TIDMCORA
RNS Number : 9528Z
Cora Gold Limited
27 May 2021
Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector:
Mining
27 May 2021
Cora Gold Limited ('Cora' or 'the Company')
Expansion of land holdings in southern Mali - Farani Permit
Joint Venture
and
Operational Update
Cora Gold Ltd, the West African focused gold company, is pleased
to announce that it has entered into a Joint Venture Agreement
('the JV Agreement') in respect of the Farani Permit which lies
within Cora's Yanfolila Project Area on the Yanfolila Gold Belt in
southern Mali ('the Farani Permit'). The JV Agreement increases
Cora's landholding in a highly prospective area where active
exploration is underway.
To view the RNS with illustrative diagrams and maps, please use
the following link:
http://www.rns-pdf.londonstockexchange.com/rns/9528Z_1-2021-5-26.pdf
Highlights:
-- 62 sq km Farani Permit is adjacent to Cora's 100% owned Tagan
Permit, which lies midway between Cora's flagship Sanankoro Gold
Project and the Yanfolila Gold Mine operated by Hummingbird
Resources Plc (AIM:HUM)
-- Cora is earning up to 95% interest through the payment of
staged fees to the JV Partner totalling US$80,000 over the next six
years
-- Historical third party rotary airblast ('RAB') drilling
results on the Farani Permit include:
o 30m @ 2.8 g/t Au
o 9m @ 1.17 g/t Au
o 6m @ 2.1 g/t Au
-- The JV Agreement strengthens Cora's position as a leading
exploration permit holder in southern Mali
Bert Monro, CEO of Cora, commented, "Adding the Farani Permit to
Cora's portfolio in the Yanfolila Project Area reinforces Cora's
focus on southern Mali and consolidates our position in this region
of considerable mineralised endowment. We look forward to working
with our new JV Partner to advance Farani, maximising the clear
synergies between Farani and our additional interests in the
area."
FURTHER DETAILS:
Under the terms of the JV Agreement, Cora is earning up to 95%
interest in the Farani Permit (pre-dilution by the State) through
the payment of staged fees to the Joint Venture Partner ('the JV
Partner') totalling US$80,000 over the next six years. The JV
Partner retains a 1.5% net smelter return ('NSR') royalty and
during the initial two years of commercial production from the
permit area Cora has a right to buyout a 0.75% NSR royalty for
US$500,000. The Farani Permit was awarded on 14 May 2021 and in
accordance with Mali's Mining Code 2019 has a term of nine
years.
Figure 1: Location of the Farani Permit
Figure 2: The Yanfolila Gold Belt (southern Mali) showing Cora's
Sanankoro and Yanfolila Project Areas
Cora's Yanfolila Project Area is situated within the Yanfolila
Gold Belt of southern Mali within a radius of approximately 25km
from the Yanfolila Gold Mine operated by Hummingbird Resources Plc
(AIM:HUM). The Yanfolila Project Area comprises the Tékélédougou,
Farani, Farassaba III, Tagan, Siekorolé and Winza permits covering
a total area of approximately 450 sq km, ranging between 8km-30km
in distance from the Yanfolila Gold Mine processing plant.
Mali Update
Cora is monitoring the situation in Mali that has developed over
the course of the past 48 hours following the purported removal of
militarily appointed interim President and Prime Minister. The
military are still stating publicly that they are committed to next
year's democratic elections.
Operations at the Company's Sanankoro Gold Project in southern
Mali are continuing as normal with no impact to the safety and
security of its employees. The safety of Cora's employees and
contractors remains our upmost priority and the Company will
continue to monitor the situation as it evolves and provide further
updates as necessary.
2021 Annual General Meeting
Due to the ongoing impact of the COVID-19 pandemic the Company's
2021 Annual General Meeting ('AGM') to be held at 12.00 p.m.
(United Kingdom time) on Tuesday 22 June 2021 will take place
online. There are two ways in which to attend the AGM:
Option 1 - By dial in
Use one of the telephone numbers and Meeting ID set out
below:
-- telephone number: +44 (0)203 481 5237
+44 (0)330 088 5830
+44 (0)131 460 1196
-- Meeting ID: 889 7558 0175 #
Option 2 - Over the internet
This requires the use of a device (computer, laptop, tablet or
smartphone) connected to the internet. The device will need
speakers and, if required, microphone capability in order to be
able to speak. Use the hyperlink set out below:
-- Hyperlink: https://us02web.zoom.us/j/88975580175
The board of directors of the Company (the 'Board') believes
that in these unprecedented times these arrangements are in the
best interest of the Company's shareholders. Furthermore, the Board
strongly advises shareholders to submit their votes by proxy prior
to the AGM. Shareholders who have submitted a proxy may still
attend the AGM. However, submitting a proxy means shareholders know
that their vote will be counted. Copies of proxy forms and the
Company's Annual Report 2020 (which includes the Notice of 2021 AGM
and Explanatory Notes) can be downloaded via the Company's website
at www.coragold.com/category/company-reports.
The Company always welcomes questions from its shareholders at
its general meetings. On this occasion the Board would rather
shareholders submit their questions beforehand in order that the
Board may ensure questions are answered either at the AGM or
afterwards. Questions should be submitted by email to
secretary@coragold.com no later than 12.00 p.m. (United Kingdom
time) on 18 June 2021.
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
Megan Dennison / Susie St Brides Partners +44 (0) 20 7236
Geliher (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.
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 or visit 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.
END
UPDDKABPABKDOPB
(END) Dow Jones Newswires
May 27, 2021 02:00 ET (06:00 GMT)
Cora Gold (LSE:CORA)
Historical Stock Chart
From Mar 2024 to Apr 2024
Cora Gold (LSE:CORA)
Historical Stock Chart
From Apr 2023 to Apr 2024
