Summary of Recent Work Programme at Sanankoro
Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector: Mining
4 November 2019
Cora Gold Limited ('Cora Gold', 'Cora', or 'the Company')
Summary of Recent Work Programme at Sanankoro Gold Discovery
Cora Gold Limited, the West African focused gold exploration company, is pleased to provide a summary of results generated from its most recent work programme, from May to September 2019, at its Sanankoro Gold Discovery ("Sanankoro" or "the Project") in the Yanfolila Gold Belt, Southern Mali, which have confirmed the potential for higher gold grades at multiple zones. To view the announcement with illustrative maps please click here: http://www.rns-pdf.londonstockexchange.com/rns/0053S_1-2019-11-1.pdf
Jonathan Forster, CEO of Cora Gold, commented, "Our programme at Sanankoro was targeted at providing greater confidence to support the SRK exploration target of between 1-2 million ounces of gold to a vertical depth of 100 metres. This work has generated positive results, consistently demonstrating the continuity of the mineralisation with economic potential. Additionally, we have drilled some deeper holes that have intersected mineralisation to up to 170m depths, to establish new exploration targets within the sulphides.
"We believe that the scale of the structure at Sanankoro is substantial given that drilling to date has only focussed on oxides over less than 20% of the potential mineralised structures on the permit area. Accordingly, we look forward to advancing our Q4 work programme to support this belief; details regarding this will be provided soon. Notably, having raised nearly £2 million in September 2019, Cora is well funded to fast-track these programmes."
SUMMARY OF WORK COMPLETED
The 14 km long Sanankoro Gold Discovery is situated in the Yanfolila Gold Belt in Southern Mali and has an independently determined Exploration Target of 1-2 million ounces of gold with significant upside produced by SRK Consulting (UK) Ltd ("SRK"). Cora has undertaken extensive work programmes to advance the Project resulting in the identification of multiple gold zones; these have been completed on time and within budget.
The recent work programme included over 6,000 metres of aircore and reverse circulation ('RC') drilling, and over 600 metres of core drilling.
Sanankoro is currently made up of three main areas; Zone A, B and Selin. The Company's drilling in 2019 has focused on around 6 km of mineralised structures in these zones; in total there is around 30 km of mineralised structures across the Sanankoro permit area that form the exploration target.
An infill drilling programme was undertaken at Selin, comprising 14 aircore and RC drill holes, to continue the understanding of gold mineralisation along the 2.25 kilometres long mineralised structure and to ensure coverage on drill fences about 80-100 metres apart with at least two holes per fence.
Results from this programme demonstrate that identified mineralisation correlates with the results from earlier programmes. In addition, the host mafic unit continues to be identified and a new oxide gold zone was discovered. The depth of oxidation was confirmed as extending to 80-90 metres at the southern end of the gold zone, shallowing to 50-60 metres towards the north. Results include 9m @ 3.07g/t Au, 8m @ 3.12g/t Au, 25m @ 2.81 g/t Au, 19m @ 1.61 g/t Au, 25m @ 2.81 g/t Au and 9m @ 2.37 g/t Au. Continuity of oxide gold mineralisation is traced for approximately 2,250 metres at surface.
Reconnaissance exploration drilling has also confirmed that primary, potentially economic, gold structures exist in areas extending away from Selin and provides guidance for future drilling in these areas. In many of the reconnaissance holes anomalous (>0.1 g/t Au, <0.5 g/t Au) gold intercepts associated with zones of quartz veining were identified over intercept lengths of up to 31 metres, which are interpreted to define the location of primary gold structures.
Selin demonstrates good potential for future extraction through low cost open pit mining and the enhanced knowledge of the continuity of oxide mineralisation justifies a further exploration programme to investigate the deeper sulphide mineralisation.
A wide zone of gold mineralisation has been identified within the 250 metre long high-grade gold zone at Zone A, which appears to plunge moderately to the north, providing a future exploration target.
Oxide assay results from two RC drill holes demonstrate depth extension of gold mineralisation to 90-100 metres from surface. Grades returned included 27m @ 2.43 g/t Au and 36m @ 2.40 g/t Au.
Zone B is a 1,500 metre long prospect situated circa 1,000 metres north of Zone A along the Sanankoro structure. Cora reduced drilling at the prospect to a 968 metre RC/core programme due to access issues across the central part of the zone caused by historical artisanal workings.
Five RC drill holes were completed, testing a 360 metre northern extension of Zone B. In addition, a single diamond core hole, consisting of a 60 metre RC collar and 79 metre core tail, was completed at the southern end of Zone B to infill between two widely spaced previous drill fences. Assay drill results from within 100 metres from surface demonstrated a continuation of high-grade gold mineralisation and included 11m @ 3.27 g/t, 31m @ 1.39 g/t Au 7m @ 3.14 g/t Au, 2m @ 5.46 g/t Au and 3m @ 5.39 g/t Au.
Previously acquired ground IP /resistivity data suggests that the linear structure associated with Zone B over much of its length becomes structurally complex in the area of these new RC drill fences.
Zone B North
Zone B North is a direct extension of the Zone B prospect. Results from a 10 hole, 771 metre aircore and RC drill programme completed on drill fences typically 80-120 metres apart confirmed continuity of gold oxide mineralisation across 1,060 metre strike length at the prospect and tested oxide depths of up to 70 metres. Intercepts included 21m @ 3.13 g/t Au and 24m @ 1.48 g/t Au. Surface exploration indicators suggest that the exploration potential for the gold zone at Zone B North extends for at least an additional 2,500 metres.
For further information, please visit http://www.coragold.com or contact:
Jon Forster / Bert Monro
Cora Gold Limited
+44 (0) 20 3239 0010
Ewan Leggat / Charlie Bouverat
(Nomad & Joint Broker)
+44 (0) 20 3470 0470
Andy Thacker / Zoe Alexander
Turner Pope Investments
+44 (0) 20 3657 0050
Isabel de Salis / Megan Dennison
St Brides Partners
+44 (0) 20 7236 1177
Cora Gold is a 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 (Southern 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 operating mines.
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