TIDMCORA
RNS Number : 7914V
Cora Gold Limited
26 July 2018
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR")
Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector:
Mining
26 July 2018
Cora Gold Limited ("Cora Gold", "Cora" or "the Company")
Further Impressive High Grades at Sanankoro Enhance the
Potential Large-Scale of Cora's Gold Discovery in Mali
Cora Gold Limited, the West African focused gold exploration
company, is pleased to provide further assay results indicating
shallow, broad zones of high grade gold mineralisation from its
Sanankoro Gold Discovery ("Sanankoro" or "the Project") in southern
Mali. Furthermore, with the onset of the wet season (June-October),
the successful 2017/2018 drilling campaign has now been completed
and the Company awaits approximately 900 assays, primarily relating
to the Tekeledougou Project in southern Mali ("Tekeledougou"),
which will be released once available. To view the announcement
with the illustrative maps and diagrams, please click on the
following link:
http://www.rns-pdf.londonstockexchange.com/rns/7914V_1-2018-7-25.pdf
Highlights
-- Further drilling indicates broad zones of shallow, high-grade
mineralisation in the weathered zone including:
o 52m at 2.41 g/t Au including 25m at 3.91 g/t Au from14m;
o 32m at 3.54 g/t Au including 1m at 72.9 g/t Au;
o 15m at 1.93 g/t Au including 6m at 3.46 g/t Au from 24m;
o 32m at 1.1 g/t Au including 10m at 1.9 g/t Au from 27m;
and
o 17m at 1.5 g/t Au from 15m;
-- Sanankoro confirmed strike length now extended to
approximately 8km indicating its large-scale potential
-- Drilling campaigns at both Sanankoro and Tekeledougou
projects now completed with 18,000m completed across both projects
and assays pending
Dr Jonathan Forster, Cora's CEO commented, "We are continuing to
identify new zones of gold mineralisation, enhancing the
large-scale potential of the Sanankoro gold discovery. We have now
delineated approximately 8km of drill defined gold mineralized
structures, forming the basis of future drill programmes focusing
on mineral resource definition. This further increases our
confidence in the potential for Sanankoro to be a standalone mine.
We have been highly encouraged by this set of drilling results from
Sanankoro, which shows broad zones of mineralization with good
grades in the reconnaissance step out holes at the northern end of
"Target 1" which was discovered in the initial drill programme.
These results potentially increase the length of this new
mineralised structure (Target 1) to over 2 km.
"We have made fantastic progress on the ground since our IPO in
October 2017 and with the wet season rains commencing, drilling has
now been concluded at both Sanankoro and Tekeledougou for this
exploration season. This has been a very successful exploration
campaign with more than 18,000m of combined AC, RC and diamond
drilling completed across both projects. We look forward to
releasing the final results from the work programme as they become
available."
Sanankoro Gold Discovery
During the 2018 drilling season, the Company completed 135 drill
holes for a total of over 13,000m including approximately 12,500m
of aircore ("AC") and reverse circulation ("RC"), and 507m of core.
The programme primarily comprised shallow, first pass,
reconnaissance drilling, with a fence spacing of mainly 160m over a
combined strike length of about 8km. Drill results have previously
been reported (refer RNS announcements dated 29 January 2018; 24
April 2018; and 4 June 2018) for all of the core holes and 104
AC/RC holes. The results of a further 21 holes are reported in this
announcement.
Of the 21 holes reported here, eight holes are interpreted to
have missed the structure (SC 110-114, 119-121 at Target 1) with no
significant intersections.
Figure 1: Selected Drilling Results at Sanankoro
Selin Structure
Cora completed infill drill fences at "Target 1" on
approximately 160m spacing (refer Figure 1) using a NW azimuth
rather than the earlier E-W direction. The Company also completed
further step out reconnaissance drilling, with the objective of
extending Target 1 a further 900m to the north. Results from this
work continues to indicate continuity of the gold mineralised
structure between the wide spaced fences of the first round of
drilling at Target 1, however, the Company believes that due to
incorrect collar locations for some holes, some areas of the
structure may not have been properly tested.
Impressive results were obtained from the two northerly step out
drill fences, set about 360m apart, both of which returned evidence
for significant gold mineralisation from surface. Depth of
weathering is estimated to be approximately 50m, as the alluvial
plains of the Niger River are approached. Consistent with previous
drilling, visible gold is readily observed from panning of the
weathered drill samples with correlation emerging between
intercepts with high levels of visible gold and high assay grades.
True width of the structure in the step-out holes is, as yet,
unknown.
Hole No Easting Northing Azimuth From Interval
29N 29N degrees metre Metres g/t Au
SC 115 559835 1304152 320 27 32 1.10
Including 10 1.93
SC 116 559848 1304136 320 105 6* 1.01
SC 117 559865 1303793 320 45 9 1.72
SC 118 559880 1303768 320 86 7 0.61
SC 122 559693 1305290 320 14 52 2.41
Including 25 3.91
(which
includes 1 41.30
SC 123 559706 1305266 320 24 15 1.93
Including 6 3.46
(which
includes 1 16.10
and 49 17 0.47
SC 124 559615 1305705 320 14 32 3.54
Including 1 72.90
SC 125 559631 1305685 320 69 15 0.81
Notes:
assay grades are "recovered grades" determined by cyanide bottle
roll techniques. No top cut has been applied to high values.
* hole ended in gold mineralisation
samples were collected predominantly at 1m intervals excepting
holes SRC 116 and 117 which were 3m composite samples.
Table1: Selin Structure Drill Results
Bokoro Structure
The Company completed two scissor holes to test an isolated
artisanal excavation of 360m length located at the northern part of
the Bokoro structure (the same structure hosting Zone C, which is
located about 6.7 km to the south).
This artisanal zone extends at least a further 400m to the north
as observed by abandoned pits. These holes are the first to be
drilled in the northern section of the Bokoro structure and open up
a multi-kilometre long zone for follow up exploration.
Hole No Easting Northing Azimuth From Interval
29N 29N degrees metre metres g/t Au
SC 108 558391 1302475 300 37 4 0.66
and 85 26 0.20
SC 109 558282 1302661 120 15 17 1.53
Note: Assay grades are "recovered grades" determined by cyanide
bottle roll techniques
Table 2: Bokoro Structure Drill Results
Tekeledougou
Cora has recently completed an 18-hole combined AC/RC drill
programme for 2,097m at its Tekeledougou Project which includes two
new gold discoveries with large footprints, "Woyoni" and
"Kouroudian". Both of these prospects are located within trucking
distance (8km) of the operating Yanfolila Gold Mine. The drill
programme included six holes at the Woyoni Prospect and 12 holes at
the Kouroudian Prospect. Both prospects have now been drilled on
approximately 80m spaced fences with the most recent campaign
testing to depths of approximately 100 vertical metres. The
objective of this drilling campaign was to increase the strike
length of both prospects, with Woyoni now tested to 440 metres and
Kouroudian to 1km of strike length. The Company believes there is
significant potential to extend these wide structures well beyond
the already identified footprint which, if consistently
mineralised, could lead to a large gold deposit. A total of 523m of
orientated core drilling was also completed, with four holes set
with RC pre-collars at Woyoni, and a single hole to help understand
geology at Kouroudian. In addition, a 2,500m rotary air blast
("RAB") programme has also been completed to investigate possible
further extensions to the mineralised structures along strike.
Assay results are awaited from this Tekeledougou work programme
and will be reported once received.
Assaying
In order to maximise the reproducibility of assays in the
presence of visible gold, 4kg sample sizes from both AC/RC and core
were collected and transported to the SGS laboratory in Ougadougou,
Burkina Faso. The entire sample was then dried and pulverised,
prior to splitting to 2kg samples for cyanide bottle roll analysis.
It should be noted that cyanide leach provides a "recovered" gold
grade rather than a total gold grade. In oxide samples, such as at
Sanankoro, the total gold assay might be expected to be about 5-10%
higher than the recovered grade. Bottle roll assays in excess of
0.5 g/t Au will include a component of 50g fire assay testing of
the residue material from the bottle roll to enable a total gold
content to be established as well as an indication of gold recovery
through cyanide leach.
Standard QA/QC procedures include the insertion of standards,
blanks and duplicates on a 5% basis.
** ENDS **
For further information, please visit http://www.coragold.com or
contact:
+44 (0) 20 3239
Jon Forster Cora Gold 0010
John Depasquale/Nick Allenby Capital (Nominated +44 (0) 20 3328
Harriss/ Liz Kirchner Adviser) 5656
Ewan Leggat/ Richard +44 (0) 20 3470
Parlons SP Angel (Joint Broker) 0470
Mirabaud Securities (Joint +44 (0) 20 3167
Peter Krens/Nick Orgill Broker) 7150
Lottie Wadham/Susie St Brides Partners (Financial +44 (0) 20 7236
Geliher PR) 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
operating mines.
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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