REG - Cora Gold Limited - 2025 Madina Foulbé Exploration Update

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RNS Number : 2338Z  Cora Gold Limited  15 September 2025

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

 15 September 2025

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

2025 Madina Foulbé Exploration Update

 

Cora Gold Limited ('Company'), the West African focused gold company, is
pleased to provide an update on recent exploration work conducted at the
Company's Madina Foulbé Exploration Project ('Madina Foulbé' or the
'Project') in eastern Senegal. Madina Foulbé is located within the Mako Gold
Belt of the Kédougou-Kéniéba Inlier ('KKI') in close proximity to several
Tier 1 gold deposits (see Figure 1) and recent exploration has confirmed the
Project's large scale gold mineralisation potential.

 

2024 and 2025 Exploration Overview:

 

2024 Drill Programme

 

●    June 2024 reconnaissance reverse circulation ('RC') programme tested
nine previously untested targets at the Tambor Target (see announcement dated
9 July 2024), 1 of 4 main targets at the Project.

●    6 out of 10 drill targets returned economic/anomalous gold grades.

●    Best intersection: 10m at 4.41 g/t gold ('Au') from 41-51m (MFC0013)
- hole ended in mineralisation as did 50% of holes.

●    Results defined a large gold-rich system across a 2.3km x 2.3km
area, much of which remains untested at surface and depth.

 

2025 Exploration Work

 

●    Recent work focused on each of the four key targets: Tambor, Tombolo
South, Madina and Diombalou.

●    Activities included a review of historical data, reinterpretation of
regional magnetics, and first-pass multi-element soil and lithology
geochemistry.

●    The objective of this work was to assess the applicability of the
Company's P-XRF analyser (a handheld instrument that uses X-ray technology to
perform rapid and on-site elemental analysis of materials, providing real-time
data for identifying elements and their concentrations) as a reconnaissance
tool to assist in refining and identifying new drill targets.

 

Target Overview and Highlights:

 

●    Tambor - significant gold in soil anomaly, 3km x 1.5km at >20ppb;

o  Four key zones of interest have been identified from the combined analysis
of the drill assays (gold and multi-element geochemistry) and recent
multi-element soil geochemistry results.

o  Gold preferentially is hosted by units of mafic composition located in the
central portion of the gold anomaly, with additional zones of gold
mineralisation occurring in schists and felsic intrusive units (Tonalitic
composition).

o  Arsenic soil anomalies are coincident with the best drill results; these
anomalies may show the direction and continuation of gold mineralisation as
intersected by the 2024 drilling.

o  Highest priority zone of interest is the central mafic area (1km x 800m)
which incorporates 2024's drill targets of; Target 1: 10m* at 4.41 g/t Au,
48m* at 0.47 g/t Au, 11m* at 0.65 g/t Au; Target 5: 31m* at 0.29 g/t Au, 15m*
at 0.40 g/t Au; Target 3 west: 13m* at 0.2 g/t Au; Target 3 east: 0-40m of
strong argillic alteration with high iron ('Fe') (possible Jarosite = oxidised
sulphide / mineralisation), where '*' denotes holes ending in mineralisation

o  New key zone of interest identified from the recent multi-element soil
sampling programme; new and untested high grade arsenic anomalies (+/-
bismuth, molybdenum and tin) identified within the central mafic area

o  Three other zones of interest; 2024's drill Target 8 (gold at lithological
contact, arsenic anomaly 400m long and open to north and south); Target 9
(widespread distribution and high values of arsenic over 200 x 300m, open in
three directions) and Target 2 (intersected broad zones of gold mineralisation
associated with sheeted veins within granitic units).

 

●    Tombolo South target - gold in soil anomaly, >3km x 600-1,000m at
>20ppb

o  Two key zones of interest along the N-S, Sabodala Shear Corridor 'SSC'

i.      High grade gold zone at surface in mafic volcanics, with
corresponding Bismuth soil anomaly 1.5km long, open to north and associated
with prominent magnetic low structure. Target is not drill tested

ii.     Gold mineralisation within granitic host unit, with corresponding
800m x 800m gold in soil anomaly. Target is not drill tested.

 

●    Madina target - gold in soil anomaly (2km x 1.3km at >20ppb)

o  Corresponds to regional lithological contact and a regional N-S structure.
Soil sample multi-element study and previous shallow Rotary Air Blast 'RAB'
drilling indicate that the in-situ source of the gold anomaly is interpreted
to be located west and beneath the shallow RAB drill holes.

o  Outcropping mineralisation present at surface with no artisanal workings
present.

 

●    Diombalou target - gold in soil anomaly (2.5km x 1km at >20ppb)

o  Located along the same regional N-S structure (Léoba-Moussala Shear Zone
'LMSZ') as Madina target, mineralisation outcrops at surface, target has not
been drill-tested and no artisanal workings exist.

 

Bert Monro, Chief Executive Officer of Cora, commented, "Work at Madina
Foulbé continues to show the promising potential of a large gold rich system.
The results received to date are even more significant due to the Project's
location in a geological province proven to be elephant country as evidenced
by the presence of multiple world-class gold deposits.  Whilst our primary
focus as a company remains on commencing mine construction at our flagship
Sanankoro Gold Project, it's great to see our exploration team identify strong
targets for future drilling, which present the Company with exploration upside
that could be transformational."

 

Murray Paterson, Head of Geology at Cora, commented: "With four strong gold
anomalies identified at Madina Foulbé - all of which have yielded encouraging
results from early-stage exploration - we are seeing highly encouraging signs
of significant underlying gold systems. Tambor is the largest of the four, and
now that we have established a clear link between the mafic lithologies and
gold mineralisation over a large area, it is an extremely promising sign of
what might lie at depth underneath the gold soil anomaly. For our team, this
is an exciting drill target in an easy to explore area, and we are eager to
pursue further exploration activities with a view to expanding our global
resource inventory.

 

"In addition to Tambor, we have a further three prospective gold soil
anomalies present, all of which indicate they have in-situ resource potential,
which further underpins Madina Foulbé as a highly valuable and high reward
project for the Company. We are excited to share our progress as we advance
each target."

 

Figure 1. Location map of KKI, Tier 1 deposits and Cora Gold's Madina Foulbé
exploration permit

 

 

Further Information

 

Madina Foulbé Project Background

The Project is located in eastern Senegal in close proximity to the country's
border with Mali. The permit is connected by a well maintained (by the
government) road, approximately 50km south of the Senegalese town of Kidira,
located on Senegal's national route 1, a major border crossing into
neighbouring Mali.  Geologically, the Project is situated in the north/west
area of the KKI, approximately 27km directly west of the Sadiola Gold Mine
(see Figure 2 below).  The Project is relatively un-explored despite the
regional work programmes and the reconnaissance drill programmes completed
since 2018 by the Company.  Located within the Project area are four
principal gold in soil anomalies (Tambor, Tombolo South, Madina and Diombalou)
with only the Tambor gold in soil anomaly having been tested by shallow
reconnaissance RC drill holes.  Topography of the area is flat to slightly
undulating, with easy drill rig access to all target areas by local roads.

 

 

 

Figure 2: Regional Geological map of the KKI, showing Cora's Madina Foulbé
permit boundary (from Dioh et al 2006). Shown are the 2 major N-S regional
structures, western LMSZ and eastern SSC that transect the Madina Foulbé
permit on which all 4 gold anomalies are located.

 

 

2025 exploration work update

The Company's exploration team has been actively conducting systematic and
phased field exploration activities at the Project to advance the four main
targets of Tambor, Tombolo South, Madina and Diombalou (see figure 3 below).
The 2025 exploration work programmes at the Project involved reviewing all
previous historical data, regional magnetics and completed an initial
multi-element soil geochemistry study to provide another data set to
supplement the existing, gold in soil, drill, rock chip, trench and RAB data.
Below is an outline of the 2025 field work carried out to date:

 

●    Soil and rock chip sampling programmes were carried out at Tambor,
Madina and Tombolo South.

●    Soil samples were analysed by the Company's Portable X-Ray
Fluorescence 'P-XRF' analyser for multi-element geochemistry and rock chip
samples were sent for fire assay for gold concentration and ICP-MS (4 acid)
for multi-element geochemistry.

●    In total 512 soil and 20 rock samples were collected and submitted
for analysis, with the majority of samples collected from Tambor.

●    Results from the P-XRF and ICP-MS analysis confirmed the elements
associated with gold, the width and trends of the mineralisation and the
location of lithological contacts.  The associations made through this work
should support more targeted and lower cost exploration in the future.

 

 

Figure 3: Map showing the location of the four principal targets and their
associated gold in soil anomalies (ppm) at Madina Foulbé

 

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

 

Tambor

Exploration at Tambor is the most advanced of the four targets at the Project
due to the work activities completed at the target in comparison to the other
three.  Work has focused on Tambor due to the large gold in soil anomaly
(>20ppb), 3km long x 1.5km wide, max value = 1.429 g/t Au and anomaly mean
value =64ppb Au (from 415 samples), with the anomaly not closed off to the
north or south. Supporting the soil anomaly, Toro Gold (previous operator of
the permit) drilled 59 short RAB holes which intersected intervals of
mineralisation (see announcement dated 30 March 2020). The Company has
completed geological mapping, termite mound and rock chip sampling from within
the soil anomaly and its immediate surrounding area.  The best surface grab
samples returned, 95.3 g/t Au at drill Target 1; 16.2 g/t Au and 2.86 g/t Au
at drill target 8; and 7.2 g/t Au at target 9.  Regional geophysical data
sets show a large circular feature coinciding with the Tambor gold-in-soil
anomaly, which in addition to the regional (+200km in length) scale
north-south trending fault system, the SSC, is interpreted from regional
structural maps to either cut directly through the centre of the gold in soil
anomaly or pass very close by.  The massive gold surface anomaly, widespread
distribution of gold in rock chips, air magnetics signature, regional
structural interpretation, and variation in lithology units, all support the
required geological architecture to potentially form a large orogenic gold
system at Tambor.

 

Using the RAB drill results, rock chip assays, gold in soil results and field
observations, 10 targets or areas of interest were identified for drill
testing, as per Figure 4 below. To date, the Company has drilled 48 RC holes
at Tambor; the first programme of 8 holes (636m) in 2020, was stopped
prematurely due to the outbreak of the Covid-19 pandemic.  This first drill
programme tested the Target 2 area, with best results of 47m at 0.63 g/t Au
from 27m including;  1m at 16.4 g/t Au from 40m in hole MFC007, 36m at 0.53
g/t Au from 6m including; 3m at 3.78 g/t Au from 12m in hole MFC001 and  27m
at 0.47 g/t Au from 45m in hole MFC002 (see announcement dated 6 May 2020).
Gold mineralisation at Target 2 is within felsic intrusive rocks of granitic
and pegmatitic composition, with mineralisation controlled by sheeted quartz
veins that host broad low-grade zones of gold mineralisation trending E-W
(semi parallel to the gold in soil anomaly long axis). Preliminary gold
recovery test work was also carried out on 24 mineralised samples from this
first drill programme; the samples were sent for bottle roll analyses to check
the results against the fire assay results in case of coarse gold being
present. The average gold recovery for the 24 samples was 98.5%, from samples
whose average gold grade was 0.57 g/t Au. These results are an early indicator
that the gold is liberated (not encapsulated by pyrite / arsenopyrite), not
preg-robbing and easily leached by cyanide. However, further metallurgical
test work is required to validate the metallurgical recoveries, via
cyanide-in-leach or via column test work for recovery via heap leach.

 

 

 

Figure 4.  Tambor gold anomaly map with 2024 drill targets areas

 

The Company's second drill programme, which consisted of 40 holes (2,018m),
was completed in June 2024 and tested nine previously untested targets in
addition to a second phase of follow up drilling at Target 2, (see
announcement dated 9 July 2024). Six out of 10 targets returned anomalous to
economic gold grades underneath the massive gold in soil anomaly.  Target 1
returned the best results, with every hole intersecting near surface
mineralisation, either economic grades or anomalous mineralisation (>0.1
g/t Au). In total, 50% of the programme's holes end in economic or anomalous
mineralisation i.e. >0.1 g/t Au within 4m from the end of the hole. The
drill programme was successful in confirming the presence of in-situ gold
mineralisation under the surface gold anomaly.

 

All the drill samples from the 2024 RC drill programme were sent for fire
assay and multi-element geochemistry analysis (ICP-MS 4 acid), the
lithogeochemistry interpretation of this data by Dr. Nick Oliver of HCOV
Global, showed that multiple zones of gold mineralisation occur within a
complex arrangement of lithology units (see announcement dated 7 October
2024).  The other main outcome from this multi-element study was determining
the mineralisation model responsible for the distribution of gold and its host
lithologies, which indicated that gold mineralisation is associated with an
Intrusion Related Gold System ('IRGS') possibly overprinting an original
orogenic gold system. IRGS systems can be massive in size, for example Morila
(Mali); Donlin Creek-Fort Knox-Pogo (Yukon / Alaska); and Kidston
(Australia).

 

In early 2025, the Company carried out an initial multi-element soil
geochemistry sampling programme, using the Company's own P-XRF analyser. Seven
soil grids were planned at Tambor, using 50m line spacing and 25m sample
spacing, with the grids located over seven drill target areas (Target 1,
Target 3 east and west, Target 5, Target 8, Target 9 and Target 10). In total
450 samples were collected for multi-element analysis as part of the
programme. The P-XRF analyses were run under laboratory like conditions in the
Company's office in Bamako, using calibration disks, standards, blanks and
field duplicates every 10(th) to 20(th) sample to ensure data QAQC and data
stored in the Company's Datashed(tm) database, administered by a third-party
database administrator. These P-XRF results were analysed in ioGAS(tm)
software to show their concentrations, distributions and association to gold
in soils and to the 2024 RC drilling multi-element and gold results.

 

Following is a brief summary of each of the drill targets at Tambor now
incorporating the P-XRF soil geochemistry results. Where drill Targets 1, 5, 3
west and east are now combined to form the central mafic area "CMA" of
interest. Drill Targets 8 and 9 remain as their own separate areas of interest
due to their host lithologies not being of mafic composition, they are
spatially 800m to 1.4km distance (opposite directions) from the central mafic
area, and, they have different multi-element associations whose distributions
are also different than the central mafic area. No soil sampling was carried
out over drill Target 2 which is scheduled to be completed in the next phase
of exploration at Madina Foulbé.

 

Target 1 (5 RC holes): the location of the best drill results of the 2024
drill programme; 10m at 4.41 g/t Au, 48m at 0.47 g/t Au, 15m at 0.53 g/t Au
and 11m at 0.65 g/t Au with all five holes ending in mineralisation i.e.
>0.1 g/t Au.  All mineralised intervals were associated with units of
mafic composition (three mafic units have been identified from the HCOV Global
lithogeochemical study). From the P-XRF soil sample study, a strong coherent
arsenic anomaly (see Figure 5 below) is located over the drill holes and the
high-grade rock chip results.  In Figure 5 below, Target 1 mineralisation
(black dashed line) trends N/W - S/E and is open along strike, approx. 500m in
length and shows that the arsenic anomaly is open in both directions.

 

Target 5 (3 RC holes): intersected broad lower grade zones of 31m at 0.29 g/t
Au and 15m at 0.4 g/t Au was intersected in two holes with all three holes
ending in mineralisation (see Figure 6 below).  Similarly to Target 1,
mineralisation was hosted in rocks of mafic composition.

 

Target 3 west (6 RC holes): only two holes along this line of six shallow
holes intersected mafic lithologies, which also corresponded with the best
gold intersections in this drill line of 13m at 0.2 g/t Au (hole ending in
mineralisation) and 6m at 0.28 g/t Au (at top of the hole). The P-XRF soils
study over this area, highlighted a new high arsenic anomaly (see magenta
circle in Figure 5), 150m S/E from the two holes at target three west that
intersected mafic units with anomalous gold mineralisation and correspond to a
low level surface arsenic anomaly.

 

Target 3 east (5 RC holes): returned multiple broad anomalous grade intercepts
of 7m at 0.23 g/t Au, 21m at 0.1 g/t Au, 14m at 0.19 g/t Au, 20m at 0.16 g/t
Au, 19m at 0.10 g/t Au, four out of the five holes (40m deep) ended in
mineralisation. These holes intersected granitic and pegmatitic lithologies
not mafic lithologies, however of interest is the geochemistry of the western
most hole of this line (MFC0044). It is the only hole of the entire 2024 RC
drill programme to have argillic alteration with high iron (interpreted to be
jarosite, which is a common mineral formed from the oxidation of sulphides
i.e. pyrite) for the entire hole i.e. 0-40m. Due to the shallow depth of
weathering at Tambor, this hole could be significant due to what could be
located deeper below  or that the hole intersected  a structure that may
have cut through sulphide and possibly gold mineralisation (see Figure 6 for
the location of this hole).    From the P-XRF soil study it was also shown
that to the immediate west of the Target 3 east drill fence, another strong
arsenic anomaly is located (see red circle in Figure 5). As with Target 3
west, the Target 3 east drilling could be close or over the top of deeper
mineralisation.

 

Target 8 (2 RC holes): 2024 drill results from the two holes returned 19m at
0.49 g/t Au and 17m at 0.24 g/t Au, with the former interval ending in
mineralisation. The P-XRF study showed that mineralisation is located proximal
to a major lithological contact.  Based on the soil geochemistry, a distinct
arsenic anomaly corresponds to the drill results and rock chips, the anomaly
extends for 400m and is open to north and south (see Figure 5). From the
ICP-MS data study and logging, the main host to mineralisation were schist
units with minor pegmatite intervals.

 

Target 9 (2 RC holes): From the 2024 drilling, intervals of 29m at 0.71 g/t Au
(from surface) and 8m at 0.24 g/t Au (hole ended in this mineralisation). From
the P-XRF soils geochemistry study, arsenic is elevated over the entire soils
grid area of 200m x 300m, and is open to the north, west and south.
Lithologies of predominantly granitic compositions were hosts to the gold
mineralisation with minor occurrences of pegmatites, as determined from the
lithogeochemistry study by HCOV Global.  The current size and shape of the
arsenic anomaly would suggest a separate mineralising system responsible for
the widespread distribution of arsenic; however further soil sampling is
required to assess whether target 9 is connected in any way to the CMA.

 

Figure 5: Map of Tambor arsenic anomaly from P-XRF soils analyses with central
mafic area shown (blue line), where the black dashed lines represent the
orientation of the mineralised intersected in the 2024 reconnaissance drill
programme.

 

Figure 6: Oblique 3D view of the central mafic area, displaying drill holes
filtered lithology, showing only the units of mafic composition as determined
by the lithogeochemistry study by HCOV Global, the gold intersections for
these mafic intervals from the holes within the central mafic area are also
shown.

 

 

Madina

The Madina target is located on the western side of the Project area (18km S/W
from Tambor) and is defined by a large gold in soil anomaly (>20ppb) 2km
long x 1.3km wide, max value = 0.609ppm and anomaly mean value = 45ppb (from
233 samples). The soil anomaly corresponds to lithological contact between a
granitic unit (to the west) and mafic volcanics and quartzite to the east. The
anomaly is also coincident with a major regional N-S structure, known as the
Léoba-Moussala Shear Zone 'LMSZ', cited Dien et al, 2012, International
journal of geosciences, (see Figure 2, regional geology of KKI).

 

In 2013, Toro Gold completed three lines of shallow vertical RAB holes (45
holes), see Figure 8 below, results (from 3 metre sample lengths) were from
the southernmost drill fence:  3m at 1.88 g/t Au, 3m at 1.07 g/t Au and 3m at
0.47 g/t Au, these results were from the last two western most holes along the
fence. With hole MFB025 ending in mineralisation at 21m deep (second last
hole). From the middle drill fence, 3m at 1.65 g/t Au and 3m at 0.54 g/t Au
were recorded amongst other anomalous intervals i.e. 0.1-0.2 g/t Au with one
hole (MFB020) ending in mineralisation.  From the northernmost line, no
significant intercept was recorded i.e. >0.5 g/t Au, however there were
anomalous gold intervals intersected and hole MFB002 and MFB011 ended in
anomalous mineralisation.  Due to the shallow depths (<=21m) of the RAB
holes, they were successful in proving in-situ gold mineralisation existed
beneath the soil anomaly however the above results, indicate that deeper
drilling is required to test the depth extents and strike continuity of the
in-situ mineralisation.

 

The Company has carried out field geological mapping, termite mound sampling,
rock chip and an initial multi-element soil sampling programme for P-XRF
analysis.  Assay results from the rock chips confirm widespread surface
mineralisation associated with the interpreted N/W oriented lithological
contact (refer to Figure 7 below), this contact is supported by the clear
distinction in magnetic response underneath the gold in soil anomaly. The best
of the rock chips results was 0.69 g/t Au within mafic volcanics, 0.72 g/t Au
within the granitic unit, 0.51 g/t Au from quartz vein and 0.13 g/t Au from
within the quartzite. Topography is generally flat over the soil anomaly but
does rise and become undulating to the west, once passing over the
lithological contact into the granitic unit.  Importantly there is no
historical or active artisanal workings at the Madina target.

 

The Company's recently completed P-XRF soil sampling programme consisted of
three sample lines (500m apart) with 100m sample spacing, from which 22
samples were collected. From the multi-element analysis of the soil samples,
it was clearly visible that arsenic and bismuth were the two most important
elements associated with gold. With bismuth values elevated on both sides of
the contact while arsenic was only found east of the contact in the mafic
volcanics and quartzite.

 

Combining the observations from the P-XRF data analysis and the RAB drilling
results, it is interpreted that the RAB drill holes were not deep enough and
did not test the full extents of the gold anomaly to the north but also to the
west into the granitic rocks.  This theory was supported by the distribution
and elevated values of the bismuth within the granite, suggesting it may also
be mineralised.

 

The next phase of work is being planned which will include expanding the P-XRF
soil sampling grids to cover the entire Madina gold in soil anomaly and
sending lithology and mineralised samples for multi-element geochemistry
analysis by ICP-MS (4 acid).

 

 

 

Figure 7: Gold in soil sample map of Madina target, showing location of RAB
holes (black dots), mineralisation contact (black dashed line) background is
regional air magnetics.

 

 

 

Figure 8: Oblique view of historical Toro RAB holes drill sections (looking
north) at Madina, RAB holes coloured by gold assays (3m intervals) and dashed
back line represents possible mineralisation contact

 

Tombolo South

The Tombolo South target is located approximately 13km to the south of Tambor,
and is located along a major N-S trending regional structure, the Sabodala
Shear Corridor 'SSC', cited Teranga Gold, Sabodala Gold Project Technical
Report,  June 2013 (refer to Figure 2, regional geology of the KKI) which
controls the distribution of the gold in soil anomaly, 3km long x 600m wide
(>20ppb), max value = 0.351ppm and anomaly mean value = 30.4ppb (from 59
samples).

 

The main lithologies at Tombolo South are dominated by two granitic units,
east and west bounding mafic volcanics in the middle.  There is little to no
weathering with fresh rocks metres from the surface.

 

Two minor artisanal workings exist in the target area, one within the western
granitic unit with minimal activity, the other small shallow surface working
has been abandoned, due to hardness of the rock (fresh and silicified).
There has been no previous drilling carried out at the target despite many
good rock chip samples collected, including 57.2 g/t Au (from within the
granitic unit 600m along strike on the same structure as the abandoned
artisanal working), 11.8 g/t Au, 11.4 g/t Au, 5.99 g/t Au and 3.97 g/t Au
(all four samples from mafic volcanic within the abandon artisanal working),
4.21 g/t Au (north of the artisanal working, potentially along the same
structure). Geological mapping has confirmed the presence of the structure on
which the high-grade rock chip samples were collected, see Figure 10 below.
The regional air magnetics also confirm the location of the high-grade gold
bearing structure, and its strike continuity.  The regional air magnetics
show a clear and distinct NNE trending linear magnetic low feature coincident
with the mapping and rock chip samples (refer to Figure 9 below).

 

As a result of the recent P-XRF soil sampling programme, where 40 samples were
collected along 100m sample spacings, from four lines, spaced 500m apart (2km
of strike coverage), the soil sample grid was located over the prominent NNE
trending magnetic feature and the gold in soil anomaly.  Rock chip samples
were also collected and one sample taken from the abandoned artisanal working,
returned 11.4 g/t Au, 1.01 g/t silver, <0.2ppm arsenic (very low), 18.65ppm
bismuth, 1.59ppm molybdenum, 24.5ppm tellurium and 7.1ppm tungsten.

 

The lack of arsenic present at Tombolo South signifies a different
mineralising system or greater depth within the system than the mineralising
systems at Madina and Tambor targets.  Due to the association of bismuth with
gold in the rock chip sample, likely implies that the bismuth soil anomaly
from the P-XRF analysis corresponds to gold distribution in the underlying
rock, as bismuth is an immobile element during weathering.  The bismuth soil
anomaly is approx. 1.5km long to the south of the abandoned artisanal working,
and there were no soil sampling lines extending north of the abandoned
workings and the structure may continue further north, with mineralisation
open.  A future soil sampling programme will be carried out along strike to
the north to assess the northern continuity of this gold and bismuth bearing
structure.

 

The second and partially active artisanal mining area within the western
granite located 2km to the S/W from the abandoned workings, is located within
an 800m x 800m gold in soil anomaly. The Company's geologists recently
observed hand mined material being crushed and panned, with visual gold seen
in the pan.  This area was not covered by the P-XRF soils grid, as it was
only visited on the last day of the field work programme.

 

The next phase of exploration work planned at Tombolo South is to continue
with the multi-element soil geochemistry grids to the north and west of the
current grid, infill areas of interest, collect additional rock chip samples
for multi-element analysis (ICP-MS 4 acid) and prepare and finalise the
geological fact mapping.

 

 Abandoned small artisanal working

 

Figure 9: Map of Tombolo South exploration target with air magnetic image in
the background, gold soil sample results (ppb) and P-XRF grid lines (brown
squares). Yellow dashed line represents high grade gold-bismuth bearing
structure and magnetic low. Red ellipse = abandoned artisanal working. Red
train track style line = 2024 permit boundary

 

Figure 10: Geological fact map completed by Cora's Senior exploration
geologists surrounding the high-grade artisanal workings (abandoned) at
Tombolo South. Yellow dashed line indicated the same high-grade structure as
shown in Figure 9. This target has not been drill tested.

 

Diombalou

Diombalou target is located 6km north along strike of the Madina target and
along the same N(NNE)-S trending major regional structure that runs through
the Madina target, known as the Léoba-Moussala shear zone 'LMSZ', as shown in
Figure 2 (regional geology map of KKI). Diombalou's gold in soil anomaly is
2.5km long x 1km wide (>20ppb Au), max value = 0.164ppm and anomaly mean
value = 26ppb (from 60 samples). This target hasn't been drill tested
previously and there are no historical or active artisanal workings.

 

The anomaly area mostly has flat topography, with the surface covered by soils
and some outcrops of lithology and mineralisation.  Two rock chip samples
have been collected, returning 0.28 g/t Au from within quartz veins at the
southern end of the anomaly and 0.15 g/t Au taken from the northern end at a
contact between granitic rocks and pegmatite. The low-grade nature of rock
chip samples is reflected in the lower grade nature of the gold soil anomaly
(average 26ppb Au).   Geological mapping and termite mound sampling has been
carried out by the Company's exploration geologists, who also observed the
same sequence of lithologies as at the Madina target, granitic unit to the
west, and mafic volcanic with quartzite rocks to the east.

 

The regional air magnetics (refer to Figure 11, below) shows a distinct NNE
trending magnetic feature that may be related to mineralisation. The gold in
soil anomaly at Diombalou is open to the north and to the south in an NNE
orientation. Further mapping, rock chip and soil sampling (with P-XRF
analysis) is being planned to understand the geology and mineralised structure
beneath the soil anomaly before testing with a reconnaissance drill programme
in the future.

 

Figure 11: Map of Diombalou exploration target with the air magnetic image in
the background, gold soil sample results (ppb) as coloured dots

 

Future Exploration Programmes

As part of the Company's wider exploration strategy, utilising the information
and knowledge gained from all previous exploration programmes completed at
Madina Foulbé, especially the multi-element soil geochemistry, will drive the
next phase of exploration being planned to advance the targets towards
resource definition stage.

 

Further exploration updates will be provided in due course.

 

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 (mailto:info@coragold.com) @ (mailto:info@coragold.com) coragold.com

Craig Banfield                                     (mailto:info@coragold.com)
 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.

 

Cora has a Probable Reserve of 531 koz at 1.13 g/t Au (US$2,200/oz Au pit
shell design), the 2025 Definitive Feasibility Study showed that the Project
has strong economic fundamentals, including 65% IRR post tax, US$221m NPV(8)
post tax, US$479 million Free Cash Flow over life of mine and all-in
sustaining costs of US$1,478/oz based on a gold price of US$2,750/oz. The
Company is working to finalise the permitting process and conclude project
financing so that mine construction can commence. 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 Mako Gold Belt of the Kédougou-Kéniéba Inlier in East
Senegal.

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