REG - Cora Gold Limited - Further Results from the Sanankoro Drill Programme

Cora GoldAnnouncement

05/05/2021 07:05

RNS Number : 5386X
  
Cora Gold Limited
  
05 May 2021
  
 

 Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector: Mining
05 May 2021
Cora Gold Limited ('Cora' or the 'Company')
Further positive results from the ongoing Sanankoro Drill Programme
 
Cora Gold Limited, the West African focused gold company, is pleased to announce further drill results from its largest ever drilling campaign, which commenced in March 2021 at its Sanankoro Gold Project ('Sanankoro' or 'the Project'), in Southern Mali.  The Company plans to drill up to 35,000m by end of July 2021, with a dual focus on targeting resource growth as well as infill drilling to convert existing Inferred resources to Indicated.
 
To view the RNS with illustrative diagrams and maps, please use the following link: http://www.rns-pdf.londonstockexchange.com/rns/5386X_1-2021-5-4.pdf
 
Highlights:
 
New drill results at Selin
●     24m @ 2.50 g/t Au from 16m 
o  including 6m @ 5.53 g/t Au in hole SC0331
●     23m @ 1.55 g/t Au from 47m in hole SC0332
●     28m @ 1.54 g/t Au from 17m in hole SC0327
●     22m @ 1.47 g/t Au from 27m in hole SC0326
●     20m @ 2.04 g/t Au from 20m in hole SC0328
●     16m @ 1.67 g/ Au from 62m in hole SC0329
●     4m @ 9.06 g/t Au from 81m in hole SC0325
 
Updated results from previous RNS released on 22 April 2021
●     54m @ 2.07 g/t Au from 20m (prelim. result 52m @ 1.78 g/t incl. 7m @ 4.21 g/t)
o  including 2m @ 17.71 g/t Au in hole SC0311
●     34m @ 2.14 g/t Au from 13m (prelim. result 34m @ 1.98 g/t incl. 3m @ 17.78 g/t) 
o  including 3m @ 19.14 g/t Au in hole SC0312
●     13m @ 2.09 g/t Au from 68m in SC0309 (prelim. result 13m @ 1.24 g/t) 
●     Results initially published on 22 April 2021 were preliminary, shown in brackets above, as the Company was awaiting final fire assays on the sample tails and the results have subsequently improved
●     New results released today are fully completed and not preliminary
 
Update on drill programme progress
●     116 holes drilled totalling over 11,000m from start of the campaign to the 03 May 2021
●     A further reverse circulation ('RC') rig and one Diamond Core ('DC') rig due to arrive during May 2021
●     Booster compressor arrived at site in the last week and deeper holes commencing imminently
 
Bert Monro, CEO of Cora, commented, "Following on from our maiden results it is extremely pleasing to be reporting further strong results from Sanankoro including 24m @ 2.5 g/t from 16m depth - these comprise more shallow oxide intersections with good grades.  It is also worth noting we have updated some preliminary results reported on 22 April with final results which have also shown increased average grades.   
 
"We have now completed over 11,000m of drilling in this programme and during May we are mobilising two further rigs and additionally a booster compressor has just arrived on site.  We plan to start drilling deeper holes within a week as we aim to push the shallow inferred resource pit deeper.  The current inferred pit shell has an average vertical depth of only 65m, from limited drilling at the time, so we eagerly await the results from these deeper holes once drilled."    
 
Further Information
The Company is pleased to report the final assay results from 10 further RC holes as well as re-reporting 8 holes previously released on the 22 April 2021 which had been preliminary results.  These results have improved following receipt of the final fire assay results on the sample tails following initial bottle roll testwork.
 
Holes - Metres - Intercepts reported - Metres sent for assay
The intercepts reported equate to the first 1,643 metres of the 35,000m programme and are hosted on eleven 50m sections between 1295250N and the northern most drilling on 1296200N.  As of 03 May 2021, 116 holes have been completed, totalling over 11,000m of RC drilling, with the first 58 holes, some 5,531m, being drilled at the Selin Resource in the north, and a further 45 holes comprising 4,542m drilled at the Zone A Resource to the south.  The rig has completed over 4,000 metres of Zone A Phase 1, a short Zone C Phase 1 programme of circa. 1,000 metres and returned to start a larger circa. 5,000 metre Zone A Phase 2 programme.
 
A large booster-compressor auxiliary air pack has recently arrived at site to commence targeted deep RC exploration at Zone A and then return to drill Selin Phase 2, later in the month, for exploration of potential down-plunge extensions and further resource definition work.  The existing inferred resource pit shell (RNS 05 December 2019) averaged around 65m in depth due to a lack of deeper drilling so the potential for these deeper holes offers upside to the current resources. 
 
The results reported from SC0306 to SC0332 were generated from 1,864 submitted samples which included a high level of 20% blind, independent, accredited QAQC samples. The intercepts reported have passed rigorous QAQC.
 
Background on the geology and relevance of the results
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 2km wide Sanankoro Shear Zone which can be traced over 30km from Kabaya South on the western side of the Yanfolila Mine to north of the Niger River beyond Selin and on to Karan.  Within the project area, each of the prospects are underpinned by a strong linear parallel structure, and where strong mineralisation is developed, a pronounced localised NE-SW focused zone of en-echelon veining and associated sulphide development.
 
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. The intercepts to date behave well structurally and reinforce the strong ore continuity associated with the shear architecture which has developed enveloping this diorite sill.
 
A drill plan and annotated drill sections 1295250N, 1295300N, 1295450N and 1295600N are included to illustrate the close association between gold deposition and diorite sill fold geometry at Selin.
 
Plan map of the Selin deposit and recent drill results - See PDF
 
 
Cross sections from drill results - See PDF
 
 
Table of results:
 




HOLE_ID


EUTM_29N


NUTM_29N


EOH (m)


FROM (m)


INTERCEPT


 

 



 

 



SC0306


         559,675.71 


        1,305,500.24 


110


83


4m @ 2.59 g/t


 

 



SC0307


         559,700.41 


        1,305,500.03 


160


26


3m @ 2.70 g/t


 

 



 


 


56


39m @ 0.91 g/t


 

 



SC0309


         559,675.68 


        1,305,549.78 


112


68


13m @ 2.09 g/t


 

 



SC0310


         559,660.10 


        1,305,449.79 


80


16


4m @ 0.76 g/t


 

 



 


 


61


3m @ 0.69 g/t


 

 



SC0311


         559,690.31 


        1,305,449.95 


115


20


3m @ 1.20 g/t


 

 



 


 


20


54m @ 2.07 g/t


 

 



SC0312


         559,640.42 


        1,305,599.90 


80


13


34m @ 2.14 g/t


 

 



SC0313


         559,665.25 


        1,305,599.94 


90


68


6m @ 0.84 g/t


 

 



SC0314


         559,630.10 


        1,305,650.14 


98


14


6m @ 0.58 g/t


 

 



SC0321


         559,590.32 


        1,306,049.59 


95


43


10m @ 1.06 g/t


 

 



SC0323


         559,554.80 


        1,306,199.93 


80


34


9m @ 0.87 g/t


 

 



SC0324


         559,595.40 


        1,305,849.86 


71


12


26m @ 0.69 g/t


 

 



SC0325


         559,640.41 


        1,305,799.82 


117


81


4m @ 9.06 g/t


 

 



SC0326


         559,690.17 


        1,305,399.79 


120


27


22m @ 1.47 g/t


 

 



SC0327


         559,695.53 


        1,305,349.99 


104


17


28m @ 1.54 g/t


 

 



SC0328


         559,695.05 


        1,305,299.56 


116


13


20m @2.04 g/t


 

 



 


 


92


2m @ 1.74 g/t


 

 



SC0329


         559,730.26 


        1,305,298.05 


117


62


16m @ 1.67 g/t


 

 



SC0331


         559,710.16 


        1,305,249.98 


113


16


24m @ 2.50 g/t


 

 



SC0332


         559,735.08 


        1,305,250.09 


89


47


23m @ 1.55 g/t


 

 



 
 
Table of preliminary results published on 22 April 2021 (shown for full comparison to the completed table of results that are shown above)
 




HOLE_ID


EUTM_29N


NUTM_29N


End of Hole (m)


FROM (m)


INTERCEPT

 


 



SC0305


559645.3436


1305500.169


80


15


10m @ 0.88 g/t

 



SC0306


559675.708


1305500.244


110


30


2m @ 0.99 g/t

 



50


16m @ 1.31 g/t

 



83


4m @ 2.59 g/t

 



SC0307


559700.4142


1305500.034


160


26


3m @ 2.34 g/t

 



57


38m @ 0.82 g/t

 



SC0308


559645.2984


1305549.91


80


16


18m @ 1.1 g/t

 



SC0309


559675.6765


1305549.783


112


41


7m @ 1.29 g/t

 



68


13m @ 1.24 g/t

 



SC0310


559660.1026


1305449.789


80


16


4m @ 0.59 g/t

 



61


2m @ 0.66 g/t

 



SC0311


559690.3096


1305449.954


115


20


52m @ 1.78 g/t

 



SC0312


559640.4148


1305599.904


80


13


34m @ 1.98 g/t

 



 
 
Competent persons statement:  Mr. Norman ('Norm') Bailie is a Chartered Professional Geology and Management Fellow of the Australasian Institute of Mining and Metallurgy (AUSIMM) and a 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
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 / Zoe Alexander


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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