REG - Cora Gold Limited - Resource Drilling Commences: Sanankoro Project

Cora GoldAnnouncement

16/03/2022 07:00

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RNS Number : 8857E  Cora Gold Limited  16 March 2022

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

16 March 2022

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

Resource Drilling Commences at Sanankoro Gold Project

 

Cora Gold Limited, the West African focused gold company, announces that
further to the announcement of 17 February 2022, resource drilling has now
commenced at the Company's Sanankoro Gold Project ('Sanankoro' or the
'Project') in southern Mali.

 

HIGHLIGHTS

 

●     7,500m drill programme underway

●     Focused on enhancing the current Mineral Resource Estimate ('MRE')
of 809.3 koz at 1.15 g/t Au

●     Strong expansion potential - all deposits remain open at depth and
along strike

●     Drilling due to be completed in Q2 2022 with results to be
released as they are received

 

Bert Monro, CEO of Cora, commented, "We have multiple workstreams underway as
we set our sights on delivering a Definitive Feasibility Study in the coming
months, alongside a resource expansion programme, which we believe will
further enhance both the quantum and confidence levels of our MRE.  We have
consistently demonstrated Sanankoro's potential to become an open-pittable,
free-digging oxide mine and work will accelerate throughout 2022 as we look to
make this into reality.  We look forward to sharing updates from this drill
programme over the coming weeks."

 

FURTHER DETAILS

 

Sanankoro Gold Project

Cora has launched its 2022 drill programme at the flagship Sanankoro Gold
Project in southern Mali, which is made up of five contiguous permits
encompassing c.439 sq. km.  An initial c.7,500m drill programme has been
planned with the objective of increasing resource confidence by converting
existing Inferred resources to the Indicated category and to discover new
Inferred resources.  This will build on the pit constrained MRE reported
by CSA Global (UK) Ltd in November 2021, which identified a resource of
21.9Mt at 1.15 g/t Au for a total of 809.3 koz of Au, including 540.6 koz at
1.33 g/t Au in the Indicated category, and 268.7 koz at 0.90 g/t Au in the
Inferred category. This represented a +200% increase in total ounces from the
maiden MRE in December 2019.  67% of the MRE ounces are in the Indicated
category and 77% of gold is in the oxide zone, with a further 22% in the
transitional zone giving the Company further confidence in its ability to
deliver an open pit, free digging, oxide operation.  Work on the Definitive
Feasibility Study ('DFS') is gaining momentum following conclusion of all DFS
field work in January 2022 and the study is expected to be completed in H1
2022.

 

Significant further expansion potential remains as all deposits remain open at
depth and along strike.  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
at Sanankoro (as reported by SRK Consulting (UK) Limited in October 2018).
There are multiple higher grade ore shoots within the deposits, which offer
the potential for higher grade production in early years of mining.

 

**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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