REG - Cora Gold Limited - DFS Update for Sanankoro Gold Project

Cora GoldAnnouncement

13/12/2021 07:00

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RNS Number : 3160V  Cora Gold Limited  13 December 2021

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

13 December 2021

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

DFS Update for Sanankoro Gold Project

 

Cora Gold Limited, the West African focused gold company, is pleased to
provide an update on its Definitive Feasibility Study ('DFS') for the
Sanankoro Gold Project ('Sanankoro' or 'the Project') in Southern Mali.

 

HIGHLIGHTS

·    All key consultants and contractors appointed in September 2021 have
completed site visits to Sanankoro

·    Hydrogeological and geotechnical drilling programmes, as well as
geotechnical test pits, have commenced on site and are ongoing

·    Site lay-out has been developed to include process plant and Tailings
Storage Facility ('TSF') locations

·    Geophysics work on the TSF facility has been completed

·    All metallurgical test work samples have arrived at ALS Perth,
Australia and composited ahead of a metallurgical test work programme due to
be completed during Q1 2022

·    All waste rock samples have been sent to Waterlabs in South Africa
for geochemical analysis

·    Process flow diagrams ('PFDs') and process design basis ('PDB') have
been approved by the Company

·    Enquiry documents have been sent out to market for pricing of various
aspects of the Project

·    The Environmental and Social Impact Assessment ('ESIA') is on track
for completion in H1 2022

·    DFS due to be completed by end of H1 2022

 

Bert Monro, CEO of Cora, commented, "We are making excellent progress in
advancing the DFS at Sanankoro, which when completed, will unlock the US$25
million Lionhead Capital funding to support the construction of the mine.
The recently updated Mineral Resource Estimate exceeded our expectations and
set up strong foundations for the Mining study to be completed on with a high
conversion to Indicated oxide material. Following the appointment of our
consultants and contractors a few months ago, many other workstreams have been
successfully advanced with test work samples already in the lab for analysis,
geophysics work completed, and drilling programmes underway, amongst many
other key steps achieved. With various milestones already completed in the DFS
process, the next stage in Sanankoro's development of completing the ESIA is
well on track to be finalised in H1 2022.

 

"I look forward to giving further updates as we continue to rapidly progress
with our plans."

 

DETAILS

The Company continues to focus on developing its flagship asset, Sanankoro,
towards completion of a DFS during H1 2022.  During November 2021 the Company
published an updated JORC-compliant Mineral Resource Estimate ('MRE') showing
a pit constrained MRE of 21.9 million tonnes at 1.15 grams per tonne gold for
a total of 809.3 thousand ounces of gold (see RNS dated 16 November 2021).

 

As part of the DFS, several workstreams are underway following site visits by
all the key contractors and consultants, which were appointed in September
(see RNS dated 6 September 2021).  Metallurgical test work samples have been
sent to the lab in Australia, all waste rock samples have been sent to
Waterlabs in South Africa for geochemical analysis and geophysics work on the
tailings waste storage facility has been completed.  Furthermore, the PFDs
and PDB have been signed off focused on a conventional oxide milling and
gravity/carbon in leach ('CIL') processing route, which allows higher
recoveries.

 

Hydrogeological drilling and geotechnical drilling and test pit programmes
have commenced, and sterilisation drilling on the plant, tailings waste
storage facility and waste rock sites is due to be completed in Q1 2022.
Additionally, the ESIA is on track for completion in H1 2022.

 

On 8 September 2021 the Company signed a US$25m term sheet with Lionhead
Capital Advisors to fund the future development of the Sanankoro Gold Mine on
completion of a DFS.

 

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
(http://www.coragold.com/)  or contact:

 

 Bert Monro           Cora Gold Limited          info@coragold.com

 Craig Banfield
 Christopher Raggett  finnCap Ltd                +44 (0) 20 7220 0500

 Charlie Beeson       Nomad & Joint Broker
 Andy Thacker         Turner Pope Investments    +44 (0) 20 3657 0050

 James Pope           Joint Broker
 Susie Geliher        St Brides Partners         cora@stbridespartners.co.uk

 Selina Lovell        Financial PR

 

Notes

Cora Gold is an emerging West African gold developer with three principal
de-risked project areas within two known gold belts in Mali and Senegal
covering over +1,100 sq km.  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, Southern Mali, where Cora hopes to commence
construction of an open pit oxide focussed gold mine in 2022.  A Scoping
Study published in January 2020 on Sanankoro showed an 107% IRR at a US$1,500
gold price, while an updated JORC-compliant Mineral Resource Estimate
delivered in November 2021 showed a pit constrained MRE of 21.9 million tonnes
at 1.15 grams per tonne gold for a total of 809.3 thousand ounces of gold.
A Definitive Feasibility Study is expected to be published in H2 2022.

 

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