at identifying priority targets to expand Sanankoro's current 920koz
Resource and Reserve inventory, which is contained within 5 main deposits
(Zone A, Zone B, Zone B North, Zone C and Selin).

●     Identified 4 primary and 4 secondary gold bearing structures,
representing approximately 50km (cumulative strike length) of highly
prospective terrain for exploration targeting.

●     20 new and existing greenfield exploration targets now outlined
within these 8 gold bearing structures, which are being ranked to prioritise
future drill programmes.

●     Results to date give good confidence on the ability to extend
resource inventory and life of mine.

●     Targets and best results include:

o  Berebogoni - Woyodakoun:

▪      One of the largest and most promising new exploration targets
due to its proximity to existing Mineral Resources at Selin and Zone B

▪      Grab samples include 16.5 g/t gold ('Au'), 9.64 g/t Au and 4.39
g/t Au

▪      Channel sample results include 14m @ 1.26 g/t Au from BCH014, 6m
@ 1.89 g/t Au from BCH015 and 10m @ 1.42 g/t Au from BCH046

o  Dakounkoura and Dakounkoro:

▪      Potential to host large mineral resource tonnage

▪      Rock chip samples include 8.0 g/t Au, 7.4 g/t Au and 6.0 g/t Au

▪      Broad mineralisation zone intersected in channel SCH014, 46m @
0.55 g/t Au, 20m @ 0.52 g/t Au from SCH073, 12m @ 0.94 g/t Au from SCH115 and
15m @ 1.2 g/t Au from SCH130

o  Dako:

▪      Located approximately 8km south-east of existing Mineral
Resources at Zone A with a strike length of 2.4km and up to 150m wide

▪      Rock chip samples include 6.58 g/t Au, 5.27 g/t, 4.03 g/t Au and
3.84 g/t Au

▪      Higher grade mineralisation intersected in channels, with 5.5m @
9.90 g/t Au from DCH0020, 19.5m @ 1.75 g/t Au from DKCH042, 10m @ 1.12 g/t Au
from DKCH007 and 14m @ 0.75 g/t Au from DKCH008

o  Fode 1:

▪      Rock chip samples include 5.7 g/t Au, 4.6 g/t Au and 3.8 g/t Au

o  Djolibadakoun:

▪      Mineralisation has a known strike extent of 850m, is
approximately 75m wide and open at both ends

▪      Rock chip samples include 6.99 g/t Au, 3.47 g/t Au and 1.27 g/t
Au

▪      Best channel sample intervals BCH033, 6m @ 3.39 g/t Au, 6m @
1.89 g/t Au from BCH043 and 6m @ 1.32 g/t from BCH042

●     Company's geologists are systematically collecting data and
advancing the remaining 13 greenfield targets towards reconnaissance drill
evaluation status.

●     All targets are soft oxide rock and within trucking distance of
the proposed Sanankoro Gold processing plant.

 

Bert Monro, Chief Executive Officer of Cora, commented, "Sanankoro is in its
relative infancy as an exploration project, due to our primary focus to date
centring on the definition of oxide Mineral Resources. We have had great
success in defining a sizeable commercial resource across the five main
deposits known to us (being Zone A, Zone B, Zone B North, Zone C and Selin)
and we are aware that there is significant exploration endowment at the
property. These 20 new targets are an excellent indication of Sanankoro's
prospectivity and in conjunction with the remaining untested 50km strike
length of gold bearing structures we are very optimistic that with continued
exploration we will be able to grow our resource base and life of mine."

 

Sanankoro Gold Project Map

Figure 1: Map showing the locations of the deposits, and future Mineral
Resource growth zones at the Sanankoro Gold Project

 

Regional Geology

On a regional scale, Sanankoro is characterised by the extensive 500m wide
Sanankoro Main Shear Zone 'SMSZ', which is located parallel to the regional
fault structure separating the Siguiri basin sediments to the west and the
Yanfolila belt mixed lithologies to the east. This regional fault can be
traced in excess of 150km in length and serves as a major fluid conduit along
which a handful of significant gold deposits are located within its close
proximity, including Kalana (+2Moz), Komana (1.4Moz) and Kobada (2.4Moz).

 

Within the Project area gold mineralisation is expressed by a large surficial
elevated gold anomaly (>20 ppb Au) of approximately 14km x 3km in geometry,
widespread artisanal mining activity of shallow surface material, and by more
than 155,000m of drilling, of which 100,000m has been drilled by Cora since
2017.

 

As a result of the Company's recent exploration work, it has defined 4 major
gold bearing trends within its permits, of which the SMSZ is the dominant
structure (+10km long and approximately 500m wide) (see Figure 1 for details).
Gold mineralisation at the Project is primarily steeply dipping to the East
and striking to the North-North-East (approximately 010°), a trend that is
consistent with regional structures and gold mineralised zones within Southern
Mali.

 

Figure 2: Regional Interpretation of Yanfolila Belt and Siguiri Basin, showing
Sanankoro's location with respect to major regional geological structures,
lithologies, and nearby deposits (Toubani Resources and Sylla Gold). Also
shown are Cora's exploration permits, 20ppb gold in soil anomaly outline (14km
long x 3km wide) and 10km range ring.

 

2023-2024 Exploration Results Summary

The Company's exploration team has been actively conducting systematic field
exploration activities at the Project since early 2023. The objective of the
exploration work has been two-fold: i. identify new exploration targets and
their primary controlling structures; and ii. advance known targets to drill
ready status. Both objectives will serve to maximise the future mine life
opportunity at Sanankoro, potentially adding to the currently defined mineral
resources (920koz) at the 5 established deposits and expanding on the existing
6.8 year mine life (see announcement dated 21 November 2022).

 

During the past 18 months of exploration work, the Company's exploration
geologists have identified more than 20 exploration targets within the
Sanankoro exploration permits.

 

Figure 3: Sanankoro Exploration target map showing the locations of the gold
bearing shear zones located within the Sanankoro Gold Project

 

The following is a summary of the main exploration targets, none of which yet
have mineral resources defined.

 

Berebogoni-Woyodakoun

The Berebogoni-Woyodakoun target (previously referred to as Bokoro East) is
one of the largest and most promising new exploration targets at the Project.
The target is located south of the established Selin deposit along the Selin
South structure and is a site of active artisanal mining activity. Current
known dimensions of orpaillage workings extend over a distance of 2.7km in
strike (NNE) and up to 150m wide. Gold mineralisation at Berebogoni -
Woyodakoun is hosted primarily by a stockwork of thin quartz veins within
sandstone and tuff. Host rocks are heavily oxidised and altered, with vugs
present due to oxidation of sulphides, with limonite the dominant form of
alteration.

 

Recent sampling of the orpaillage workings has returned grab values including
4.39 g/t Au, 9.64 g/t Au and 16.5 g/t Au. Best channel intervals include
BCH013 6m @ 0.64 g/t Au, BCH014 14m @ 1.26 g/t Au, BCH015 6m @ 1.89 g/t Au,
BCH029 8m @ 0.98 g/t Au and BCH046 10m @ 1.42 g/t Au. Limited drilling has
been carried out previously at the target with some 18 shallow reverse
circulation ('RC') holes drilled, which combined with all other available
sample data was modelled by CSA Global (now ERM) and an Exploration target
range of 4.1 - 5.6Mt @ 0.55-1.29 g/t Au was reported (see announcement dated 7
November 2022). The best drill intercept reported was in hole BC0111 of 4m @
7.2 g/t Au. Hole SC0026 returned 17m @ 1.18 g/t Au and ended in
mineralisation, and 4 other holes also ended in mineralisation, including
BC0011 of 7m @ 1.59 g/t Au at 46m. Systematic drilling has not been carried
out to test the full strike length and width of the target area.

 

Due to its location between Selin and the Zone B deposits, the many artisanal
excavations not yet drill tested, and its close proximity to the proposed
process plant site (short trucking distances and therefore lower cut-off
grades), Berebogoni - Woyodakoun is an important target as a source of
potential oxide mill feed for the operation.

 

Figure 4: Map of Berebogni-Woyodakoun exploration target (previously called
Bokoro East)

 

Figure 5: Drill cross section (West-East) at Berebogni-Woyodakoun

 

Dakounkoura and Dakounkoro

The Dakounkoura and Dakounkoro targets are located at the northern end of the
SMSZ, straddling the footwall (Bokoro structure) and hanging wall (Sanankoro
structure) contacts of the SMSZ respectively. Due to the style of
mineralisation present at both targets, the broad extents of anomalous and
lower grade rock samples, extensive artisanal mining excavations, and limited
drilling carried out, the Dakounkoura and Dakounkoro targets have the
potential to host large mineral resource tonnages. Further exploration work is
due to be carried out in order to progress these targets towards
reconnaissance drilling.

 

Sampling of the artisanal miners' workings has returned grab values including
8.0 g/t Au, 7.4 g/t Au and 6.0 g/t Au, with many more samples between 0.2-1
g/t Au range highlighting the broad nature of the mineralised zones
(consisting of quartz stockworking) within the sandstone and intercalated fine
sediment package of rocks. Best channel intervals are 46m @ 0.55 g/t Au from
SCH014, 20m @ 0.52 g/t Au from SCH073, 12m @ 0.94 g/t Au from SCH115 and 15m @
1.2 g/t Au from SCH130, with many more higher grade channels sampled but which
were narrower due to the lack of wall rock exposed by the artisanal miners.
Many of these narrower channels either ended or started in mineralisation
(>0.2 g/t Au). Very limited drilling has been carried out at the 2 targets,
with only 6 shallow RC holes drilled. The best of these drill holes is SC0109
26m @ 1.16 g/t Au, SC0203 6m @ 1.67 g/t Au, and SB0078 18m @ 0.99 g/t Au. An
indication of the potential strike length of mineralisation is hole SC0282,
which was drilled 900m south of Dakounkoura along strike of Zone B North pit,
where it intersected 25m @ 0.94 g/t Au and ended in mineralisation, which if
linked together would provide 1.8km of mineralised strength length. These two
targets of Dakounkoro and Dakounkoura were modelled by CSA Global (now ERM),
which calculated an Exploration Target range of 5.9-8Mt @ 0.60-1.20 g/t Au, as
reported (see announcement dated 7 November 2022).

 

Figure 6: Map of Dakounkoura and Dakounkoro exploration target

 

Figure 7: Drill cross section (West-East) at Dakounkoura

 

Dako

The Dako target is located approximately 8km to the S/E of Zone A, along the
NNE trending Dako shear zone. Recent exploration work continues to confirm the
potential of Dako as an exploration target and possible location of future
mineral resources at Sanankoro. Mineralisation at Dako has a strike length of
2.4km and is up to 150m wide.

 

Mineralisation is controlled by the large Dako shear with cross cutting
east-west quartz veins within local sediment and volcanic units of sandstone
and tuff. Best grab samples to date are 6.58 g/t Au, 5.27 g/t Au, 4.03 g/t Au
and 3.84 g/t Au. Dako has more higher grade samples >1 g/t Au than many of
the other Sanankoro targets. Best channel intervals are DKCH007 10m @ 1.12 g/t
Au, DKCH008 14m @ 0.75 g/t Au, DCH0042 19.5m @ 1.75 g/t Au and DKCH0029 5.5m @
9.90 g/t Au. Channel sampling has been restricted by available wall rock
exposure in the artisanal miners' excavations. Pits have also been used as an
effective exploration tool and due to the thick depth of laterite, anomalous
samples >0.1 g/t Au are a sign of underlying mineralisation in the
saprolite and have assisted in mapping out the underlying structure for future
drilling. 40 shallow exploratory RC drill holes have been drilled at Dako,
with the best holes returning the following intervals: DC0002 9m @ 1.19 g/t Au
and 11m @ 1.15 g/t Au with 3 zones intersected in total by the hole; DC007 12m
@ 1.30 g/t Au; DC0029 22m @ 0.68 g/t Au and 20m @ 0.53 g/t Au; and DC0030 13m
@ 1.87 g/t Au, with the hole also ending in mineralisation at 6m @ 0.57 g/t
Au. Due to the large strike and width extents of the mineralisation at Dako,
significant drilling is required to effectively delineate the mineral resource
potential with many areas and artisanal excavations currently untested.

 

Previous Exploration Target modelling by CSA Global (now ERM) calculated an
Exploration Target range of 2.6 - 3.5Mt @ 0.60-1.29 g/t Au for Dako, (see
announcement dated 7 November 2022) based on limited drilling available at the
time. With future drilling this number is expected to increase significantly.

 

Figure 8: Map of Dako exploration target

 

Figure 9: WNW (310 degrees) drill cross section at Dako

 

Djolibadakoun

Djolibadakoun is located to the east of the Berebogoni - Woyodakoun target and
along an eastern secondary gold bearing structure. Mineralisation has a known
strike extent of 850m (open at both ends) and is approximately 75m wide. Due
to the area being largely covered by laterite, its true extents are yet to be
delineated.

 

Sampling of the orpaillage workings has returned the following grab values,
3.47 g/t Au, 0.96 g/t Au and 0.79 g/t Au, with the best channel intervals from
BCH033 6m @ 3.39 g/t Au, BCH042 6m @ 1.32 g/t Au and BCH043 6m @ 1.86 g/t Au.
The majority of sampled channels all started and ended in low to anomalous
grades of mineralisation and with sampling locations restricted due to limited
exposure inside the smaller orpaillage excavations. Best grab samples returned
values of 6.99 g/t Au, 3.47 g/t Au and 1.27 g/t Au, with many other
encouraging values confirming the presence of mineralisation to be tested by
future drilling. No drilling has been conducted at the target. The
Djolibadakoun target was modelled by CSA Global (now ERM), which calculated an
Exploration target range of 0.7 - 0.9Mt @ 0.76-1.06 g/t Au (see announcement
dated 7 November 2022) and in light of the recent exploration work, an
increase in the range of tonnes is expected following a future phase of
drilling.

 

Figure 10: Map of Djolibadakoun exploration target

 

Fode 1

The Fode 1 exploration target is located on the footwall of the SMSZ (Bokoro
structure) directly opposite and 700m west of the Zone B north deposit. The
target area is defined by existing artisanal miners' workings, which extend
for more than 1km in strike and up to 100m wide in places over 2 parallel
zones of mineralisation. Preliminary reconnaissance style shallow drilling has
been carried out, which returned the following results, SC0651 11m @ 0.94 g/t
Au and 10m @ 0.60 g/t Au (2 zones intersected with a 30m wide shear zone) and
SC0652 7m @ 1.32 g/t Au (this same hole intersected 3-4 zones of
mineralisation over a 35m wide structure, with the hole ending in
mineralisation at a depth of 138m). Recent rock chip samples and channel
sample results returned the following, 5.7 g/t Au, 4.6 g/t Au and 3.8 g/t Au
from rock chips (taken from within highly weathered cross cutting quartz veins
within a sandstone host rock). Due to safety reasons and restricted
accessibility, few channel samples have been taken.

 

Fode 1 target was modelled by CSA Global (now ERM), which calculated an
Exploration Target range of 0.9 - 1.2Mt @ 0.77-1.99 g/t Au (as reported (see
announcement dated 7 November 2022). Due to its proximity to planned haulage
infrastructure and potential for higher grades at Fode 1, it remains a
priority target for the Company and is undergoing further assessment of its
mineral resource potential and future drill planning.

 

Figure 11: Map of central portion of the Fode01 exploration target

 

 

Figure 12: Drill cross section (West-East) at Fode01

 

Additional Targets

Outside of these 7 targets another 13 targets exist on which the Company's
geologists are systematically collecting data and advancing towards
reconnaissance drill evaluation status. Most of these early greenfield targets
have not been drilled nor contribute towards the Company's Exploration Target
modelling as carried out by CSA Global (now ERM) in 2022. Some of these
targets have been returning high grab and channel samples values; this
includesTRA07 where 56.1g/t Au was sampled.

 

Figure 13: Photograph of artisanal workings at TRA07 target

 

The 20+ greenfield exploration targets also do not include the brownfield
exploration mineral resource potential at the 5 established deposits (Zone A,
Zone B, Zone B North, Zone C and Selin) along the SMSZ and Selin shear zones.
The 2022 Exploration Target modelling by CSA Global (now ERM) calculated an
additional total of 7-9.6Mt @ 0.58-1.13 g/t Au from 150 shallow RC drill holes
surrounding these deposits. Extensive artisanal miner tails material and
excavations have limited the drill rig accessibility in the past, which has
disrupted exploration of these brownfield targets and their mineral resource
definition over the highly prospective 6km strike of the SMSZ from Zones A and
C in the south to Dakounkoro and Dakounkoura in the north. As part of the
Company's wider exploration strategy, plans are in place to prioritise the
brownfield exploration in conjunction with the greenfield exploration as it
looks to grow the mineral resource base for the Project and in turn increase
the mineable reserves and mine life of the future operation.

 

Further exploration updates will be provided as new results come to hand.

 

Competent Person's statement

The technical information in this release that relates to Exploration Results
was reviewed and approved by Mr Murray Paterson, in his capacity as a
Competent Person, as required under the AIM Rules for Companies. Murray
Paterson is the Head of Geology 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 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, 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
(http://www.coragold.com/) or contact:

 Bert Monro       Cora Gold Limited                  info@coragold.com (mailto:info@coragold.com)

Craig Banfield
 Derrick Lee      Cavendish Capital Markets Limited  +44 (0)20 7220 0500

Pearl Kellie
(Nomad and Broker)
 Susie Geliher    St Brides Partners                 cora@stbridespartners.co.uk (mailto: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. The
November 2022 Definitive Feasibility Study, based on a gold price of
US$1,750/oz, had a Maiden Probable Oxide Reserve of 422koz @ 1.3 g/t Au, and
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 in east Senegal.

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