Commencement of Significant Drill Programme at Sanankoro and Drill Contract Awarded
Cora Gold Limited, the West African focused gold company, is pleased to announce the commencement of a significant drill campaign at its flagship Sanankoro Gold Project (‘Sanankoro’ or ‘Project’) in southern Mali.
●22,000m initial contract awarded to Capital Drilling Mali SARL (‘Capital’), a subsidiary of Capital Limited (LSE: CAPD), for reverse circulation (‘RC’) and diamond core (‘DC’) drilling
o Expectation to drill up to 35,000m by end of July 2021
o Capital has an excellent track record of delivering quality drill programmes in West Africa
●Drilling dual focussed on targeting resource growth as well as infill drilling to convert existing Inferred resources to Indicated
● Rigs arriving at site and drilling due to start within the coming days
●During 2019 and 2020 the Company drilled c.18,000m on the Sanankoro permit – this 2021 campaign represents a very significant programme at Cora’s flagship asset
●Drilling expected to be concluded during July 2021 and an updated resource statement will follow this programme
● Circa US$3.7m cash in the bank funds this drill programme
To view the RNS with illustrative maps and diagrams please use the following link:
Bert Monro, CEO of Cora, commented, “This drill programme will be the largest single programme that Cora has ever completed. If expanded to 35,000m it will represent an almost doubling of the drilling on the Sanankoro permit over the previous two years. This is an extremely exciting time for the Company and all the team are fully focussed on delivering this programme. We look forward to updating shareholders with drill results as we start to receive them.
“During 2020 the Company published a Scoping Study on the Project showing a 107% internal rate of return (‘IRR’) and US$24m/year annual free cashflow at a US$1,500 gold price. The Company looks forward to this drilling programme both increasing the size of our resources but also increasing their confidence as we aim for maiden Indicated resources.”
Cora is a gold 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’s primary focus is on further developing Sanankoro in the Yanfolila Gold Belt (Southern Mali), which Cora believes has the potential for a standalone mine development. Sanankoro has a positive Scoping Study published on it showing an 107% IRR and US$41.5m NPV8 at a US$1,500 gold price. Cora’s highly experienced management team has a proven track record in making multi-million ounce gold discoveries, which have been developed into operating mines.
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