Metallurgical Test Work Programme Commencement

RNS Number : 5914E

Cora Gold Limited

02 March 2020

 

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

2 March 2020

Cora Gold Limited ('Cora' or 'the Company')

Metallurgical Test Work Programme Commencement

Cora Gold Limited, the West African focused gold company, is pleased to announce that it has started a test work programme in conjunction with Hummingbird Resources Plc (AIM: HUM or 'Hummingbird') relating to a bulk sample programme.  The objective of this programme is to explore the amenability of the oxide ore at Cora's Sanankoro Gold Project ('Sanankoro' or 'The Project') to be concentrated to a level that would be viable for commercial trucking to Hummingbird's Yanfolila Gold Mine, located ~100km from Sanankoro.

Overview:

● Test work targeting high grade (+25g/t) truckable concentrate potential

● ~350kg bulk sample currently being shipped to a laboratory in North America for testing

Bert Monro, CEO of Cora Gold, commented, "The recently completed Scoping Study at Sanankoro showed the potential for a standalone mine with an 84% IRR and less than 18 month payback period at a US$1,400 gold price.  Whilst this is clearly a highly compelling standalone project, Cora's board is simultaneously assessing additional opportunities through which to potentially fast track development, including identifying synergies with operating mines in the vicinity.  We are pleased to be working with our largest shareholder, Hummingbird, to investigate the opportunity to potentially deliver a high-grade concentrate which could, in principle, create a fast track route to low capex and positive cash flow for the Company.

"We are committed to delivering the optimum route of development for the benefit of all stakeholders and will provide updates on this test work in due course."

Further information on the test work programme

Cora has arranged for a 350kg oxide bulk sample from the Sanankoro permit to be shipped to North America for gravity and sizing based metallurgical test work at a facility independent of both Hummingbird and Cora.  The programme will investigate the amenability of the ore to be pre concentrated at Sanankoro using a process that requires low capital expenditure, in order to create a high grade concentrate that could be economic to truck extended distances. If results are encouraging, then further testing may be required to confirm whether there are potential synergies with existing operations in the region.

Historical test work completed by Cora has given Hummingbird's technical team a good initial indication that ore concentration may be a possibility.  This test work is an initial step before further studies may need to be completed.

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 until the release of this announcement.

**ENDS**

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

Bert Monro / Jon Forster	Cora Gold Limited	[phone]
Ewan Leggat / Charlie Bouverat	SP Angel (Nomad & Joint Broker)	[phone]
Andy Thacker / Zoe Alexander	Turner Pope Investments (Joint Broker)	[phone]
Megan Dennison / Susie Geliher	St Brides Partners (Financial PR)	[phone]

Notes

Cora Gold is a 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'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 84% IRR and US$30.9m NPV at a US$1,400 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.

 

END

 

 

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