West Africa-focused gold company Cora Gold Limited has announced further drill results at its Sanankoro Gold Project in the Yanfolila Gold Belt, Southern Mali. The primary focus of this set of drill results was targeting shallow oxide extensions beyond the footprint of the Maiden pit constrained JORC Inferred Mineral Resource of 5,0-million tonnes (Mt) at 1,6 g/t Au for 265 000 ounces of gold.

Highlights

o    Results confirm significant mineralised extensions beyond existing resource footprint at Sanankoro:

North Sanankoro Reconnaissance Exploration

- 2,95 g/t Au over 2 m from 20 m
- 1,24 g/t Au over 8 m from 9 m
- 0 99 g/t Au over 18 m from 6 m
- 0,94 g/t Au over 25 m from 55 m

Zone C Area Reconnaissance Exploration

- 2,67 g/t Au over 5 m from 27 m
- 2,21 g/t Au over 3 m from 30 m

  • Over 1 500 m continuous gold structure identified as a continuation of Zone B North
    - Similar length to Selin deposit
  • 500 m of new mineralisation identified along strike to the west of Zone C
  • Further results from the Q4 2019/Q1 2020 drill programme are still to come

“This latest round of drill results has identified a new gold structure over 1500 m in length, representing a continuation of Zone B North,” says Bert Monro, CEO of Cora Gold. “This is particularly encouraging given that the shallow drilling undertaken is only designed to provide a guide to the location of the structures. This has similarities to early results from Selin before deeper holes were drilled, and a maiden resource was declared. Additionally, a further 500 m of strike to the west of Zone C was also identified as a new mineralised zone. I look forward to releasing the remaining results from this programme once they are received.”

MM Cora Gold Limited further drill results from Sanankoro Gold ProjectDetails

Cora Gold’s reconnaissance exploration drilling programme was primarily focused on a 1 500 m extension of the Sanankoro structure and associated splay structure, representing the continuation along strike of Zone B North. This was the first drill testing of the surface target which had been delineated by a combination of historic soil geochemistry and Cora Gold instigated semi quantitative termite sampling supported by ground mapping. The drill fences were set between 300 and 320 m apart as dictated by ground conditions, and typically cross the pronounced resistivity and induced polarisation (“IP”) anomaly that extends to the north, away from the Zone B North gold mineralised zone.

The work commenced with a shallow (20 – 26 m) rotary air blast (RAB) programme undertaken by the in-house mobile RAB rig, prior to selective follow-up with short air core (AC) holes. In most cases, gold mineralisation was intersected between surface and about 30 m vertical depth in the zone where gold mobilisation by ground water can be prevalent. This provides a very good indication of the presence of primary gold structures but, as yet, is non-definitive in regard to potential widths and grades. In addition, for ease of the programme, drilling mainly used a westerly azimuth rather than the regular north-west azimuth, which has the potential to intercept both the northerly and easterly quartz structures. Nonetheless, the recorded widths of gold mineralisation bodes well for future follow-up drilling.

The drilling programme also provided evidence in the south of the permit for a brand-new mineralised zone, currently over about 500 m of strike to the west of Zone C.

Key targets at Sanankoro
                      Figure 1: Key targets at Sanankoro.

Samples were collected selectively from the RAB drilling on the basis of observed visible gold panned from each meter at the rig side. Samples were combined into 3 m composites for analysis by 50 gramme fire assay at the independent SGS laboratory in Bamako. Each AC and reverse circulation (RC) sample was also panned for visible gold at the rig side, and then either combined into 3 m composite samples or despatched as individual 1 m samples, depending on the panning results. As for the RAB samples, the AC and RC samples were analysed for gold using 50 gramme fire assay at the SGS laboratory in Bamako. AC and RC samples were subject to the standard quality assurance/quality control (QAQC) checks with blanks, duplicates and certified reference material inserted on a 5% basis. 


Drilling Results

North Sanankoro Reconnaissance Exploration

Hole
No

Hole type

Easting
_29P

Northing
_29P

Azimuth

declination

hole length

from

length

Au

degrees

degrees

metres

metres

metres

g/t

SB 068

RAB

558955

1301886

270

-50

26

12

9

0,43

SB 077

RAB

558992

1302152

270

-50

26

24

2

1,01*

SB 078

RAB

558973

1302151

270

-50

26

6

18

0,99

SB 080

RAB

558932

1302152

270

-50

26

15

6

0,59

SB 088

RAB

559041

1302763

270

-50

26

SB 090

RAB

559002

1302763

270

-50

26

18

3

0,82

SB 096

RAB

559130

1303078

270

-50

17

9

8

1,24*

SB 101

RAB

559051

1303077

270

-50

15

6

6

0,52

SC 253

AC

559258

1302475

130

-55

80

58

3

0,85

SC 254

AC

559090

1302300

90

-55

80

12

6

1,08

SC 255

AC

559135

1302300

90

-55

80

0

6

0,58

SC 258

AC

559229

1302675

90

-55

80

18

7

0,68

SC 261

AC

558790

1303738

90

-55

80

27

1

1,12

SC 272

AC

559127

1303101

270

-55

60

11

1

2,52

and

37

4

0,97

SC 274

AC

559059

1303102

270

-55

60

38

1

2,79

SC 277

AC

558766

1303101

270

-55

60

7

1

1,36

SC 280

AC

559016

1302162

270

-55

80

60

9

0,63

SC 281

AC

558971

1302160

270

-55

60

9

3

1,57

and

20

2

2,95

SC 282

AC

558910

1301590

270

-55

80

55

25

0,94*

(including

3

3,73)

Zone C Area Reconnaissance Exploration

SC 291

RC           

557101 

1296244

270          

-55              

57        

      

27       

5          

2,67 

SC 292

RC

557089

1296243

270

-55

80

12

6

0,38

SC 300

RC

557114

1296643

270

-55

60

30

3

2,21

SC 301

RC

557206

1296583

130

-55

80

51

2

2,38

SC 302

RC

557179

1296434

130

-55

78

59

1

1,04

*Hole ends in mineralisation

As stated in the RNS released on 16 January 2020, the Sanankoro Permit expired on 1 February 2020 in accordance with Mali's mining code. Prior to expiry, the company submitted an application for the award of a new permit over the area covered by the Sanankoro Permit. The company looks forward to announcing the award of a new permit in due course once the necessary process set out in the mining code has occurred. The Sanankoro Permit was one of five permits that, together, comprise the Sanankoro Gold Project. These include Bokoro (permit expires August 2022), Bokoro Est (permit expires September 2026), Dako II (permit expires December 2025) and Kodiou (permit expires May 2022).

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.

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