REG - Cora Gold Limited - 37m @ 2.39 g/t at Zone A, Sanankoro Gold Project

Cora GoldAnnouncement

14/09/2021 07:00

RNS Number : 6415L
  
Cora Gold Limited
  
14 September 2021
  
 

Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector: Mining
14 September 2021 
Cora Gold Limited ('Cora' or 'the Company')
103m @ 2.1 g/t in vertical Selin hole and 37m @ 2.39 g/t at Zone A, Sanankoro Gold Project
 
Cora Gold Limited, the West African focused gold company, is pleased to announce the eleventh set of drill results from its largest ever drilling campaign at its Sanankoro Gold Project ('Sanankoro' or 'the Project') in Southern Mali.  The Company is focussed on targeting resource growth as well as infill drilling to convert existing Inferred resources to Indicated.  The results to date have been extremely encouraging with good widths and high-grade results in generally shallow oxides ore.    
 
HIGHLIGHTS
Selin
·      103m @ 2.1 g/t Au from 46m in Diamond Drilling ('DD') vertical metallurgy hole SD0023 
·    Including 11.5m @ 7.45 g/t Au and 11.5m @ 7.12 g/t Au
·      8m @ 6.60 g/t Au from 87m in SC1016 
·      33m @ 1.48 g/t Au from 191m in resource hole SD0021 
·    Including 9m @ 3.95 g/t Au
·    90m under existing pit shell
·      7m @ 6.60 g/t Au from 65m in hole SC1018 
·      21m @ 1.79 g/t Au from 144m in hole SC1075 
·      Good opportunity exists to consolidate a single +3km pit at Selin with positive results in the central area of Selin with no current pit shell
Zone A
·      37m @ 2.39 g/t Au from 81m in hole SC0531 
·      25m @ 2.12 g/t Au from 51m in hole SC0511 
·      39m @ 1.21 g/t Au from 98m in hole SC0533 
·      25m @ 1.50 g/t Au from 60m in hole SC0501 
 
·      Reverse Circulation ('RC') drill programme has now been completed 
·      DD is ongoing focussed on metallurgical and geotechnical holes
 
Bert Monro, CEO of Cora, commented, "With the RC programme now completed and the diamond programme coming to an end it is an exciting period for Cora as we move closer to the updated mineral resource estimate ('MRE').  Strong results are continuing to come through in our largest ever drill programme with lots of resource quality intercepts and grades being struck at both Zone A and Selin.  Importantly, a number of the intercepts, including 33m @ 1.48 g/t, are significantly outside existing pit shells providing further confidence in our ability to enhance our existing resource inventory later this year once all the results have been received."
 
To view the RNS with illustrative diagrams and maps, please use the following link: 

http://www.rns-pdf.londonstockexchange.com/rns/6415L_1-2021-9-13.pdf
 
Relevance of the results 
Management believes that the intercepts reported from diamond drill holes ('DD') SD0020 to SD0023 confirm the down dip continuity of ore grades in association with the Selin Diorite from surface to +150m vertical depth. The metallurgical PQ-HQ hole SD0023 demonstrates a continuous vertical profile of +2g/t material from 46m to 149m within diorite. The hole ends in grade as Cora stopped purely to test immediate open pit quality ore types. Hole SD0021, similarly demonstrates continuity of high-grade structure within diorite of 9m at 3.95 g/t, 70m below previous high-grade intercept of 49m at 15.55 g/t on SC0484 on section 1,305,600N. There is great potential to drive the diorite resource at Selin to 150-200m depths. In addition, the body of resource intercepts reported within the Selin Phase 1 ("P1") and Phase 2 ("P2") programmes demonstrates the +2g/t material has a core in the north, of continuous horizontal bench-widths of 50 to 80m within the shallow 20-30o north plunging fold nose, opening plunge opportunities for the future resource drilling beyond this programme.
 
Selin drill section 1304700N shows the new resource quality intercepts building southwards, filling the resource gaps where, due to limited drilling, no previous pit shell had been generated in the 2019 MRE. Good opportunity exists to consolidate a single +3km pit at Selin.
 
The Zone A drill sections show resource and metallurgical drill hole assay results, which clearly consolidate a 50-70m wide, 60o east-dipping orebody which extends +180-200m down-dip from surface to well beyond the 2019 pit shell limits.
 
Plans of the drill intercepts and annotated drill sections Selin 1305500N, 1305600N, 1304700N and Zone A 1296200N, 1296100N and 1296225N are included to illustrate the grade and geological context of the reported results.
 
Details
The Company is pleased to report the assay results from the latest 87 holes in Cora's 2021 programme from Selin and Zone A, including SC0495 to SC0535, SC1012 to SC1039, SC1063 to SC1078 and SD0020 to SD0023. Phase 2 (P2) has focused resource consolidation on Selin, Zone A and Zone B1 pit shells, growing these pit shells and closing gaps between them. 
 
Holes - Metres - Intercepts Reported - Metres Sent for Assay
The intercepts reported equate to the latest 9,590m of an expanded +40,000m drill programme and are hosted on thirty-six 50m sections between 1295675N and 1305680N.  As of 12 September 2021, 371 holes have been completed totalling 39,791m of reverse circulation ('RC') drilling and 2,555.6m of diamond drill ('DD') coring.  The Company has received assay results for 23,502 sampled intervals which equates to 77% of the total 30,360 samples submitted to date. There are 6,398 samples currently outstanding at the laboratory. 
 
The results reported herein were generated from 10,280 submitted samples, which included a high level of 20% blind, independent, accredited QAQC. The intercepts reported have passed rigorous QAQC.  


Update on drill programme progress
 
●     371 holes drilled totalling over 42,346m from start of the campaign to 12 September 2021
●     The Capital Drilling Deep RC rig completed drilling 29 August 2021 and has demobilised.
●     The GEODRILL KL600 RC rig completed drilling 30 August 2021 and has demobilised.
●     The Capital Diamond Drill ('DD') rig is on-going with geotechnical, metallurgical and hydrological study test work drilling activities.
 
Background on the Selin Geology
 
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 this resource deposit by discovering 4-6 multiple early/pre-D3 dykes of diorite intruding the 65-80o W dipping axial trace of a western hanging-wall F3 anti-form on this major reactivated D2 east-verging thrust. The >100 metre 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, 10-30m 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.
 
Diorite has been logged in various other prospects at Sanankoro, especially in the main central trend in Zone A, Zone B3, Target 3 and within exploration fences further north along strike from the northern end of Target 3 Pit. A full review and targeted drill programme to investigate the resource potential of the diorite intrusives hosted within these external prospects is planned for in the future.
 
Background on the Zone A, Zone B and Zone C Geology
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 2km wide Sanankoro Shear Zone, which can be traced over 30km 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 NE-SW focused zone of en-echelon veining and associated sulphide development. 
 
Zone A is the second major resource deposit at Sanankoro behind Selin and shores up the southern limit of the 11.5km mineralised corridor, which forms the backbone to the Sanankoro Project.  Zone A is the southern-most expression of the 010o trending central axis of the Sanankoro Shear Zone, which sits 900m west of the Selin Boundary Shear and hosts the 5.8km 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 third major resource deposit at Sanankoro behind Selin and A. It is the strike extension of Zone A, sitting 800m to the north.  The Sanankoro Main Trend runs for 6km 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, hanging wall 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 (SMSZ).
 
Zone C sits 650 metres southwest of Zone A on the parallel, +7km long Sanankoro West Shear Zone (SWSZ) which can be traced along a chain of surface workings to the Excavator Prospect, 1.5km NNW of Target 3.
 
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 (>120m from surface). There is a highly evolved weathering profile with a pronounced 8-10m thick duricrust-laterite ferro-cap, grading downward into a well-developed mottled zone until 20-25m and remains highly weathered until beyond 130m vertically within the central mineralised fault zone.  Below the saprolite lies a 35-40m thick transition zone ending in top of fresh rock at between 160 to 170m.
 
All of 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.
 
 
Detailed Sanankoro Drill Results 12 09 21:
 
  




RESOURCE


HOLE_ID


EUTM_29N


NUTM_29N


FROM (m)


INTERCEPT


 

 



 

 



 SELIN 


 SC0495 


        559,755 


        1,305,250 


98


7m @ 2.11 g/t


 

 



151


1m @ 1.26 g/t


 

 



 SELIN 


 SC0496 


  559,630 


  1,305,200 


108


12m @ 1.94 g/t


 

 



 ZONE A 


 SC0497 


        557,660 


        1,295,725 


21


5m @ 0.77 g/t


 

 



54


12m @ 1.49 g/t


 

 



 ZONE A 


 SC0498 


        557,660 


        1,295,737 


17


1m @ 0.61 g/t


 

 



56


16m @ 1.55 g/t


 

 



 ZONE A 


 SC0499 


        557,685 


        1,295,750 


52


4m @ 0.63 g/t


 

 



63


11m @ 1.40 g/t


 

 



79


2m @ 0.61 g/t


 

 



85


3m @ 0.55 g/t


 

 



96


7m @ 0.90 g/t


 

 



 ZONE A 


 SC0500 


        557,660 


        1,295,775 


6


4m @ 1.97 g/t


 

 



42


5m @ 1.66 g/t


 

 



128


1m @ 0.95 g/t


 

 



 ZONE A 


 SC0501 


        557,685 


        1,295,800 


60


25m @ 1.50 g/t


 

 



90


7m @ 0.69 g/t


 

 



120


2m @ 0.98 g/t


 

 



 ZONE A 


 SC0502 


        557,709 


        1,295,725 


99


1m @ 0.50 g/t


 

 



109


1m @ 0.80 g/t


 

 



 ZONE A 


 SC0503 


        557,690 


        1,295,750 


76


1m @ 0.51 g/t


 

 



104


11m @ 0.72 g/t


 

 



 ZONE A 


 SC0504 


        557,649 


        1,295,675 


22


1m @ 1.02 g/t


 

 



58


2m @ 2.4 g/t


 

 



63


2m @ 1.16 g/t


 

 



 ZONE A 


 SC0505 


        557,685 


        1,295,700 


72


1m @ 0.861 g/t


 

 



85


1m @ 0.562 g/t


 

 



89


2m @ 0.63 g/t


 

 



104


4m @ 0.76 g/t


 

 



 ZONE A 


 SC0506 


        557,700 


        1,295,775 


74


1m @ 0.503 g/t


 

 



78


1m @ 0.52 g/t


 

 



112


1m @ 1.58 g/t


 

 



119


2m @ 0.97 g/t


 

 



122


1m @ 0.5 g/t


 

 



 ZONE A 


 SC0507 


        557,730 


        1,295,800 


2


12m @ 1.59 g/t


 

 



118


12m @ 0.8 g/t


 

 



 ZONE A 


 SC0508 


        557,651 


        1,295,825 


23


12m @ 0.8 g/t


 

 



38


1m @ 0.668 g/t


 

 



 ZONE A 


 SC0509 


        557,655 


        1,295,875 


22


1m @ 1.434 g/t


 

 



32


12m @ 1.76 g/t


 

 



63


1m @ 3.73 g/t


 

 



 ZONE A 


 SC0510 


        557,684 


        1,295,950 


19


3m @ 0.75 g/t


 

 



38


4m @ 1.04 g/t


 

 



70


2m @ 3.22 g/t


 

 



 ZONE A 


 SC0511 


        557,730 


        1,296,103 


1


2m @ 1.47 g/t


 

 



51


25m @ 2.12 g/t


 

 



91


18m @ 1.09 g/t


 

 



 ZONE A 


SC0512 


  557,573 


  1,295,750 


 


no significant intercept


 

 



 ZONE A 


 SC0513 


        557,575 


        1,295,750 


53


1m @ 1.842 g/t


 

 



58


1m @ 1.049 g/t


 

 



 ZONE A 


SC0514 


  557,578 


  1,295,800 


34


1m @ 0.697 g/t


 

 



 ZONE A 


 SC0515 


        557,580 


        1,295,800 


0


1m @ 23.71 g/t


 

 



45


9m @ 2.31 g/t


 

 



67


2m @ 1.87 g/t


 

 



 ZONE A 


SC0516 


  557,585 


  1,295,850 


 


no significant intercept


 

 



 ZONE A 


 SC0517 


        557,587 


        1,295,850 


59


1m @ 0.904 g/t


 

 



65


5m @ 1.17 g/t


 

 



 ZONE A 


 SC0531 


        557,647 


        1,296,195 


21


4m @ 0.57 g/t


 

 



54


3m @ 1.65 g/t


 

 



81


37m @ 2.39 g/t


 

 



 ZONE A 


 SC0533 


        557,645 


        1,296,225 


44


5m @ 1.24 g/t


 

 



56


6m @ 1.49 g/t


 

 



98


39m @ 1.21 g/t


 

 



 ZONE A 


 SC0535 


  557,714 


  1,296,300 


8


9m @ 0.86 g/t


 

 



 SELIN 


 SC1012 


  559,699 


  1,305,199 


 


no significant intercept


 

 



 SELIN 


 SC1013 


  559,705 


  1,305,150 


 


no significant intercept


 

 



 SELIN 


SC1014 


  559,717 


  1,305,101 


30


3m @ 3.49 g/t


 

 



 SELIN 


 SC1015 


        559,735 


        1,305,100 


14


6m @ 1.88 g/t


 

 



76


1m @ 0.92 g/t


 

 



 SELIN 


 SC1016 


  559,773 


  1,305,101 


87


8m @ 6.60 g/t


 

 



 SELIN 


 SC1017 


  559,740 


  1,305,051 


 


no significant intercept


 

 



 SELIN 


 SC1018 


  559,775 


  1,305,050 


65


7m @ 6.60 g/t


 

 



 SELIN 


 SC1019 


        559,681 


        1,305,051 


23


1m @ 6.60 g/t


 

 



37


2m @ 1.77 g/t


 

 



 SELIN 


 SC1019 


 


 


78


1m @ 0.46 g/t


 

 



 SELIN 


 SC1019 


 


 


90


11m @ 0.76 g/t


 

 



 SELIN 


 SC1020 


  559,740 


  1,305,000 


 


no significant intercept


 

 



 SELIN 


 SC1021 


        559,797 


        1,305,000 


17


3m @ 4.03 g/t


 

 



91


3m @ 0.57 g/t


 

 



110


2m @ 2.77 g/t


 

 



 SELIN 


 SC1022 


  559,764 


  1,304,950 


12


21m @ 0.56 g/t


 

 



 SELIN 


 SC1023 


  559,749 


  1,304,900 


9


1m @ 0.751 g/t


 

 



 SELIN 


 SC1024 


  559,769 


  1,304,900 


10


10m @ 0.65 g/t


 

 



 SELIN 


SC1025 


  559,755 


  1,304,849 


 


no significant intercept


 

 



 SELIN 


 SC1026 


  559,775 


  1,304,850 


8


8m @ 0.73 g/t


 

 



 SELIN 


 SC1027 


  559,815 


  1,304,850 


82


9m @ 1.86 g/t


 

 



 SELIN 


 SC1028 


  559,825 


  1,304,800 


75


13m @ 0.5 g/t


 

 



 SELIN 


 SC1029 


        559,789 


        1,304,755 


11


2m @ 1.25 g/t


 

 



52


1m @ 0.766 g/t


 

 



 SELIN 


 SC1030 


  559,769 


  1,304,700 


99


1m @ 1.246 g/t


 

 



 SELIN 


SC1031 


  559,825 


  1,304,699 


77


6m @ 2.63 g/t


 

 



 SELIN 


 SC1032 


  559,779 


  1,304,651 


 


no significant intercept


 

 



 SELIN 


 SC1033 


        559,814 


        1,304,649 


18


1m @ 0.613 g/t


 

 



59


6m @ 1.26 g/t


 

 



86


2m @ 0.85 g/t


 

 



103


1m @ 0.79 g/t


 

 



 SELIN 


 SC1034 


  559,724 


  1,304,600 


 


no significant intercept


 

 



 SELIN 


 SC1035 


  559,835 


  1,304,602 


97


10m @ 0.83 g/t


 

 



 SELIN 


 SC1036 


        559,855 


        1,304,600 


134


3m @ 0.79 g/t


 

 



148


1m @ 0.66 g/t


 

 



 SELIN 


 SC1037 


  559,852 


  1,304,549 


104


5m @ 1.82 g/t


 

 



 SELIN 


 SC1038 


  559,831 


  1,304,549 


 


no significant intercept


 

 



 SELIN 


 SC1039 


        559,810 


        1,304,550 


11


1m @ 0.77 g/t


 

 



56


1m @ 2.3 g/t


 

 



 SELIN 


 SC1063 


  559,631 


  1,305,250 


103


10m @ 0.88 g/t


 

 



 SELIN 


 SC1064 


        559,800 


        1,305,100 


156


1m @ 0.93 g/t


 

 



156


1m @ 0.93 g/t


 

 



 SELIN 


 SC1065 


  559,650 


  1,305,100 


119


6m @ 3.71 g/t


 

 



 SELIN 


 SC1066 


  559,649 


  1,305,150 


105


9m @ 0.91 g/t


 

 



 SELIN 


 SC1067 


  559,670 


  1,305,001 


85


1m @ 0.69 g/t


 

 



 SELIN 


 SC1068 


        559,750 


        1,305,149 


58


6m @ 1.13 g/t


 

 



69


1m @ 0.53 g/t


 

 



 SELIN 


 SC1069 


  559,679 


  1,305,505 


46


1m @ 0.55 g/t


 

 



 SELIN 


 SC1070 


  559,705 


  1,305,549 


 


no significant intercept


 

 



 SELIN 


 SC1071 


  559,725 


  1,305,450 


113


1m @ 1.63 g/t


 

 



 SELIN 


 SC1072 


        559,809 


        1,304,950 


82


8m @ 0.48 g/t


 

 



98


7m @ 0.71 g/t


 

 



 SELIN 


 SC1073 


  559,815 


  1,304,900 


92


23m @ 0.83 g/t


 

 



 SELIN 


 SC1074 


  559,839 


  1,304,751 


 


no significant intercept


 

 



 SELIN 


 SC1075 


        559,847 


        1,304,701 


113


2m @ 1.37 g/t


 

 



144


21m @ 1.79 g/t


 

 



 SELIN 


 SC1076 


        559,805 


        1,304,699 


14


14m @ 1.01 g/t


 

 



33


1m @ 0.96 g/t


 

 



58


2m @ 2.07 g/t


 

 



 SELIN 


 SC1077 


  559,820 


  1,304,752 


 


no significant intercept


 

 



 SELIN 


 SC1078 


  559,849 


  1,304,650 


121


21m @ 1.29 g/t


 

 



 SELIN 


 SD0020 


  559,559 


  1,305,404 


196


14m @ 1.12 g/t


 

 



 SELIN 


 SD0021 


        559,534 


        1,305,680 


191


33m @ 1.48 g/t incl 9m @ 3.95 g/t


 

 



 SELIN 


 SD0022 


        559,532 


        1,305,681 


153


0.5m @ 2.39 g/t


 

 



166


11m @ 0.83 g/t


 

 



213


11m @ 0.62 g/t


 

 



 SELIN 


 SD0023 


        559,649 


        1,305,500 


46


103m @ 2.10 g/t incl


 


 




11.5m @ 7.45g/t and


 




11.5m @ 7.12 g/t


 




  
 
Competent persons statement:  Mr. Norman ('Norm') Bailie is a Chartered Professional - Geology and Management and Fellow of the Australasian Institute of Mining and Metallurgy (AUSIMM) and a Chartered Professional and Fellow of the Geological Society UK and qualifies as a Competent Person in accordance with the guidance note for Mining, Oil & Gas Companies issued by the London Stock Exchange in respect of AIM Companies, which outlines standards of disclosure for mineral projects.  Norm Bailie consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.
 
Market Abuse Regulation ('MAR') Disclosure
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the company's obligations under Article 17 of MAR.
**ENDS**
 
For further information, please visit http://www.coragold.com or contact:
 




Bert Monro / Norm Bailie 


Cora Gold Limited


+44 (0) 20 3239 0010




Christopher Raggett / Charlie Beeson


finnCap Ltd
(Nomad & Joint Broker)


+44 (0) 20 7220 0500




Andy Thacker / James Pope


Turner Pope Investments
(Joint Broker)


+44 (0) 20 3657 0050




Susie Geliher / Selina Lovell


St Brides Partners 
(Financial PR)


+44 (0) 20 7236 1177




 
Notes 
Cora is a gold company focused on two world class gold regions in Mali and Senegal in West Africa.  Historical exploration has resulted in the highly prospective Sanankoro Gold Discovery, in addition to multiple, high potential, drill ready gold targets within its broader portfolio.  Cora's primary focus is on further developing Sanankoro in the Yanfolila Gold Belt (Southern Mali), which Cora believes has the potential for a standalone mine development.  Sanankoro has a positive Scoping Study published on it showing an 107% IRR and US$41.5m NPV8 at a US$1,500 gold price.  Cora's highly experienced management team has a proven track record in making multi-million-ounce gold discoveries, which have been developed into operating mines.
 

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