TIDMCORA
RNS Number : 7410K
Cora Gold Limited
06 September 2021
Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector:
Mining
6 September 2021
Cora Gold Limited ("Cora", "Cora Gold" or "the Company")
DFS contractors appointed for Sanankoro
Cora Gold Limited, the West African focused gold company, is
pleased to announce an update on the Definitive Feasibility Study
(the 'DFS') for its Sanankoro Gold Project in southern Mali
('Sanankoro' or 'the Project').
Highlights
-- Appointment of key consultants and contractors to lead the DFS on Sanankoro:
o DRA Global group company, New SENET (Pty) Limited ('SENET'),
appointed as independent project manager to oversee the critical
elements of the DFS
o CSA Global (UK) Ltd ('CSA Global') appointed as geological and
mining consultant to manage the updated Mineral Resource Estimate
and the Mining Study as part of the DFS
o Epoch Resources (Pty) Ltd ('Epoch') appointed to oversee the
Tailings Storage Facility ('TSF') elements of the DFS
o Mr Russell Bradford appointed as Project Manager to manage the
DFS
-- The DFS will build upon the successful Scoping Study (the
'Study') announced in January 2020, the results of which
demonstrated the Project's future economic potential at US$1,500/oz
gold, including:
o 107% Internal Rate of Return ('IRR')
o All-in-sustaining-costs of US$942/oz
o Average Annual Production 45,632oz
o Payback period of less than 18 months
-- The advancement of the DFS follows the consistently
encouraging results from the Company's largest ever drilling
campaign at Sanankoro with an updated Mineral Resource Estimate
('MRE') to follow in Q4 2021
-- Following positive metallurgical test work results in H2 202
0, in addition to the more recent very positive drilling results,
it is likely the Company will look to focus on a conventional
gravity/carbon in leach ('CIL') processing route at Sanankoro which
allows higher recoveries
-- Completion of the DFS is targeted for H1 2022 following the
expansion of the ongoing drill campaign and focus now on a CIL
process route
-- Ongoing positive discussions with Lionhead Capital Advisors
('LCA') regarding aligning its US$21m mandate and term sheet
(announced on 18 June 2020) with the DFS and CIL processing
Bert Monro, CEO of Cora Gold, commented, "2021 has seen
significant activity at Sanankoro with exceptional results reported
from our largest ever drill campaign at the Project. These results
will support an updated MRE in the coming months, which in turn
will be used as the basis for our DFS aimed at outlining the
optimum route to develop Sanankoro into a new gold mine in Mali.
Last year's Scoping Study highlighted the potential high returns
for Sanankoro and fuelled our confidence in Sanankoro's strong
fundamentals, and the Company looks forward to publishing the DFS
in H1 2022.
"We have assembled a team of highly regarded consultants and
contractors, all leaders in their respective fields with extensive
experience in the West African region; I look forward to working
closely with them as we advance the various work streams involved
to publish the DFS in as short time frame as practicable.
"Additionally, we are currently in positive discussions with
Lionhead Capital Advisors about aligning its existing US$21m
mandate and term sheet with our updated plans."
Appointment of DRA Global group company SENET
DRA Global group company, SENET, has been appointed as
independent project manager to oversee the DFS. SENET has
significant experience in the mining and mineral processing
industry with specific gold project experience within the West
African region, including Mali, and demonstrable success in
bringing projects at a similar stage to Sanankoro through to
production.
SENET is one of the leading project management and engineering
firms in the field of mineral processing. For more than three
decades, it has provided project management, multidisciplinary
engineering, procurement and logistics management, and construction
services to the mining and mineral processing industry, mostly on
the African continent. SENET has a proven track record in taking
projects from concept to feasibility and through to production.
SENET's ability to successfully implement projects in West Africa,
in particular, has been well demonstrated by the fact that most of
its gold project experience is within this region.
DRA Global (ASX:DRA; JSE:DRA) is a multi-disciplinary
engineering, project management and operations management group
predominantly focused on the mining and minerals resources sector.
DRA has an extensive global track record, spanning more than three
decades and more than 7,500 studies and projects as well as
operations and maintenance solutions across a wide range of
commodities.
Appointment of CSA Global
CSA Global has been appointed as geological and mining
consultants to manage the Mineral Resource Estimate ("MRE") and the
Mining Study as part of the DFS process. CSA Global brings
comprehensive expert knowledge in the global minerals industry,
including in-depth experience in West Africa having completed
numerous studies in the region.
CSA Global is a leading provider of geological and mining
consulting services to the global minerals industry. For more than
35 years, it has delivered trusted technical services, training and
independent advice to public and private mining companies,
governments, industry associations, financial and legal groups
globally. To date, CSA Global has completed more than 7,500
projects around the world, with a significant number of studies in
West Africa, in the corporate, mining, resources, geosciences,
exploration, data and water management arena.
CSA Global is a member of the ERM group of companies, a global
provider of sustainability advisory services, including
environmental, health, safety, risk, and social consulting. CSA
Global and ERM work collaboratively on projects to better support
the evolving needs of their clients to help them operate more
sustainably. Collectively, CSA Global has more than 5,500 people in
over 40 countries and territories working out of more than 160
offices. CSA Global is committed to providing a service that is
consistent, professional and of the highest quality to create value
for its clients.
Having a positive impact on the surrounding environment is a
priority for Cora; the Company looks forward to working alongside
CSA Global to advance the DFS in a sustainable manner.
Appointment of Epoch Resources
Epoch has been appointed to oversee the Tailings Storage
Facilities. Epoch was established in 2005 as a niche consultancy in
the field of Tailings Design, Management and Closure. Its founding
partners, Mr Guy Wiid, Dr George Papageorgiou and Mr Andrew Savvas,
have individually been active in the tailings domain since the
early 1990s. Epoch now includes some 30 engineers and is strongly
active throughout most of Africa. Key clients include mining houses
such as Barrick Gold Corporation, Harmony Gold Mining Company Ltd,
Glencore International Plc, Trevali Mining Corporation, etc and
process plant/EMCP design houses such as DRA Global, SENET (Pty)
Ltd and METC (Pty) Ltd. Epoch has been involved in numerous
projects within Mali and West Africa, ranging from Pre-Feasibility
to Detail Design, Construction Oversight and Engineer of Record,
including Loulo Gold Mine, Morila Gold Mine, Fekola Gold Mine,
Tabakoto Gold Mine, Tongon Gold Mine, Masawa Gold Mine, Tri-K Gold
Mine and Kobada Gold Mine, to name but a few.
Appointment of Mr Russell Bradford
Mr Russell Bradford has been appointed as Project Manager for
the DFS. Mr Bradford has successfully managed numerous technical
studies that have advanced through to mine construction and
successful developments including several African operations. He
has a significant background in overseeing large scale projects and
has previously held a number of senior positions including Senior
Vice President of Metallurgy at the Asanko Gold Project, Project
Director at Mantra Resources, and General Manager of Metallurgy at
LionOre. Mr Bradford's experience in managing expert teams to
advance operations through to construction will be indispensable to
Cora in the completion of the DFS. Mr Bradford has been acting as
an adviser to the Company since 2020.
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, which is part of UK law by virtue of
the European Union (Withdrawal) Act 2018, until the release of this
announcement.
**S**
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
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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. 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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