Gold Mineralisation at Depth at Sanankoro

RNS Number : 0361G

Cora Gold Limited

19 July 2019

 

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

19 July 2019

Cora Gold Limited

Gold Mineralisation Confirmed at Depth at Sanankoro

Cora Gold Limited ('Cora Gold', 'Cora', or 'the Company'), the West African focused gold exploration company, is pleased to announce the presence of high grade gold mineralisation at depth at the Sanankoro Gold Project ("Sanankoro" or "the Project"), beneath the shallow oxide gold. The project is located in the highly prospective Yanfolila Gold Belt, Southern Mali. 

Highlights:

·    Initial results from Central Selin Prospect targeting sulphide mineralisation at depth in sulphides:

o  22m @ 2.68g/t gold from 51m

§ A newly discovered oxide gold zone

o  9m @ 3.07g/t gold from 117m hole depth (hole ended in mineralisation)

o  8m @ 3.12g/t gold from 114m hole depth

·    SRK's exploration target of 1-2 million ounces of gold (announced on 15^th October 2018) was exclusively based on mineralisation to 100m depth and did not take into account further mineralisation at depth

·    Five reverse circulation ("RC") holes drilled targeting gold sulphide mineralisation beneath known gold oxide mineralisation.  This is the first time such work has been undertaken at the Selin Prospect at Sanankoro

·    6,096m of aircore ("AC") and RC drilling completed, in conjunction with 463m of core drilling

To view the announcement with illustrative maps and diagrams, please use the following link: 

http://www.rns-pdf.londonstockexchange.com/rns/0361G_1-2019-7-18.pdf 

Jonathan Forster, CEO of Cora Gold, commented:

"I am pleased to report that Cora's exploration drill programme, which has progressed on schedule and on budget, intersected gold mineralisation on each deeper drill hole at the Selin prospect, often at grades of more than 3g/t gold.  Such promising results support earlier indications that the sulphide potential at Selin could be significant, providing justification for a future drill programme that would aim to extend the gold mineralisation at depth.

This set of results consists of the initial, preliminary testing of a strike-length of up to just 300m of the sulphide gold mineralisation that is believed to lie underneath the 2,000m long gold oxide zone previously identified at the Selin prospect.  With the sulphide zone lying at depths of typically greater than 60-80m, these initial drill holes are still considered to be near surface with open pit mining potential. 

A previously unknown gold zone was identified in the oxide part of a deeper hole, highlighting the ongoing opportunities to make new discoveries at Sanankoro.  We look forward to updating the market with further results over the coming months."

Further Information

Multiple gold zones have been previously identified at Sanankoro, which has a combined drill defined mineralised footprint of over 8km and an independently determined SRK Exploration Target of 1-2 million ounces of gold with significant upside as announced on 15 October 2018. 

Figure 1:  Location of the Selin Prospect at the Sanankoro Gold Project

Figure 2: Results returned from Selin Prospect from drilling completed in Q2-Q3 2019

Drill programme concluded at the Sanankoro Project in Mali with 2,690 metres of AC and 3,406 metres of RC drilling completed, in conjunction with 463 metres of core drilling.  The focus of the drilling has been threefold;

1.    Selective infill drilling of discoveries;

2.    Exploration drilling to test for extensions of mineralised zones; and

3.    For the first time, the deliberate exploration targeting of sulphide mineralisation below oxide gold

Initial results from the latest drill programme confirm that the primary host to the gold mineralisation is a highly altered and sheared sub vertical mafic igneous unit that can be continuously traced over at least 1,000 metres along the Selin zone. The mafic unit lies within a sedimentary sequence of sandstones, siltstones and volcanic tuffs, with carbonaceous phyllites usually lying in the footwall to the succession, but at times also seen within the hanging wall sedimentary sequence. It is believed that the carbonaceous phyllites are often the focus of intense shearing that can be traced along the Selin zone.  On current interpretation, the gold mineralised zones within the approximately 50 metres wide shear zone have true widths range from 5 metres to about 20 metres.

Cora Gold completed five deeper RC holes (310 ^o azimuth, -55^o declination) targeted at intersecting, for the first time in any systematic way, sulphide mineralisation beneath the central part of the oxide gold mineralisation discovered at the Selin Prospect.

The five drill holes were between 120-140 metres in length and were collared on pre-existing oxide drill fences about 100 metres apart.  Four of the drill holes intersected gold mineralisation in sulphide at vertical depths of 80-100 metres in an environment where the boundary between oxide and sulphide is at about 60-80 metres depth.  The fifth drill hole intercepted gold mineralisation across this boundary.

The results of RC sulphide drill programme focus on an approximate 300 metres long part of the overall 2,000 metres Selin oxide zone. Elsewhere at Selin, sulphide gold mineralisation has been intersected by three holes at vertical depths of 60-80 metres during previous oxide programmes.

Results of the focused sulphide drilling campaign have been very encouraging and have confirmed the indications derived from earlier drilling that gold mineralisation with economic potential occurs beneath the oxide mineralisation and as such opens up substantial areas for future exploration targeting.

The drill programme at Selin concluded with two diamond core holes set to undercut the sulphide drilling with hole lengths of 227m and 126m respectively. Both holes provided orientated core which will be analysed to better understand the geological and structural controls on gold mineralisation. Assays from the core drilling are awaited.

Table 1: Drill Results taken from Central Selin Prospect

Hole No	Easting_29N	Northing_29N	Drill azimuth	Hole decline	From	Intercept Length	Gold Grade	Comment
			degrees	degrees	metres	metres	g/tAu
SC 172	559802	1304835	310	-55	75	9	1.21	sulphide zone
SC 185	559732	1305248	310	-55	93	8	1.36	sulphide zone
				(including	99	2	4.09)
SC 186	559726	1305342	310	-55	117	9**	3.07	sulphide zone
				(including	123	2	10.99)
SC 187	559706	1305461	310	-55	49	31*	2.13	hanging wall oxide zone
				(including	51	22	2.68)
				and	113	27**	1.60	sulphide zone
				(including	114	8	3.12)
SC 188	559666	1305592	310	-55	78	28	0.85	oxide/sulphide zones
				(including	78	11	1.2)

* analysis by 4 kg bottle roll

** hole ended in mineralisation

Table 2: Historical sulphide results returned from Sanankoro

Hole No	Easting_29N	Northing_29N	Drill azimuth	Hole decline	From	Intercept Length	Gold Grade	Comment
			degrees	degrees	metres	metres	g/tAu
SD 007	559652	1305658	310	-55	95	9	1.46	Sulphide zone
SC 001	559801	1304603	270	-55	67	17	5.28	Sulphide zone
SC 117	559848	1304136	320	-55	105	6**	1.28	Sulphide zone

* analysis by 4 kg bottle roll

** hole ended in mineralisation

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.

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.

Sample Collection and Assay

Drilling has been completed by a mix of air-core and reverse circulation with a drill bit diameter of 69mm.

Samples are collected at 1 metre intervals. Samples are dried, prepared and analysed at the SGS laboratory in Bamako, Mali with quality assurance/quality control ("QAQC") protocols inserted by Cora Gold incorporating 5% blanks, 5% duplicates and 5% assay standards. Assay is by 50 gram fire assay.

Drill intercepts using a 0.3 g/t Au lower cut-off grade and no upper cut, were compiled by undertaking weighted averages of consecutive individual assays, equal to or in excess of the minimum grade of 0.3 g/t Au. Internal dilution (<0.3 g/t Au) was allowed for up to a maximum of 3 metres.

**ENDS**

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

Jon Forster/Bert Monro	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 (Southern 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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