REG - Cora Gold Limited - Drilling to Start at Madina Foulbé in East Senegal

Cora GoldAnnouncement

08/04/2024 07:00

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RNS Number : 5092J  Cora Gold Limited  08 April 2024

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

8 April 2024

Cora Gold Limited

('Cora' or 'the Company')

 

Exploration Drill Programme to Commence at Madina Foulbé in East Senegal

 

Potential for a large scale, in-situ gold mineralisation

 

Cora Gold Limited, the West African focused gold company, is pleased to
announce that an exploration drill programme is due to start shortly at its
Madina Foulbé gold permit within the Kenieba Project Area ('the Project') in
east Senegal. The permit is in close proximity to several Tier 1 gold deposits
located within the Mako Geological Belt of the Kédougou-Kéniéba Inlier.

 

PROGRAMME OVERVIEW

·    2,000m Reverse Circulation ('RC') drilling programme to evaluate the
most prospective gold anomalies not previously drill tested.

·    Drill contract signed and site preparation commenced ahead of
drilling due to start week 15 April 2024 and complete in May 2024.

·    Previous soil geochemistry work defined a large 3km long by 1.6km
wide gold anomaly (>20ppb) at the Tambor anomaly.

·    The region is serviced by excellent infrastructure within a mining
friendly jurisdiction.

 

Bert Monro, Chief Executive Officer of Cora, commented, "We are delighted to
restart work at Madina Foulbé, where previous exploration works only
scratched the surface in terms of evaluating the potential size and scale of
the in-situ gold mineralisation of the Tambor target. The geological team is
excited about the Project's geological potential given its proximity to
several operating mines, while Senegal's favourable mining jurisdiction and
successful project development history further enhance its prospects."

 

 

 

DETAILS

Background

The Madina Foulbé permit in Senegal is approximately 27km directly west of
the Sadiola Gold Mine and close to several other Tier 1 deposits (Loulo,
Gounkoto, Fekola) in the gold belt known as Kédougou-Kéniéba Inlier
('KKI'). Notably, two operators within the KKI have recently been acquired
including Chesser Resources Limited purchased by Fortuna Silver Mines Inc. in
May 2023 for US$60m, 860koz @ 1.77 g/t Au; and Oklo Resources Limited
purchased by B2Gold Corp. in May 2022 for US$66m, 668koz @ 1.83 g/t Au.
Previous work at the Madina Foulbé permit, which is cut by two major N-S
structures with a centrally located circular granitic intrusion, defined a
large elongate North/East orientated 3km long by 1.6km wide gold anomaly
(>20ppb) at Tambor.

 

Cora commenced preliminary exploration field activities at Madina Foulbé in
2018; this work combined with previous historical data was used to design a
reconnaissance drill programme at the Tambor anomaly. Drilling commenced in
April 2020 but after completing 1½ fences (nine holes for 642m) of the five
planned fences, the programme was stopped in June 2020 due to Covid. Results
(see announcement dated 6 May 2020) included:

 

·    47m @ 0.63 g/t Au from 27m, in hole MFC007, including 1m @ 16.4 g/t
Au;

·    36m @ 0.53 g/t Au from 6m, in hole MFC001, including 3m @ 3.78 g/t
Au; and

·    27m @ 0.47 g/t Au from 45m, in hole MFC002.

 

At Tambor, recent field visits confirmed multiple intrusive lithologies over
the entire anomaly and that mineralisation is hosted by well-developed sheeted
and stockwork quartz vein sets within. Pegmatite veins are commonly observed
with gold mineralisation occurring also at their contacts. Weathering of the
intrusive rocks is weakly developed with the fresh rock commonly found within
a few metres from surface; with no laterite formation formed, the gold in soil
anomaly is considered indicative of the underlying gold mineralisation within
the host intrusive rocks. Previously, rotary air blast ('RAB') drilling by
Toro Gold Ltd (responsible for the discovery of the 1.5Mozs Mako deposit and
bought by Resolute Mining Ltd in 2019 for US$274m) intersected some well
mineralised zones: TNB026; 6m @ 21.02 g/t Au (from 15m), TNB091; 15m @ 1.79
g/t Au from surface, TNB039; 9m @ 1.85 g/t Au from surface; and many shorter
RAB holes ending in mineralisation on encountering fresh rock.

 

Rock chip and grab samples of the many quartz veins have confirmed the
widespread nature of the in-situ gold mineralisation with a maximum grade of
95.3 g/t Au sampled, however, most values are within 0.3-2 g/t Au. Geophysical
data sets show a large circular feature coinciding with the Tambor gold in
soil anomaly, which in addition the regional (+200km in length) scale
north-south trending fault system cutting directly through the centre of the
soils anomaly confirms the geological prospectivity of the Tambor anomaly.

 

2024 Drilling Programme

A 2,000m reconnaissance RC drilling programme has been approved to test for
gold mineralisation under the best gold in soil and termite mound anomalies.
Drilling will test specific and highly prospective targets, some of which have
never been drill tested previously. Drill samples will be analysed by ICP-MS
(4 acid) in addition to fire assay for gold, which will give multi-element
data in conjunction with gold assays to better understand this large gold
system. The intent of the drill programme is not to define mineral resources
but test conceptual targets, which if successful would require additional
drill programmes to define the size and grade of the mineralisation and allow
for mineral resources to be reported in the future. The Company anticipates
starting this programme the week 15 April 2024 and finishing it in May 2024.

 

Competent Person's Statement

The technical information in this release was reviewed and approved by Mr.
Murray Paterson in his capacity 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. Mr. Paterson is Cora's Head of Geology 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 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 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

 Isabelle Morris   (Financial PR)

 Isabel de Salis

 

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.

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