Update on Investee Company - Cora Gold Limited

RNS Number : 1812E

Starvest PLC

07 February 2018

 

7 February 2018

Starvest Plc ("Starvest" or "the Company")

Update on Investee Company - Cora Gold Limited

Starvest PLC (LON:SVE), the London Stock Exchange AIM listed specialist mining and resources investment business, is pleased to announce investee company Cora Gold Ltd (LON:CORA) has provided positive drilling results from its flagship Sanankoro gold project in West Africa.

Highlights:

·     Stage 1 drilling programme completed at flagship Sanankoro project

·     New gold zone discovered approximately 1.2km long with potential to increase to more than 3km

·     Visible gold observed in many of the drill holes

·     Drill intercepts include: 17m @ 5.43g/t from 67m downhole, 11m @ 5.24g/t from 4m downhole including 1m @ 52.8g/t

The Cora Gold announcements may be found at the following web addresses:

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/CORA/13511969.html

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/CORA/13492321.html

Callum Baxter, Chairman/CEO of Starvest commented, "The initial results of Cora Gold's first drilling programme since admission to AIM are very pleasing. The team at Cora have produced exciting drill results over a significant strike length from their Sanankoro project which lies in a prolific region of West Africa. Good mineralised widths, up to 50g/t gold with visible gold observed in many of the holes, and there is potential to more than double the length of mineralisation to around 3km. We look forward to the announcement of further results from their on-going drilling campaign."

Cora Gold Ltd - Overview

Cora Gold holds more than 1,000 square kilometres of exploration ground, with many licences displaying highly prospective gold targets, in the Yanfolila and Kenieba areas of Mali and Senegal in West Africa. The projects are in a prolific region with several relatively recent discoveries including Sadiola (14Moz), Loulou (12Moz), Fekola (4.5Moz), Sabodala (4.4Moz), and Kobada (2.4Moz), and interest from several larger global gold miners.

Cora Gold has a highly experienced and successful management team with proven track records in multi-million ounce gold discoveries in Africa, many of which have been developed into profitable mines. CEO Jon Forster is an experienced exploration geologist with over 35 years in Africa, while CFO Craig Banfield has been involved in private and public mineral exploration companies for over 20 years.

Since the company's IPO in October last year Cora Gold has completed a drill programme at Sanankoro. This programme comprised broad spaced Air Core/Reverse Circulation drilling to maximum depths of 100m. Drill results have confirmed the discovery of a new gold zone at least 1,200m long with the potential to increase to more than 3,000m. Gold results include 17 metres @ 5.43g/t from 67 metres downhole (including 8 metres @ 11.24g/t); 11 metres @ 5.24g/t from 4 metres downhole (including 1 metre @ 52.80g/t); 20 metres @ 2.15g/t from 77 metres downhole; 15 metres @ 1.41g/t from surface; and 10 metres @ 1.37g/t from 39 metres downhole. Visible gold was observed in many holes indicating widespread mineralisation along structures.

The target zone remains open to the north, south and at depth. Results indicate strong potential for the zone to carry economic grades and widths and demonstrates extensive gold mineralisation in the area. Cora Gold has numerous other targets not yet tested by drilling which may have similar styles of gold mineralisation along the 15km of strike in the belt.

Infill and confirmatory drilling is currently underway at Sanankoro. In addition, the company has identified two new targets at Tekeledougou within their Yanfolila project area which have been prioritised for reconnaissance drilling during the current quarter. The Tekeledougou targets cover a large area near (25km) the operating Yanfolila Gold Mine (1.8M oz Au).

Starvest will continue to closely follow the development of Cora Gold and we look forward to additional news from Sanankoro and Tekeledougou.

Starvest is a specialist mining and resource investment company and has the industry knowledge and market exposure to select compelling opportunities early in the investment cycle.

Callum N Baxter

Chairman & Chief Executive

7 February 2018

Enquiries to:

Starvest PLC

Callum Baxter Chairman/CEO  07922 255 933  [e-mail]

Grant Thornton UK LLP (Nomad)

Colin Aaronson or Harrison Clarke  02073 835 100

SI Capital Ltd (Appointed Broker)

Nick Emerson  01483 413 500

 

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