TIDMCORA
RNS Number : 0179C
Cora Gold Limited
16 June 2021
Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector:
Mining
16 June 2021
Cora Gold Limited ('Cora' or 'the Company')
First drill results from Zone A at Sanankoro Gold Project
including 29m @ 3.32 g/t Au
Cora Gold Limited, the West African focused gold company, is
pleased to announce the fifth set of drill results, and first from
Zone A, from its largest ever drilling campaign, which commenced in
March 2021 at its Sanankoro Gold Project ('Sanankoro' or 'the
Project'), in Southern Mali. The Company plans to have drilled up
to a total 35,000m by 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
New drill results at Zone A confirm good widths and grade in
oxide ore
-- 29m @ 3.23 g/t Au from 66m in hole SC0365
-- 32m @ 1.63 g/t Au from 32m in hole SC0366
-- 14m @ 2.70 g/t Au from 63m and 12m @ 1.57 from 46m in hole SC0362
-- 24m @ 1.64 g/t Au from 17m in hole SC0364
-- 4m @ 8.51 g/t Au from 40m in hole SC0368
Update on drill programme progress
-- 174 holes drilled totalling over 18,340m from start of the campaign to the 14 June 2021
-- All three rigs are currently drilling at Selin in Phase 2
('P2') drill programme targeting deeper holes to deepen existing
shallow, average 65m depth, pit shells
-- Targeted completion of up to 35,000m drilling is due in July 2021
Bert Monro, CEO of Cora, commented, "The first set of results in
this drill campaign at Zone A have followed on strongly from Selin
and confirmed more holes of good widths and grade in oxide ore,
including 29m @ 3.23 g/t Au from 66m depth. While we await further
results from this target over the coming weeks, three rigs are now
drilling back at Selin for the follow-up deeper Phase 2 programme
and a fourth rotary air blast ('RAB') rig owned by Cora is
completing sterilisation drilling on potential process plant and
tailings storage facility sites."
To view the RNS with illustrative diagrams and maps, please use
the following link:
http://www.rns-pdf.londonstockexchange.com/rns/0179C_1-2021-6-15.pdf
DETAILS
The Company is pleased to report the assay results for the first
14 holes from Zone A. These latest holes are the first assays
reported for Zone A in the 2021 programme. The intercepts confirm
the broad >60m horizontal width and good open pit tenor of the
Zone A ore body. A further positive feature of Zone A and Zone B1
deposit settings is the extreme depth of weathering and
oxidation.
Holes - Metres - Intercepts Reported - Metres Sent for Assay
Sanankoro 21-06-14 Drilling Performance
Resource Type Holes Metres
------- -------- ------------
Zone A RC 64 6,922
------- -------- ------------
Zone B1 RC 19 2,514
------- -------- ------------
Zone B3 RC 23 1,936
------- -------- ------------
Zone C RC 57 963
------- -------- ------------
Selin RC RC 57 5,251
------- -------- ------------
Selin DD DD 3 754.6
------- -------- ------------
Total Drilling 174 18,340.6
-------- ------------
Table 1: Sanankoro 2021 Drill Statistics
The intercepts reported equate to the last 1,589 metres of the
35,000m programme and are hosted on nine 50m sections between
1296000N and 1296400N.
As of 14 June 2021, 174 holes have been completed, totalling
17,586m of reverse circulation ('RC') drilling and 754.6m of
diamond drill ('DD') coring. The first 57 holes, some 5,521m, were
drilled at the Selin in a P1 Resource first-pass. A further 64
holes comprising 6,922m was drilled in a P1 pass at the Zone A
Resource followed by a short 8-hole C Zone P1 programme of 963m. By
14 June, the rigs had completed a further 23 holes comprising
1,936m within the B3 Pit Shell and 19 holes for a total of 2,514m
within the B1 Pit Shell.
The results reported from SC0361 to SC0375 were generated from
1,974 submitted samples, which included a high level of 20% blind,
independent, accredited QAQC. The intercepts reported have passed
rigorous QAQC.
HOLE_ID EUTM_29N NUTM_29N FROM (m) INTERCEPT
SC0361 559,711.92 1,305,349.92 46 13m @ 1.45 g/t
----------- ------------- --------- ---------------------------
SC0362 557,719.97 1,296,150.02 29 12m @ 1.57 g/t
----------- ------------- --------- ---------------------------
63 14m @ 2.70 g/t
----------- ------------- --------- ---------------------------
110 3m @ 1.18 g/t
----------- ------------- --------- ---------------------------
SC0363 557,719.34 1,296,199.73 29 6m @ 2.80 g/t
----------- ------------- --------- ---------------------------
46 2m @ 6.76 g/t
----------- ------------- --------- ---------------------------
69 2m @ 0.93 g/t
----------- ------------- --------- ---------------------------
SC0364 557,710.17 1,296,199.84 17 24m @ 1.64 g/t
----------- ------------- --------- ---------------------------
78 1m @ 1.17 g/t
----------- ------------- --------- ---------------------------
SC0365 557,714.90 1,295,999.97 66 29m @ 3.23 g/t
----------- ------------- --------- ---------------------------
SC0366 557,699.70 1,296,100.38 22 1m @ 1.1 g/t
----------- ------------- --------- ---------------------------
27 1m @ 1.2 g/t
----------- ------------- --------- ---------------------------
32 32m @ 1.63 g/t
--------- ---------------------------
83 1m @ 0.91 g/t
----------- ------------- --------- ---------------------------
SC0367 557,706.18 1,296,148.02 0 3m @ 0.83 g/t
----------- ------------- --------- ---------------------------
14 2m @ 0.91 g/t
----------- ------------- --------- ---------------------------
23 13m @ 1.54 g/t
--------- ---------------------------
43 6m @ 1.93 g/t
--------- ---------------------------
67 1m @ 1.99 g/t
----------- ------------- --------- ---------------------------
SC0368 557,739.84 1,296,249.81 8 1m @ 1.86 g/t
----------- ------------- --------- ---------------------------
30 1m @ 1.32 g/t
----------- ------------- --------- ---------------------------
40 4m @ 8.51 g/t
--------- ---------------------------
57 3m @ 1.83 g/t
--------- ---------------------------
66 3m @ 1.19 g/t
--------- ---------------------------
82 1m @ 1.14 g/t
----------- ------------- --------- ---------------------------
SC0369 557,716.76 1,296,249.73 25 1m @ 5.11 g/t
----------- ------------- --------- ---------------------------
SC0370 557,698.65 1,296,258.85 5 3m @ 1.17 g/t
----------- ------------- --------- ---------------------------
SC0371 557,760.04 1,296,304.88 68 8m @ 1.51 g/t
--------- ---------------------------
SC0372 557,739.65 1,296,303.43 22 6m @ 1.38 g/t
--------- ---------------------------
SC0373 557,721.18 1,296,350.00 0 15m @ 0.96 g/t
----------- ------------- --------- ---------------------------
41 4m @ 0.81 g/t
----------- ------------- --------- ---------------------------
SC0374 557,739.30 1,296,349.85 20 3m @ 1.09 g/t
----------- ------------- --------- ---------------------------
28 1m @ 1.21 g/t
----------- ------------- --------- ---------------------------
63 6m @ 2.87 g/t
----------- ------------- --------- ---------------------------
SC0375 557,704.83 1,296,400.82 no significant intercept
----------- ------------- --------- ---------------------------
Table 2: Sanankoro 2021 Significant Drill Intercepts
Background on the Zone A 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.
Zone A is the second major resource deposit at Sanankoro behind
Selin and shores up the southern limit of the 11.5 km mineralised
corridor, which forms the backbone to the Sanankoro Project. Zone A
is the southern-most expression of the 010(o) trending central axis
of the Sanankoro Shear Zone, which sits 900m west of the Selin
Boundary Shear and hosts the 5.8km chain of open pit resources from
Zone A through Zone B1, B2, B3 to Target 3. The deposits of this
central trend verge westward mimicking the regional sense of
thrusting.
Zone A is a typical Siguiri Basin Deposit, fold-thrust
controlled within pelitic and psammitic sediments and very deeply
weathered (>120m from surface). There is a highly evolved
weathering profile with a pronounced 8-10m thick duricrust-laterite
ferro-cap, grading downward into a well-developed mottled zone
until 20-25m and remains highly weathered until beyond 130m
vertically within the central mineralised fault zone. Below the
saprolite lies a 35-40m thick transition zone ending in top of
fresh rock at between 160 to 170m.
All of the host oxide lithologies are weathered to kaolin with
only highly corroded quartz vein material remaining in-situ to mark
the main gold faults. Diamond core shows the host lithologies to be
predominantly variably grained basinal pelites and sandstones with
minor horizons of small quartz clast, matrix-supported greywacke
inter-bedded within the sequence. A minor intercept of diorite has
been identified but does not form an important control to the
mineralisation currently drill tested at Zone A. The primary
sulphide is pyrite disseminated around central vein networks and
enveloped by a broader hydrothermal halo of silica flooding,
sericite and ankerite.
Diorite has been logged along this central trend in Zone B3,
Target 3 and within exploration fences further north along strike
from the northern end of Target 3 Pit. A full review and targeted
drill programme to investigate the resource potential of the
diorite intrusives hosted within these external prospects is
planned for 2022.
Relevance of the results
The intercepts reported to date illustrate clearly the open pit
resource-quality and continuity of the Zone A-style mineralisation.
A further 50 holes remain to be reported from the Zone A P1
programme. These results are expected to be reported by the
laboratory over the next month.
All drill rigs have returned to Selin as part of the resource P2
programme, which will focus on completing the Selin pit resource
consolidation and fully exploiting the immediate down-dip and
strike opportunities created by the P1 programme.
A drill plan and annotated drill sections 1296000N, 1296100N and
1296150N are included to illustrate the grade and structural
continuity of the Zone A deposit.
Background on the Selin Geology
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 scoping study geotechnical, resource and
engineering test work has been completed.
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
------------------------- ----------------
Andy Thacker / James Turner Pope Investments +44 (0) 20 3657
Pope (Joint Broker) 0050
------------------------- ----------------
Susie Geliher / Selina St Brides Partners +44 (0) 20 7236
Lovell (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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