REG - Cora Gold Limited - First Drill Results from 2022 & New Discoveries
09/05/2022 07:00
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RNS Number : 7020K Cora Gold Limited 09 May 2022
Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector: Mining
9 May 2022
Cora Gold Limited ('Cora' or 'the Company')
First Drill Results from 2022 Drill Campaign & New Gold Discoveries
Cora Gold Limited, the West African focused gold company, is pleased to
announce the first drill results from its 2022 drill programme at the
Company's Sanankoro Gold Project ('Sanankoro' or the 'Project') in southern
Mali.
· Drill programme consisting of 11 aircore (AC) shallow holes for 897m
and 78 reverse circulation (RC) holes for a total of 6,992m (4,958m at Zone B
North; 1,092m at Selin South, 504m at Fode 1 and 438m at Target 6) now
completed at Sanankoro.
· Drilling targeted both converting existing Inferred Mineral Resources
to Indicated Mineral Resources, as well as identifying new discoveries at
Sanankoro.
· RC drill highlights at Zone B North:
o 25m @ 2.38 g/t Au from 65m in hole SC0595
o 27m @ 1.40 g/t Au from 18m in hole SC0600
o 5m @ 4.64 g/t Au from 48m in hole SC0598
o 20m @ 1.09 g/t Au from 83m in hole SC0597
o 8m @ 2.47 g/t Au from 39m in hole SC0593
o 8m @ 1.88 g/t Au from 39m in hole SC0593
o 8m @ 1.74 g/t Au from 37m in hole SC0583
· Two new discoveries - Fode 1 and Target 6 both in close proximity to
existing Mineral Resources
· AC drill highlights:
o 2m @ 3.56 g/t Au from 41m in hole SC0572 at Fode 1
o 6m @ 0.65 g/t Au from 66m, including 2m @ 1.62 g/t Au in hole SC0573 at
Fode 1
o 3m @ 1.24 g/t Au from 7m in hole SC0579 at Target 6
o Awaiting results from RC follow up drill holes at these discoveries
· Drill results consist of all the AC holes and the first 28 RC holes
completed at Zone B North. Drill results for the later RC holes are expected
imminently.
Bert Monro, Chief Executive Officer of Cora, commented, "Our 2022 drill
programme has a dual focus; to both increase the Indicated Mineral Resources
at Sanankoro through conversion of existing Inferred material and to target
new discoveries to add to the project growth potential in the future. The
recent identification of two new gold discoveries, Fode 1 and Target 6, is an
exciting new development and we look forward to getting the RC drill results
that followed up the initial shallow AC holes.
"The first holes of the RC programme have delivered a number of shallow oxide
intercepts, including 25m @ 2.38 g/t Au, which continues to give us early
encouragement from the first holes of the programme."
To view the RNS with illustrative diagrams and maps, please use the following
link:
http://www.rns-pdf.londonstockexchange.com/rns/7020K_1-2022-5-8.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/7020K_1-2022-5-8.pdf)
New Discoveries
Figure 1: Map showing the locations of the two new drilled gold discoveries;
Fode 1 and Target 6 at Sanankoro.
Figure 2: Fode 1 target showing the AC collars relative to the ground
geophysics IP anomaly. The red dots show collars with gold intercepts in Table
1.
Background on the 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 2 km wide Sanankoro
Shear Zone, which can be traced over 30 km 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 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
deposit by discovering 4-6 multiple early/pre-D3 dykes of diorite intruding
the 65-80° W dipping axial trace of a western hanging-wall F3 anti-form on
this major reactivated D2 east-verging thrust. The >100m 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.
Zone A, Zone B and Zone C Geology
Zone A is the second major deposit at Sanankoro behind Selin and shores up the
southern limit of the 11.5 km mineralised corridor, which forms the backbone
to the Sanankoro Project. Zone A is the southernmost expression of the
010(o) trending central axis of the Sanankoro Shear Zone, which is located
900m west of the Selin Boundary Shear and hosts the 5.8 km chain of deposits
from Zone A through Zone B to Zone B North. The deposits of this central
trend verge westward mimicking the regional sense of thrusting.
Zone B is the third major deposit at Sanankoro behind Selin and Zone A. It is
the strike extension of Zone A, located 800m to the north. The Sanankoro
Main Trend strikes for 6 km from the south end of Zone A to the north end of
Zone B North. 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 is located 650m southwest of Zone A on the parallel, +7 km long
Sanankoro West Shear Zone (SWSZ) which can be traced along a chain of surface
workings to the Excavator Prospect, 1.5 km NNW of Zone B North.
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.
Intersections
The intersections have been calculated using a 0.1 g/t Au cut-off over a
minimum 1m sample length. An allowance of 3 m of internal material, below
cut-off grade, is included where required. Lengths are apparent in nature and
are therefore not true widths of the mineralisation (see Figure 4 and Figure
5).
All samples were sent for 2kg bottle roll analysis at ALS Laboratories with
results supported by QAQC analysis.
Intersections are reported according to JORC 2012 guidelines.
Figure 3: Plan view of Zone B North and Fode 1 showing section lines (see
Figure 4 and Figure 5)
The conceptual interpretation of mineralisation (Figure 4 and Figure 5) was
made using a 0.2 g/t Au threshold i.e. the same threshold used for the Mineral
Resource (November 2021). This interpretation is for illustrative purposes
only and does not represent a volume or domain that will be used for Mineral
Resource reporting purposes in future. The conceptual interpretation
illustrates a thickening of the mineralisation in places, resulting in certain
drillholes ending in mineralisation. This will be further investigated as more
result become available from the 2022 drilling programme.
Figure 4: Cross section 1 looking south at Zone B North showing new drill hole
traces and samples relative to a conceptual interpretation of the
mineralisation.
Figure 5: Cross section 2 looking south at Zone B North showing new drill hole
traces and samples relative to a conceptual interpretation of the
mineralisation.
Table 1: AC and RC drill intercepts from the on-going 2022 drill programme.
Hole Easting Northing From To Width Au (g/t) Intercept Including Drill type Prospect
SC0569 558022 1300947 57 60 3 0.52 3 m @ 0.52 g/t AC FODE_1
SC0569 558022 1300947 69 72 3 0.53 3 m @ 0.53 g/t AC FODE_1
SC0570 558021 1301100 0 0 0 No intersection AC FODE_1
SC0571 557976 1301101 75 80 5 0.20 5 m @ 0.20 g/t AC FODE_1
SC0572 557881 1301099 41 43 2 3.89 2 m @ 3.89 g/t AC FODE_1
SC0573 557927 1300950 66 72 6 0.74 6 m @ 0.74 g/t 2 m @ 1.85 g/t AC FODE_1
SC0574 557920 1301046 No intersection AC FODE_1
SC0575 557965 1301050 No intersection AC FODE_1
SC0576 557922 1300647 9 12 3 3.29 3 m @ 3.29 g/t AC FODE_1
SC0576 557922 1300647 21 24 3 0.27 3 m @ 0.27 g/t AC FODE_1
SC0576 557922 1300647 46 47 1 0.20 1 m @ 0.20 g/t AC FODE_1
SC0577 557916 1300702 27 29 2 0.46 2 m @ 0.46 g/t AC FODE_1
SC0577 557916 1300702 32 34 2 1.39 2 m @ 1.39 g/t AC FODE_1
SC0578 558100 1294553 51 54 3 0.13 3 m @ 0.13 g/t AC Target6
SC0578 558100 1294553 66 69 3 0.18 3 m @ 0.18 g/t AC Target6
SC0579 558041 1294547 0 3 3 0.12 3 m @ 0.12 g/t AC Target6
SC0579 558041 1294547 7 10 3 1.34 3 m @ 1.34 g/t 2 m @ 1.94 g/t AC Target6
SC0579 558041 1294547 13 14 1 0.56 1 m @ 0.56 g/t AC Target6
SC0579 558041 1294547 45 47 2 0.37 2 m @ 0.37 g/t AC Target6
SC0579 558041 1294547 57 60 3 0.16 3 m @ 0.16 g/t AC Target6
SC0579 558041 1294547 66 69 3 0.18 3 m @ 0.18 g/t AC Target6
SC0580 558540 1299834 33 40 7 1.22 7 m @ 1.22 g/t RC Zone B North
SC0581 558565 1299832 34 35 1 0.45 1 m @ 0.45 g/t RC Zone B North
SC0581 558565 1299832 38 44 6 0.29 6 m @ 0.29 g/t RC Zone B North
SC0581 558565 1299832 62 64 2 0.83 2 m @ 0.83 g/t RC Zone B North
SC0581 558565 1299832 67 80 13 0.24 13 m @ 0.24 g/t RC Zone B North
SC0582 558588 1299832 No intersection RC Zone B North
SC0583 558534 1299777 18 22 4 1.65 4 m @ 1.65 g/t 2 m @ 3.04 g/t RC Zone B North
SC0583 558534 1299777 25 27 2 1.81 2 m @ 1.81 g/t 1 m @ 2.79 g/t RC Zone B North
SC0583 558534 1299777 33 34 1 0.21 1 m @ 0.21 g/t RC Zone B North
SC0583 558534 1299777 37 44 7 2.22 7 m @ 2.22 g/t 2 m @ 5.15 g/t RC Zone B North
SC0584 558572 1299780 70 72 2 0.21 2 m @ 0.21 g/t RC Zone B North
SC0584 558572 1299780 82 88 6 0.52 6 m @ 0.52 g/t RC Zone B North
SC0585 558533 1299745 22 28 6 0.54 6 m @ 0.54 g/t RC Zone B North
SC0585 558533 1299745 42 53 11 1.24 11 m @ 1.24 g/t 3 m @ 3.30 g/t RC Zone B North
SC0586 558563 1299746 15 16 1 2.06 1 m @ 2.06 g/t RC Zone B North
SC0586 558563 1299746 64 79 15 0.46 15 m @ 0.46 g/t 1 m @ 1.61 g/t RC Zone B North
SC0586 558563 1299746 84 85 1 0.45 1 m @ 0.45 g/t RC Zone B North
SC0587 558533 1299717 27 53 26 1.06 26 m @ 1.06 g/t 10 m @ 1.53 g/t RC Zone B North
SC0587 558533 1299717 55 56 1 0.22 1 m @ 0.22 g/t RC Zone B North
SC0587 558533 1299717 57 61 4 0.62 4 m @ 0.62 g/t RC Zone B North
SC0588 558551 1299714 58 61 3 0.70 3 m @ 0.70 g/t RC Zone B North
SC0589 558534 1299670 53 62 9 0.47 9 m @ 0.47 g/t RC Zone B North
SC0590 558052 1294546 No intersection Zone B North
SC0591 558524 1299640 47 57 10 0.43 10 m @ 0.43 g/t RC Zone B North
SC0592 558550 1299865 36 46 10 0.62 10 m @ 0.62 g/t 1 m @ 1.77 g/t RC Zone B North
SC0593 558577 1299864 39 47 8 2.47 8 m @ 2.47 g/t 3 m @ 5.60 g/t RC Zone B North
SC0593 558577 1299864 67 68 1 0.19 1 m @ 0.19 g/t RC Zone B North
SC0593 558577 1299864 72 77 5 0.33 5 m @ 0.33 g/t RC Zone B North
SC0593 558577 1299864 80 82 2 0.79 2 m @ 0.79 g/t RC Zone B North
SC0593 558577 1299864 84 94 10 1.07 10 m @ 1.07 g/t 2 m @ 3.76 g/t RC Zone B North
SC0594 558600 1299865 No intersection Zone B North
SC0595 558560 1299912 45 53 8 1.14 8 m @ 1.14 g/t 2 m @ 2.81 g/t RC Zone B North
SC0595 558560 1299912 65 90 25 2.38 25 m @ 2.38 g/t 2 m @ 21.71 g/t; 2m @ 2.25 g/t RC Zone B North
SC0595 558560 1299912 96 97 1 0.41 1 m @ 0.41 g/t RC Zone B North
SC0595 558560 1299912 104 105 1 0.18 1 m @ 0.18 g/t RC Zone B North
SC0596 558615 1299915 No intersection Zone B North
SC0597 558669 1299950 11 15 4 0.39 4 m @ 0.39 g/t RC Zone B North
SC0597 558669 1299950 83 103 20 1.09 20 m @ 1.09 g/t 5 m @ 3.44 g/t RC Zone B North
SC0598 558595 1299950 13 15 2 0.81 2 m @ 0.81 g/t RC Zone B North
SC0598 558595 1299950 48 53 5 4.64 5 m @ 4.64 g/t 2 m @ 10.75 g/t RC Zone B North
SC0598 558595 1299950 76 77 1 0.71 1 m @ 0.71 g/t RC Zone B North
SC0598 558595 1299950 100 111 11 0.40 11 m @ 0.4 g/t RC Zone B North
SC0599 558630 1299950 5 6 1 0.23 1 m @ 0.23 g/t RC Zone B North
SC0600 558590 1299995 18 45 27 1.40 27 m @ 1.4 g/t 10 m @ 2.43 g/t; 4 m @ 2.17 g/t RC Zone B North
SC0601 558614 1299995 5 6 1 0.20 1 m @ 0.20 g/t RC Zone B North
SC0601 558614 1299995 16 17 1 0.18 1 m @ 0.18 g/t RC Zone B North
SC0601 558614 1299995 61 78 17 0.62 17 m @ 0.62 g/t 3 m @ 1.59 g/t RC Zone B North
SC0601 558614 1299995 89 90 1 5.81 1 m @ 5.81 g/t RC Zone B North
SC0602 558589 1300031 9 17 8 0.52 8 m @ 0.52 g/t RC Zone B North
SC0602 558589 1300031 26 43 17 0.32 17 m @ 0.32 g/t RC Zone B North
SC0602 558589 1300031 50 51 1 0.58 1 m @ 0.58 g/t RC Zone B North
SC0603 558593 1300081 2 3 1 6.04 1 m @ 6.04 g/t RC Zone B North
SC0603 558593 1300081 11 21 10 0.67 10 m @ 0.67 g/t 2 m @ 1.61 g/t RC Zone B North
SC0603 558593 1300081 24 25 1 0.18 1 m @ 0.18 g/t RC Zone B North
SC0603 558593 1300081 41 51 10 0.72 10 m @ 0.72 g/t 3 m @ 1.66 g/t RC Zone B North
SC0604 558615 1300080 2 3 1 0.17 1 m @ 0.17 g/t 2 m @ 1.97 g/t RC Zone B North
SC0604 558615 1300080 36 44 8 0.58 8 m @ 0.58 g/t RC Zone B North
SC0604 558615 1300080 63 66 3 0.23 3 m @ 0.23 g/t RC Zone B North
SC0605 558595 1300117 9 17 8 1.59 8 m @ 1.59 g/t 4 m @ 2.76 g/t RC Zone B North
SC0605 558595 1300117 27 43 16 0.40 16 m @ 0.40 g/t 1 m @ 1.56 g/t RC Zone B North
SC0605 558595 1300117 47 48 1 0.20 1 m @ 0.20 g/t RC Zone B North
SC0605 558595 1300117 55 62 7 1.58 7 m @ 1.58 g/t 1 m @ 9.12 g/t RC Zone B North
SC0606 558615 1300117 19 20 1 0.19 1 m @ 0.19 g/t RC Zone B North
SC0606 558615 1300117 28 30 2 0.45 2 m @ 0.45 g/t RC Zone B North
SC0606 558615 1300117 34 42 8 0.37 8 m @ 0.37 g/t RC Zone B North
SC0606 558615 1300117 49 50 1 0.21 1 m @ 0.21 g/t RC Zone B North
SC0606 558615 1300117 54 67 13 0.63 13 m @ 0.63 g/t 1 m @ 3.85 g/t RC Zone B North
SC0607 558610 1300150 15 29 14 2.83 14 m @ 2.83 g/t 11 m @ 3.50 g/t RC Zone B North
SC0607 558610 1300150 46 49 3 0.21 3 m @ 0.21 g/t RC Zone B North
SC0607 558610 1300150 57 70 13 0.34 13 m @ 0.34 g/t RC Zone B North
Competent Person's statement
The information in this release that relates to Exploration Results was
reviewed by Mr Anton Geldenhuys, a Competent Person who is a Member of the
South African Council for National Scientific Professions (SACNASP). Mr
Geldenhuys (Principal Resource Consultant) is an independent consultant with
CSA Global and 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 Geldenhuys consents to the inclusion
in this release of the Exploration Results in the form and context in which it
appears. Mr Geldenhuys confirms that the information contained in the Appendix
of this release that relates to the reporting of Exploration Results at
Sanankoro is an accurate representation of the available data. In addition, Mr
Anton Geldenhuys 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.
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, 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
(http://www.coragold.com/) or contact:
Bert Monro Cora Gold Limited info@coragold.com
Craig Banfield
Christopher Raggett / Charlie Beeson finnCap Ltd +44 (0) 20 7220 0500
(Nomad & Joint Broker)
Andy Thacker Turner Pope Investments +44 (0) 20 3657 0050
James Pope (Joint Broker)
Susie Geliher / Selina Lovell St Brides Partners pr@coragold.com
(Financial PR)
Notes
Cora is an emerging West African gold developer with three principal de-risked
project areas within two known gold belts in Mali and Senegal covering c.1,000
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. An updated mineral resource estimate on the
Project was published in November 2021 which increased the Resources by over
200% (from the 2019 Maiden resource) to 809,300oz Au. A Definitive Feasibility
Study is expected to be completed in H1 2022.
Appendix - JORC Code (2012) Edition, Table 1
Section 1: Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections)
Criteria JORC Code explanation Commentary
Sampling techniques Nature and quality of sampling (e.g. cut channels, random chips, or specific This 2021/2022 phase of drilling is composed of 6,993 m of RC and 897 m of
specialised industry standard measurement tools appropriate to the minerals aircore (AC) drilling.
under investigation, such as downhole gamma sondes, or handheld XRF
instruments, etc.). These examples should not be taken as limiting the broad RC was ubiquitously sampled on 1 m intervals. Each rod string is 6 m in length
meaning of sampling. and is checked and marked with grease every 1 m to allow personnel to observe
sampling and drill progress. The driller will sound a horn at the end of each
Include reference to measures taken to ensure sample representivity and the 1 m interval, warning the samplers to switch bags at the cyclone.
appropriate calibration of any measurement tools or systems used.
All industry standard RC sample quality procedures were applied, and each
Aspects of the determination of mineralisation that are Material to the Public shift a geologist was present to ensure sample quality was maintained, holes
Report. were not stopped in mineralisation and activity reporting monitored cost
control. No detailed logging or sampling was conducted at the rigs.
In cases where 'industry standard' work has been done this would be relatively
simple (e.g. 'reverse circulation drilling was used to obtain 1 m samples All bulk 1 m samples were transported immediately upon hole completion to a
from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In central bag farm next to the Sanankoro camp. No samples were left in the
other cases, more explanation may be required, such as where there is coarse field. All samples drilled were shipped to the bag farm for splitting and
gold that has inherent sampling problems. Unusual commodities or logging under controlled and secured conditions.
mineralisation types (e.g. submarine nodules) may warrant disclosure of
detailed information. The 1 m bulk samples are riffle split down to 5-6 kg using a three-tier 75:25
riffle splitter and a duplicate pair of 2-3 kg samples are then generated
using a two-tier 50:50 riffle splitter. One sample is sent to the lab and the
duplicate is stored for any future re-assay or reference.
All RC holes are photographed on chip tables and chip trayed after sampling
and logging.
All RC holes are geologically logged and panned for visible gold on
1 m intervals concurrently with sampling.
The logging and panning results dictate whether the logging or senior
geologist will instruct compositing in less favourable intersections of a
hole. Composites of 4 m are possible in barren intersections.
The RC samples were sent to an accredited laboratory where they were
pulverised to 85% passing 75 micron in a Labtechnics LM2 puck pulveriser and
sub-sampled to provide 2 kg for CN bottle roll and/or a 50 g aliquot for fire
assay. Bottle roll is the preferred assaying method for oxide materials and
fire assay for fresh or sulphide-rich material.
AC was sampled and analysed as per the RC procedure.
Drilling techniques Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air RC was drilled using a 5(3/8)" face-sampling hammer.
blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or
standard tube, depth of diamond tails, face-sampling bit or other type, All drilling details and dates are recorded on hole logs and are stored in the
whether core is oriented and if so, by what method, etc.). COLLAR file in DATASHED™.
Drill sample recovery Method of recording and assessing core and chip sample recoveries and results RC was drilled using a 5(3/8)" face-sampling hammer leading a 4(1/2)" standard
assessed. rod string. Auxiliary booster-compressor air packs were used on deeper holes,
normally >110 m, to ensure dry sample quality and recovery.
Measures taken to maximise sample recovery and ensure representative nature of
the samples. The RC drilling was sampled on a standard 1 m interval and recoveries assessed
quantitively by weighing each sampled metre. A total of 6,698 RC samples and
Whether a relationship exists between sample recovery and grade and whether 844 AC weights were recorded during this drilling campaign in 2021/2022.
sample bias may have occurred due to preferential loss/gain of fine/coarse
material. The practice of weighing drill chip samples immediately from recovery at the
rig is Cora Gold Limited (Cora Gold) standard practice for all AC and RC
drilling.
Sample quality and recovery are monitored at the rig during drilling shift
both observationally by the geologist checking the moisture content, possible
contamination and relative recovery along the bag line and quantitively by
weighing each of the bulk 1 m samples direct from the cyclone before layout.
RC recoveries are logged and recorded in the database. Overall recoveries are
>70% for the RC; there are no significant sample recovery issues. A
geologist is always present at the rig to monitor and record sample quality.
Logging Whether core and chip samples have been geologically and geotechnically logged All RC holes are logged, panned and sampled on a standard 1 m resolution.
to a level of detail to support appropriate Mineral Resource estimation, Every 1 m drilled is logged and panned before being sampled.
mining studies and metallurgical studies.
4 m compositing may be instructed in barren sections of drilled hole based on
Whether logging is qualitative or quantitative in nature. Core (or costean, the results of the detailed logging.
channel, etc.) photography.
All RC holes are photographed on chip tables and chip trayed after sampling
The total length and percentage of the relevant intersections logged. and logging.
Subsampling techniques and sample preparation If core, whether cut or sawn and whether quarter, half or all core taken. All AC and RC chip samples were weighed and riffle split to 2-3 kg for
submission to the lab. All AC and RC holes are sampled in bulk, logged and
If non-core, whether riffled, tube sampled, rotary split, etc. and whether panned on a standard 1 m interval. Compositing to 4 m may occur in barren
sampled wet or dry. geology.
For all sample types, the nature, quality and appropriateness of the sample A standard 5:25 sample QAQC was used throughout the 2021/2022 programme,
preparation technique. composed of one standard, one blank, two duplicates, and one triplicate. Assay
batches had a routine 20% QAQC component.
Quality control procedures adopted for all subsampling stages to maximise
representivity of samples. The database manager monitors all sampling and QAQC vetting of the assay
batches.
Measures taken to ensure that the sampling is representative of the in-situ
material collected, including for instance results for field Field duplicates assist in determining the representivity of subsamples.
duplicate/second-half sampling.
QC category ratios
Whether sample sizes are appropriate to the grain size of the material being
QC category DH sample count QC sample count Ratio of QC samples to DH samples
sampled. Field duplicate 5,101 471 1:11
Triplicate (Second Field duplicate) 5,101 213 1:24
Subsamples are deemed appropriate for the reporting of Exploration Results.
Quality of assay data and laboratory tests The nature, quality and appropriateness of the assaying and laboratory Sample preparation involved oven drying, jaw crushing core P70 passing 2 mm,
procedures used and whether the technique is considered partial or total. followed by total pulverisation through an LM2 puck pulveriser to a nominal
85% passing 75 microns.
For geophysical tools, spectrometers, handheld XRF instruments, etc, the
parameters used in determining the analysis including instrument make and Historically it has been proven that the nuggety, highly weathered nature of
model, reading times, calibrations factors applied and their derivation, etc. the Sanankoro oxide mineralisation is best head assayed by 2 kg bottle
roll/atomic absorption spectrometry (AAS) with a 50 g fire assay/AAS on the
Nature of quality control procedures adopted (e.g. standards, blanks, bottle roll tail residue on all samples with Au values greater than 0.1 g/t
duplicates, external laboratory checks) and whether acceptable levels of Au. The bulk of the assay database is completed by this method.
accuracy (i.e. lack of bias) and precision have been established.
A total of 29,899 bottle roll (Leachwell) assays were reported with 7,561 fire
assay/AAS tails.
A standard 5:25 sample QAQC was used throughout the programme, composed of one
standard, one blank, two duplicates, and one triplicate. The assay batches had
a routine 20% QAQC component.
Standard type ratios
Standard type DH sample count Standard type count Standard sample count Ratio of QC standard to DH samples
BLANK 5,101 1 285 1:18
CRM 5,101 5 241 1:21
Certified reference material (CRM) standards were sourced from accredited
suppliers Rocklabs.
Standard code Expected value Expected standard deviation No. of samples Supplier
OXG140 1.019 0.022 43 Rocklabs
OXK160 3.674 0.078 42 Rocklabs
SJ111 2.812 0.068 26 Rocklabs
SH98 1.400 0.028 26 Rocklabs
OXL159 5.349 0.139 74 Rocklabs
Following review of the QAQC, the data are deemed appropriate for the
reporting of Exploration Results.
Verification of sampling and assaying The verification of significant intersections by either independent or The Competent Person has visually verified some significant RC intersections
alternative company personnel. during the site visit related to the Mineral Resource in 2021.
The use of twinned holes. Geology and sampling data were logged into Microsoft Excel format templates
and sent via email to the database manager. Files were imported into Datashed
Documentation of primary data, data entry procedures, data verification, data via configured importers and passed through stringent validation.
storage (physical and electronic) protocols.
Validation included:
Discuss any adjustment to assay data.
· Logging codes checked against approved code lists
· Interval overlaps and gaps
· Records beyond end-of-hole.
All digital files received were archived on the workstation hosting the
database. This was located on site with the database manager. Scheduled daily
backups of the database and file archive were made to a NAS solution located
at the same site. Nightly scheduled offsite backups were conducted to a
verified backup service provider. All offsite backups are encrypted.
Overall, the drilling, logging, sampling, assaying and QAQC procedures are
considered to be consistent with industry standard practice.
No adjustments or calibrations were made to any assay data used in this
estimate.
Location of data points Accuracy and quality of surveys used to locate drillholes (collar and downhole Grid System: WGS84 UTM zone 29N (EPSG: 32629)
surveys), trenches, mine workings and other locations used in Mineral Resource
estimation. All surface survey features were surveyed with a LEICA GS18-T RTK differential
global positioning system (GPS) to within a proven accuracy of 30 cm; Cora
Specification of the grid system used. conducted the differential GPS work.
Quality and adequacy of topographic control. A large number of well distributed ground control points and features were
used for the TERRABOTICS satellite survey. All points were set-out or
picked-up using CG-LEICA.
TERRABOTICS UK produced a site specific 139 km(2) digital terrain model (DTM)
with 0.3 m RL accuracy using tasked MAXAR orthorectified WV3 imagery flown in
November-December 2020. The DTM was provided in February 2021 and utilised
throughout the latest drill program from March to August 2021.
The TERRABOTICS DTM proved accurate from ongoing survey work to be within
30-50 cm RL. Differential GPS easting and northing showed better resolution.
The TERRABOTICS DTM is an acceptable topographic model for Sanankoro which
defines the surface relief and maps the artisanal pits across the 139 km(2)
area of interest accurately. The WV3 imagery maps the full cadastral and
natural features across the project area.
The 2022 drilling utilised a WELLFORCE CHAMP north-seeking gyro throughout and
every drilled RC hole has a detailed gyro DTH survey file. Historically, DTH
surveys were conducted, used a REFLEX EZ-TRAC.
Data spacing and distribution Data spacing for reporting of Exploration Results. The nominal drillhole collar spacing is 50 m x 25 m and 50 m x 50 m.
Whether the data spacing and distribution is sufficient to establish the Due to the orientation of drill traces on section, data between drillholes can
degree of geological and grade continuity appropriate for the Mineral Resource be spaced as close as 10 m in places.
and Ore Reserve estimation procedure(s) and classifications applied.
At this stage, no assessment of geological and grade continuity has been
Whether sample compositing has been applied. conducted.
Orientation of data in relation to geological structure Whether the orientation of sampling achieves unbiased sampling of possible The bulk of the drilling is orientated 090° or 270° orthogonal to the strike
structures and the extent to which this is known, considering the deposit of the mineralised domains. Structural logging based on oriented core
type. indicates that the main mineralisation controls are ±20° from 000 north and
largely perpendicular to drill direction.
If the relationship between the drilling orientation and the orientation of
key mineralised structures is considered to have introduced a sampling bias, No orientation-based sampling bias has been identified in the dataset.
this should be assessed and reported if material.
Sample security The measures taken to ensure sample security. The full chain of custody is managed by Cora. Samples collected daily from the
rigs and transported to the central bag farm and sample processing area next
to the main Sanankoro camp where the bulk samples are logged, split and
prepared for onward transport to the various labs.
The samples are stored on site and a truck collects available samples weekly
and transports them to Cora Gold office in Bamako for registration and
verification prior to onward delivery to ALS Ouagadougou.
The labs sign sample submissions as evidence of receipt.
Completed assay files and pdf certificates were distributed to the approved
recipients by Lab LIMS. Assay files were imported as received to Datashed and
then archived on the workstation hosting the database.
Database management software used is DATASHED version 4.6.4.2 with DB version
4.6.5 with MSSQL Server SQL2017 backend.
Audits or reviews The results of any audits or reviews of sampling techniques and data. Cora's Head of Exploration at the time visited each of the labs in November
and December 2020 before signing contracts. No issues were identified during
the visit.
Subsamples are deemed appropriate for the reporting of Exploration Results.
Quality of assay data and laboratory tests
The nature, quality and appropriateness of the assaying and laboratory
procedures used and whether the technique is considered partial or total.
For geophysical tools, spectrometers, handheld XRF instruments, etc, the
parameters used in determining the analysis including instrument make and
model, reading times, calibrations factors applied and their derivation, etc.
Nature of quality control procedures adopted (e.g. standards, blanks,
duplicates, external laboratory checks) and whether acceptable levels of
accuracy (i.e. lack of bias) and precision have been established.
Sample preparation involved oven drying, jaw crushing core P70 passing 2 mm,
followed by total pulverisation through an LM2 puck pulveriser to a nominal
85% passing 75 microns.
Historically it has been proven that the nuggety, highly weathered nature of
the Sanankoro oxide mineralisation is best head assayed by 2 kg bottle
roll/atomic absorption spectrometry (AAS) with a 50 g fire assay/AAS on the
bottle roll tail residue on all samples with Au values greater than 0.1 g/t
Au. The bulk of the assay database is completed by this method.
A total of 29,899 bottle roll (Leachwell) assays were reported with 7,561 fire
assay/AAS tails.
A standard 5:25 sample QAQC was used throughout the programme, composed of one
standard, one blank, two duplicates, and one triplicate. The assay batches had
a routine 20% QAQC component.
Standard type ratios
Standard type DH sample count Standard type count Standard sample count Ratio of QC standard to DH samples
BLANK 5,101 1 285 1:18
CRM 5,101 5 241 1:21
Certified reference material (CRM) standards were sourced from accredited
suppliers Rocklabs.
Standard code Expected value Expected standard deviation No. of samples Supplier
OXG140 1.019 0.022 43 Rocklabs
OXK160 3.674 0.078 42 Rocklabs
SJ111 2.812 0.068 26 Rocklabs
SH98 1.400 0.028 26 Rocklabs
OXL159 5.349 0.139 74 Rocklabs
Following review of the QAQC, the data are deemed appropriate for the
reporting of Exploration Results.
Verification of sampling and assaying
The verification of significant intersections by either independent or
alternative company personnel.
The use of twinned holes.
Documentation of primary data, data entry procedures, data verification, data
storage (physical and electronic) protocols.
Discuss any adjustment to assay data.
The Competent Person has visually verified some significant RC intersections
during the site visit related to the Mineral Resource in 2021.
Geology and sampling data were logged into Microsoft Excel format templates
and sent via email to the database manager. Files were imported into Datashed
via configured importers and passed through stringent validation.
Validation included:
· Logging codes checked against approved code lists
· Interval overlaps and gaps
· Records beyond end-of-hole.
All digital files received were archived on the workstation hosting the
database. This was located on site with the database manager. Scheduled daily
backups of the database and file archive were made to a NAS solution located
at the same site. Nightly scheduled offsite backups were conducted to a
verified backup service provider. All offsite backups are encrypted.
Overall, the drilling, logging, sampling, assaying and QAQC procedures are
considered to be consistent with industry standard practice.
No adjustments or calibrations were made to any assay data used in this
estimate.
Location of data points
Accuracy and quality of surveys used to locate drillholes (collar and downhole
surveys), trenches, mine workings and other locations used in Mineral Resource
estimation.
Specification of the grid system used.
Quality and adequacy of topographic control.
Grid System: WGS84 UTM zone 29N (EPSG: 32629)
All surface survey features were surveyed with a LEICA GS18-T RTK differential
global positioning system (GPS) to within a proven accuracy of 30 cm; Cora
conducted the differential GPS work.
A large number of well distributed ground control points and features were
used for the TERRABOTICS satellite survey. All points were set-out or
picked-up using CG-LEICA.
TERRABOTICS UK produced a site specific 139 km(2) digital terrain model (DTM)
with 0.3 m RL accuracy using tasked MAXAR orthorectified WV3 imagery flown in
November-December 2020. The DTM was provided in February 2021 and utilised
throughout the latest drill program from March to August 2021.
The TERRABOTICS DTM proved accurate from ongoing survey work to be within
30-50 cm RL. Differential GPS easting and northing showed better resolution.
The TERRABOTICS DTM is an acceptable topographic model for Sanankoro which
defines the surface relief and maps the artisanal pits across the 139 km(2)
area of interest accurately. The WV3 imagery maps the full cadastral and
natural features across the project area.
The 2022 drilling utilised a WELLFORCE CHAMP north-seeking gyro throughout and
every drilled RC hole has a detailed gyro DTH survey file. Historically, DTH
surveys were conducted, used a REFLEX EZ-TRAC.
Data spacing and distribution
Data spacing for reporting of Exploration Results.
Whether the data spacing and distribution is sufficient to establish the
degree of geological and grade continuity appropriate for the Mineral Resource
and Ore Reserve estimation procedure(s) and classifications applied.
Whether sample compositing has been applied.
The nominal drillhole collar spacing is 50 m x 25 m and 50 m x 50 m.
Due to the orientation of drill traces on section, data between drillholes can
be spaced as close as 10 m in places.
At this stage, no assessment of geological and grade continuity has been
conducted.
Orientation of data in relation to geological structure
Whether the orientation of sampling achieves unbiased sampling of possible
structures and the extent to which this is known, considering the deposit
type.
If the relationship between the drilling orientation and the orientation of
key mineralised structures is considered to have introduced a sampling bias,
this should be assessed and reported if material.
The bulk of the drilling is orientated 090° or 270° orthogonal to the strike
of the mineralised domains. Structural logging based on oriented core
indicates that the main mineralisation controls are ±20° from 000 north and
largely perpendicular to drill direction.
No orientation-based sampling bias has been identified in the dataset.
Sample security
The measures taken to ensure sample security.
The full chain of custody is managed by Cora. Samples collected daily from the
rigs and transported to the central bag farm and sample processing area next
to the main Sanankoro camp where the bulk samples are logged, split and
prepared for onward transport to the various labs.
The samples are stored on site and a truck collects available samples weekly
and transports them to Cora Gold office in Bamako for registration and
verification prior to onward delivery to ALS Ouagadougou.
The labs sign sample submissions as evidence of receipt.
Completed assay files and pdf certificates were distributed to the approved
recipients by Lab LIMS. Assay files were imported as received to Datashed and
then archived on the workstation hosting the database.
Database management software used is DATASHED version 4.6.4.2 with DB version
4.6.5 with MSSQL Server SQL2017 backend.
Audits or reviews
The results of any audits or reviews of sampling techniques and data.
Cora's Head of Exploration at the time visited each of the labs in November
and December 2020 before signing contracts. No issues were identified during
the visit.
Section 2: Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section)
Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status Type, reference name/number, location and ownership including agreements or The Sanankoro Gold Project (area 341.87 km(2)) is located in the Yanfolila
material issues with third parties such as joint ventures, partnerships, Gold Belt of southern Mali. The Sanankoro Gold Project comprises five
overriding royalties, native title interests, historical sites, wilderness or contiguous gold exploration permits, being Bokoro II (area 63.1 km(2); expiry
national park and environmental settings. date 25 August 2023), Bokoro-Est (area 100 km(2); expiry date 18 September
2028), Dako II (area 44.66 km(2); expiry date 31 December 2027), Kodiou (area
The security of the tenure held at the time of reporting along with any known 50 km(2); expiry date 15 May 2023), and Sanankoro II (see below). The
impediments to obtaining a license to operate in the area. Definitive Feasibility Study is focused on Mineral Resources within the
Sanankoro II gold exploration permit.
In accordance with the 2019 Mining Code of the Republic of Mali, the 84.11
km(2) Sanankoro II gold exploration permit was awarded to Cora Resources Mali
SARL on 2 March 2021 (Arrêté no. 2021-0590-MMEE/SG). Cora Resources Mali
SARL is registered in the Republic of Mali. The duration of the permit is
three years, renewable twice at the holder's request, the duration of each
renewal period is extended to three years - as such, the full-term expiry date
of the Sanankoro gold exploration permit is 2 March 2030.
Cora Resources Mali SARL is a wholly owned subsidiary of Sankarani Ressources
SARL which in turn is a 95% subsidiary of Cora Gold Limited. Sankarani
Ressources SARL is registered in the Republic of Mali. Cora Gold Limited is
registered in the British Virgin Islands. The residual 5% interest in
Sankarani Ressources SARL may be acquired from a third party for the sum of
US$1 million. In addition, the Sanankoro II permit is subject to a third party
1% net smelter return (NSR) royalty. All fees due to the government in respect
of the Sanankoro II gold exploration permit have been paid and the permit is
in good standing.
A gold exploration permit over the same area as that covered by the Sanankoro
II gold exploration permit was previously held by Sankarani Ressources SARL.
This permit expired on 1 February 2020, having been initially awarded on 1
February 2013.
Exploration done by other parties Acknowledgment and appraisal of exploration by other parties. Exploration activities on the original Sanankoro permit by previous workers
have included geological mapping, rock chip sampling, termite sampling, trench
sampling geophysical surveys and surface drilling - auger, RAB, AC, RC, and
DC.
There were two previous companies who conducted work at Sanankoro, i.e.
Randgold Resources Ltd (Randgold) between 2004 and 2008 and Gold Fields
between 2008 and 2012.
During 2004 to 2008, Randgold conducted successive programs of soils and
termites geochemical sampling on iterative 500 m, 200 m and 100 m grids. Broad
blocks of gradient array induced polarisation (IP) were completed to assist
drill targeting on the broad regional-scale surface anomalies. They drilled
broad spaced 400 m x 100 m auger and RAB fences in search for bedrock
targets.
During 2008 to 2012, Gold Fields conducted infill soils and termite sampling
down to 100 m x 25 m resolution. They conducted large blocks of regional
gradient array IP and three main phases of drilling ranging from 400 m x 100 m
RAB with follow-up AC down to
50 m x 25 m RC and RC with DC tails, dependent upon results discovered.
Cora acquired the Sanankoro Permit in April 2017 and started exploration
termite sampling in May 2017. Chris Barrett SRK UK - Principal Exploration
Geologist visited Sanankoro from 27 to 30 March 2017 to bless the deal. SRK
UK, however, never returned to site to do any Competent Person due diligence
for the 2019 MRE, due to security concerns.
Geology Deposit type, geological setting, and style of mineralisation. 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 2 km wide Sanankoro
Shear Zone, which can be traced over 30 km 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
northeast-southwest focused zone of en-echelon veining and associated sulphide
development.
There are five main areas which currently define the Sanankoro Gold project,
which in order of significance are Selin, Zone A, Zone B, Zone B North, and
Zone C.
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 four to six multiple early/pre-D3 dykes of
diorite intruding the 65-80° west dipping axial trace of a western
hangingwall F3 anti-form on this major reactivated D2 east-verging thrust. The
>100 m 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, 10-30 m 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.
Zone A shores up the southern limit of the 11.5 km mineralised corridor, which
forms the backbone to the Sanankoro Project. Zone A is the southern-most
expression of the 010° trending central axis of the Sanankoro Shear Zone,
which sits 900 m west of the Selin Boundary Shear and hosts the 5.8 km 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 strike extension of Zone A, located 800 m to the north. The
Sanankoro Main Trend runs for 6 km 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, hangingwall
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.
Zone C is located 650 m southwest of Zone A on the parallel, >7 km long
Sanankoro West Shear Zone (SWSZ) which can be traced along a chain of surface
workings to the Excavator Prospect, 1.5 km north-northwest of Target 3. The
SWSZ is high in the priority list for drilling in the 2022 program and a
number of SWSZ targets, beyond Zone C, will be tested for surface potential.
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 (>120 m from surface). There is a highly evolved
weathering profile with a pronounced 8-10 m thick duricrust-laterite
ferro-cap, grading downward into a well-developed mottled zone to 20-25 m
depth and remains highly weathered until beyond 140 m vertically within the
central mineralised fault zone. Zone B1 has extremely deep weathering with
shallow oxide densities measured to depths of 190 m down-dip within the ore
zone trough.
All 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.
Drillhole information A summary of all information material to the understanding of the exploration Significant intercepts that form the basis of the MRE have been released to
results including a tabulation of the following information for all Material the AIM in previous announcements (available on the Cora website) with
drillholes: appropriate tables incorporating Hole, Easting, Northing, From, Depth and
Intercept Assay Data.
· easting and northing of the drillhole collar
Appropriate maps and plans accompany these Exploration Results.
· elevation or RL (Reduced Level - elevation above sea level in metres) of
the drillhole collar Previous drilling completed by Cora, Gold Fields and Randgold is documented
herein and in the publicly available report "Sanankoro Gold Project, Mineral
· dip and azimuth of the hole Resource Estimate" prepared by CSA Global UK and dated January 2022.
· downhole length and interception depth A complete listing of all drillhole details is not necessary for this release
which describes the intersections of the latest drill programme. In the
· hole length. Competent Person's opinion the exclusion of this data does not detract from
the understanding of the Exploration results contained herein.
If the exclusion of this information is justified on the basis that the
information is not Material and this exclusion does not detract from the The 2021 programme twinned important historical Goldfields and early Cora
understanding of the report, the Competent Person should clearly explain why Gold, smaller diameter, AC and RC intercepts. Historical Energold DD NQ core
this is the case. holes exhibited sections of unacceptably poor recoveries, especially in the
deeply oxidised deposits of Zone A and Zone B1, which were twinned using the
deep RC rig.
Data aggregation methods In reporting Exploration Results, weighting averaging techniques, maximum All RC intersections are sampled and assayed on 1 m intervals but could be
and/or minimum grade truncations (e.g. cutting of high grades) and cut-off composited up to 4 m in areas interpreted to be barren.
grades are usually Material and should be stated.
Significant intercepts have previously been reported using a cut-off grade of
Where aggregate intercepts incorporate short lengths of high grade results and 0.5 g/t, without top cuts.
longer lengths of low grade results, the procedure used for such aggregation
should be stated and some typical examples of such aggregations should be Mineralised intervals are reported with a maximum of 3 m of consecutive
shown in detail. internal dilution of less than 0.5g/t Au. Mineralised intervals are reported
on a length-weighted average basis.
The assumptions used for any reporting of metal equivalent values should be
clearly stated. No metal equivalents are reported.
Relationship between mineralisation widths and intercept lengths These relationships are particularly important in the reporting of Exploration The orientation of the mineralised zone has been established and majority of
Results. the drilling was planned to intersect the mineralised structures orthogonally
or as close as practicable.
If the geometry of the mineralisation with respect to the drillhole angle is
known, its nature should be reported. Existing artisanal workings, buildings, sacred sites and drainage sometimes
created obstacles which prevented perfect intersection and some holes were
If it is not known and only the downhole lengths are reported, there should be required to be drilled at less-than-ideal orientations.
a clear statement to this effect (e.g. 'downhole length, true width not
known'). For the bulk of drillholes, site preparations were carried out and
35 m x 25 m drill spacing applied and acceptable intersection orientations
were achieved.
Diagrams Appropriate maps and sections (with scales) and tabulations of intercepts The appropriate plans and sections are included in this document.
should be included for any significant discovery being reported These should
include, but not be limited to a plan view of drill hole collar locations and
appropriate sectional views.
Balanced reporting Where comprehensive reporting of all Exploration Results is not practicable, All grades, high and low, are reported accurately with "from" and "to" depths
representative reporting of both low and high grades and/or widths should be and "hole identification" shown.
practiced to avoid misleading reporting of Exploration Results.
Other substantive exploration data Other exploration data, if meaningful and material, should be reported Detailed metallurgical test work has been carried out as part of a previous
including (but not limited to): geological observations; geophysical survey scoping study. Testwork shows that the material is amenable to conventional
results; geochemical survey results; bulk samples - size and method of crushing, grinding, gravity and carbon-in-leach processing. Oxide recoveries
treatment; metallurgical test results; bulk density, groundwater, geotechnical have been determined to be >95%. An updated metallurgical variability
and rock characteristics; potential deleterious or contaminating substances. testwork program is ongoing at ALS Perth.
1.068 detailed dry bulk density determinations were conducted on all 2021
drilled core. 589 detailed UCS point load determinations were conducted on all
drilled fresh core. Detailed geotechnical logging and analysis was conducted
on all drill core.
Detailed regional exploration programs continue to generate new drill targets
which will feed into potential Mineral Resource growth.
Further work The nature and scale of planned further work (e.g. tests for lateral Detailed ESIA studies commenced in Q2 2020 and stakeholder engagement meetings
extensions or depth extensions or large-scale step-out drilling). conducted throughout the period to date.
Diagrams clearly highlighting the areas of possible extensions, including the A program of detailed hydrology and civils geotechnical drilling is planned
main geological interpretations and future drilling areas, provided this for water management, tailings storage facility and plant sites.
information is not commercially sensitive.
Detailed variability metallurgical testwork is planned at ALS Perth to support
further studies.
Detailed open pit and civils geotechnical studies are planned to support
further studies.
Detailed hydrology studies are planned.
Additional Mineral Resource, Ore Reserve and grade control pattern drilling is
planned to update designs prior to commencement of mining.
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. END DRLVVLFBLELZBBFRecent news on Cora Gold
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