TIDMCORA
RNS Number : 3189V
Cora Gold Limited
02 November 2017
Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector:
Mining
2 November 2017
Cora Gold Limited ("Cora Gold", "Cora" or "the Company")
Strong Continuity and Broad Nature of Gold Mineralisation
Confirmed at Sanankoro Gold Discovery
and Issue of Shares
Cora Gold Limited, the West African focused gold exploration
company, is pleased to announce a positive update from its flagship
Sanankoro Gold Discovery ("Sanankoro" or "the Project") in Southern
Mali (Figure 1). To view the press release with the illustrative
diagrams please use the following link:
http://www.rns-pdf.londonstockexchange.com/rns/3189V_-2017-11-1.pdf
Highlights
-- Review of Gold Fields historical data from Sanankoro complete underpinning project potential
-- Historical laboratory assay certificates for Gold Fields drilling acquired
-- Selected drill intercepts include:
o 25 metres @ 2.1g/t Au from 4 metres below surface;
o 23 metres @ 2.3g/t Au from 62 metres below surface;
o 27 metres @ 1.8g/t Au from 21 metres below surface;
o 26 metres @ 1.7g/t Au from 37 metres below surface; and
o 22 metres @ 1.4g/t Au from 72 metres below surface.
-- Broad zones of mineralisation present with potential mineable widths
-- Strong continuity of mineralisation observed between sections of historical drilling
-- Presence of potential shallow plunging higher grade shoots
identified in preliminary long section
-- Potential for repetition of mineralised structures parallel to the two identified structures
-- Drill programme scheduled for late November 2017, initially
targeting about 4 km strike length of structure
Jon Forster, CEO of Cora Gold said, "Sanankoro is a discovery of
substantial potential and the indication of shallow plunging higher
grade shoots within a lower-grade halo is particularly encouraging
and provides us with immediate follow up targets for future
drilling. The level plan confirmed the remarkable continuity of the
gold bearing structure throughout Zones A and B. We believe this
continuity should exist along strike to both the north and south.
We also believe there is the potential for parallel repetitions of
these structures within the Project area. Our objective is to
delineate a resource which will support a standalone gold mine at
Sanankoro."
Further Information
Sanankoro is an existing gold discovery extending over
approximately 14km of identified strike length across two discrete,
parallel, mineralised zones. The region is known for its relatively
deep weathering profile, which extends from approximately 70 metres
below surface to over 120 metres within the Project area. Sanankoro
can be characterised as a series of shear-hosted quartz stockworks
with a volcano-sedimentary sequence, with higher grade gold
contained within the quartz veins, surrounded by a broad halo of
lower grade material.
Figure 1: Sanankoro Project Location, Yanfolila Belt, South
Mali
Cora has re-evaluated the Gold Fields Limited ("Gold Fields")
historical drilling data using a lower cut-off grade of 0.5g/t Au
(previously 1g/t Au as per SRK Competent Person's Report ("CPR")
and allowing internal dilution downhole of 3 metres in its
compositing of drill intercepts (previously zero metres as per
CPR). Selected drill results are presented in Appendix 1. The
Company believes that the new assessment is more realistic for this
style of mineralisation, the deep weathering profile observed at
Sanankoro, and better reflects the likely mineable widths and
grades of the Project.
The Company also used the 0.5g/t Au cut-off grade to construct a
level plan at 50 metres below surface (Figure 2), as well as a long
section with a gram x metre ("gram metre" or "gm") contour, for
both Zones A and B (Figure 3). The level plan shows almost complete
along strike continuity of the mineralised envelope along the 600
metres and 1km of strike in Zone A and B, respectively. Some minor
offsetting or discontinuity is noted, which is possibly associated
with late stage faulting. True widths of mineralisation generally
ranged from 12 metres to 25 metres, indicating likely amenability
to bulk tonnage mining methods.
Figure 2: Level Plans for Zone A and Zone B at Sanankoro
The long section shows higher grade, north plunging, shoots
within its core, with average gram metre intercepts of more than
30gm. The higher grade shoots are surrounded by broader zones of
lower grade mineralisation.
Figure 3: Sanakoro Zone A and B Long Section, with shallow
plunging higher grade shoots
Contours represent drill intercepts in grams per tonne
multiplied
by reported downhole intercept in metres
The systematic drilling completed by Gold Fields at Zones A and
B, for which Cora recently acquired the original laboratory
certified assay certificates, give Cora an excellent indication of
the likely style of gold mineralisation at Sanankoro. This will
assist in developing plans for the step-out drilling programme
designed to expand gold mineralisation along strike from Zones A
and B. The combination of historical shallow reconnaissance
drilling, recent field mapping, and abandoned and active artisanal
mine sites will be used to establish a prioritised drill programme,
scheduled for late November 2017, that will initially target about
4km strike length of structure. Priority drill targets will be
released to the market prior to the commencement of the drill
campaign.
Figure 4: Sanankoro Zone A and B Cross Sections
Intercepts reported as grams of gold over metres downhole
(g/m)
Proposed Issue of Shares
Cora has recently appointed a company ("the Provider") to assist
with its digital marketing strategy. As part of the consideration
for these services the Company will, subject to shareholder
approval at the Company's next Annual General Meeting, issue the
Provider with 80,000 Ordinary Shares in Cora Gold. If shareholder
approval is not granted, then Cora Gold shall pay the equivalent
sum of GBP12,800 in cash to the Provider.
For further information, please visit http://www.coragold.com or
contact:
+44 (0) 20 3239
Jon Forster Cora Gold 0010
John Depasquale/Nick Allenby Capital (Nominated +44 (0) 20 3328
Harriss/ Liz Kirchner Adviser) 5656
Peter Krens/Nick Mirabaud Securities +44 (0) 20 3167
Orgill (Joint Broker) 7150
Beaufort Securities +44 (0) 20 7382
Jon Belliss (Joint Broker) 8300
Lottie Wadham/Susie St Brides Partners +44 (0) 20 7236
Geliher (Financial PR) 1177
Notes to the Editors
Cora Gold is a new gold exploration company focused on two world
class gold regions in Mali and Senegal in West Africa. Historical
exploration has resulted in the highly prospective Sanankoro Gold
Discovery, in addition to multiple, high potential, drill ready
gold targets within its broader portfolio. Cora Gold's primary
focus is on further developing Sanankoro in the Yanfolila Gold Belt
(South Mali), which Cora Gold believes has the potential for a
standalone mine development. Cora Gold's highly experienced and
successful management team has a proven track record in making
multi-million ounce gold discoveries which have been developed into
profitable mines.
The information in this announcement is based on historical
information provided by Gold Fields Limited and compiled on behalf
of Cora Gold by Dr Jonathan Forster. The drill results have not
been independently verified by Cora Gold. Dr Jonathan Forster (PhD,
MBA, FIMMM) is Cora Gold's chief executive officer. Dr Forster has
sufficient experience 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 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. Dr Forster consents
to the inclusion in this announcement of the matters based on his
information in the form and context in which it appears.
Appendix 1
Hole Hole Hole
Area Number UTM 29P_E UTM29P_N From Intercept Grade Type Length
g/t
(metres) (metres) Au (metres)
------ ----------- ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
A GBRC0001 557659 1295650 41 3.0 1.00 RC 108
and 76 1.0 1.00
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
A GBRC0002 557685 1295850 26 2.0 0.81 RC 95
and 60 7.0 2.69
and 77 12.0 1.38
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
A GBRC0003 557698 1295950 54 7.0 0.89 RC 90
and 68 2.0 1.57
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
A GBRC0004 557713 1296050 39 7.0 1.41 RC 100
and 62 23.0 2.27
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
RC +
Zone core
A GBRCD0005 557733 1296150 37 11.0 1.48 tail 124
(including 37 1.0 7.47)
and 61 2.0 0.87
and 82 15.0 1.85
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
A GBRC0006 557752 1296250 48 14.0 0.75 RC 100
and 74 2.0 1.48
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
A GBRC0007 557662 1295750 58 13.0 0.93 RC 96
------ ----------- ---------- ---------------------- --------- ---------- -------------- ------ ---------
RC +
Zone core
A GBRCD0008 557684 1295650 94 2.0 1.50 tail 160
and 108 3.0 0.68
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
RC +
Zone core
A GBRCD0009 557729 1295750 86 1.0 1.93 tail 180
and 138 1.0 1.42
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
RC +
Zone core
A GBRCD0010 557729 1295850 10 8.0 1.44 tail 165
and 78 1.0 1.35
and 104 6.0 1.55
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
RC +
Zone core
A GBRCD0011 557746 1295950 81 1.0 1.80 tail 160
and 87 1.0 0.91
and 118 7.0 0.63
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
RC +
Zone core
A GBRCD0012 557759 1296000 123 11.0 0.71 tail 160
------ ----------- ---------- ---------------------- --------- ---------- -------------- ------ ---------
RC +
Zone core
A GBRCD0013 557764 1296050 1 1.0 14.70 tail 154
and 78 8.0 1.45
and 105 1.0 7.59
and 120 16.0 1.30
and 142 1.0 12.10
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
RC +
Zone core
A GBRCD0014 557778 1296150 87 2.0 1.80 tail 171
and 120 11.0 0.96
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
A GBRC0015 557685 1295500 103 1.0 1.62 RC 130
and 112 4.0 2.40
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
A GBRC0016 557836 1296450 65 1.0 1.59 RC 130
and 100 1.0 3.15
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
A BRC 843 557775 1296250 99 9.0 1.27 RC 130
------ ----------- ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
A BRC 848 557685 1295750 58 10.0 2.52 RC 150
and 94 9.0 0.75
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
RC +
Zone BRCD core
A 844 557722 1296000 72 22.0 1.39 tail 154
and 110 1.0 3.00
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
A BKR 001 557742 1295924 15 3.0 4.00 RAB 70
and 27 6.0 0.61
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
A BKR010 557714 1296310 12 3.0 1.33 RAB 70
and 42 3.0 0.88
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
A BRAB648 557731 1296250 34 3.0 2.31 AC 56
and 54 2.0 1.56
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
A BRAB652 557675 1296000 4 25.0 2.09 AC 54
------ ----------- ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
A BRAB860 557775 1296450 15 3.0 2.34 RAB 54
------ ----------- ---------- ---------------------- --------- ---------- -------------- ------ ---------
RC +
Zone core
B GBRCD0017 558087 1297650 37 26.0 1.72 tail 101
(including 56 3.0 6.98)
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
RC +
Zone core
B GBRCD0018 558129 1297650 95 5.0 6.09 tail 161
(including 95 1.0 26.5)
and 112 7.0 4.59
(including 118 1.0 22.8)
and 137 4.0 0.58
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
RC +
Zone core
B GBRCD0019 558143 1297750 97 16.0 0.28 tail 175
and 153 6.0 0.93
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
B GBRC0020 558159 1297950 9 1.0 1.46 RC 110
and 22 3.0 0.46
and 31 4.0 0.94
and 47 26.0 0.81
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
RC +
Zone core
B GBRCD0021 558202 1297950 110 5.0 0.57 tail 167
and 127 17.0 0.71
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
B GBRC0022 558204 1298150 25 9.0 0.85 RC 112
and 39 10.0 0.77
and 61 1.0 3.16
and 73 3.0 0.90
and 100 1.0 1.82
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
B GBRC0023 558260 1298455 46 2.0 0.88 RC 90
and 80 3.0 2.57
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
B GBRC0024 558066 1297450 62 4.0 0.50 RC 120
and 93 6.0 0.56
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
B GBRC0025 557996 1297050 103 4.0 0.81 RC 114
------ ----------- ---------- ---------------------- --------- ---------- -------------- ------ ---------
RC +
Zone core
B GBRCD0026 558271 1298254 110 1.0 6.48 tail 182
123 14.0 1.63
148 3.0 1.27
166 7.0 1.84
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
B BKR038 558047 1297568 12 27.0 1.22 RAB 81
------ ----------- ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
B BKR039 558081 1297561 57 6.0 0.90 RAB 70
------ ----------- ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
B BKR051A 558102 1298049 0 3.0 2.47 RAB 57
and 30 3.0 5.10
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
B BKR052 558141 1298010 6 9.0 0.81 RAB 51
and 36 3.0 2.15
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
B BKR053 558178 1297990 36 3.0 1.62 RAB 76
and 63 10.0 0.57
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
B BKR 057 558066 1298385 6 3.0 5.52 RAB 51
------ ----------- ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
B BKR 059 558116 1298385 3 3.0 7.05 RAB 40
and 30 6.0 1.02
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
B BKR 060 558209 1298389 30 6.0 1.57 RAB 60
------ ----------- ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
B BKR 132 558154 1298201 9 21.0 1.35 RAB 45
------ ----------- ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
B BRC850 558095 1297750 21 27.0 1.84 RC 120
(including 21 3.0 8.99)
(including 40 4.0 2.81)
and 56 6.0 0.57
and 93 1.0 16.00
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
B BRC852 558221 1298255 22 1.0 7.66 RC 115
and 35 2.0 1.17
and 47 6.0 0.69
and 61 2.0 1.80
and 74 6.0 2.08
and 86 1.0 1.12
and 96 1.0 12.70
and 103 10.0 0.48
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
B BRAB874 558000 1297050 30 6.0 0.95 RAB 54
------ ----------- ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
B BRAB875 557975 1297050 30 6.0 1.30 RAB 54
------ ----------- ---------- ---------------------- --------- ---------- -------------- ------ ---------
Notes to Appendix 1: Drill intercepts using a 0.5 g/t Au lower
cut-off grade were compiled by undertaking weighted averages of
consecutive individual assays, equal to or in excess of the minimum
grade of 0.5 g/t Au. Internal dilution (<0.5 g/t Au) was allowed
for up to a maximum of 3 metres. In the event that no samples were
collected in areas of poor core recovery, a zero grade was ascribed
to the zone, even if located within a run of gold
mineralisation.
** ENDS **
This information is provided by RNS
The company news service from the London Stock Exchange
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