TIDMCORA
RNS Number : 5103Z
Cora Gold Limited
24 May 2021
Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector:
Mining
24 May 2021
Cora Gold Limited ('Cora' or 'the Company')
19m @ 4 g/t Au from 13m depth at Sanankoro Gold Project
Cora Gold Limited, the West African focused gold company, is
pleased to announce the third set of drill results from its largest
ever drilling campaign, which commenced in March 2021, at its
Sanankoro Gold Project ('Sanankoro' or 'the Project') southern
Mali. The Company plans to drill up to 35,000m by the end of July
2021, with a dual focus on targeting resource growth as well as
infill drilling to convert existing Inferred resources to Measured
and Indicated resources.
To view the RNS with illustrative diagrams and maps, please use
the following link:
http://www.rns-pdf.londonstockexchange.com/rns/5103Z_1-2021-5-23.pdf
Highlights:
New drill results at Selin
-- 19m @ 4.0 g/t Au from 13m
o including 7m @ 8.86 g/t Au in hole SC0333
-- 17m @ 2.82 g/t Au from 47m
o including 1m @ 27.77 g/t Au in hole SC0342
-- 11m @ 2.29 g/t Au from 44m in hole SC0339
-- 11m @ 2.02 g/t Au from 13m in hole SC0347
-- 15m @ 1.96 g/t Au from 31m in hole SC0340
-- 13m @ 1.49 g/t Au from 18m in hole SC0316
-- 18m @ 1.46 g/t Au from 68m in hole SC0341
-- Results are in areas of Selin with limited historical drilling
Update on drill programme progress
-- 132 holes drilled totalling over 13,000m from start of the campaign to 19 May 2021
-- Arrival of the second reverse circulation ('RC') rig from
Geodrill expected in early June 2021
-- Capital Drilling's diamond core rig has started a 2,000-metre geotechnical programme
-- Geotechnical and hydrology contractors have been appointed
-- Targeting completion of up to 35,000m drilling by end July 2021
Bert Monro, CEO of Cora, commented, "Following on from the first
two sets of drill results, it is extremely pleasing to be reporting
further strong results from Sanankoro, including 19m @ 4 g/t Au
from 13m depth - our best hole of the campaign to date in more
shallow oxides. These results are also in areas of limited
historical drilling, offering further significant
encouragement.
"We have now completed over 13,000m of drilling in this
programme and have recently commenced geotechnical drilling with a
diamond drill rig. A second RC rig will be mobilising to site in
the coming weeks."
Further Information
The Company is pleased to report the final assay results from 36
further RC holes drilled at Selin. These latest holes show positive
results in areas of Selin with limited historical drilling which
supports the potential for the resources to grow once this
programme is completed.
Relevance of the results
The intercepts reported to date reinforce the continuity of the
high-grade tenor of the Selin-style mineralisation within the core
diorite host and proximal collateral shear vein network.
The intercepts have consolidated the 2019 north-pit resource
sections and extended the mineralisation a further 400 metres north
of the main Selin pit shell. Phase 1 ('P1') drilling has tested a
further 150m south of the southern-most pit limit under old pits,
assays are pending but visible gold panning on 1 metre samples is
encouraging. Resource quality mineralisation at Selin has now been
defined over 2.7km and is still open in all directions.
There are further 13 RC holes remaining from Selin P1 with
assays outstanding. The Company hopes to finalise reporting of
Selin P1 drilling by the end of May before the deep RC rig returns
to commence Phase 2 ('P2').
Selin P2 will focus on completing the Selin pit resource
consolidation and fully exploiting the immediate down-dip and
strike opportunities created by this P1 programme.
A drill plan and annotated drill sections 1295200N, 1294850N and
1293700N are included to illustrate the close association between
gold deposition and diorite sill fold geometry at Selin.
Holes - Metres - Intercepts reported - Metres sent for assay
The intercepts reported to date equate to the first 2,290 metres
of the 35,000m programme. As of 19 May 2021, 132 holes have been
completed, totalling 13,206m of RC drilling. The first 58 holes,
+5,500m, were drilled at the Selin Resource in the north, a further
62 holes, +6,500m, were drilled at the Zone A Resource, and finally
a short 8-hole Zone C P1 programme of +950 metres.
The results reported from SC0313 to SC0348 were generated from
2,642 submitted samples which included a high level of 20% blind,
independent, accredited QAQC. The intercepts reported have passed
rigorous QAQC.
Background on the Selin 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 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 2km wide
Sanankoro Shear Zone which can be traced over 30km 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 NE-SW
focused zone of en-echelon veining and associated sulphide
development.
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.
Figure 1: Cora Gold - Sanankoro Project - Significant Drill
Results Update 19-05-2021
Cross Sections from latest drill results
Full table of results
HOLE_ID EUTM_29N NUTM_29N End of FROM INTERCEPT including
Hole (m)
(m)
---------------------
10m @ 0.63
SC0313 559,665.25 1,305,599.94 90 68 g/t
---------------- ----------------- ------- ----- ---------------- ---------------------
15m @ 0.58
SC0314 559,630.10 1,305,650.14 98 14 g/t
---------------- ----------------- ------- ----- ---------------- ---------------------
12m @ 1.11
SC0315 559,658.61 1,305,649.86 102 72 g/t
---------------- ----------------- ------- ----- ---------------- ---------------------
13m @ 1.49
SC0316 559,610.36 1,305,749.84 68 18 g/t
---------------- ----------------- ------- ----- ---------------- ---------------------
10m @ 1.46
SC0317 559,604.90 1,305,799.77 70 28 g/t
---------------- ----------------- ------- ----- ---------------- ---------------------
SC0318 559,615.00 1,305,850.00 68 55 9m @ 1.18 g/t
---------------- ----------------- ------- ----- ---------------- ---------------------
SC0319 559,600.17 1,305,950.01 81 51 9m @ 1.09 g/t
---------------- ----------------- ------- ----- ---------------- ---------------------
SC0320 559,599.44 1,305,999.76 81 NSI
---------------- ----------------- ------- ----- ---------------- ---------------------
10m @ 0.95
SC0321 559,590.32 1,306,049.59 95 43 g/t
---------------- ----------------- ------- ----- ---------------- ---------------------
SC0322 559,559.81 1,306,150.12 71 NSI
---------------- ----------------- ------- ----- ---------------- ---------------------
SC0330 559,645.19 1,305,299.96 71 NSI
---------------- ----------------- ------- ----- ---------------- ---------------------
19m @ 4.00
SC0333 559,715.03 1,305,199.96 77 13 g/t incl 7m @ 8.86g/t
---------- ---------------- ----------------- ------- ----- ---------------- ---------------------
63 2m @ 2.41 g/t
---------- ---------------- ----------------- ------- ----- ---------------- ---------------------
SC0334 559,740.26 1,305,199.95 94 65 7m @ 1.70 g/t
---------- ---------------- ----------------- ------- ----- ---------------- ---------------------
80 10m @ 0.65
g/t
---------- ---------------- ----------------- ------- ----- ---------------- ---------------------
11m @ 1.12
SC0335 559,725.09 1,305,149.75 75 15 g/t
---------- ---------------- ----------------- ------- ----- ---------------- ---------------------
70 3m @ 1.85 g/t
---------- ---------------- ----------------- ------- ----- ---------------- ---------------------
SC0336 559,760.08 1,305,099.71 88 57 8m @ 1.69 g/t
---------------- ----------------- ------- ----- ---------------- ---------------------
17m @ 1.05
SC0337 559,755.12 1,305,049.93 59 27 g/t
---------------- ----------------- ------- ----- ---------------- ---------------------
18m @ 0.45
SC0338 559,755.01 1,304,999.68 77 12 g/t
---------------- ----------------- ------- ----- ---------------- ---------------------
11m @ 2.29
SC0339 559,775.02 1,305,000.01 74 44 g/t
---------------- ----------------- ------- ----- ---------------- ---------------------
15m @ 1.96
SC0340 559,780.01 1,304,949.79 92 31 g/t
---------- ---------------- ----------------- ------- ----- ---------------- ---------------------
63 2m @ 1.96 g/t
---------- ---------------- ----------------- ------- ----- ---------------- ---------------------
14m @ 0.84
SC0341 559,790.10 1,304,899.82 89 43 g/t
---------- ---------------- ----------------- ------- ----- ---------------- ---------------------
68 18m @ 1.43
g/t
---------- ---------------- ----------------- ------- ----- ---------------- ---------------------
17m @ 2.82
SC0342 559,790.13 1,304,849.84 89 32 g/t incl 1m @ 27.77g/t
---------- ---------------- ----------------- ------- ----- ---------------- ---------------------
82 2m @ 0.56 g/t
---------- ---------------- ----------------- ------- ----- ---------------- ---------------------
12m @ 1.27
SC0343 559,795.11 1,304,799.84 106 30 g/t
---------------- ----------------- ------- ----- ---------------- ---------------------
SC0344 559,744.57 1,304,599.99 104 41 1m @ 5.99 g/t
---------- ---------------- ----------------- ------- ----- ---------------- ---------------------
50 13m @ 0.56
g/t
---------- ---------------- ----------------- ------- ----- ---------------- ---------------------
10m @ 1.29
SC0345 559,840.07 1,303,999.75 95 17 g/t
---------- ---------------- ----------------- ------- ----- ---------------- ---------------------
39 1m @ 2.22 g/t
---------- ---------------- ----------------- ------- ----- ---------------- ---------------------
SC0346 559,850.07 1,303,800.17 47 13 8m @ 1.77 g/t
---------- ---------------- ----------------- ------- ----- ---------------- ---------------------
39 3m @ 1.23 g/t
---------- ---------------- ----------------- ------- ----- ---------------- ---------------------
13m @ 1.05
SC0347 559,879.88 1,303,699.93 125 1 g/t
---------- ---------------- ----------------- ------- ----- ---------------- ---------------------
28 11m @ 2.02
g/t
---------- ---------------- ----------------- ------- ----- ---------------- ---------------------
56 3m @ 0.63 g/t
---------- ---------------- ----------------- ------- ----- ---------------- ---------------------
SC0348 559,874.66 1,303,749.92 104 38 5m @ 1.16 g/t
---------- ---------------- ----------------- ------- ----- ---------------- ---------------------
94 5m @ 0.50 g/t
---------- ---------------- ----------------- ------- ----- ---------------- ---------------------
Competent persons statement: Norman ('Norm') Bailie is a
Chartered Professional Geology and Management Fellow of the
Australasian Institute of Mining and Metallurgy (AUSIMM) and a
Fellow of the Geological Society UK and 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. Norm Bailie consents to the inclusion in this
announcement of the matters based on his information in the form
and context in which it appears.
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 until the release of this
announcement.
**ENDS**
For further information, please visit http://www.coragold.com or
contact:
+44 (0) 20 3239
Bert Monro / Norm Bailie Cora Gold Limited 0010
Christopher Raggett finnCap Ltd +44 (0) 20 7220
/ Charlie Beeson (Nomad & Joint Broker) 0500
------------------------- ----------------
Andy Thacker / James Turner Pope Investments +44 (0) 20 3657
Pope (Joint Broker) 0050
------------------------- ----------------
Susie Geliher / Megan St Brides Partners +44 (0) 20 7236
Dennison (Financial PR) 1177
------------------------- ----------------
Notes
Cora is a gold 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's primary focus is on further
developing Sanankoro in the Yanfolila Gold Belt (Southern Mali),
which Cora believes has the potential for a standalone mine
development. Sanankoro has a positive Scoping Study published on it
showing an 107% IRR and US$41.5m NPV(8) at a US$1,500 gold price.
Cora's highly experienced management team has a proven track record
in making multi-million-ounce gold discoveries, which have been
developed into operating mines.
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