REG - Cora Gold Limited - Mineral Resource Estimate Following 2022 Drilling
19/07/2022 07:00
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RNS Number : 8553S Cora Gold Limited 19 July 2022
Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector: Mining
19 July 2022
Cora Gold Limited ('Cora' or 'the Company')
Mineral Resource Estimate Following 2022 Drill Campaign
Cora Gold Limited, a West African focused gold company, is pleased to provide
an updated Mineral Resource estimate ('MRE') for the Company's Sanankoro Gold
Project ('Sanankoro' or the 'Project') in southern Mali. This MRE, updated
after completion of the 2022 drill programme, builds on the previous MRE
announced on 16 November 2021, with the Company predominantly focused on
converting additional ounces ('oz') from Inferred to Indicated.
Highlights
● 14% increase in total MRE ounces compared to the previously
reported MRE (November 2021)
● 22% increase in oxide Indicated Mineral Resources to 509koz from
419koz
● The MRE, at a cut-off grade of 0.4 g/t Au, comprises 24.9 Mt of
material at a grade of 1.15 g/t Au, of which 16.1 Mt are Indicated Mineral
Resources and 8.7 Mt are Inferred Mineral Resources for a total 920 koz Au
o 657 koz @ 1.27 g/t Au Indicated category
o 263 koz @ 0.94 g/t Au Inferred category
● The MRE was updated following a limited programme of 6,992 metres
of reverse circulation ('RC') and 897 metres of aircore ('AC') drilling and as
part of an ongoing DFS for the Sanankoro Gold Project, due for completion Q3
2022
Bert Monro, Chief Executive Officer of Cora, commented, "I am pleased to
report Sanankoro has an updated MRE of 920 kozs Au of which 657kozs are in
Indicated and 509kozs of those are also in free digging oxide material. The
main focus of this programme was to add oxide Indicated ounces, which will
enhance the Reserve potential in our upcoming DFS, and this MRE has delivered
on that plan. The programme, from a limited drill metre-age while we focused
on the DFS, had a very good conversion from Inferred to Indicated which also
bodes well for future infill programmes on the 263kozs of Inferred material.
The new discoveries in close proximity to existing resources, found during
this year's exploration programme, also show that there is plenty of potential
to find new deposits in the future as we remain in the early stages of
developing the exploration potential across the Sanankoro permit area."
Sanankoro Gold Project Map
Figure 1: Map showing the locations of the deposits and
discoveries at the Sanankoro Gold Project
Mineral Resource Statement
The Mineral Resource is reported in accordance with the guidelines of the
Australian Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves (2012 Edition). The Mineral Resource is classified into the
Indicated and Inferred categories. Previous and ongoing study work has
demonstrated that the Mineral Resource can be extracted by means of open pit
mining and therefore meets the criteria required for Reasonable Prospects For
Eventual Economic Extraction ('RPEEE').
The Mineral Resource is reported above a cut-off grade of 0.4 g/t Au and
comprises of 24.9 Mt of material at a grade of 1.15 g/t Au (Table 1).
Mineralisation below the reporting pit shells is not considered as Mineral
Resource as it does not meet the criteria of RPEEE at the time of reporting.
Table 1: Sanankoro Mineral Resource by material type at a
0.4 g/t Au cut-off as at 22 June 2022
Mineral Resource classification Material type Tonnes (kt) Grade (g/t Au) Content (koz)
Indicated Oxide 12,908 1.23 509
Transition 3,180 1.41 144
Fresh 50 1.92 3
All zones 16,138 1.27 657
Inferred Oxide 6,761 0.78 171
Transition 1,654 1.45 77
Fresh 316 1.55 16
All zones 8,732 0.94 263
TOTAL ALL ZONES 24,870 1.15 920
Notes:
- Figures have been rounded to the appropriate level of precision for the
reporting of Mineral Resources.
- Mineral Resources are stated as in situ dry tonnes; figures are reported
in metric tonnes.
- The Mineral Resource is classified in accordance with the guidelines of
the Australian Code for Reporting of Exploration Results, Mineral Resources
and Ore Reserves (2012 Edition).
- The Mineral Resource is reported within a conceptual pit shell determined
using a gold price of US$1,900/oz and conceptual parameters and costs to
support assumptions relating to reasonable prospects for eventual economic
extraction.
- Mineral Resources that are not Mineral Reserves do not have demonstrated
economic viability.
In addition to the Mineral Resource reported by material type (Table 2), the
Mineral Resource is reported by zone (Table 2).
Table 2: Sanankoro Mineral Resource by zone at a 0.4 g/t
Au cut-off as at 22 June 2022
Area Classification Tonnes (kt) Grade (g/t Au) Content (koz)
Zone A Indicated 3,977 1.31 168
Inferred 1,453 0.80 37
Total 5,430 1.17 205
Zone B Indicated 3,034 1.20 117
Inferred 3,962 0.75 96
Total 6,996 0.95 213
Selin Indicated 7,466 1.33 320
Inferred 1,466 1.38 65
Total 8,932 1.34 385
Zone B North Indicated 1,661 0.97 52
Inferred 513 1.10 18
Total 2,174 1.00 70
Zone C Inferred 1,338 1.11 48
Total 1,338 1.11 48
ALL ZONES Indicated 16,138 1.27 657
Inferred 8,732 0.94 263
TOTAL 24,870 1.15 920
Notes:
- Figures have been rounded to the appropriate level of precision for the
reporting of Mineral Resources.
- Mineral Resources are stated as in situ dry tonnes; figures are reported
in metric tonnes.
- The Mineral Resource is classified in accordance with the guidelines of
the Australian Code for Reporting of Exploration Results, Mineral Resources
and Ore Reserves (2012 Edition).
- The Mineral Resource is reported within a conceptual pit shell determined
using a gold price of US$1,900/oz and conceptual parameters and costs to
support assumptions relating to reasonable prospects for eventual economic
extraction.
- Mineral Resources that are not Mineral Reserves do not have demonstrated
economic viability.
The estimated block model was tabulated at various cut-off grades (Table 3).
This tabulation does not represent a Mineral Resource in any way and only
serves to illustrate the nature of the mineralisation and sensitivity to
various cut-offs.
Table 3: Grade-tonnage scenarios at various cut-offs
within the US$1,900 RPEEE pit shells
Cut-off grade (g/t Au) Tonnes Grade Content
(Mt)
(g/t Au)
(koz)
0.3 25.9 1.12 932
0.4 24.9 1.15 920
0.5 22.7 1.22 889
0.6 19.8 1.31 836
0.7 16.4 1.45 765
0.8 13.5 1.60 697
0.9 11.3 1.75 634
1.0 9.4 1.91 578
Comparison Between Previous Mineral Resource Estimate
The previous Mineral Resource was reported in October 2021 by CSA Global
(Table 4) and announced by Cora on 16 November 2021.
Table 4: Sanankoro Mineral Resource by material type at a
0.4 g/t Au cut-off as at 31 October 2021
Mineral Resource classification Material type Tonnes (kt) Grade (g/t Au) Content (koz)
Indicated Oxide 10,170 1.28 419
Transition 2,458 1.53 121
Fresh 14 2.30 1
All zones 12,643 1.33 541
Inferred Oxide 7,640 0.83 204
Transition 1,388 1.25 56
Fresh 220 1.26 9
All zones 9,248 0.90 269
TOTAL ALL ZONES 21,891 1.15 809
Notes:
- Figures have been rounded to the appropriate level of precision for the
reporting of Mineral Resources.
- Mineral Resources are stated as in situ dry tonnes; figures are reported
in metric tonnes.
- The Mineral Resource is classified in accordance with the guidelines of
the Australian Code for Reporting of Exploration Results, Mineral Resources
and Ore Reserves (2012 Edition).
- The Mineral Resource is reported within a conceptual pit shell determined
using a gold price of US$1,800/oz and conceptual parameters and costs to
support assumptions relating to reasonable prospects for eventual economic
extraction.
- Mineral Resources that are not Mineral Reserves do not have demonstrated
economic viability.
The Mineral Resource update is a material increase from that reported in
November 2021, with a 14% increase in total ounces. This increase is generally
attributable to remodelling at Zone B North and Selin due to additional data,
and due to the increase in the gold price used to calculate the RPEEE pit
shell (previously US$1800/oz). Remodelling and the revised gold price have
each contributed approximately 7% to the 14% increase in total ounces.
Of significance to the Project is the increase in ounces, within oxide
material, that are classified as Indicated Mineral Resources, up from 419 koz
to 509 koz, an effective 22% increase. This was largely attributed to the
infill drilling at Zone B North and Selin.
Mineralisation
Mineralisation was modelled at Zones A, B, B North, C and Selin by applying a
0.2 g/t Au threshold value on 2 m composites. The threshold was used
historically to differentiate between mineralised and un-mineralised material.
The Competent Person reviewed the 0.2 g/t Au threshold in this context and
deemed it acceptable for modelling the mineralisation to ensure continuity
between drill sections.
The mineralisation is generally consistent along strike and down dip, although
it can be considered relatively narrow when compared to some structurally
controlled West African gold deposits (Figure 2 and Figure 3).
Figure 2: Plan view of the mineralisation model by zone
Figure 3: Cross-section at Selin (Y=1,305,100)
showing the modelled mineralisation relative to drilling
Estimation
Dry bulk density determinations were made using an industry recognised water
displacement method and applied per weathering zone in the block model.
Composite grades were cut (capped) for estimation according to zone, based on
statistics and outliers. Estimation of gold grade was done using ordinary
kriging by applying search parameters aligned to variogram models. The
estimates were validated using global mean statistics, swath plots and
cross-section checks of the composite grades against the estimated grade in
the block model.
Reasonable Prospects for Eventual Economic Extraction
A Mineral Resource is a concentration or occurrence of solid material of
economic interest in or on the Earth's crust in such form, grade, or quality
and quantity that there are reasonable prospects for eventual economic
extraction ('RPEEE'). To satisfy the requirement of RPEEE by open pit mining,
reporting pit shells were determined based on conceptual parameters and costs
supplied by Cora and reviewed for reasonableness by the Competent Person
(Table 5). A gold price of US$1,900/oz was applied for RPEEE. Gold recovery
was demonstrated during metallurgical testwork.
Table 5: Conceptual mining and cost parameters used to
determine RPEEE
Parameter Units Value
Geotechnical (overall pit slope)
Zone A and C degrees 35
Zone B and Zone B north degrees 42
Selin degrees 42
Processing recovery
Hardcap - all zones % 80.0
Saprolite + Saprock - Zone A, Zone B % 95.7
Saprolite + Saprock - Zone B North, Selin % 92.9
Fresh rock - all zones % 80.0
Operating costs
Base mining cost
Ore US$/t 2.50
Waste - Free dig US$/t 2.00
Waste - Drill and blast US$/t 2.60
Bench advance mining cost US$/t per 20 m bench height 0.04
Processing cost US$/t ore 10.00
General and administration US$/t ore 5.00
Selling cost - royalty only % 5
Metal price
Au US$/oz 1,900
Parameters are conceptual in nature and do not demonstrate detailed economic
viability
Mineral Resource Classification
Mineralisation within the RPEEE pit shells was considered for Mineral Resource
classification. Mineralisation below the RPEEE pit shells was not considered
nor reported as part of the Mineral Resource.
Classification of the mineralisation within the RPEEE pit shells was based on
confidence in the data, confidence in the geological model, grade continuity
and the drillhole spacing. The main criteria in the classification is as
follows:
● There is acceptable confidence in the accuracy and precision of
the assay data
● Sample recoveries are adequate for modelling, estimation and
reporting
● Surveyed high quality topographic data were used in the estimate
● The drillhole spacing is sufficient to provide representative
local estimates in well-drilled areas.
The Mineral Resource is classified as Indicated Mineral Resources where blocks
are estimated within a drill spacing of 35 m at Zones A, B and B North, and
within 40 m at Selin. Selin displays a higher degree of geological
continuity, hence the allowable wider drill spacing for Indicated Mineral
Resources. No Indicated Mineral Resources are classified at Zone C, as the
drill spacing is generally beyond 35 m, and geological continuity is not as
prominent as at Zones A, B and B North.
Inferred Mineral Resources are classified beyond 35 m from drilling at Zones
A, B and B North, and beyond 40 m at Selin. Zone C is classified as Inferred
Mineral Resources in its entirety (Figure 4 and Figure 5).
Figure 4: Cross section 3 looking south at Selin South
showing new drill hole traces and samples relative to a conceptual
interpretation of the mineralisation
Figure 5: Oblique view looking northeast showing the
classified block model at Selin within the US$1,900 RPEEE reporting pit shell
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.
The Sanankoro property is underlain by a Paleoproterozoic Birimian
volcano-sedimentary formation that trends north-northeast to south-southwest,
controlled by regional-scale shear zones. The formations comprise intercalated
units of weakly metamorphosed feldspathic sandstones, siltstones and
phyllites, often with a carbonaceous component. Volcanoclastic sediments/tuffs
of acidic to intermediate composition occur within the sedimentary package in
conjunction with both mafic (dioritic-gabbroic composition) and felsic igneous
intrusive units locally incorporated (Figure 6).
Figure 6: Geology of the Sanakoro Project (after PCGBM,
2006; SRK, 2019)
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.
Gold mineralisation occurs along a large surficial elevated gold anomaly
(>50 ppb Au) of approximately 4.5 km x 7.5 km, an area characterised by
widespread artisanal mining activity. The observed imagery indicates that
artisanal miners appear to be exploiting alluvial and eluvial ferruginous and
kaolinitic regolith material.
Given the approximate extents of the artisanal gold workings, two conspicuous
trends are evident. Most of the larger workings elongate in a north-northeast
to south-southwest orientation (approximately 010°), a trend that is
consistent with regional structures and gold mineralised zones in Mali.
Oblique to this is a southeast-northwest trend (approximately 120°), along
which artisanal workings are preferentially elongated.
Structurally, the property includes mapped and inferred linear and curvilinear
north-south and northeast-southwest orientated faults, with most annotated as
being associated with dextral movement.
The dominant form of structural development is shear/thrust fronts with
secondary internal shear zones and local folding, most of which are now
steeply dipping. Gold mineralisation broadly occurs within planar zones that
dip steeply to the east at approximately 70°. However, given the apparent
structural control on mineralisation this represents a generalisation and
localised variations and complexities will inevitably occur.
Exploration data
Exploration drilling focused on regional exploration, targeting known and
potential areas of shallow mineralisation, and included air core ('AC'),
auger, pits, trenches and rotary air blast ('RAB') drilling. The Mineral
Resource drilling was located at the known mineralised zones, which were of
interest for Mineral Resource estimation. This drilling was primarily reverse
circulation ('RC') in the oxide zone and diamond drilling ('DD') in fresh
rock.
Between December 2017 and April 2022, Cora completed 1,321 drill holes across
the Sanankoro Project area for a total of 99,834 m. This drilling was a
combination of RC, AC, RAB and DD holes, with DD tails on a small number of RC
and AC holes (Table 6).
Table 6: Cora drilling (2017-2022)
Drilling type No. of holes Total metres(m) Minimum length (m) Maximum length (m) Average length (m)
RAB 367 7,757 1 26 21
AC 281 20,065 16 119 71
RC/ACRC 628 65,172 24 180 104
DD/RCDD/ACDD 45 6,840 29 300 152
The Mineral Resource made use of limited historical data where Cora data was
not available along strike. Historical data is considered any data that
pre-dates Cora's exploration campaigns from 2017.
The Mineral Resource is informed by RC and DD samples, although AC samples
were used where gaps existed in the RC and DD programmes. These gaps were
generally attributed to strike extensions, which will be drilled and replaced
by RC or DD in future.
Quality Assurance/ Quality Control
Cora has implemented an extensive QAQC program which includes the analyses of
blanks, certified reference materials (CRMs), duplicates and screen testwork
for all laboratories. One blank and one CRM is inserted into sample batches at
a rate of 1:20. Cora has both oxide and sulphide CRMs, and these are inserted
depending on the material of the sample batches, such that the CRM and sample
material types match. The Competent Person has reviewed the data and charts
and deems the data acceptable for use in Mineral Resource estimation and
reporting.
Competent Persons Statement
The information in this release that relates to Mineral Resource estimate 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 Mineral Resource estimate 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 / Charlotte Page/ 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 aims to commence construction of an open pit oxide
focused gold mine in 2022. An updated mineral resource estimate on the Project
was published in July 2022 which increased the Resources 920,000oz Au. A
Definitive Feasibility Study is expected to be completed in Q3 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 The Mineral Resource estimate (MRE) is based on reverse circulation (RC) chip
specialised industry standard measurement tools appropriate to the minerals and diamond drill core sampling. The 2021/2022 program was composed of 48,090
under investigation, such as downhole gamma sondes, or handheld XRF m of RC and 3,894 m of diamond drilling (DD).
instruments, etc.). These examples should not be taken as limiting the broad
meaning of sampling. RC was ubiquitously sampled on 1 m intervals. Each rod string is 6 m in length
and is checked and marked with grease every 1 m to allow personnel to observe
Include reference to measures taken to ensure sample representivity and the sampling and drill progress. The driller will sound a horn at the end of each
appropriate calibration of any measurement tools or systems used. 1 m interval, warning the samplers to switch bags at the cyclone.
Aspects of the determination of mineralisation that are Material to the Public All industry standard RC sample quality procedures were applied, and each
Report. shift a geologist was present to ensure sample quality was maintained, holes
were not stopped in mineralisation and activity reporting monitored cost
In cases where 'industry standard' work has been done this would be relatively control. No detailed logging or sampling was conducted at the rigs.
simple (e.g. 'reverse circulation drilling was used to obtain 1 m samples
from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In All bulk 1 m samples were transported immediately upon hole completion to a
other cases, more explanation may be required, such as where there is coarse central bag farm next to the Sanankoro camp. No samples were left in the
gold that has inherent sampling problems. Unusual commodities or field. All samples drilled were shipped to the bag farm for splitting and
mineralisation types (e.g. submarine nodules) may warrant disclosure of logging under controlled and secured conditions.
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.
Sampling of DD core aims to maintain a standard 1 m interval but can be
sampled from 0.5 m to 1.5 m in length, depending upon the interval required to
reach the mineralised contact or select the vein width.
All core is saw cut. Sample interval ends are saw cut pre-sampling to ensure
sampling intervals are adhered to.
All core boxes are metal.
All core boxes are photographed wet and dry upon receipt at the core shed from
the rig.
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.
Rotary air blast (RAB), aircore (AC) and AC hammer were sampled and analysed
as per the RC procedure.
The DD samples are sent to an accredited laboratory where they were
jaw-crushed 95% passing 2 mm, then pulverised down to 85% passing 75 micron in
an Labtechnics LM2 puck pulveriser and subsampled 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
materials.
Vertical auger drilling was conducted to gain a sample of the interface
material below transported surface gravels. Auger holes ranged from 0.5 m to
5.0 m and were sent to an accredited laboratory where they were pulverised to
85% passing 75 micron in a Labtechnics LM2 puck pulveriser and subsampled 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.
Drilling techniques Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air Various drilling techniques have been used at Sanankoro - auger, RAB, AC, AC
blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or hammer, RC, and diamond DD.
standard tube, depth of diamond tails, face-sampling bit or other type,
whether core is oriented and if so, by what method, etc.). The database was flagged as two parts, an exploration database consisting of
auger, RAB, AC and AC hammer; and a Mineral Resource database consisting of RC
and DD.
All 2021 core intervals are orientated using a WELLFORCE DV8 iCORE ORI
instrument when geologically possible.
DD core was drilled on an average of 3 m rod pulls but depending upon ground
conditions 1.5 m or 6 m rod pulls could have been applied. PQ was used through
the soft, friable oxide from surface normally to between 40 m and 80 m. The
drill string was reduced subsequently to HQ. NQ was not drilled in 2021.
RC was drilled using a 5(3/8)" face-sampling hammer
All drilling details and dates are recorded on hole logs and are stored in the
COLLAR file on DATASHED™.
Drill sample recovery Method of recording and assessing core and chip sample recoveries and results DD core was drilled on an average of 3 m rod pulls but depending upon ground
assessed. conditions 1.5 m or 6 m rod pulls could have been applied. PQ was used through
the soft, friable oxide from surface normally to between 40 m and 80 m. The
Measures taken to maximise sample recovery and ensure representative nature of drill string was reduced subsequently to HQ. NQ was not drilled in 2021.
the samples.
DD core recoveries were estimated on industry standard methods of direct tape
Whether a relationship exists between sample recovery and grade and whether measure on core reconstructed on a triple-length angle-iron cradle, locked
sample bias may have occurred due to preferential loss/gain of fine/coarse where possible and corrected for stick-up errors.
material.
RC was drilled using a 5 (3/8)" face-sampling hammer leading a 4(1/2)"
standard rod string. Auxiliary booster-compressor air packs were used on
deeper holes, normally > 110m, to ensure dry sample quality and recovery.
The RC drilling was sampled on a standard 1 m interval and recoveries assessed
quantitively by weighing each sampled metre. The practice of weighing drill
chip samples immediately from recovery at the rig is Cora Gold Limited (Cora
Gold) standard practice for all RAB, 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.
DD and RC recoveries are logged and recorded in the database. Overall
recoveries are >90% for the DD and >70% for the RC; there are no core
loss issues or significant sample recovery problems. A geologist is always
present at the rig to monitor and record sample quality.
The Mineral Resource is defined by DD and RC drilling, which have high sample
recoveries. No relationship between sample recovery and grade have been
identified at the project. The consistency of the mineralised intervals and
density of drilling is considered to preclude any issue of sample bias due to
material loss or gain.
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.
All DD core is transported to the core shed located at the main Sanankoro Camp
for full rock quality designation (RQD), geotechnical logging and
density/point load testing determinations prior to being released for
geological logging and sampling from top to bottom of hole.
All core boxes are photographed wet and dry upon receipt at the core shed from
the rig.
The level of detail in the logging is deemed appropriate for Mineral Resource
estimation and reporting.
Subsampling techniques and sample preparation If core, whether cut or sawn and whether quarter, half or all core taken. All RC chip samples were weighed and riffle split to 2-3 kg for submission to
the lab. All RC holes are sampled in bulk, logged and panned on a standard 1 m
If non-core, whether riffled, tube sampled, rotary split, etc. and whether interval. Compositing to 4 m may occur in barren geology.
sampled wet or dry.
All DD core is saw cut and half core sampled. DD sample intervals can range
For all sample types, the nature, quality and appropriateness of the sample from 0.5 m to 1.5 m, depending on geology.
preparation technique.
A standard 5:25 sample QAQC was used throughout 2021 and 2022, composed of one
Quality control procedures adopted for all subsampling stages to maximise standard, one blank, two duplicates, and one triplicate. The 2021 and 2022
representivity of samples. assay stream had a routine 20% QAQC component.
Measures taken to ensure that the sampling is representative of the in-situ The database manager monitors all sampling and QAQC vetting of the assay
material collected, including for instance results for field stream.
duplicate/second-half sampling.
Field duplicates assist in determining the representivity of subsamples.
Whether sample sizes are appropriate to the grain size of the material being
sampled. Subsamples are deemed appropriate for Mineral Resource estimation and
reporting.
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 BR
Nature of quality control procedures adopted (e.g. standards, blanks, tail residue. The bulk of the MRE assay database is completed by this method.
duplicates, external laboratory checks) and whether acceptable levels of
accuracy (i.e. lack of bias) and precision have been established. The fresh sulphide mineralisation is assayed by standard total fusion 50 g
Fire Assay/AAS.
A standard 5:25 sample QAQC was used throughout 2021 and 2022, composed of one
standard, one blank, two duplicates, and one triplicate. The 2021 and 2022
assay stream had a routine 20% QAQC component.
Certified reference material (CRM) standards were sourced from accredited
suppliers Geostats Pty Ltd and Rocklabs.
Following review of the QAQC, the data are deemed appropriate for Mineral
Resource estimation and reporting.
Verification of sampling and assaying The verification of significant intersections by either independent or The Competent Person has visually verified significant intersections in DC and
alternative company personnel. RC drilling during the site visit.
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.
During the 2021 MRE drill program, historical Gold Fields Ltd (Gold Fields) RC
and DD intercepts were twinned, along with previous Cora AC and RAB intercepts
and previous important DD intercepts which correlated with sections of poor DD
core recoveries.
The Gold Fields twin holes correlated closely, underwriting the use of the
Gold Fields Mineral Resource data in the MRE where it is required.
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. All new and historical Mineral Resource
drill collars were located and resurveyed by CG-Leica in 2021.
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 Worldview-3 (WV3)
imagery flown in November to December 2020. The DTM was provided in February
2021 and utilised throughout the 2021 and 2022 drilling campaigns.
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 2021 and 2022 drilling utilised a WELLFORCE CHAMP north-seeking gyro
throughout and every drilled RC and DD hole has a detailed gyro DTH survey
file. Historically, DTH surveys where conducted, used a REFLEX EZ-TRAC.
The 2021 DD utilised a WELLFORCE DV8 iCORE ORI orientation tool.
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.
The mineralised domains have demonstrated sufficient continuity in both
Whether sample compositing has been applied. geology and grade to support the definition of Inferred and Indicated Mineral
Resources as per JORC 2012 guidelines.
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 either SGS Ouagadougou or 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 (area 84.11 km(2); expiry
impediments to obtaining a license to operate in the area. date 2 March 2030). The Definitive Feasibility Study is focused on Mineral
Resources within the Sanankoro II gold exploration permit.
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.
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 in
results including a tabulation of the following information for all Material previous announcements (available on the Cora website) with appropriate tables
drillholes: incorporating Hole ID, Easting, Northing, From, Depth and Intercept Assay
Data. Appropriate maps and plans accompany this MRE.
● easting and northing of the drillhole collar
Previous drilling completed by Cora, Gold Fields and Randgold is documented
● elevation or RL (Reduced Level - elevation above sea level in metres) herein.
of the drillhole collar
A complete listing of all drillhole details is not necessary for this report
● dip and azimuth of the hole which describes the Sanankoro Gold Project Mineral Resources and in the
Competent Person's opinion the exclusion of this data does not detract from
● downhole length and interception depth the understanding of this report.
● hole length. The 2021 program twinned important historical Goldfields and early Cora,
smaller diameter, air core and RC intercepts. Historical Energold DD NQ core
If the exclusion of this information is justified on the basis that the holes exhibited sections of unacceptably poor recoveries, especially in the
information is not Material and this exclusion does not detract from the deeply oxidised deposits of Zone A and Zone B1, which were twinned using the
understanding of the report, the Competent Person should clearly explain why deep RC rig.
this is the case.
The 2022 program focused on infill drilling at Zone B North and Selin, and
targeted Fode 1 and Target 6 as potential sites of interest.
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.
DD core sampling can be 0.5-1.5 m in length depending on geological contacts.
Where aggregate intercepts incorporate short lengths of high grade results and
longer lengths of low grade results, the procedure used for such aggregation Significant intercepts have previously been reported using a cut-off grade of
should be stated and some typical examples of such aggregations should be 0.5 g/t, without top cuts.
shown in detail.
Mineralised intervals are reported with a maximum of 3 m of consecutive
The assumptions used for any reporting of metal equivalent values should be internal dilution of less than 0.5 g/t Au. Mineralised intervals are reported
clearly stated. on a length-weighted average basis.
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
50 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 ore 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%.
and rock characteristics; potential deleterious or contaminating substances.
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
a feasibility study.
Detailed open pit and civils geotechnical studies are planned to support a
feasibility study.
Detailed hydrology studies are planned to support a feasibility study.
Additional Mineral Resource, Ore Reserve and grade control pattern drilling is
planned to update Ore Reserve designs prior to commencement of mining.
Section 3: Estimation and Reporting of Mineral Resources
(Criteria listed in section 1, and where relevant in section 2, also apply to
this section)
Criteria JORC Code explanation Commentary
Database integrity Measures taken to ensure that data has not been corrupted by, for example, Cora has a dedicated, 30-year experienced Data Manager consultant (Mr Tim
transcription or keying errors, between its initial collection and its use for Kelemen) who devised and built the central Datashed™ database with
Mineral Resource estimation purposes. standardised data collection templates, lookup tables and validation routines
for all exploration logging, spatial and sampling data.
Data validation procedures used.
Data collection is updated nightly by the Senior Project Geologist and emailed
as a quick-log to Tim in Brisbane for upload, validation and reporting. The
quick-log Microsoft Excel file contains DRILL ACTUAL VS PLAN, COLLAR, DTH
SURVEY, SAMPLING, GEOLOGY, VG LOGGING, WATER TABLE, INTERCEPTS and LAB
SUBMISSION sheets.
Sample numbers are unique and pre-numbered bags are used.
Cora project geologists validate assays returned back to the drill logged
geology in chips and core, previous section intercepts and on-going 3D
interpretation within MICROMINE™.
The MRE data was further validated on import into MICROMINE™ mining
software.
Cora employed routine 20% QAQC throughout all the 2021 and 2022 assaying
stream, involving one standard, one blank, two duplicates and one triplicate
which were inserted for every 25 samples submitted (5:25).
Detailed re-splits of important positive and negative intercepts were taken as
directed by the Head of Exploration, re-assayed at various labs and
cross-checked against original assays as selective QAQC.
A full record of access and database keystrokes is maintained within Datashed.
Tim Kelemen is the sole person with access to the Master DATASHED™ database,
which consequently is held remotely in Brisbane and backed-up to the cloud
nightly.
Site visits Comment on any site visits undertaken by the Competent Person and the outcome The Competent Person for the MRE, Mr Anton Geldenhuys, visited the Sanankoro
of those visits. Project in October 2021. The visit included inspection of geology offices, RC
Chip Library, DD Core Shed and Library, geotech rock lab and viewing
If no site visits have been undertaken indicate why this is the case. sample/pulp stores, central bag farm, sampling sheds, drill sites, artisanal
workings, and local surface geology.
DD coring was ongoing at Zone A and Zone B at the time of visit and the
Competent Person observed geological/geotechnical logging and density
determinations. A number of RC chip trays and DC holes were reviewed which
form part of this MRE.
Geological interpretation Confidence in (or conversely, the uncertainty of) the geological The diorite intrusive at Selin plays a significant role in controlling the
interpretation of the mineral deposit. distribution and tenor of the mineralisation and consequently has been
modelled as solid units within the enveloping gold mineralisation wireframe.
Nature of the data used and of any assumptions made. The diorite intrusion precedes the gold mineralisation event and dips 70-85°
to the west.
The effect, if any, of alternative interpretations on Mineral Resource
estimation. The main host protolith at Zones A, B, B North and C, and surrounding the
diorite at Selin, are predominantly pelitic sediments and graphitic shears
The use of geology in guiding and controlling Mineral Resource estimation. which similarly dip at moderate to high angles to the east.
The factors affecting continuity both of grade and geology. Overprinting the strong linear north-south lithological architecture is a flat
weathering stratigraphy which is characterised from surface with an iron
indurated cap of laterite ± duricrust down to 12-17 m, with an underlying
mottled zone of soft plastic clay and highly kaolinized laterite for a further
6-12 m. Below the mottled zone is the saprolite, a highly weathered
discernible rock which is present, but down to highly variable depths, across
the deposits, reaching depths of >170 m at Zone B. The saprolite can be
observed to freshen into transition material relatively rapidly but extends to
depths normally between 170 m and 200 m at Zone A and Zone B, in the
highlands, before becoming true fresh rock.
At Selin, the weathering profile is suppressed, probably by the massive
siliceous nature of the diorite, with the transition material occurring from
60 m in certain highly siliceous, veined mineralisation locations. The
transition diorite mineralisation tends to maintain good CN recoveries.
Zone A and Zone B/North exhibit a very pronounced deep trough weathering
profile whereas Zone C and Selin seem to host less pronounced weathering,
likely due to host rock types and topographically low relief positions.
Mineralisation was modelled using a 0.2 g/t Au threshold value for all areas.
The threshold is deemed to be an indicator of mineralised material.
Higher grade zones were investigated, but these proved to not be sufficiently
continuous for modelling and estimation purposes.
The mineralisation model was guided by local dip and strike trends.
Dimensions The extent and variability of the Mineral Resource expressed as length (along The Selin mineralisation model is 2.8 km in length along strike, a maximum of
strike or otherwise), plan width, and depth below surface to the upper and 270 m in depth, and is anything from a few to 50 m wide. Selin is reported to
lower limits of the Mineral Resource. a maximum depth of 220 m below surface.
The Zone A mineralisation model is 1.2 km in length along strike, a maximum of
245 m in depth, and is anything from a few to 50 m wide. Zone A is reported to
a maximum depth of 190 m below surface.
The Zone B mineralisation model is 1.7 km in length along strike, a maximum of
215 m in depth, and is anything from a few to 50 m wide. Zone B is reported to
a maximum depth of 180 m below surface.
The Zone C mineralisation model is 750 m in length along strike, a maximum of
160 m in depth, and is anything from a few to 50 m wide. Zone C is reported to
a maximum depth of 120 m below surface.
The Zone B North mineralisation model is 1 km in length along strike, a
maximum of 130 m in depth, and is anything from a few to 50 m wide. Zone B
North is reported to a maximum depth of 110 m below surface.
Estimation and modelling techniques The nature and appropriateness of the estimation technique(s) applied and key Samples were composited to 2 m for all MRE processes.
assumptions, including treatment of extreme grade values, domaining,
interpolation parameters and maximum distance of extrapolation from data Experimental semi-variograms were calculated for gold from composites in Zones
points. If a computer assisted estimation method was chosen include a A and B combined, and Selin. Zones B North and C were deemed to contain too
description of computer software and parameters used. few data for variography.
The availability of check estimates, previous estimates and/or mine production The modelled semi-variogram for Zone A + B combined was applied to Zones A, B,
records and whether the Mineral Resource estimate takes appropriate account of B North and C for grade estimation. The modelled semi-variogram for Selin was
such data. only used to estimate grade at Selin.
The assumptions made regarding recovery of by-products. Estimation was carried out within the modelled 0.2 g/t Au mineralised volumes
using ordinary kriging on 2 m composites for gold. The entire volume was
Estimation of deleterious elements or other non-grade variables of economic estimated such that estimates were extrapolated no more than 100 m away from
significance (e.g. sulphur for acid mine drainage characterisation). data. This was often downdip, however, reporting pit shells ensure that deep
extrapolated grades were not included in the Mineral Resource.
In the case of block model interpolation, the block size in relation to the
average sample spacing and the search employed. Mineralisation boundaries were treated as hard contacts for estimation.
Any assumptions behind modelling of selective mining units. Ordinary kriging was optimised based on the kriging neighbourhood which
ensured minimal negative kriging weights and representative local estimates.
Any assumptions about correlation between variables.
Seequent Leapfrog Geo was used to model the mineralisation and Datamine RM was
Description of how the geological interpretation was used to control the used to estimate grade and tabulate the Mineral Resource tonnages, grade, and
resource estimates. content.
Discussion of basis for using or not using grade cutting or capping. An Inverse distance weighting estimate was carried out as a check of the
ordinary kriged estimates. These correlate well and the ordinary kriged
The process of validation, the checking process used, the comparison of model estimate is deemed to be an acceptable representation of the in-situ gold
data to drillhole data, and use of reconciliation data if available. grade.
No by-products or deleterious elements were considered in the MRE.
The parent cell size is 5 m x 20 m x 20 m (XYZ). Collars were drilled at
50 m x 50 m or 50 m x 25 m spacing. The block is deemed to be appropriate
relative to the data configuration.
Search distance was roughly aligned to the variogram range (30 m) for all
zones.
Selective mining units were not considered in the estimation.
Composite gold grades were capped for estimation according to area, based on
statistics and outliers. Selin composites were capped to 34 g/t Au, Zone A
composites were capped to 20 g/t Au, Zone B composites were capped to 21 g/t
Au, Zone B North composites were capped to 8.5 g/t Au and Zone C composites
were capped to 6 g/t Au.
Gold grade estimates were validated by means of global statistics, swath plots
and visual sectional checks of grade in the model vs grade of the composites.
Moisture Whether the tonnages are estimated on a dry basis or with natural moisture, The tonnages in the estimate are for dry tonnage with no factoring for
and the method of determination of the moisture content. moisture.
Cut-off parameters The basis of the adopted cut-off grade(s) or quality parameters applied. The Mineral Resource is reported at a cut-off grade of 0.4 g/t Au, which is
what was previously used to report the 2021 Mineral Resource.
The cut-off grade is in line with other similar reported styles of gold
mineralisation.
Mining factors or assumptions Assumptions made regarding possible mining methods, minimum mining dimensions The Mineral Resource is deemed to be amenable to open pit extraction.
and internal (or, if applicable, external) mining dilution. It is always
necessary as part of the process of determining reasonable prospects for Reasonable prospects for eventual economic extraction were determined using
eventual economic extraction to consider potential mining methods, but the conceptual mining parameters and a long-term gold price of US$1,900/oz.
assumptions made regarding mining methods and parameters when estimating
Mineral Resources may not always be rigorous. Where this is the case, this The parameters and long-term gold price were used in Whittle to determine a
should be reported with an explanation of the basis of the mining assumptions life of mine pit shell for reporting the Mineral Resource.
made.
Metallurgical factors or assumptions The basis for assumptions or predictions regarding metallurgical amenability. Metallurgical testwork conducted upon Selin, Zones A and B gold ore composites
It is always necessary as part of the process of determining reasonable - ALS Perth Report No. A21106, March 2021.
prospects for eventual economic extraction to consider potential metallurgical
methods, but the assumptions regarding metallurgical treatment processes and Results indicated +95% recoveries from grinding P80 passing 75-micron, gravity
parameters made when reporting Mineral Resources may not always be rigorous. and direct CIL.
Where this is the case, this should be reported with an explanation of the
basis of the metallurgical assumptions made. As significant program of metallurgical variability test work is ongoing at
ALS Perth and will be incorporated into the forthcoming Definitive Feasibility
Study.
Environmental factors or assumptions Assumptions made regarding possible waste and process residue disposal Metallurgical testwork conducted upon Selin, Zones A and B Gold Ore Composites
options. It is always necessary as part of the process of determining - ALS Perth Report No. A21106, March 2021. The acid mine drainage prediction
reasonable prospects for eventual economic extraction to consider the analysis for all four composite samples indicated that none would be net
potential environmental impacts of the mining and processing operation. acid-producers.
While at this stage the determination of potential environmental impacts, A significant program of AMS testwork is ongoing at ALS Perth and will be
particularly for a greenfields project, may not always be well advanced, the incorporated into the forthcoming Definitive Feasibility Study.
status of early consideration of these potential environmental impacts should
be reported. Where these aspects have not been considered this should be A full Definitive Feasibility Study-level ESIA study commenced in June 2020 by
reported with an explanation of the environmental assumptions made. Digby Wells and will be incorporated into the forthcoming Definitive
Feasibility Study.
Bulk density Whether assumed or determined. If assumed, the basis for the assumptions. If Dry bulk density determinations were made using the water displacement method
determined, the method used, whether wet or dry, the frequency of the 6 as outlined in "AusIMM Monograph 30 - Measurement of Bulk Density for
measurements, the nature, size and representativeness of the samples. Resource Estimation" (Lipton and Horton).
The bulk density for bulk material must have been measured by methods that Dried for 24 hours at 110°C, waxed and weighed using LTB 6002e 0.1 g
adequately account for void spaces (vugs, porosity, etc.), moisture and electronic balance.
differences between rock and alteration zones within the deposit.
A total of 1,068 dry bulk density determinations were made on full PQ and HQ
Discuss assumptions for bulk density estimates used in the evaluation process core samples.
of the different materials.
Bulk density was analysed according to weathering domain by removing outlier
values and determining mean values from representative data.
Mean values were applied to the weathering domains as follows: duricrust cap
2.23 t/m(3); mottled zone 1.95 t/m(3); oxide 1.86 t/m(3); transition 2.58
t/m(3) and fresh 2.74 t/m(3).
Classification The basis for the classification of the Mineral Resources into varying The Mineral Resource was classified into Indicated and Inferred categories as
confidence categories. defined by The Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves ("the JORC Code").
Whether appropriate account has been taken of all relevant factors (i.e.
relative confidence in tonnage/grade estimations, reliability of input data, Mineral Resource classification considered the quality and quantity of
confidence in continuity of geology and metal values, quality, quantity and available data, geological continuity, grade continuity and confidence in the
distribution of the data). grade estimates.
Whether the result appropriately reflects the Competent Person's view of the Indicated Mineral Resources were classified from data that was deemed
deposit. acceptable for Mineral Resource estimation and reporting, and where data were
sufficient to model mineralisation and estimate grade with a reasonable level
of confidence for Indicated Mineral Resources. Data was generally spaced at 35
m x 35 m in Zones A, B, B North and C, and at 40 m x 40 m at Selin. The
mineralisation at Selin is deemed to be more continuous, hence the wider
spacing allowed for Indicated. Indicated Mineral Resources have slope of
regression values ≥0.75, demonstrating an acceptable level of confidence in
the estimate.
Inferred Mineral Resources were classified beyond the 35 m x 35 m (Zones A, B,
B North and C) and 40 m x 40 m (Selin) data spacing.
Mineral Resources were constrained by the reasonable prospects for eventual
economic extraction pits, below which any mineralisation was not classified
and therefore not reported.
Audits or reviews The results of any audits or reviews of Mineral Resource estimates. No Mineral Resource audit or review by the Competent Person for Mineral
Resources, however, a site visit was carried out to review the data
acquisition and processing practices.
Discussion of relative accuracy/ confidence Where appropriate a statement of the relative accuracy and confidence level in The level of accuracy in the Mineral Resource is represented by the
the Mineral Resource estimate using an approach or procedure deemed classification categories assigned to block model.
appropriate by the Competent Person. For example, the application of
statistical or geostatistical procedures to quantify the relative accuracy of Indicated Mineral Resources can be considered as reasonable local estimates.
the resource within stated confidence limits, or, if such an approach is not
deemed appropriate, a qualitative discussion of the factors that could affect Inferred Mineral Resources are deemed to be global in nature.
the relative accuracy and confidence of the estimate.
No commercial production has taken place and therefore no production data is
The statement should specify whether it relates to global or local estimates, available for Mineral Resource reconciliation.
and, if local, state the relevant tonnages, which should be relevant to
technical and economic evaluation. Documentation should include assumptions
made and the procedures used.
These statements of relative accuracy and confidence of the estimate should be
compared with production data, where available.
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