REG - Cora Gold Limited - Expansion of land holdings – Farani Permit JV

Cora GoldAnnouncement

27/05/2021 07:00

RNS Number : 9528Z
  
Cora Gold Limited
  
27 May 2021
  
 

 Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector: Mining
27 May 2021
Cora Gold Limited ('Cora' or 'the Company')
Expansion of land holdings in southern Mali - Farani Permit Joint Venture
and
Operational Update
 
Cora Gold Ltd, the West African focused gold company, is pleased to announce that it has entered into a Joint Venture Agreement ('the JV Agreement') in respect of the Farani Permit which lies within Cora's Yanfolila Project Area on the Yanfolila Gold Belt in southern Mali ('the Farani Permit').  The JV Agreement increases Cora's landholding in a highly prospective area where active exploration is underway.
 
To view the RNS with illustrative diagrams and maps, please use the following link: http://www.rns-pdf.londonstockexchange.com/rns/9528Z_1-2021-5-26.pdf
 
Highlights:
●     62 sq km Farani Permit is adjacent to Cora's 100% owned Tagan Permit, which lies midway between Cora's flagship Sanankoro Gold Project and the Yanfolila Gold Mine operated by Hummingbird Resources Plc (AIM:HUM)
●     Cora is earning up to 95% interest through the payment of staged fees to the JV Partner totalling US$80,000 over the next six years
●     Historical third party rotary airblast ('RAB') drilling results on the Farani Permit include:
o  30m @ 2.8 g/t Au
o  9m @ 1.17 g/t Au
o  6m @ 2.1 g/t Au
●     The JV Agreement strengthens Cora's position as a leading exploration permit holder in southern Mali
 
Bert Monro, CEO of Cora, commented, "Adding the Farani Permit to Cora's portfolio in the Yanfolila Project Area reinforces Cora's focus on southern Mali and consolidates our position in this region of considerable mineralised endowment. We look forward to working with our new JV Partner to advance Farani, maximising the clear synergies between Farani and our additional interests in the area."
 
FURTHER DETAILS:
Under the terms of the JV Agreement, Cora is earning up to 95% interest in the Farani Permit (pre-dilution by the State) through the payment of staged fees to the Joint Venture Partner ('the JV Partner') totalling US$80,000 over the next six years. The JV Partner retains a 1.5% net smelter return ('NSR') royalty and during the initial two years of commercial production from the permit area Cora has a right to buyout a 0.75% NSR royalty for US$500,000. The Farani Permit was awarded on 14 May 2021 and in accordance with Mali's Mining Code 2019 has a term of nine years.
 
Figure 1: Location of the Farani Permit
 
Figure 2: The Yanfolila Gold Belt (southern Mali) showing Cora's Sanankoro and Yanfolila Project Areas
 
Cora's Yanfolila Project Area is situated within the Yanfolila Gold Belt of southern Mali within a radius of approximately 25km from the Yanfolila Gold Mine operated by Hummingbird Resources Plc (AIM:HUM). The Yanfolila Project Area comprises the Tékélédougou, Farani, Farassaba III, Tagan,  Siekorolé and Winza permits covering a total area of approximately 450 sq km, ranging between 8km-30km in distance from the Yanfolila Gold Mine processing plant. 
 
Mali Update
 
Cora is monitoring the situation in Mali that has developed over the course of the past 48 hours following the purported removal of militarily appointed interim President and Prime Minister.  The military are still stating publicly that they are committed to next year's democratic elections. 
 
Operations at the Company's Sanankoro Gold Project in southern Mali are continuing as normal with no impact to the safety and security of its employees. The safety of Cora's employees and contractors remains our upmost priority and the Company will continue to monitor the situation as it evolves and provide further updates as necessary.
 
2021 Annual General Meeting
 
Due to the ongoing impact of the COVID-19 pandemic the Company's 2021 Annual General Meeting ('AGM') to be held at 12.00 p.m. (United Kingdom time) on Tuesday 22 June 2021 will take place online. There are two ways in which to attend the AGM:
 
Option 1 - By dial in
Use one of the telephone numbers and Meeting ID set out below:
·    telephone number:        +44 (0)203 481 5237
                                                         +44 (0)330 088 5830
                                                         +44 (0)131 460 1196
·    Meeting ID:                      889 7558 0175 #
Option 2 - Over the internet
This requires the use of a device (computer, laptop, tablet or smartphone) connected to the internet. The device will need speakers and, if required, microphone capability in order to be able to speak. Use the hyperlink set out below:
·    Hyperlink:                               https://us02web.zoom.us/j/88975580175
 
The board of directors of the Company (the 'Board') believes that in these unprecedented times these arrangements are in the best interest of the Company's shareholders. Furthermore, the Board strongly advises shareholders to submit their votes by proxy prior to the AGM. Shareholders who have submitted a proxy may still attend the AGM. However, submitting a proxy means shareholders know that their vote will be counted. Copies of proxy forms and the Company's Annual Report 2020 (which includes the Notice of 2021 AGM and Explanatory Notes) can be downloaded via the Company's website at www.coragold.com/category/company-reports.
 
The Company always welcomes questions from its shareholders at its general meetings. On this occasion the Board would rather shareholders submit their questions beforehand in order that the Board may ensure questions are answered either at the AGM or afterwards. Questions should be submitted by email to secretary@coragold.com no later than 12.00 p.m. (United Kingdom time)  on 18 June 2021.
 
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 until the release of this announcement.
 
**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




Megan Dennison / Susie Geliher


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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