REG - Cora Gold Limited - Regional Exploration Update 2022

Cora GoldAnnouncement

03/11/2022 07:01

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20221103:nRSC1351Fa&default-theme=true

RNS Number : 1351F  Cora Gold Limited  03 November 2022

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

  3 November 2022

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

Regional Exploration Update 2022

 

Cora Gold Limited, the West African focused gold company, is pleased to
provide an update on a regional exploration programme, carried out across all
five of Cora's Southern Mali permits in the Yanfolila Project Area
('Yanfolila'). The Company believe the results show that the Southern Mali
permits have the potential to host economic mineral resources that could add
to Cora's value in the coming years, providing further growth potential.

 

Highlights

·    Over 12km of pre-drilling gold structures discovered from early-stage
exploration work across all of Cora's Southern Mali permits, which are in
close proximity to Hummingbird Resources plc's Yanfolila Gold Mine

·    Promising results from the Farassaba permit were received as part of
a focused programme along newly identified high potential gold bearing
structures.

o  Values of up to 6g/t gold were recorded from grab samples.

o  Over 9km of new gold structures were identified from three separate zones,
which now require follow-up work to justify future reconnaissance drilling

·    Whilst the main focus remains on the Company's development of the
Sanankoro project, teams continue to evaluate and prepare future exploration
programmes both at Sanankoro and the wider exploration area

 

Bert Monro, Chief Executive Officer of Cora, commented, "I am excited to bring
our shareholders such a positive update regarding our regional exploration
activities. Whilst the development of Sanankoro remains our primary objective,
the promising results from our Southern Mali permits gives us earlier stage
prospects, that can continue to build up our target pipeline with further
exploration programmes in the endeavour to prove the mineral resource
potential of these licences and enhance the overall value of our Company."

 

Regional Exploration Update

Regional exploration was carried out across five southern Mali permits in
Cora's Yanfolila Project Area: Farassaba III, Tékélédougou, Siékerolé,
Tagan and Farani.  This early-stage exploration work forms part of the
process of creating a pipeline of targets that will be drilled in the future
with the aim of adding to future resources for the Company. The Yanfolila
Project Area permits are located predominantly within 20 km of Hummingbird
Resources plc's (AIM:HUM) Yanfolila Gold Mine.

 

 

 

 

Figure 1: Map showing the Yanfolila Project area located in the Yanfolila Gold
Belt, Southern Mali.

 

Farassaba III

336 grab samples and 2,818 termite mound samples were collected across the
permit with the majority of grab samples showing visible gold was present.
Rock samples were crushed and panned and showed up to 140 visible gold grains
in sampled material and a number of samples were sent to an independent
laboratory for testing and returned sample grades of up to 6.15 g/t Au.

 

These grab samples carrying gold mainly consist of quartz veining hosted in
the ferruginous meta-sediment such as siltstone and sandstone. The quartz is
highly oxidised and in places brecciated. The quartz veins are generally sub
vertical with dips varying between 60 to 80 degrees.

 

Further to the grab samples, two trenches totalling over 80m in length
returned samples with up to 140 visible gold grains found in panned grab
samples along the trench.  Overall, this exploration work at Farassaba has
identified 3 separate gold bearing structures on the permit, with a combined
length of greater than 9km. Due to the deep weathering profile in this area,
oxide is known to exist in places down to -100m below surface making for ideal
conditions to host mineralisation suitable for open pittable mineralisation.
The company is highly encouraged by the results to date and further
exploration is being planned to assess the potential for future drill
programmes.

 

 

 

Figure 2: Map showing both rock and grab samples as well as samples from two
trenches at the Farassaba III permit area, with returned sample grades of up
to 6.15 g/t Au.

 

 

Tékélédougou

267 rock samples and 1,498 termite samples were collected with grades of up to
3.37 g/t Au and over 100 visible gold grains in a sample observed.  The
collected grab samples are constituted of ferruginous siltstone/sandstone.
 Disseminated pyrite has visible boxwork and limonite and hematite were also
observed.  Historically this permit has returned RC drill holes results of
56m @ 2.2 g/t Au and 17m @ 6.8 g/t Au and the results of this recent
exploration programme will help define a future AC and RC drill programme to
follow up on these newly identified targets.

 

 

 

Figure 3: Map showing rock and termite samples with grades of up to 3.37 g/t
Au at the Tékélédougou permit area.

 

 

Siékorolé

204 rock samples, 4,502 termite samples and 17 pits were dug with gold grades
of up to 6.11 g/t Au received.  These collected mineralised rock samples were
mainly made up of ferruginous sandstone and siltstone that host quartz veins
and veinlets.  All sampled lithology units are generally highly oxidised and
sheared, the material has been stained by limonite/hematite, a sign of
sulphide content that is typically associated with gold mineralisation.  The
main strike orientation is generally trending at N040 and N020, dipping
steeply at 75, 80 and 90 degrees generally towards NNW. This work has
delineated a +2.5km gold structure that requires follow up exploration work
before drilling is planned to assess its economic potential.

 

 

Figure 4: Map showing rock and termite samples with gold grades of up to 6.11
g/t Au received at the Siékorolé permit area.

 

Farani and Tagan

293 rock and 6,142 termite samples returning grades of up to 5.83 g/t Au were
taken across the permits.  15 pits were dug totalling 53m in length with 59
samples taken with the best result of 5m @ 1.78 g/t Au.  The main lithologies
encountered were quartzite, mafic volcanic units, granite, felsite and
siltstone. These units contain quartz veins/veinlets that are stockwork like
in appearance. Fresh pyrite as well as pyrite vugs have been observed within
the above lithology units. Limonite, kaolinite, hematite alteration was
encountered in addition to zones being highly silicified, an indication of
strong fluid flow that is commonly associated with mineralisation or its outer
extremities.  The general strike of the units vary, mostly to the north
(N010, N040, N320, N340, N350) and steeply dipping from 70 to 80 degrees
East-South-East, South-South-West.  This programme delineated a 1.5km gold
structure which due to the presence of mafic volcanics, a known preferred host
for gold mineralisation, justifies further exploration work.

 

Figure 5: Map to show rock and termite samples from Farani and Tagan permit
area which returned grades of up to 5.83 g/t Au.

 

Summary

Cora has been highly encouraged by the results received from the recently
completed regional exploration work at its Southern Mali / Yanfolila
permits.  The results provide the Company with confidence to continue with
further exploration programmes that are to be focused on proving the mineral
resource potential of these licences.  Whilst in early stages of exploration,
the Company considers that its Southern Mali permits have the potential to
host economic mineral resources that could add to Company's value in the
coming years, providing further growth potential.

 

The regional exploration update in this press release has been reviewed and
signed off by Cora's technical team in line with previous releases on early
stage, pre-drilling, exploration programmes.

 

 

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        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. An updated mineral resource estimate on the Sanankoro Gold
Project was published in July 2022 which increased the Resources to 920,000 oz
Au. Further updates regarding the ongoing Definitive Feasibility Study for the
Sanankoro Gold Project will be provided during Q4 2022.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCEAXFAESDAFFA