REG - Cora Gold Limited - New Surface Gold Discovery at Sanankoro

Cora GoldAnnouncement

02/03/2022 07:00

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RNS Number : 2795D  Cora Gold Limited  02 March 2022

Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector: Mining

2 March 2022

Cora Gold Limited ('Cora', 'Cora Gold' or 'the Company')

New Surface Gold Discovery at Sanankoro & Exploration Update

 

Cora Gold Limited, the West African focused gold company, is pleased to
provide an update on exploration activity at its portfolio of gold assets in
southern Mali.

 

HIGHLIGHTS

●     New surface gold discovery at the Company's flagship Sanankoro
Gold Project ('Sanankoro' or the 'Project') in southern Mali, in previously
unexplored areas 7km from the Zone A deposit

o  Gold assay results from selected rock samples returned up to 0.85 g/t gold
('Au')

o  Gold grain counts from channel samples in the Bokoro II permit returned up
to 75 visible gold ('VG') grains

●     Ground exploration work including termite, rock and channel
sampling has been undertaken in unexplored areas of the Bokoro II and Bokoro
Est permits at the Project

●     Results support future exploration work on the permit areas to
follow up the initial results

 

Bert Monro, CEO of Cora, commented, "Our primary focus is advancing our
Sanankoro Gold Project into an open-pittable, free-digging oxide mine as
swiftly as possible.  To this end, our Definitive Feasibility Study remains
on track to be delivered in H1 2022, after which the Company will look to
complete both the permitting and financing of the Project.  Nonetheless,
alongside these critical developments we are committed to maximising the value
potential of the Project and our wider portfolio.

 

"We remain active explorers and are constantly seeking opportunities to build
on our existing resources through new discoveries.  This recent exploration
programme was aimed at identifying prospective new targets to support this
goal, and we are delighted with the success it has achieved.  Results from
the Bokoro II permit are particularly encouraging given its proximity to our
main Sanankoro Gold Project, underpinning how extensive the mineralisation at
Sanankoro could be. Indeed, all deposits remain open at depth and along strike
and we are due to commence a ~7,500m drill programme imminently to improve
resource confidence and add further ounces. We look forward to sharing updates
on this work programme as they become available."

 

To view the RNS with illustrative diagrams and maps, please use the following
link: http://www.rns-pdf.londonstockexchange.com/rns/2795D_1-2022-3-1.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/2795D_1-2022-3-1.pdf)

 

FURTHER DETAILS

 

Sanankoro Gold Project

Cora's flagship Sanankoro Gold Project in southern Mali is made up of five
contiguous permits encompassing c.439 sq. km.  Work to date has largely
focussed on the Sanankoro II permit, where the current mineral resource
estimate ('MRE') of 21.9Mt at 1.15g/t Au for a total of 809.3koz Au has been
delineated.  Significant further expansion potential has been identified, as
the MRE is based on around 7.5km surface expression of the total 33 linear km
strike length of the potential mineralised zones identified in the 2018
Exploration Target of up to 2Moz within 100m of surface and all deposits
remain open at depth and along strike.

 

A surface exploration programme comprising termite, rock and channel sampling
was completed on previously unexplored areas of the Bokoro II and Bokoro Est
permits, which are located adjacent to the Sanankoro II permit.

 

Figure 1: Sanankoro Gold Project permit areas

 

Semi-quantitative gold grain counts from the crushing and panning of termite,
rock and channel samples have outlined new areas of interest for Cora.

 

Rock samples collected from Bokoro II have returned 50-gram fire assay values
that included 0.85g/t Au. The location of these promising samples lies across
the Dako II northern trend and is only 7km away from Zone A and 2.5km away
from Dako.

 

Figure 2: Termite and Rock sampling locations at the Bokoro II and Bokoro Est
permits

 

Market Abuse Regulation ('MAR') Disclosure

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic
law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the company's obligations under Article 17 of
MAR.

 

**ENDS**

 

For further information, please visit http://www.coragold.com
(http://www.coragold.com/)  or contact:

 

 Bert Monro           Cora Gold Limited          info@coragold.com (mailto:info@coragold.com)

 Craig Banfield
 Christopher Raggett  finnCap Ltd                +44 (0) 20 7220 0500

 Charlie Beeson       Nomad & Joint Broker
 Andy Thacker         Turner Pope Investments    +44 (0) 20 3657 0050

 James Pope           Joint Broker
 Susie Geliher        St Brides Partners         pr@coragold.com (mailto:pr@coragold.com)

 Selina Lovell        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
over +1,100 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.

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