Level 2

Company Announcements

Positive Update from Sanankoro Gold Discovery

Related Companies

By LSE RNS

RNS Number : 3189V
Cora Gold Limited
02 November 2017
 

Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector: Mining

2 November 2017

 Cora Gold Limited ("Cora Gold", "Cora" or "the Company")

Strong Continuity and Broad Nature of Gold Mineralisation Confirmed at Sanankoro Gold Discovery

and Issue of Shares

 

Cora Gold Limited, the West African focused gold exploration company, is pleased to announce a positive update from its flagship Sanankoro Gold Discovery ("Sanankoro" or "the Project") in Southern Mali (Figure 1).  To view the press release with the illustrative diagrams please use the following link:

http://www.rns-pdf.londonstockexchange.com/rns/3189V_-2017-11-1.pdf

 

 

Highlights

·     Review of Gold Fields historical data from Sanankoro complete underpinning project potential

·     Historical laboratory assay certificates for Gold Fields drilling acquired

·     Selected drill intercepts include:

25 metres @ 2.1g/t Au from 4 metres below surface;

23 metres @ 2.3g/t Au from 62 metres below surface;

27 metres @ 1.8g/t Au from 21 metres below surface;

26 metres @ 1.7g/t Au from 37 metres below surface; and

22 metres @ 1.4g/t Au from 72 metres below surface.

·     Broad zones of mineralisation present with potential mineable widths

·     Strong continuity of mineralisation observed between sections of historical drilling

·     Presence of potential shallow plunging higher grade shoots identified in preliminary long section

·     Potential for repetition of mineralised structures parallel to the two identified structures

·     Drill programme scheduled for late November 2017, initially targeting about 4 km strike length of structure

 

Jon Forster, CEO of Cora Gold said, "Sanankoro is a discovery of substantial potential and the indication of shallow plunging higher grade shoots within a lower-grade halo is particularly encouraging and provides us with immediate follow up targets for future drilling.  The level plan confirmed the remarkable continuity of the gold bearing structure throughout Zones A and B.  We believe this continuity should exist along strike to both the north and south. We also believe there is the potential for parallel repetitions of these structures within the Project area. Our objective is to delineate a resource which will support a standalone gold mine at Sanankoro."

 

Further Information

Sanankoro is an existing gold discovery extending over approximately 14km of identified strike length across two discrete, parallel, mineralised zones. The region is known for its relatively deep weathering profile, which extends from approximately 70 metres below surface to over 120 metres within the Project area. Sanankoro can be characterised as a series of shear-hosted quartz stockworks with a volcano-sedimentary sequence, with higher grade gold contained within the quartz veins, surrounded by a broad halo of lower grade material.

 

Figure 1: Sanankoro Project Location, Yanfolila Belt, South Mali

Cora has re-evaluated the Gold Fields Limited ("Gold Fields") historical drilling data using a lower cut-off grade of 0.5g/t Au (previously 1g/t Au as per SRK Competent Person's Report ("CPR") and allowing internal dilution downhole of 3 metres in its compositing of drill intercepts (previously zero metres as per CPR).  Selected drill results are presented in Appendix 1.  The Company believes that the new assessment is more realistic for this style of mineralisation, the deep weathering profile observed at Sanankoro, and better reflects the likely mineable widths and grades of the Project.

 

The Company also used the 0.5g/t Au cut-off grade to construct a level plan at 50 metres below surface (Figure 2), as well as a long section with a gram x metre ("gram metre" or "gm") contour, for both Zones A and B (Figure 3).  The level plan shows almost complete along strike continuity of the mineralised envelope along the 600 metres and 1km of strike in Zone A and B, respectively.  Some minor offsetting or discontinuity is noted, which is possibly associated with late stage faulting.  True widths of mineralisation generally ranged from 12 metres to 25 metres, indicating likely amenability to bulk tonnage mining methods.  

 

Figure 2: Level Plans for Zone A and Zone B at Sanankoro

The long section shows higher grade, north plunging, shoots within its core, with average gram metre intercepts of more than 30gm. The higher grade shoots are surrounded by broader zones of lower grade mineralisation.

 

Figure 3: Sanakoro Zone A and B Long Section, with shallow
plunging higher grade shoots

Contours represent drill intercepts in grams per tonne multiplied
by reported downhole intercept in metres

 

The systematic drilling completed by Gold Fields at Zones A and B, for which Cora recently acquired the original laboratory certified assay certificates, give Cora an excellent indication of the likely style of gold mineralisation at Sanankoro.  This will assist in developing plans for the step-out drilling programme designed to expand gold mineralisation along strike from Zones A and B.  The combination of historical shallow reconnaissance drilling, recent field mapping, and abandoned and active artisanal mine sites will be used to establish a prioritised drill programme, scheduled for late November 2017, that will initially target about 4km strike length of structure. Priority drill targets will be released to the market prior to the commencement of the drill campaign.

 

Figure 4: Sanankoro Zone A and B Cross Sections

Intercepts reported as grams of gold over metres downhole (g/m)

 

Proposed Issue of Shares

Cora has recently appointed a company ("the Provider") to assist with its digital marketing strategy.  As part of the consideration for these services the Company will, subject to shareholder approval at the Company's next Annual General Meeting, issue the Provider with 80,000 Ordinary Shares in Cora Gold.  If shareholder approval is not granted, then Cora Gold shall pay the equivalent sum of £12,800 in cash to the Provider.

 

For further information, please visit http://www.coragold.com or contact:

 

 Jon Forster

Cora Gold

+44 (0) 20 3239 0010

 John Depasquale/Nick Harriss/ Liz    Kirchner

Allenby Capital (Nominated Adviser)

+44 (0) 20 3328 5656

 Peter Krens/Nick Orgill

Mirabaud Securities (Joint Broker)

+44 (0) 20 3167 7150

 Jon Belliss

Beaufort Securities (Joint Broker)

+44 (0) 20 7382 8300

 Lottie Wadham/Susie Geliher

St Brides Partners (Financial PR)

+44 (0) 20 7236 1177

 

Notes to the Editors

Cora Gold is a new 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 (South 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 profitable mines.

 

The information in this announcement is based on historical information provided by Gold Fields Limited and compiled on behalf of Cora Gold by Dr Jonathan Forster. The drill results have not been independently verified by Cora Gold.  Dr Jonathan Forster (PhD, MBA, FIMMM) is Cora Gold's chief executive officer. Dr Forster has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is undertaking to qualify 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. Dr Forster consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

 

Appendix 1

Area

Hole Number

UTM 29P_E

UTM29P_N

From

Intercept

   Grade

Hole Type

Hole Length





(metres)

(metres)

   g/t Au


(metres)

Zone A

GBRC0001

557659

1295650

41

3.0

1.00

RC

108




                   and

76

1.0

1.00



Zone A

GBRC0002

557685

1295850

26

2.0

0.81

RC

95




                   and

60

7.0

2.69






                   and

77

12.0

1.38



Zone A

GBRC0003

557698

1295950

54

7.0

0.89

RC

90




                   and

68

2.0

1.57



Zone A

GBRC0004

557713

1296050

39

7.0

1.41

RC

100




                   and

62

23.0

2.27



Zone A

GBRCD0005

557733

1296150

37

11.0

1.48

RC + core tail

124




        (including

37

1.0

           7.47)





                   and

61

2.0

0.87






                   and

82

15.0

1.85



Zone A

GBRC0006

557752

1296250

48

14.0

0.75

RC

100




                   and

74

2.0

1.48



Zone A

GBRC0007

557662

1295750

58

13.0

0.93

RC

96

Zone A

GBRCD0008

557684

1295650

94

2.0

1.50

RC + core tail

160




                   and

108

3.0

0.68



Zone A

GBRCD0009

557729

1295750

86

1.0

1.93

RC + core tail

180




                   and

138

1.0

1.42



Zone A

GBRCD0010

557729

1295850

10

8.0

1.44

RC + core tail

165




                   and

78

1.0

1.35






                   and

104

6.0

1.55



Zone A

GBRCD0011

557746

1295950

81

1.0

1.80

RC + core tail

160




                   and

87

1.0

0.91






                   and

118

7.0

0.63



Zone A

GBRCD0012

557759

1296000

123

11.0

0.71

RC + core tail

160

Zone A

GBRCD0013

557764

1296050

1

1.0

14.70

RC + core tail

154




                   and

78

8.0

1.45






                   and

105

1.0

7.59






                   and

120

16.0

1.30






                   and

142

1.0

12.10



Zone A

GBRCD0014

557778

1296150

87

2.0

1.80

RC + core tail

171




                   and

120

11.0

0.96



Zone A

GBRC0015

557685

1295500

103

1.0

1.62

RC

130




                   and

112

4.0

2.40



Zone A

GBRC0016

557836

1296450

65

1.0

1.59

RC

130




                   and

100

1.0

3.15



Zone A

BRC 843

557775

1296250

99

9.0

1.27

RC

130

Zone A

BRC 848

557685

1295750

58

10.0

2.52

RC

150




                   and

94

9.0

0.75



Zone A

BRCD 844

557722

1296000

72

22.0

1.39

RC + core tail

154




                   and

110

1.0

3.00



Zone A

BKR 001

557742

1295924

15

3.0

4.00

RAB

70




                   and

27

6.0

0.61



Zone A

BKR010

557714

1296310

12

3.0

1.33

RAB

70




                   and

42

3.0

0.88



Zone A

BRAB648

557731

1296250

34

3.0

2.31

AC

56




                   and

54

2.0

1.56



Zone A

BRAB652

557675

1296000

4

25.0

2.09

AC

54

Zone A

BRAB860

557775

1296450

15

3.0

2.34

RAB

54










Zone B

GBRCD0017

558087

1297650

37

26.0

1.72

RC + core tail

101




         (including

56

3.0

         6.98)



Zone B

GBRCD0018

558129

1297650

95

5.0

6.09

RC + core tail

161




       (including

95

1.0

     26.5)






                   and

112

7.0

4.59






        (including

118

1.0

       22.8)





                   and

137

4.0

0.58



Zone B

GBRCD0019

558143

1297750

97

16.0

0.28

RC + core tail

175




                  and

153

6.0

0.93



Zone B

GBRC0020

558159

1297950

9

1.0

1.46

RC

110




                   and

22

3.0

0.46






                   and

31

4.0

0.94






                   and

47

26.0

0.81



Zone B

GBRCD0021

558202

1297950

110

5.0

0.57

RC + core tail

167




                   and

127

17.0

0.71



Zone B

GBRC0022

558204

1298150

25

9.0

0.85

RC

112




                   and

39

10.0

0.77






                   and

61

1.0

3.16






                   and

73

3.0

0.90






                   and

100

1.0

1.82



Zone B

GBRC0023

558260

1298455

46

2.0

0.88

RC

90




                   and

80

3.0

2.57



Zone B

GBRC0024

558066

1297450

62

4.0

0.50

RC

120




                   and

93

6.0

0.56



Zone B

GBRC0025

557996

1297050

103

4.0

0.81

RC

114

Zone B

GBRCD0026

558271

1298254

110

1.0

6.48

RC + core tail

182





123

14.0

1.63







148

3.0

1.27







166

7.0

1.84



Zone B

BKR038

558047

1297568

12

27.0

1.22

RAB

81

Zone B

BKR039

558081

1297561

57

6.0

0.90

RAB

70

Zone B

BKR051A

558102

1298049

0

3.0

2.47

RAB

57




                   and

30

3.0

5.10



Zone B

BKR052

558141

1298010

6

9.0

0.81

RAB

51




                   and

36

3.0

2.15



Zone B

BKR053

558178

1297990

36

3.0

1.62

RAB

76




                   and

63

10.0

0.57



Zone B

BKR 057

558066

1298385

6

3.0

5.52

RAB

51

Zone B

BKR 059

558116

1298385

3

3.0

7.05

RAB

40




                   and

30

6.0

1.02



Zone B

BKR 060

558209

1298389

30

6.0

1.57

RAB

60

Zone B

BKR 132

558154

1298201

9

21.0

1.35

RAB

45

Zone B

BRC850

558095

1297750

21

27.0

1.84

RC

120




        (including

21

3.0

          8.99)





        (including

40

4.0

          2.81)





                   and

56

6.0

0.57






                   and

93

1.0

16.00



Zone B

BRC852

558221

1298255

22

1.0

7.66

RC

115




                   and

35

2.0

1.17






                   and

47

6.0

0.69






                   and

61

2.0

1.80






                   and

74

6.0

2.08






                   and

86

1.0

1.12






                   and

96

1.0

12.70






                   and

103

10.0

0.48



Zone B

BRAB874

558000

1297050

30

6.0

0.95

RAB

54

Zone B

BRAB875

557975

1297050

30

6.0

1.30

RAB

54

 

Notes to Appendix 1: Drill intercepts using a 0.5 g/t Au lower cut-off grade were compiled by undertaking weighted averages of consecutive individual assays, equal to or in excess of the minimum grade of 0.5 g/t Au. Internal dilution (<0.5 g/t Au) was allowed for up to a maximum of 3 metres. In the event that no samples were collected in areas of poor core recovery, a zero grade was ascribed to the zone, even if located within a run of gold mineralisation.

 

** ENDS **

 


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