Update on Investee Company - Cora Gold Limited

RNS Number : 3444E

Starvest PLC

17 October 2018

 

17 October 2018

Starvest Plc ("Starvest" or "the Company")

Update on Investee Company - Cora Gold Limited

Starvest PLC (LON:SVE), the London Stock Exchange AIM listed specialist mining and resources investment business, is pleased to announce investee company Cora Gold Ltd (LON:CORA) has provided an update on its flagship Sanankoro gold project in West Africa.

Highlights:

·     Exploration Target of between 30-50mt of gold ore at an average grade of 1.0-1.3g/t for 1.0 - 2.0moz gold at the flagship Sanankoro gold discovery in southern Mali.

·     Mineralisation has been outlined to a depth of 100m most of which is hosted within weathered material close to surface.

The Cora Gold announcements, with relevant Competent Persons Statements, may be found at the following web addresses:

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/CORA/13828785.html

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/CORA/13731713.html

Callum Baxter, Chairman/CEO of Starvest commented, "Since admission to AIM in late 2017 the team at Cora have consistently delivered exciting drill results from the Sanankoro project. The rapid calculation of an initial JORC compliant exploration target of 1-2moz gold is very encouraging. Gold mineralisation has now been identified over approximately 8km of strike at Sanankoro which lies in a prolific gold producing region of West Africa. Drill results up to 50g/t gold with good mineralised widths are present and there is potential to increase the strike length of mineralisation to around 14km. We look forward to further information from Cora's on-going work at the project."

Cora Gold Ltd - Overview

Cora Gold is an AIM listed gold exploration company holding numerous early stage exploration licenses in Southern/Western Mali and Eastern Senegal. The portfolio covers nearly 1,500km² of prospective ground across two of the most prolific gold belts in the region, Yanfolila and Kenieba, which account for more than 65moz gold discovered over the last two decades.

Cora Gold has focused initial exploration activities on its flagship Sanankoro project, extending identified zones of gold mineralisation within a 14km long structural corridor yet to be fully tested.

The geological setting and scale of the anomalies suggest the potential for a reasonable greenfield gold discovery at Sanankoro with the management team aiming for a +1moz deposit. SRK Consulting have independently calculated an initial JORC compliant exploration target of between 30-50mt gold ore at an average grade of 1.0-1.3g/t for 1.0-2.0moz gold.

To date mineralisation has been delineated to a depth of 100m, most of which is hosted within weathered material. Weathering (oxidation) depth ranges from around 50m to in excess of 100m across the exploration target area. The relatively soft oxidised rock would potentially allow for low-cost surface mining and milling.

Starvest will continue to closely follow the development of Cora Gold and we look forward to further information from Cora's on-going work at Sanankoro.

Starvest is a specialist mining and resource investment company and has the industry knowledge and market exposure to select compelling opportunities early in the investment cycle.

Callum N Baxter

Chairman & Chief Executive

17 October 2018

Enquiries to:

Starvest PLC

Callum Baxter Chairman/CEO  07922 255 933  [e-mail]

Grant Thornton UK LLP (Nomad)

Colin Aaronson or Harrison Clarke  02073 835 100

SI Capital Ltd (Appointed Broker)

Nick Emerson or Alan Gunn 01483 413 500

 

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