Recent AIM-listee Cora Gold Limited (LON:CORA) has reported good grades from first drilling at the Sanankoro gold project in southern Mali.
Shallow reconnaissance drilling at Target 1 confirmed a new gold discovery of at least 1,200m and possibly more than 3,000m, the company said.
READ: Cora Gold targeting a million ounces of gold in oxides, just for starters
Jonathan Forster, Cora’s chief executive, said the result had vindicated the decision to step away from the known zones of gold mineralisation at Sanankoro to demonstrate the extensive gold endowment of the belt.
“The results, which are shallow with broad zones of high grade mineralisation, provide great encouragement with respect to the mineralised potential of the over 15km of identified strike at Sanankoro.”
Drill targets identified
The company has identified numerous drill targets and Cora believes there is one million ounce potential at Sanankoro.
Best of the assays were 17m at 5.43g/t gold at a depth of 67m and 11m at 5.24g/t close to surface.
Target 1 remains open to the north, south and at depth, Cora added, while drilling so far only tested to vertical depths of up to 100m.
A Stage 2 drilling programme is already underway with 4,000m of combined shallow and 500m of deeper diamond core focusing on Sanankoro Zones A, B and C.
In mid-morning trading, Cora Gold shares were nearly 4% higher at 17.5p.
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