Cora Gold, the West African focused gold company, has announced an updated Mineral Resource Estimate (MRE) at its flagship Sanankoro Gold Project in southern Mali.
This follows the addition of 2,669m of drilling (50 Reverse Circulation (RC) drillholes) to the Sanankoro MRE dataset; this drilling was primarily to de-risk the MRE and convert near surface Inferred Mineral Resource material to higher-confidence Indicated, allowing the Company to extend the life of mine (LOM) of the Project once new Ore Reserves (‘OR’) studies have been completed.
2024 MRE Update Highlights
- 2024 MRE achieved:
- total resources 31.4 Mt at 1.04 g/t Au for 1,044 koz, comprising Indicated 19.0 Mt at 1.13 g/t Au for 689 koz plus Inferred 12.4 Mt at 0.89 g/t Au for 354 koz
- 26% increase in tonnage to 31.4Mt (2022 MRE: 24.9Mt
- 13% increase in contained metal to 1,044koz Au (2022 MRE: 920koz Au)
- MRE update follows a successful 2023 mineral resource conversion drill programme, the data from which led to a remodelling at Zone A and Selin.
- Other contributing factors to the 2024 MRE increase include:
- a decrease in the cut-off grade to 0.3 g/t Au (2022 MRE: 0.4 g/t Au).
- an increase in the gold price used for the pit shell of US$2,400/oz (2022 MRE: US$1,900/oz), which has increased the volume of material inside the reporting pit.
- Potential further mineral growth that may be achievable:
- Results from the optimised pits imply more resources may be reported if additional work is completed to delineate MRE model extensions; further deeper drilling is now required to expand the MRE at Zone A, Zone B, Zone B North and Zone C.
- The single exploration hole drilled at Zone B discovered new mineralisation, which is not part of the current MRE, with three mineralised zones intersected (19m at 0.66 g/t Au from 27m to 36m, 11m at 0.34 g/t Au from 70m to 81m) and with the hole ending in mineralisation (1m at 2.87 g/t Au) at 120m.
- A further pipeline of oxide drill targets (brownfield and greenfield) are being reviewed by the Company’s exploration team to potentially further grow the Mineral Resource; the MRE potential of these targets has been highlighted in the 2024 MRE Report.
- Subsequent to the announcement of the 2022 MRE for a total of 24.9 Mt at 1.15 g/t Au for 920 koz, Cora published an Exploration Target, which in addition to the 2022 MRE, is estimated to contain between 26.0Mt and 35.2Mt with a grade range of 0.58 - 1.21 g/t Au for a potential content of 490koz Au-1.37Moz Au.
Note: The potential quantity and grade of this Exploration Target is conceptual in nature, there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.
- 2024 MRE and ongoing optimisation studies to support an updated Definitive Feasibility Study (‘DFS’) in 2025, with enhanced project metrics expected given significantly higher gold price since the 2022 DFS (previously completed on a US$1,750/oz gold price).
Bert Monro, Chief Executive Officer of Cora, commented, “The Company is continuing to positively build the economic and exploration potential of the Sanankoro Gold Project. It’s been well established that the more we drill, the more we find, and as a project it is far from a finished product. We are constantly seeking ways to enhance the value of the prospects and extend the life of mine in a way that best maximises shareholder funds. This MRE update is another step in delivering on our development strategy, which in light of a continued strong gold price, is proving to be a very opportune time to be bringing a high value, low cost, oxide gold project such as Sanankoro into production.
“During the last quarter, following a thorough review of the 2022 DFS, Cora commissioned a processing optimisation study to look at ways to further enhance the process plant flow sheet, aimed at delivering further economic benefits to the Project. Following this study’s completion, it’s our intention to update the Project’s Ore Reserves and publish an updated DFS during 2025. With the gold price currently at near record highs, and the previously completed DFS based on a US$1,750/oz gold price, we are hoping for significant improvements in the Project’s economics. I look forward to being able to share the results of these studies once completed.
“The Company is proactively engaging with the Malian government regarding its application for a mining licence, which, once granted, will allow mine construction to commence. We are looking forward to 2025 and working hard to deliver an enhanced project.”
