TIDMCORA
RNS Number : 4307O
Cora Gold Limited
08 October 2021
Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector:
Mining
08 October 2021
Cora Gold Limited ('Cora' or 'the Company')
73m @ 2.24 g/t Au at Zone B and 34m @ 3.06 g/t Au at Zone A,
Sanankoro Gold Project
Cora Gold Limited, the West African focused gold company, is
pleased to announce the twelfth set of drill results from its
largest ever +40,000m drill campaign at its Sanankoro Gold Project
('Sanankoro' or 'the Project') in Southern Mali. The Company
focussed the drill campaign on both resource growth as well as
infill drilling to convert existing Inferred resources to
Indicated. The drill results have continued to be extremely
encouraging throughout the campaign with high-grade results in
generally shallow oxide ore.
HIGHLIGHTS
Zone B1
-- 73m @ 2.24 g/t Au from 83m in hole SC0555
-- 22m @ 3.73 g/t Au from 117m in SC0556
-- 2m @ 17.9 g/t Au from 39m in SC0553 and
-- 23m @ 1.62 g/t Au from 60m in SC0553
Zone A
-- 34m @ 3.06 g/t Au from 61m in hole SC0521
-- 59m @ 1.28 g/t Au from 60m in hole SC0523
-- 2m @ 34.85 g/t Au from 81m in hole SC0519
-- 36m @ 1.65 g/t Au from 66m in hole SC0543
-- 30m @ 1.85 g/t Au from 96m in hole SC0544
-- Results show both good infill continuity and extensions along
strike and at depth beyond existing pit shells
Bert Monro, CEO of Cora, commented, "To have two more holes of
over 100 gramme metres, taking the total number of +100 gramme
metre holes to 13 in this drill campaign, is extremely exciting and
also very encouraging as we approach an updated mineral resource
estimate ('MRE'). The results continue to show good consistency of
widths and grades in oxide ore which offers us further
encouragement as we look towards the DFS which is already
underway.
"The RC drill campaign is now complete and we will expect the
final assay results over the coming weeks in advance of an updated
MRE. We look forward to updating shareholders in the near future
with further news."
To view the RNS with illustrative diagrams and maps, please use
the following link:
http://www.rns-pdf.londonstockexchange.com/rns/4307O_1-2021-10-7.pdf
Relevance of the results
The intercepts reported confirm strong grade continuity within
the 2019 pit shells and extension of these on strike and at depth.
Management believes recent metallurgical coring has clearly
evidenced the extreme depth of weathering and consequent strong
oxide resource potential of both our Zone A and Zone B1
deposits.
The results reported for Zone A complete the resource drilling
for this prospect and show resource and metallurgical drill hole
assay results, which clearly consolidate a 50-70m wide, 60(o)
east-dipping orebody which extends at least 200m down-dip from
surface to well beyond the 2019 pit shell limits.
The drill results reported for Zone B1 present the first of the
Phase 2 resource consolidation programme. The systematic infill
pattern is confirming the continuity of the high-grade vein network
along the eastern contact of the shear zone with new assays and
visible gold ('VG') logging showing strong strike and dip
correlation with previous high-grade intercepts such as 2m @ 146.4
g/t Au in hole SC0471 and 8m @ 19.11 g/t Au in hole SC459.
Current metallurgical and resource coring is pushing the depth
of oxide in Zone B1 to greater than 150m vertical from surface.
Bottle Roll recoveries are +90% to the extent of current drilling
intercepts and core samples are currently being shipped to ALS
Perth for metallurgical test work.
Plans of the drill intercepts and annotated drill sections Zone
B1 1297525N and Zone A 1296000N and 1296100N are included to
illustrate the grade and geological context of the reported
results.
Details
The Company is pleased to report the assay results from the
latest 55 holes in Cora's 2021 programme from Selin, Zone A and
Zone B1, including various holes reported in ranges SC0518 to
SC0556, SC1032 to SC1048 and SD0024 to SD0037. Phase 2 (P2) has
focused resource consolidation on Selin, Zone A and Zone B1 pit
shells, growing and closing gaps between existing pits.
Holes - Metres - Intercepts Reported - Metres Sent for Assay
The intercepts reported equate to the latest 6,697m of an
expanded +40,000m resource programme and are hosted on thirty-nine
25m sections between 1295825N and 1305670N. As of 6 October 2021,
376 holes have been completed totalling 39,791m of reverse
circulation ('RC') drilling and 3,406.6m of diamond drill ('DD')
coring. The Company has received assay results for 26,752 sampled
intervals which equates to 88% of the total 30,360 samples
submitted to date. There are 3,608 samples still to be
reported.
The results reported herein were generated from 7,402 submitted
samples, which included a high level of 20% blind, independent,
accredited QAQC samples. The intercepts reported have passed
rigorous QAQC.
Update on drill programme progress
-- 376 holes drilled totalling over 43,197.6m (RC and Diamond
drilling) from start of the campaign to 6 October 2021.
-- The Capital Drilling Deep RC rig completed drilling 29 August 2021 and has demobilised.
-- The GEODRILL KL600 RC rig completed drilling 30 August 2021 and has demobilised.
-- The Capital Diamond Drill ('DD') rig is on-going with
geotechnical, metallurgical and hydrological study test work
drilling activities.
Background on the Zone A, Zone B and Zone C 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 11.5km 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 B is the third major resource deposit at Sanankoro behind
Selin and A. It is the strike extension of Zone A, sitting 800m to
the north. The Sanankoro Main Trend runs for 6km from south end of
Zone A to the north end of Target 3. Detailed sectional drilling is
required along the length of this major generative gold system. The
local structural facing and stratigraphy of Zone B is very similar
to Zone A with the western footwall sequences hosting more
crystalline volcanic tuffaceous units and the eastern, hanging wall
assemblages being more basinal sediments. Zone B hosts an
impressive scale of hydrothermal activity and the broad horizontal
widths of mineralisation observed in the recent drilling bodes well
for future discovery potential along the central and southern
sections of the Sanankoro Main Shear Zone (SMSZ).
Zone C sits 650 metres southwest of Zone A on the parallel, +7km
long Sanankoro West Shear Zone (SWSZ) which can be traced along a
chain of surface workings to the Excavator Prospect, 1.5km NNW of
Target 3. There is no surface resource declared for Zone C
currently but in response to the success of the P1 results, a
detailed P2 programme has been devised to endeavour to create a new
first oxide resource. The SWSZ is high in the priority list for
drilling in the future and a number of SWSZ targets, beyond Zone C,
will be tested for surface resource potential.
Zones A, B and C deposits are identical in style and typical of
Siguiri Basin Deposits, 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 or C. The primary
sulphide is pyrite disseminated around central vein networks and
enveloped by a broader hydrothermal halo of silica flooding,
sericite and ankerite.
Detailed Sanankoro Drill Results 06 10 21:
RESOURCE HOLE_ID EUTM_29N NUTM_29N FROM INTERCEPT
(m)
SELIN SD0024 559,514 1,305,549 Geotech Hole
--------- ---------------- ---------------- ---------------- ---------------
SELIN SD0025 559,713 1,305,671 Geotech Hole
--------- ---------------- ---------------- ---------------- ---------------
SELIN SD0026 559,762 1,305,501 Geotech Hole
--------- ---------------- ---------------- ---------------- ---------------
SELIN SD0027 559,652 1,305,407 15 3m @ 0.92 g/t
--------- ---------------- ---------------- ---------------- ---------------
SELIN 21 15m @ 1.00 g/t
--------- ---------------- ---------------- ---------------- ---------------
ZONE
A SC0518 557,618 1,295,949 47 2m @ 4.19 g/t
--------- ---------------- ---------------- ---------------- ---------------
ZONE
A SC0519 557,620 1,295,949 65 1m @ 1.36 g/t
--------- ---------------- ---------------- ---------------- ---------------
ZONE 74 2m @ 3.65 g/t
A
--------- ---------------- ---------------- ---------------- ---------------
ZONE 81 2m @ 34.85 g/t
A
---------------- ---------------
ZONE 106 1m @ 1.09 g/t
A
--------- ---------------- ---------------- ---------------- ---------------
ZONE
A SC0520 557,622 1,296,000 3 1m @ 0.76 g/t
--------- ---------------- ---------------- ---------------- ---------------
ZONE 50 1m @ 1.44 g/t
A
--------- ---------------- ---------------- ---------------- ---------------
ZONE
A SC0521 557,626 1,296,000 29 1m @ 0.97 g/t
--------- ---------------- ---------------- ---------------- ---------------
ZONE 61 34m @ 3.06 g/t
A
--------- ---------------- ---------------- ---------------- ---------------
ZONE
A SC0522 557,603 1,295,900 - 1m @ 0.66 g/t
--------- ---------------- ---------------- ---------------- ---------------
ZONE 40 2m @ 0.72 g/t
A
--------- ---------------- ---------------- ---------------- ---------------
ZONE
A SC0523 557,606 1,295,900 60 59m @ 1.28 g/t
--------- ---------------- ---------------- ---------------- ---------------
ZONE no significant
A SC0524 557,618 1,296,050 intercept
--------- ---------------- ---------------- ---------------- ---------------
ZONE
A SC0525 557,620 1,296,050 35 1m @ 3.27 g/t
--------- ---------------- ---------------- ---------------- ---------------
ZONE 49 4m @ 1.82 g/t
A
--------- ---------------- ---------------- ---------------- ---------------
ZONE 63 20m @ 2.35 g/t
A
--------- ---------------- ---------------- ---------------- ---------------
ZONE no significant
A SC0526 557,628 1,296,100 intercept
--------- ---------------- ---------------- ---------------- ---------------
ZONE
A SC0527 557,630 1,296,100 39 1m @ 1.41 g/t
--------- ---------------- ---------------- ---------------- ---------------
ZONE 56 33m @ 0.90 g/t
A
--------- ---------------- ---------------- ---------------- ---------------
ZONE no significant
A SC0528 557,640 1,296,150 intercept
--------- ---------------- ---------------- ---------------- ---------------
ZONE
A SC0529 557,646 1,296,151 30 1m @ 1.00 g/t
--------- ---------------- ---------------- ---------------- ---------------
ZONE 45 22m @ 2.02 g/t
A
--------- ---------------- ---------------- ---------------- ---------------
ZONE no significant
A SC0530 557,644 1,296,195 intercept
--------- ---------------- ---------------- ---------------- ---------------
ZONE no significant
A SC0532 557,642 1,296,225 intercept
--------- ---------------- ---------------- ---------------- ---------------
ZONE no significant
A SC0534 557,689 1,296,300 intercept
--------- ---------------- ---------------- ---------------- ---------------
ZONE
A SC0536 557,770 1,296,350 67 15m @ 0.64 g/t
--------- ---------------- ---------------- ---------------- ---------------
ZONE no significant
A SC0537 557,700 1,296,350 intercept
--------- ---------------- ---------------- ---------------- ---------------
ZONE
A SC0538 557,710 1,296,227 12 18m @ 0.98 g/t
--------- ---------------- ---------------- ---------------- ---------------
ZONE
A SC0539 557,791 1,296,225 78 3m @ 1.13 g/t
--------- ---------------- ---------------- ---------------- ---------------
ZONE 126 12m @ 0.53 g/t
A
--------- ---------------- ---------------- ---------------- ---------------
ZONE
A SC0540 557,775 1,296,200 13 2m @ 0.82 g/t
--------- ---------------- ---------------- ---------------- ---------------
ZONE 116 5m @ 0.99 g/t
A
--------- ---------------- ---------------- ---------------- ---------------
ZONE 138 7m @ 4.25 g/t
A
--------- ---------------- ---------------- ---------------- ---------------
ZONE
A SC0541 557,767 1,296,174 62 4m @ 0.62 g/t
--------- ---------------- ---------------- ---------------- ---------------
ZONE 80 3m @ 1.13 g/t
A
--------- ---------------- ---------------- ---------------- ---------------
ZONE 95 1m @ 0.59 g/t
A
---------------- ---------------
ZONE 110 13m @ 0.99 g/t
A
---------------- ---------------
ZONE 128 6m @ 1.35 g/t
A
--------- ---------------- ---------------- ---------------- ---------------
ZONE
A SC0542 557,785 1,296,125 45 1m @ 4.32 g/t
--------- ---------------- ---------------- ---------------- ---------------
ZONE 83 1m @ 1.86 g/t
A
--------- ---------------- ---------------- ---------------- ---------------
ZONE 153 4m @ 2.93 g/t
A
---------------- ---------------
ZONE 164 4m @ 3.12 g/t
A
--------- ---------------- ---------------- ---------------- ---------------
ZONE
A SC0543 557,730 1,296,100 48 12m @ 1.05 g/t
--------- ---------------- ---------------- ---------------- ---------------
ZONE 66 36m @ 1.65 g/t
A
--------- ---------------- ---------------- ---------------- ---------------
ZONE
A SC0544 557,739 1,296,050 15 1m @ 0.79 g/t
--------- ---------------- ---------------- ---------------- ---------------
ZONE 65 6m @ 0.89 g/t
A
--------- ---------------- ---------------- ---------------- ---------------
ZONE 96 30m @ 1.85 g/t
A
--------- ---------------- ---------------- ---------------- ---------------
ZONE
A SC0545 557,775 1,296,100 70 3m @ 0.87 g/t
--------- ---------------- ---------------- ---------------- ---------------
ZONE 80 1m @ 1.21 g/t
A
--------- ---------------- ---------------- ---------------- ---------------
ZONE 92 1m @ 4.30 g/t
A
---------------- ---------------
ZONE 132 30m @ 1.50 g/t
A
--------- ---------------- ---------------- ---------------- ---------------
ZONE
A SC0546 557,744 1,296,000 88 3m @ 2.38 g/t
--------- ---------------- ---------------- ---------------- ---------------
ZONE 121 3m @ 0.94 g/t
A
--------- ---------------- ---------------- ---------------- ---------------
ZONE 134 11m @ 1.84 g/t
A
--------- ---------------- ---------------- ---------------- ---------------
ZONE
A SC0547 557,740 1,295,925 2 1m @ 1.70 g/t
--------- ---------------- ---------------- ---------------- ---------------
ZONE 18 6m @ 0.79 g/t
A
--------- ---------------- ---------------- ---------------- ---------------
ZONE 59 4m @ 3.12 g/t
A
---------------- ---------------
ZONE 78 6m @ 1.37 g/t
A
---------------- ---------------
ZONE 117 1m @ 0.47 g/t
A
--------- ---------------- ---------------- ---------------- ---------------
ZONE
A SC0548 557,740 1,295,825 8 1m @ 2.61 g/t
--------- ---------------- ---------------- ---------------- ---------------
ZONE 15 4m @ 0.78 g/t
A
--------- ---------------- ---------------- ---------------- ---------------
ZONE 22 1m @ 0.92 g/t
A
---------------- ---------------
ZONE 102 4m @ 1.34 g/t
A
---------------- ---------------
ZONE 121 1m @ 0.65 g/t
A
--------- ---------------- ---------------- ---------------- ---------------
ZONE no significant
B1 SC0549 557,999 1,297,400 intercept
--------- ---------------- ---------------- ---------------- ---------------
ZONE
B1 SC0550 558,027 1,297,425 41 18m @ 0.84 g/t
--------- ---------------- ---------------- ---------------- ---------------
ZONE
B1 SC0551 558,050 1,297,425 63 9m @ 0.57 g/t
--------- ---------------- ---------------- ---------------- ---------------
ZONE
B1 SC0552 558,085 1,297,475 16 4m @ 0.72 g/t
--------- ---------------- ---------------- ---------------- ---------------
ZONE 86 3m @ 0.81 g/t
B1
--------- ---------------- ---------------- ---------------- ---------------
ZONE 93 1m @ 1.67 g/t
B1
---------------- ---------------
ZONE 99 2m @ 4.30 g/t
B1
---------------- ---------------
ZONE 113 6m @ 3.33 g/t
B1
---------------- ---------------
ZONE 126 1m @ 2.21 g/t
B1
--------- ---------------- ---------------- ---------------- ---------------
ZONE
B1 SC0553 558,058 1,297,475 39 2m @ 17.90 g/t
--------- ---------------- ---------------- ---------------- ---------------
ZONE 51 1m @ 1.03 g/t
B1
--------- ---------------- ---------------- ---------------- ---------------
ZONE 60 23m @ 1.62 g/t
B1
--------- ---------------- ---------------- ---------------- ---------------
ZONE
B1 SC0554 558,083 1,297,525 46 1m @ 1.96 g/t
--------- ---------------- ---------------- ---------------- ---------------
ZONE 58 20m @ 0.92 g/t
B1
--------- ---------------- ---------------- ---------------- ---------------
ZONE 81 2m @ 1.92 g/t
B1
--------- ---------------- ---------------- ---------------- ---------------
ZONE
B1 SC0555 558,100 1,297,525 83 73m @ 2.24 g/t
--------- ---------------- ---------------- ---------------- ---------------
ZONE
B1 SC0556 558,105 1,297,550 12 1m @ 1.515 g/t
--------- ---------------- ---------------- ---------------- ---------------
ZONE 32 1m @ 0.53 g/t
B1
--------- ---------------- ---------------- ---------------- ---------------
ZONE 74 1m @ 0.52 g/t
B1
---------------- ---------------
ZONE 87 13m @ 0.91 g/t
B1
---------------- ---------------
ZONE 117 22m @ 3.73 g/t
B1
---------------- ---------------
ZONE 143 1m @ 0.52 g/t
B1
---------------- ---------------
ZONE 156 1m @ 2.51 g/t
B1
---------------- ---------------
ZONE 162 1m @ 2.69 g/t
B1
---------------- ---------------
ZONE 167 5m @ 0.59 g/t
B1
--------- ---------------- ---------------- ---------------- ---------------
SELIN SC1032 559,779 1,304,651 84 1m @ 2.40 g/t
--------- ---------------- ---------------- ---------------- ---------------
SELIN 146 18m @ 2.29 g/t
--------- ---------------- ---------------- ---------------- ---------------
SELIN SC1034 559,724 1,304,600 14 1m @ 0.778 g/t
--------- ---------------- ---------------- ---------------- ---------------
SELIN 44 4m @ 0.479 g/t
--------- ---------------- ---------------- ---------------- ---------------
SELIN 71 3m @ 0.56 g/t
---------------- ---------------
SELIN 78 6m @ 1.87 g/t
---------------- ---------------
SELIN 92 1m @ 1.10 g/t
--------- ---------------- ---------------- ---------------- ---------------
no significant
SELIN SC1038 559,831 1,304,549 intercept
--------- ---------------- ---------------- ---------------- ---------------
no significant
SELIN SC1040 559,875 1,304,500 intercept
--------- ---------------- ---------------- ---------------- ---------------
no significant
SELIN SC1043 559,869 1,304,450 intercept
--------- ---------------- ---------------- ---------------- ---------------
no significant
SELIN SC1046 559,689 1,304,600 intercept
--------- ---------------- ---------------- ---------------- ---------------
no significant
SELIN SC1047 559,689 1,304,650 intercept
--------- ---------------- ---------------- ---------------- ---------------
no significant
SELIN SC1048 559,732 1,304,550 intercept
--------- ---------------- ---------------- ---------------- ---------------
ZONE
A SD0029 557,877 1,296,134 Geotech Hole
--------- ---------------- ---------------- ---------------- ---------------
ZONE
A SD0030 557,565 1,296,200 Geotech Hole
--------- ---------------- ---------------- ---------------- ---------------
ZONE
A SD0031 557,799 1,295,952 Geotech Hole
--------- ---------------- ---------------- ---------------- ---------------
ZONE
A SD0032 557,590 1,295,961 Geotech Hole
--------- ---------------- ---------------- ---------------- ---------------
ZONE
B1 SD0035 558,114 1,297,417 Geotech Hole
--------- ---------------- ---------------- ---------------- ---------------
ZONE
B1 SD0036 558,168 1,297,723 Geotech Hole
--------- ---------------- ---------------- ---------------- ---------------
ZONE
B1 SD0037 558,119 1,297,734 Geotech Hole
--------- ---------------- ---------------- ---------------- ---------------
Competent persons statement: Mr. Norman ('Norm') Bailie is a
Chartered Professional - Geology and Management and Fellow of the
Australasian Institute of Mining and Metallurgy (AUSIMM) and a
Chartered Professional and 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
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the company's obligations under Article 17 of MAR.
**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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END
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October 08, 2021 02:00 ET (06:00 GMT)
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