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Beaufort Securities Breakfast Alert: Cora Gold

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Today's edition features:

Cora Gold (LON:CORA)

 

Markets

Europe

The FTSE-100 finished yesterday's session 0.11% lower at 7,526.97 whilst the FTSE AIM All-Share index was down 0.13% at 1,029.95. In continental Europe, the CAC-40 finished 0.21% higher at 5,362.88 whilst the DAX was 0.09% higher at 13,003.70.

Wall Street

In New York last night, the Dow Jones marked another record high, closing up 0.37% at 22,956.96, while the S&P-500 added 0.18% to stand at 2,557.64 and the Nasdaq ended the session 0.28% firmer at 6,624.

Asia

In Asian markets this morning, the Nikkei was up 0.27% at 21,312.06 and the Hang Seng added 0.14% at 28,734.1.

Oil

In early trade today, WTI crude was easing 0.17% lower at $51.78 per barrel and Brent was down 0.02% at $57.81 per barrel.

 

Headlines

Vanguard boss warns on stock market highs

The boss of Vanguard, one of the world's biggest investment funds, has expressed concerns about the record highs in stock markets. Bill McNabb, chairman of the US company, told the BBC the markets could be on course for a "decent-sized correction at some point". US stocks closed at fresh highs on Monday, days after the UK's FTSE 100 index hit a new record. Mr McNabb said Vanguard was also watching Brexit "very carefully". Vanguard, which manages $4.5 trillion (£3.5tn) of funds worldwide, employs about 400 people in London. The firm's main focus is on providing tracker funds for do-it-yourself investors which follow the rise and fall of indices such as the FTSE 100.

 

Company news

Cora Gold (LON:CORA, 15.75p) – Speculative Buy

Cora Gold, the West African focused gold exploration company, announced today that it has appointed Target Drilling to supply AC (Air Core), RC (Reverse Circulation) and diamond core drilling rigs for its 15,000m drill programme. Drilling is expected to commence at the end of November until end of Q2 2018 and will focus on Cora's flagship Sanankoro deposit in southern Mali. A phased approached will be utilised allowing assay results to be received and evaluated before progressing to the next phase of exploration. Previous drilling at Sanankoro has identified two parallel and mineralised structures each with a 14km strike length. Most of the previous work was done on the Eastern Structure with the best drill intercepts returning 3m grading 2.7g/t Au, 27m grading 1.7g/t Au and 3m grading 9.0g/t Au, while the Western Structure has seen limited drilling.

Our View: Today's announcement sets out the exploration programme for the highly prospective Sanankoro project, which management believes could be a standalone mine. Although Sanankoro currently lacks a compliant resource, the above phased approached and multi-purpose drill rigs for 15,000m should go a long delineating a potential resource estimate. We look to the start of the drill programme and exploration results thereafter. In the meantime, we have a Speculative Buy recommendation on the stock.

Beaufort Securities acts as corporate broker to Cora Gold plc

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