High Grade Gold Zones at Sanankoro

RNS Number : 1058Q

Cora Gold Limited

04 June 2018

 

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

4 June 2018

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

High Grade, Shallow and Broad Gold Zones Identified at Sanankoro Gold Discovery

Cora Gold Limited, the West African focused gold exploration company, is pleased to provide further encouraging assay results from its Sanankoro Gold Discovery ("Sanankoro" or "the Project") in southern Mali. To view the announcement with the illustrative maps and diagrams, please click on the following link:

http://www.rns-pdf.londonstockexchange.com/rns/1058Q_-2018-6-1.pdf

Highlights

·     Broad zones of shallow gold mineralisation in the weathered zone including:

§ 34m at 2.5 g/t Au including 23m at 3.3 g/t Au;

§ 63m at 0.9 g/t Au including 18m at 1.3 g/t Au hole ending in mineralisation;

§ 19m at 1.2 g/t Au; and

§ 9m at 1.0 g/t Au including 3m at 2.5 g/t Au.       

·     Confirmation core drilling in Zone A shows good correlation to historical drilling

·     Drilling north of Zone B further extends mineralised strike at Sanankoro to over 5km

Dr Jonathan Forster, Cora's CEO commented, "The overall scale and quality of Sanankoro is remarkable.  We have received consistently encouraging results from drilling at this project, with today's assay results from core drilling confirming previous work at the Zone A area of the project.  It is pleasing to see confirmation of the higher grades that can be achieved in these types of heterogeneous quartz stockwork systems.

"In addition, our step out reconnaissance drilling north of Zone B continues to demonstrate the large-scale potential of the Sanankoro gold zone, which has now been extended to some 5.2km, and with every potential for it to continue to grow."

Core Drilling

It was previously reported (refer RNS date 24 April 2018 "Sanankoro Reconnaissance Drill Results Confirm Large Gold Mineralised Structure") that four widely spaced core holes had been completed to confirm mineralisation in previous drilling and give valuable information on controls and structure within the mineralised zone. Two diamond core holes were completed at each of Zone A and Zone B.

The two holes collared in Zone A successfully intersected the gold mineralised zone associated with quartz stockworks. Widths and grades are comparable to those previously recorded in historical drilling. Hole SD 0002 returned strong grades over broad widths with mineralisation hosted by quartz veining within a siltstone lithology, in contrast to the volcanic tuff host rock in SD 0001. Controls of mineralisation continue to be studied.

Accurate positioning of the two drill collars in Zone B was compromised by extensive artisanal workings. Both holes eventually drilled on top of or within the immediate footwall of the structure. Evidence for narrow footwall mineralisation was obtained in addition to important geological and structural information.

Hole No	Easting	Northing	Azimuth	From	Interval
	29N	29N	degrees	metre	metres	g/t Au
SD0001	557677	1295773	320	77	19	1.15
			(includes	77	6	2.23)
SD0002	557711	1296070	320	45	2	1.12
			and	61	34.8	2.53
			(includes	73	22.8	3.27)
SD0003	558090	1297751	320	38.1	1	1.74
			and	45.1	1	1.53
			and	105.2	2	2.7
SD 0004	558177	1298222	320	NSI	NSI	NSI

Table1: Zones A and B Confirmatory Core Drill Results

Extension of the Sanankoro Gold Zone to the North of Zone B

Gold assay results from a reconnaissance drill programme have now extended the Sanankoro gold zone to over 5km length, from the southern end of Zone A through to the new extension confirmed north of Zone B.  The latest aircore ("AC") and reverse circulation ("RC") drill programme comprised a set of six drill fences set typically between 240-280m apart, excepting one fence where access constraints across an alluvial plain increased the intervening distance to 600m. A distance of some 1.6km of strike length has been covered by this reconnaissance drilling.

Drill azimuths continue to be oriented to the NW in order to capture information from both N-S and E-W trending quartz vein systems. Weathering depths, in the vicinity of the alluvial plain, are typically in the range of 40m to 50m below surface. Coarse visible gold continues to be panned from samples collected at the drill rig.

The gold mineralisation has only been tested to vertical depths of 70m or less, in part due to the high-water table in the vicinity of the alluvial plain, which locally results in wet samples which are poorly representative due to potential contamination and loss of material. Anomalous gold values were locally recovered in these areas, pointing to the likely presence of the gold structure.

Gold assays are variable in both width and grade. For example, hole SC 0099 returned a very broad intercept of 63m, which may reflect a true width of around 30m to 35m. This variation reflects the common occurrence of pinch and swell along structures, along with heterogeneous distribution of gold, which is not unusual to quartz stockwork systems containing coarse gold. Having now confirmed the presence and position of the gold zone, infill drilling on closer spaced fences will be needed to better understand the distribution of width and grade.

Hole No	Easting 29N	Northing 29N	Azimuth degrees	Hole length(m)	From  metres	Intercept metres	Grade  g/t Au	Comment
SC0087	558285	1298865	324	41	29	4	0.96
SC0088	558297	1298856	324	56	10	1	2.98
SC0089	558272	1298893	324	66	32	34	anomalous	Wet samples
SC0090	558327	1299043	324	78	6	14	0.73
SC0091	558311	1299059	324	66			NSI	Off structure
SC0096	558517	1299640	320	80	10	1	8.92
				and	36	6	0.48
				and	68	3	0.87
SC0097	558494	1299665	320	116	25	1	4.19
				and	84	6	1.33
SC0098	558602	1299840	320	80			NSI	Off structure
SC0099	558582	1299863	320	120	57	63	0.87	End in
				(includes	96	6	2.28)	Mineralization
				(includes	93	18	1.34)
SC0100	558644	1300118	320	80			NSI	Off structure
SC0101	558625	1300140	320	120	33	3	0.79
				and	54	3	0.69	Wet sample
				and	81	18	anomalous	Wet sample
SC0102	558682	1300392	320	80			NSI	Off structure
SC0103	558666	1300418	320	117	21	6	0.54
				and	57	9	1.03
				(includes	57	3	2.47)
				and	84	6	0.48	Wet sample

Notes: Holes SC0087-SC0091 were sampled at 1 m intervals with analysis by 50 g fire assay

Holes SC0096-SC0103 were sampled as 3 m composites, with analysis by 2 kg bottle roll
NSI =  no significant intersection  

Table 2: Zone B Extensional Drilling Results

Sampling, gold assaying and gold recovery

Gold was assayed at the independent SGS laboratory in Ouagadougou, Burkina Faso using 2kg leachWell bottle roll. The residue from samples assaying >0.5 g/t Au were subject to 50gm fire assay, with the resultant assay added to that from the bottle roll to provide a total gold assay. Earlier samples were analysed for gold by 50g fire assay at the SGS laboratory in Bamako, Mali.

QA/QC procedures include 5% duplicates, standards and blanks. Drill intercepts are calculated using a 0.5 g/t Au lower cut off, with no upper cut, and up to 5 metres of internal dilution at >0.1 g/t Au.

** ENDS **

 

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

Jon Forster	Cora Gold	[phone]
John Depasquale/Nick Harriss/ Liz Kirchner	Allenby Capital (Nominated Adviser)	[phone]
Peter Krens/Nick Orgill	Mirabaud Securities (Broker)	[phone]
Lottie Wadham/Susie Geliher	St Brides Partners (Financial PR)	[phone]

Notes to the Editors

Cora Gold is a new 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 profitable mines.

Dr 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.

 

END

 

 

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