TIDMCORA
RNS Number : 9546A
Cora Gold Limited
07 June 2021
Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector:
Mining
7 June 2021
Cora Gold Limited ('Cora' or 'the Company')
56m @ 3.54 g/t Au from 22m depth at Sanankoro Gold Project
Cora Gold Limited, the West African focused gold company, is
pleased to announce the fourth set of drill results from its
largest ever drilling campaign, which commenced in March 2021 at
the Sanankoro Gold Project ('Sanankoro' or 'the Project'), in
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
Indicated.
Highlights:
Final results from phase 1 ('P1') drilling at Selin
-- 56m @ 3.54 g/t Au from 22m
o including 21m @ 8.17 g/t Au in hole SC0360
-- 13m @ 2.40 g/t Au from 45m
o including 2m @ 9.91 g/t Au in hole SC0354
-- 18m @ 1.97 g/t Au from 56m in hole SC0349
-- 10m @ 1.90 g/t Au from 50m in hole SC0357
-- 14m @ 1.17 g/t Au from 34m in hole SC0356
Selin P1 results overview
-- Drilling has confirmed 550m of mineralised extensions to
existing resources and Selin remains open in all directions
-- Additional positive results from the middle of Selin where
there was previously a gap in resources between two pit shells
-- Infill holes demonstrate very good continuity from existing Inferred resource
-- Rigs to shortly commence drilling deeper holes at Selin as
part of phase 2 ('P2') programme targeted at deepening existing
shallow 65m pit shells
Update on drill programme progress
-- 163 holes drilled totalling over 16,000m from start of the campaign to 2 June 2021
-- A third rig from GEODRILL will commence drilling shortly
-- Capital Drilling's diamond core rig has started a >2,000 metre core programme
-- Targeted completion of up to 35,000m drilling by end of July 2021
To view the RNS with illustrative diagrams and maps, please use
the following link:
http://www.rns-pdf.londonstockexchange.com/rns/9546A_1-2021-6-6.pdf
Bert Monro, CEO of Cora, commented, "I continue to be hugely
impressed with the work all the Cora team and our contractors are
doing on site. 56m @ 3.54 g/t Au from 22m in more shallow oxides is
another fantastic drill hole in this campaign. Having just
completed phase 1 drilling at Zone A and B, with results for that
to follow shortly, the rigs are returning to Selin for the phase 2
programme aiming to extend the average 65m pit shell deeper.
"We have now completed over 16,000m of drilling, and reported
5,168 m of assay results, in this programme and remain on schedule
and budget to complete the resource expansion and upgrade programme
during July 2021 with an updated Mineral Resource Estimate to
follow during H2 2021. This is an extremely exciting time for the
Company with plenty more news to come from this ongoing
programme."
Further Information
The Company is pleased to report the final assay results from 12
further reverse circulation ('RC') holes drilled at Selin.
These latest holes, especially SC0360, confirm the repetition
and continuity of local high-grade structures within, and proximal
to, the broader good tenor diorite host. The intimate controls to
the development and plunge of these high-grade lodes is as yet
undetermined but with on-going core drilling at Selin all efforts
will be made to unravel and test for their occurrence and
extensions.
The intercepts reported in this RNS equate to the most recent
1,139m of the 35,000m programme and are hosted on six 50m sections
between 1303500N and 1305500N. 5,168m of drilling results have now
been reported. As of 02 June 2021, 162 holes have been completed,
totalling 15,913m of RC drilling and 450m of diamond ('DD') coring.
The first 58 holes, some 5,531m were drilled at the Selin in a P1
Resource first-pass. A further 62 holes comprising 6,557m was
drilled in a P1 pass at the Zone A Resource followed by a short
8-hole Zone C P1 programme of 963 m.
The results reported from SC0349 to SC0360 were generated from
1,412 submitted samples which included a high level of 20% blind,
independent, accredited QAQC. The intercepts reported have passed
rigorous QAQC.
HOLE_ID FROM INTERCEPT including
NUTM_29N (m)
-------------
EUTM_29N
----------------- -------------
SC0349 49 1m @ 2.01 g/t
------------- ------ ---------------- -------------
18m @ 1.97
1,304,099.85 56 g/t
------ ---------------- -------------
559,860.10 82 1m @ 0.84 g/t
------------- ----------------- ------ ---------------- -------------
SC0350 1,303,600.12 37 3m @ 0.67 g/t
------------- ------ ---------------- -------------
559,914.42 61 4m @ 1.98 g/t
------------- ----------------- ------ ---------------- -------------
SC0351 57 1m @ 1.3 g/t
------------- ------ ---------------- -------------
14m @ 0.72
559,829.42 1,303,600.26 111 g/t
------------- ----------------- ------ ---------------- -------------
SC0352 1,303,546.60 15 2m @ 0.76 g/t
------------- ------ ---------------- -------------
12m @ 0.84
559,914.98 35 g/t
------------- ----------------- ------ ---------------- -------------
17m @ 0.71
SC0353 559,929.70 1,303,499.95 20 g/t
------------- ----------------- ------ ---------------- -------------
SC0354 559,660.12 18 2m @ 1.08 g/t
------------- ------ ---------------- -------------
31 2m @ 0.58 g/t
------------- ------ ---------------- -------------
1,305,549.65 38 4m @ 0.86 g/t
------ ---------------- -------------
45 13m @ 2.4 g/t incl 2m @
9.91 g/t
------ ---------------- -------------
68 4m @ 1.18 g/t
------------- ----------------- ------ ---------------- -------------
SC0355 1,305,599.65 53 6m @ 0.53 g/t
------------- ------ ---------------- -------------
559,652.38 71 3m @ 2.05 g/t
------------- ----------------- ------ ---------------- -------------
SC0356 18 1 m @ 0.94
g/t
------------- ------ ---------------- -------------
14 m @ 1.17
1,305,449.89 34 g/t
------ ---------------- -------------
1 m @ 0.98
559,674.84 60 g/t
------------- ----------------- ------ ---------------- -------------
1 m @ 0.67
SC0357 1,305,399.88 36 g/t
------------- ------ ---------------- -------------
10 m @ 1.9
559,706.31 50 g/t
------------- ----------------- ------ ---------------- -------------
SC0358 16 6 m @ 0.86
g/t
------------- ------ ---------------- -------------
2 m @ 1.22
1,305,399.78 29 g/t
------ ---------------- -------------
1 m @ 0.93
559,675.35 65 g/t
------------- ----------------- ------ ---------------- -------------
10 m @ 0.52
SC0359 1,305,349.78 16 g/t
------------- ------ ---------------- -------------
1 m @ 0.75
559,680.28 56 g/t
------------- ----------------- ------ ---------------- -------------
56 m @ 3.54 incl 21m
SC0360 1,305,474,87 22 g/t @ 8.17 g/t
------------- ------ ---------------- -------------
1 m @ 0.59
559,677.50 90 g/t
------------- ----------------- ------ ---------------- -------------
Table 1: Sanankoro 2021 Latest Intercepts
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.
Recent core drilling into Selin has enlightened the genetic
model for this resource deposit by discovering 4-6 multiple
early/pre-D3 dykes of diorite intruding the 65-80(o) W dipping
axial trace of a western hanging-wall F3 anti-form on this major
reactivated D2 east-verging thrust. The >100 metre wide Selin
Shear Zone may be a regional back-thrust and the dominant eastern
margin of the regional west-verging Sanankoro Thrust. The largest
diorite unit is demonstrably discordant and sits immediately west
and adjacent to a major early ductile, 10-30m wide footwall
carbonaceous shear. Progressive deformation has folded, warped and
possibly cross-faulted the diorite units prior to gold deposition.
The early footwall shear fabrics are overprinted by later
semi-brittle to brittle graphitic faults which locally convert all
protolith to graphitic schist on sub-metre scale. The diorite units
exhibit multi-phase veining interference and sulphide development.
The dominant sulphide is pyrite with occasional arsenopyrite and a
scattering of chalcopyrite. Alteration minerals are predominantly
sericite, silica, fuchsite, ankerite, graphite and calcite.
The core programme continues at Selin and intercepts will be
reported once all geotechnical, resource and engineering test work
has been completed.
Relevance of the results
The intercepts reported to date reinforce the resource-quality
continuity and 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 400m north of
the main Selin pit shell and confirmed a further 150m south of the
southernmost pit limit under old pits. The P1 intercepts in the
south open-up down-dip and strike extension opportunities. Resource
quality mineralisation at Selin has now been defined over 2.7km and
is still open in all directions.
Selin Phase 2 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 1305550N, 1305500N,
1305450N, 1304100N and 1303500N are included to illustrate the
close association between gold deposition and diorite dyke fold
geometry at Selin.
Competent persons statement: Mr. 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
------------------------- ----------------
Turner Pope Investments +44 (0) 20 3657
Andy Thacker / James Pope (Joint Broker) 0050
------------------------- ----------------
Susie Geliher / Isabel St Brides Partners +44 (0) 20 7236
de Salis (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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