REG - Cora Gold Limited - Final Drill Results From Selin

Cora GoldAnnouncement

20/10/2021 07:05

RNS Number : 5880P
  
Cora Gold Limited
  
20 October 2021
  
 

Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector: Mining
20 October 2021 
Cora Gold Limited ('Cora' or 'the Company')
Final drill results from Selin demonstrate continuous 3.4km long ore body
 
Cora Gold Limited, the West African focused gold company, is pleased to announce the thirteenth set of drill results from its largest ever +40,000m drill campaign at its Sanankoro Gold Project ('Sanankoro' or 'the Project') in Southern Mali.  The drill results have continued to be extremely encouraging throughout the campaign with high-grade results in generally shallow oxide ore.  An updated mineral resource estimate ('MRE') is expected in the coming weeks after the final set of drill results have been published. 
 
HIGHLIGHTS
·      Latest results from Selin deposit delineate a continuous ore body of 3.4km strike length which remains open in all directions, intercepts include:
o  18m @ 2.32 g/t Au from 86m in hole SC1051
o  18m @ 2.29 g/t Au from 146m in hole SC1032 
o  16m @ 2.15 g/t Au from 90m in hole SC1090
o  24m @ 1.13 g/t Au from 91m in hole SC1087
·      Results infill a 300m gap between the existing pit shells at Selin
·      +700 metres strike length of new surface mineralisation proved in this drill programme
·      Several new hanging-wall ore shoots have been discovered parallel and within 100m to the west of the existing Selin ore body
·      Selin resource remains open in all directions, since the 2021 drilling was focused on Measured and Indicated (M&I) conversion proximal to the 2019 pit shells
 
Bert Monro, CEO of Cora, commented, "The final results at Selin from this drill programme have once again shown good quality grade and widths in oxide material.  More importantly these results infill the gaps between the current two pit shells that make up Selin offering the potential to create one larger pit in the upcoming MRE update.  Over this drill campaign the mineralised surface footprint of Selin has been extended +700m in strike length north and south of the previous pit boundaries which, coupled with these infill results, offers the Company encouragement in advance of the upcoming MRE.
 
"This recent drilling at Selin has also identified a new mineralised structure less than 100m west of the existing ore body.  This is an interesting development that will need further drilling but offers yet more potentially significant upside at the Selin deposit alone."
 
To view the RNS with illustrative diagrams and maps, please use the following link: http://www.rns-pdf.londonstockexchange.com/rns/5880P_1-2021-10-19.pdf
 
New Website
Cora is pleased to launch an updated website: www.coragold.com
The information contained in the website continues to comply with Rule 26 of the AIM Rules for Companies.
 
Relevance of the results 
The intercepts reported complete the 2021 resource definition drilling for the Selin deposit.  The 300m long Selin gap between pit shells should now be removed in this MRE update to form a single coherent, economic unit. The combined results now confirm the resource continuity of broad, continuous, open pit-quality, oxide mineralisation along the entire 3.4km strike length of Selin gold deposit. Drill results have been reported systematically along this resource on 50m cross sections and to a maximum of 200 vertical metres in the strongest sections of Selin North. Several new hanging-wall ore shoots have been discovered parallel, and within 100m to the west of the main Selin mineralised diorite trend. The surface footprint of Selin has grown on strike by +700m. Future grade control drilling will target all potential surface oxide sources.
 
Resource and metallurgical coring has confirmed the continuity of the core diorite intrusion to the extents of the current drilling and core samples have been composited and shipped to ALS Perth for metallurgical test work. 
 
Plans of the drill intercepts and annotated drill sections Selin 1294275N, 1294400N and 1294650N are included to illustrate the grade and geological context of the reported results.
 
Holes - Metres - Intercepts Reported - Metres Sent for Assay
The intercepts reported equate to the latest 4,126m of an expanded +40,000m drill programme and are hosted on eleven 50m cross sections between 1304250N and 1304800N.  As of 18 October 2021, 379 holes have been completed totalling 39,791m of reverse circulation ('RC') drilling and 3,714m of diamond drill ('DD') coring.  The Company has reported assay results for 29,278 sampled intervals which equates to 96% of the total 30,360 samples submitted to date. There are 1,082 samples still to be reported from Zone B1 in the near future.
 
The results reported herein were generated from 2,626 submitted samples, which included a high level of 20% blind, independent, accredited QAQC samples. The intercepts reported have passed rigorous QAQC.
 
Background on the Selin 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 structural 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. 
 
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 in the Sanankoro Gold Project, 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 the future.
 
Detailed Sanankoro Drill Results 18 10 21:




RESOURCE


HOLE_ID


EUTM_29N


NUTM_29N


FROM (m)


INTERCEPT


 

 



 

 



SELIN


SC1041


                 559,850 


               1,304,500 


83


10m @ 0.95 g/t 


 

 



SELIN


107


15m @ 0.94 g/t 


 

 



SELIN


SC1042


                 559,820 


               1,304,500 


25


2m @ 0.79 g/t 


 

 



SELIN


71


8m @ 1.17 g/t 


 

 



SELIN


111


4m @ 1.17 g/t 


 

 



SELIN


SC1044


                 559,850 


               1,304,450 


83


1m @ 2.88 g/t 


 

 



SELIN


90


1m @ 0.54 g/t 


 

 



SELIN


95


1m @ 0.59 g/t 


 

 



SELIN


102


6m @ 0.56 g/t 


 

 



SELIN


SC1045


                 559,830


               1,304,450


13


19m @ 0.67 g/t 


 

 



SELIN


85


10m @ 1.67 g/t 


 

 



SELIN


107


6m @ 1.74 g/t 


 

 



SELIN


SC1049


                 559,699 


               1,304,550 


28


2m @ 4.20 g/t 


 

 



SELIN


42


1m @ 0.52 g/t 


 

 



SELIN


65


1m @ 1.09 g/t 


 

 



SELIN


SC1050


                 559,869 


               1,304,400 


99


14m @ 0.58 g/t 


 

 



SELIN


122


5m @ 0.66 g/t 


 

 



SELIN


SC1051


                 559,852


               1,304,402


86


18m @ 2.32 g/t 


 

 



SELIN


SC1052


                 559,829 


               1,304,400 


24


2m @ 0.84 g/t 


 

 



SELIN


29


14m @ 0.77 g/t 


 

 



SELIN


77


2m @ 1.28 g/t 


 

 



SELIN


87


2m @ 3.22 g/t 


 

 



SELIN


97


1m @ 3.22 g/t 


 

 



SELIN


108


9m @ 0.69 g/t 


 

 



SELIN


SC1053


                 559,809 


               1,304,399 


22


4m @ 0.85 g/t 


 

 



SELIN


66


1m @ 1.01 g/t 


 

 



SELIN


83


1m @ 0.60 g/t 


 

 



SELIN


85


1m @ 1.45 g/t 


 

 



SELIN


SC1054


                 559,860 


               1,304,350 


91


1m @ 0.85 g/t 


 

 



SELIN


SC1055


                 559,839 


               1,304,350 


52


1m @ 1.64 g/t 


 

 



SELIN


56


1m @ 0.65 g/t 


 

 



SELIN


62


1m @ 1.25 g/t 


 

 



SELIN


88


1m @ 0.98 g/t 


 

 



SELIN


123


1m @ 1.73 g/t 


 

 



SELIN


143


6m @ 1.97 g/t 


 

 



SELIN


SC1056


                 559,814 


               1,304,350 


14


4m @ 0.54 g/t 


 

 



SELIN


29


6m @ 0.43 g/t 


 

 



SELIN


SC1057


                 559,789 


               1,304,348 


8


2m @ 1.79 g/t 


 

 



SELIN


SC1079


                 559,830 


               1,304,650 


67


6m @ 0.66 g/t 


 

 



SELIN


84


8m @ 2.57 g/t 


 

 



SELIN


SC1080


                 559,749 


               1,304,654 


80


3m @ 0.63 g/t 


 

 



SELIN


92


8m @ 0.63 g/t 


 

 



SELIN


SC1081


                 559,724 


               1,304,653 


66


3m @ 0.60 g/t 


 

 



SELIN


SC1082


                 559,774 


               1,304,797 


32


3m @ 0.91 g/t 


 

 



SELIN


123


3m @ 0.46 g/t 


 

 



SELIN


SC1083


                 559,759 


               1,304,801 


 


no significant intercept


 

 



SELIN


SC1084


                 559,759 


               1,304,750 


8


4m @ 1.22 g/t 


 

 



SELIN


90


3m @ 0.69 g/t 


 

 



SELIN


104


1m @ 1.90 g/t 


 

 



SELIN


SC1085


                 559,788


               1,304,398


8


7m @ 2.70 g/t 


 

 



SELIN


34


1m @ 0.80 g/t 


 

 



SELIN


SC1086


                 559,880 


               1,304,298 


 


no significant intercept


 

 



SELIN


SC1087


                 559,861


               1,304,299


91


24m @ 1.13 g/t 


 

 



SELIN


SC1088


                 559,835


               1,304,301


35


17m @ 0.77 g/t 


 

 



SELIN


69


1m @ 1.38 g/t 


 

 



SELIN


80


3m @ 1.66 g/t 


 

 



SELIN


SC1089


                 559,865 


               1,304,250 


106


1m @ 0.86 g/t 


 

 



SELIN


115


1m @ 0.80 g/t 


 

 



SELIN


120


8m @ 1.43 g/t 


 

 



SELIN


SC1090


                 559,844 


               1,304,250 


6


1m @ 0.62 g/t 


 

 



SELIN


37


13m @ 0.73 g/t 


 

 



SELIN


56


2m @ 1.45 g/t 


 

 



SELIN


67


1m @ 0.87 g/t 


 

 



SELIN


90


16m @ 2.15 g/t 


 

 



SELIN


SC1091


                 559,821


               1,304,250


18


17m @ 1.50 g/t 


 

 



SELIN


SC1092


                 559,810


               1,304,250


 


no significant intercept


 

 



SELIN


SC1093


                 559,790


               1,304,250


 


no significant intercept


 

 



SELIN


SC1094


                 559,814 


               1,304,300 


20


5m @ 1.02 g/t 


 

 



SELIN


73


1m @ 1.08 g/t 


 

 



SELIN


SC1095


                 559,794 


               1,304,300 


 


no significant intercept


 

 



SELIN


SC1096


                 559,794 


               1,304,448 


29


1m @ 0.58 g/t 


 

 



SELIN


39


1m @ 1.09 g/t 


 

 



SELIN


SC1097


                 559,794 


               1,304,500 


27


1m @ 0.51 g/t 


 

 



SELIN


127


3m @ 4.30 g/t 


 

 



SELIN


SC1098


                 559,787 


               1,304,544 


19


2m @ 1.56 g/t 


 

 



SELIN


70


2m @ 7.35 g/t 


 

 



SELIN


SC1099


                 559,704 


               1,304,600 


8


2m @ 3.57 g/t 


 

 



SELIN


14


3m @ 0.67 g/t 


 

 



SELIN


25


8m @ 1.05 g/t 


 

 



SELIN


SC1100


                 559,724 


               1,304,698 


 


no significant intercept


 

 



SELIN


SC1101


                 559,724


               1,304,748


70


8m @ 2.12 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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