Drill Results from the Selin Prospect

RNS Number : 1954S

Cora Gold Limited

07 March 2019

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR")

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

7 March 2019

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

Drill Results from the Selin Prospect Indicate Potential for Future Development

Cora Gold Limited, the West African focused gold exploration company, is pleased to provide results from the recently completed drill programme from the Selin Prospect at the Sanankoro Gold Discovery ("Sanankoro" or "the Project") in the Yanfolila Gold Belt, Southern Mali where the focus has been on outlining higher grade areas in order to fast track the identification of starter pits.  The Selin Prospect, which currently extends over 2.4km of known strike and remains open in both directions and at depth, is one of multiple gold zones at Sanankoro which has a combined drill defined mineralised footprint of over 8km.

To view the announcement with illustrative maps and diagrams, please use the following link:  http://www.rns-pdf.londonstockexchange.com/rns/1954S_1-2019-3-7.pdf.

Highlights

·     Results confirm the presence of oxide gold mineralisation of potentially economic grades and widths is continuously developed along the entire Selin Prospect length. 

·     Results include: 

o  4.48 g/t Au over 46m* from 49m depth

o  5.10 g/t Au over 17m from 37m depth

o  1.91 g/t Au over 48m* from 17m depth

o  2.33 g/t Au over 13m* from 43m depth

(* = hole ended in mineralisation)

·     Results from aircore ("AC") / reverse circulation ("RC") drilling at the Selin Prospect show correlation with previous reconnaissance drilling undertaken by the Company at the prospect

·     Results to be utilised for the continued identification of higher-grade zones that could become starter pits

·     Joint Venture agreement entered into with Maifa Mining Corporation SARL to enable Cora Gold to extend its exploration of the Selin gold zone to the north.   

Dr Jonathan Forster, Cora's CEO, commented, "The excellent results from the Selin Prospect, which highlights the opportunity for it to be part of potential future development plans, further fuels our excitement and increasing confidence that Sanankoro could become a significant new gold production asset.

"Today's results justify our programme of focusing on higher grade zones that could become starter pit areas for future development.  Such a zone, of approximately 800m length, within the 2,400m long gold zone, has been initially identified by systematic drilling along the Selin structure.  These latest results now warrant further exploration to extend along the Selin structure to both the north and the south.  This has been facilitated by the recent JV agreement across the adjacent Kodiou permit.  In particular, the evidence for higher grades will justify Cora Gold evaluating the sulphide potential in parallel with the extensive oxide mineralisation.

"The team and I are excited by the opportunity presented by the Selin Prospect, and the wider Sanankoro Permit, and I look forward to updating shareholders further with our progress as we continue to realise its full potential."

Further Information

The drill programme at the Selin Prospect comprised 27 holes of AC and RC drilling (totalling 1,928 metres) that focused entirely on the oxide potential of the Selin structure to vertical depths ranging typically from approximately 60-80m. Drill fences infilled and extended the wide spaced drilling of 2018, to provide coverage of the entire 2,400m long Selin prospect at approximately 80m fence spacing.

Assay results have confirmed that oxide gold mineralisation of potentially economic grades and widths is continuously developed along the entire prospect length, and in particular over an approximate 800m long zone in the north, where results are comparable to the intercepts of 3.54 g/t Au over 32m, and 2.41 g/t Au over 52m previously reported from reconnaissance drilling (as per the announcement dated 26 July 2018).  The depth of oxidation ranges from approximately 50m in the northern half of the prospect, to 75m or more in the south.

The geology of the zone is considered to be relatively complex, with the current interpretation being that of a sequence of siltstone/sandstone/volcanoclastic units that are intercalated along phyllitic units, which often incorporate black, carbonaceous horizons. It is suspected that these horizons may represent shear zones within a tightly folded but linear sequence of sediments. To date only one core hole (SD007 of 139.5 metres length of which approximately 80 metres was core) has been completed into sulphide bearing rock, albeit where the mineralised zone is interpreted to be disrupted by a cross fault.  This provides evidence for an apparent igneous unit sandwiched between carbonaceous phyllites in the northern section of the prospect. In particular this unit appears to host the zone of higher-grade gold mineralisation, an association often seen in Birimian style gold deposits. Elsewhere, drilling indicates that the gold mineralisation is usually hosted in the coarser sandstone / volcanoclastic units.

The true width of the mineralisation is yet to be confirmed, but indications are that it typically ranges from approximately 5m to 20m.

Kodiou Joint Venture

Cora Gold has entered into a joint venture agreement with Maifa Mining Corporation SARL for the 50km² Kodiou Permit that lies immediately adjacent to the northern edge of the Sanankoro Permit. The agreement, which is conditional upon certain local approvals being granted, will enable Cora Gold to extend its exploration of the Selin Prospect gold zone further to the north.

Figure 1:  Drill Results recorded across Selin Prospect

Figure 2: Prospect Areas across Sanankoro

Figure 3: Selin Prospect Drill Results

Hole No	Easting_29N	Northing_29N	Drill azimuth	Hole decline	Total length		From	Intercept Length	Gold Grade	Comment
			degrees	degrees	metres		metres	metres	g/tAu
SC0134	559588	1305807	310	-55	60		No significant intersection			Drilled offstructure
SC0135	559588	1305890	310	-55	59		12	15	0.92	3m composite samples
SC0136	559639	1305609	310	-55	72		43	13	1.32
SC0137	559671	1305376	310	-55	41		15	12	1.19
SC0138	559699	1305359	310	-55	48		20	2	2.68
						and	39	9	2.58	hole ended in mineralisation, strong water flow
SC0139	559705	1305356	310	-55	63		55	8	2.70	hole ended in mineralisation, strong water flow
SC0140	559659	1305492	310	-55	65		17	48	1.91	hole ended in mineralisation; includes 3m interval no sample with no grade allocated
						(includes	50	1	26.69)
SC0141	559723	1305191	310	-55	83		25	4	1.49
						and	37	17	5.10
						(includes	44	1	56.96)
SC0142	559734	1305090	310	-55	59		13	17	0.63
SC0143	559748	1305078	310	-55	56		43	13	2.33	hole ended in mineralisation
SC0144	559747	1305011	310	-55	50		no significant intersection
SC0145	559784	1304846	310	-55	64		36	24	0.94	mix of 1m and 3m composite samples
SC0146	559887	1303709	310	-55	77		26	20	2.08
						(includes	35	1	14.88)
SC0147	559850	1303885	310	-55	77		21	15	1.06
						and	63	9	0.65	3m composite samples
SC0148	559841	1304045	310	-55	80		27	15	0.51	3m composite samples
SC0149	559818	1304341	310	-55	71		8	4	0.72
							21	18	1.39	mix of 1m and 3m composite samples
SC0150	559811	1304433	310	-55	75		no significant intersection
SC0151	559763	1305000	310	-55	47		30	7	3.68
SC0152	559798	1304665	310	-55	65		no significant intersection
SC0160	559603	1305866	310	-55	80		24	2	6.61
						and	51	15	1.23
SC0161	559611	1305787	310	-55	85		48	12	0.54
SC0162	559681	1305477	310	-55	95		49	46	4.48	hole ended in mineralisation;
SC0163	559726	1305340	310	-55	81		no significant intersection
SC0164	559788	1304988	310	-55	81		12	6	0.86	3m composite samples
SC0165	559748	1305175	310	-55	110		95	2	3.18
SC0166	559915	1303698	310	-55	110		no significant intersection
SC0167	559785	1304447	310	-55	74		16	5	0.64
						and	45	2	3.89
SD0006	559622	1305694	310	-55	70.5	DC	18	24	3.19	metallurgy sample; 3m composite fire assay
						(includes	36	6	12.68)
SD0007	559652	1305658	310	-55	139.5	DC	94.7	9	1.46	fire assay;

Notes

1.     The length of the gold mineralisation reported in the table represents the down hole length, and not the true width.

2.     Mineral intercepts are calculated using a 0.3 g/t Au minimum cut off, with up to 3m of internal waste and no upper cut off grade.

3.     Samples are collected at the drill rig at 1 metre intervals, where they are split to a weight of 4kg. If a zone is considered to have less potential for gold mineralisation, a decision may be taken to composite 3 x 1m samples together to form a "3m composite" weighing 4kg.

4.     Samples were transported to the independent SGS SA laboratory in Ouagadougou, Burkina Faso where the samples were subsequently split into 2kg samples prior to pulverisation to <75 micron in preparation for cyanide bottle roll assay using the LeachWell additive. The gold content of the cyanide solution was measured after 6 hours, and where the value is >0.5 ppm Au, the residue from the bottle roll is tested by 50g fire assay and the gold values from both leach and residue are combined to provide a total gold content, which has been reported here.

5.     In this instance, the 2kg split reject samples from the mineralised zones will be check assayed, also using the bottle roll technique.

6.     QAQC protocol involves the insertion of standards, blanks and duplicate samples on a 5% basis for each.

Competent persons statement:  Dr Jonathan Forster has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is undertaking to qualify as a Competent Person in accordance with the guidance note for Mining, Oil & Gas Companies issued by the London Stock Exchange in respect of AIM Companies, which outlines standards of disclosure for mineral projects. Dr Forster consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

** ENDS **

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

Jon Forster	Cora Gold	[phone]
Ewan Leggat / Charlie Bouverat	SP Angel (Nomad & Broker)	[phone]
Gaby Jenner/Melissa Hancock	St Brides Partners (Financial PR)	[phone]

Notes to the Editors

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 Gold's primary focus is on further developing Sanankoro in the Yanfolila Gold Belt (South Mali), which Cora Gold believes has the potential for a standalone mine development. Cora Gold's highly experienced and successful 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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