Award of new Sanankoro Exploration Permit

RNS Number : 9346Q

Cora Gold Limited

03 March 2021

 

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

03 March 2021

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

Award of new Sanankoro Exploration Permit

Cora Gold Limited, the West African focused gold company, is pleased to report that, further to the award of a Convention d'Établissement (see RNS dated 10 February 2021), on 02 March 2021 the Company has been awarded a Permis de Recherche (the 'Permit') in respect to the area known as Sanankoro II.  The Permit covers the same area as the previous Sanankoro permit which expired in accordance with the Mining Code 2012.  This completes the permitting process for this key area of the Company's flagship Sanankoro Gold Project on the Yanfolila Belt in southern Mali.  The Permit has been awarded under Mali's new Mining Code 2019 and as such it has a term of nine years.

Highlights:

● Award of new exploration permit, completing the permitting process for Sanankoro II, a key permit within the Company's flagship Sanankoro Gold Project ('Sanankoro' or 'Project')

● Cora recently announced a significant drill campaign of up to 35,000m at its flagship Sanankoro Gold Project

● Drilling at Sanankoro is dual focussed on targeting resource growth as well as infill drilling to convert existing Inferred resources to Indicated

Bert Monro, CEO of Cora, commented, "The Company is delighted to have concluded the permitting process for the Sanankoro II permit.  This is one of the first to be awarded under the new mining code and a great endorsement of the work on the ground.  Having recently announced the commencement of our largest ever drill programme, the Company is looking forward to announcing the results of drill programme in due course as we look to accelerate exploration and development and target the delivery of a high margin oxide mining operation at Sanankoro."

A recently updated presentation can be found at; https://www.coragold.com/.

FURTHER DETAILS

Cora's primary focus is on further developing Sanankoro in the Yanfolila Gold Belt (Southern Mali).  Sanankoro is made up of five contiguous permits encompassing c.342 sq. km. Previous work at the Project has identified gold oxide mineralisation to 100m depth and high-grade sulphide mineralisation at depth; SRK's defined exploration target for the Project is 1-2Moz gold to a depth of 100m.  Results from an initial Scoping Study published in Q1 2020 showed Sanankoro's potential to be a highly profitable standalone oxide mine, delivering a 107% IRR and annual average free cash flow of US$23.6m at a US$1,500 gold price.  The Company's strategy is to drill out more oxide resources to, in time, extend the mine life planned in the maiden Scoping Study.  Notably, the current pit-constrained Resource is based on a small portion, less than 25%, of the mineralised strike length, which gives the Company a good expectation of a significant Resource increase over time. 

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 / Norm Bailie	Cora Gold Limited	[phone]
Christopher Raggett / Charlie Beeson	finnCap Ltd (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 is a gold 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 107% IRR and US$41.5m NPV₈ at a US$1,500 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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