Commencement of new drilling programme

RNS Number : 8281G

Cora Gold Limited

30 November 2020

 

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

30 November 2020

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

Commencement of drilling programme across Yanfolila Project Area, south Mali

Cora Gold Limited, the West African focused gold company, is pleased to announce the commencement of a new drilling programme across its Yanfolila Project Area in Southern Mali.  This follows previous positive drilling results all within 25km radius of the Hummingbird Resources plc (AIM: HUM) Yanfolila Gold Mine.

To view the RNS with illustrative maps, please use the following link:  http://www.rns-pdf.londonstockexchange.com/rns/8281G_1-2020-11-27.pdf

Highlights

● 5,000m of Air Core ('AC') drilling planned across three permits at the Yanfolila Project Area: Tagan; Tékélédougou; and Farassaba III

● Drilling has commenced at Tagan targeting extensions to existing discovery holes

● Historical drill results across all three permits include:

o  Tagan: 43m @ 1.2 g/t Au; and 25m @ 1.1 g/t Au

o  Tékélédougou: 56m @ 2.2 g/t Au; and 17m @ 6.8 g/t Au

o  Farassaba III: 12m @ 1.1 g/t Au; and 7m @ 1.56 g/t Au

Bert Monro, CEO, comments "We are excited to be heading back with the drill rig to permits in the Yanfolila Project Area where we have historically had some very strong results, generally in shallow oxides.  These results are further encouraged when you consider the proximity to an operating gold mine.  We look forward to releasing the results as we receive them."

Further Information

Cora continues to advance a portfolio of projects located in two world class gold regions in Mali and Senegal in West Africa, namely the Yanfolila Gold Belt (south Mali) and the Kedougou-Kenieba Inlier gold belt (also known as the 'Kenieba Window') (west Mali / east Senegal).  In addition to its flagship Sanankoro Gold Discovery, which this year received a US$21m mandate and term sheet to fund its future development as a highly profitable standalone oxide mine, the portfolio includes the Yanfolila and Diangounte (Kenieba Window) project areas that cover 715km² between them.

During H1 2020, exploration included the use of Cora's owned and operated rotary air blast ('RAB') drill rig at the Tagan permit within the Yanfolila Project Area.  With inclined holes and depths typically up to 26m in length, the drill rig sampled below extensive and often thick ferricrete and transported cover.  Panning of the RAB samples provided an effective semi-quantitative evaluation technique for identifying the presence of primary gold bearing structures.  The combination of visible gold in conjunction with quartz veining, observed in panning of RAB samples, points to the presence of primary gold structures with potential length exceeding 800m.  At one target, the shallow RAB drilling suggested the presence of extensions to a gold intercept of 1.7 g/t Au over 14m achieved in an historic standalone core hole drilled by a previous permit owner.  This drilling is aiming to, initially, extend existing known mineralisation and, dependent on results, form part of a strategy to grow resources regionally. 

Figure 1: Yanfolila Project Area, West Mali - View PDF

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	Turner Pope Investments (Joint Broker)	[phone]
Megan Dennison / Susie Geliher	St Brides Partners (Financial PR)	[phone]

Notes

Cora Gold 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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