Cora Gold announces updated Mineral Resource for Sanankoro Project

    Published on November 17th, 2021

    Cora Gold Limited, the West African focused gold company, is pleased to announce an updated Mineral Resource Estimate (‘MRE’) prepared by CSA Global (UK) Ltd in accordance with The JORC Code (2012 Edition) for the Sanankoro Gold Project (‘Sanankoro’ or ‘the Project’) in Southern Mali.  The updated MRE follows the recently completed ~43,000m drilling campaign at Sanankoro which focussed on Mineral Resource growth and upgrading existing Mineral Resources to higher confidence categories.

    HIGHLIGHTS

    ●+200% increase in total ounces from maiden MRE in December 2019 and significant upgrade to Indicated category using a 0.4g/t cut off and a US$1,800/oz optimised pit shell

    Pit constrained Mineral Resource Estimate of 21.9 million tonnes (‘t’) at 1.15 grams per tonne (‘g/t’) gold (‘Au’) for a total of 809.3 thousand ounces (koz) of Au, including:

    o  540.6 koz @ 1.33 g/t Au in the Indicated category

    o  268.7 koz @ 0.90 g/t Au in the Inferred category

    o  All deposits remain open in all directions

    o  Maiden Mineral Resource at Zone C

    The Company’s strategy was to deliver open pit-able, free-digging oxide-focussed ounces for the on-going Definitive Feasibility Study (‘DFS’) – this MRE supports that potential with:

    o  67% of total ounces in the Indicated category

    o  77% of the gold is in the oxide zone with a further 22% in the transitional zone

    o  Previous metallurgical testwork shows +94% recoveries (RNS dated 29 September 2020)

    o  Base of oxidation ranges from 60m to 207m deep

    MRE based on around 7.5km surface expression of the total 33 linear km strike length of the potential mineralised zones identified in the 2018 Exploration Target of up to 2 Moz potential within 100 m of surface at Sanankoro (SRK, 2018)

    There are multiple higher grade ore shoots within the deposits which offer the potential for higher grade production in early years of mining

    Work on the DFS is gaining momentum following appointment of consultants and completion is expected in H1 2022

    Bert Monro, CEO of Cora, commented, “I am delighted with the updated Mineral Resource Estimate at Sanankoro which has exceeded our expectations from the start of the drill programme and is a major step in our development plan, which is focussed on delivering a DFS during H1 2022.  Not only has the total Mineral Resource been expanded by over 200% from our maiden Mineral Resource but there has also been an excellent conversion from Inferred to Indicated Mineral Resources.  Furthermore, nearly all of the MRE mineralisation is in the oxide and transitional zones and is in line with the Company’s strategy of delivering an open pit, free digging, high-recovery gold mine at Sanankoro.

    “In September 2021 the Company signed a revised term sheet with Lionhead for US$25m Project Finance to support the development of the Sanankoro Gold Project on completion of the DFS in 2022.  This Mineral Resource update is the first step towards delivering that strategy and the Company is extremely pleased to be moving towards a construction decision.”

    To view the RNS with illustrative diagrams and maps, please use the following link: http://www.rns-pdf.londonstockexchange.com/rns/4561S_1-2021-11-15.pdf

    Read full Announcement

    SOURCE: Cora Gold
    DATE: November 16, 2021

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