Cora Gold Limited, the West African focused gold company, is pleased to announce its final audited results for the year ended 31 December 2021.
● At the start of the year, a series of gold discoveries from satellite imagery and surface prospecting programmes identified new surface workings at Selin, currently the largest deposit at its flagship Sanankoro Gold Project (‘Sanankoro’ or the ‘Project’) in southern Mali. Following this, Cora’s single most extensive drilling programme commenced and continued to advance during Q2 and Q3 2021.
● In March 2021, the Company awarded an initial 22,000 metres contract for reverse circulation and diamond core drilling at Sanankoro, and began drilling with an expectation of drilling up to 35,000m by July 2021, representing almost double the total amount of the drilling on Sanankoro over the previous two years. This drill programme had a dual focus of targeting resource growth as well as infill drilling to convert existing Inferred resources to Indicated.
● In April 2021, Cora received maiden results from the drilling campaign. These were extremely encouraging and included 34m at 1.98 g/t gold (‘Au’) from 13m depth and 52m at 1.78 g/t Au from 20m depth, highlighting the significant potential of Selin.
● In June 2021, Cora raised £3.13 million through a subscription for 40,425,000 ordinary shares.
● By July 2021, the sixth set of drill results from the drilling programme at Sanankoro had been received, including the most significant result Cora has ever recorded of 19m at 31.56 g/t Au, offering greater upside and confirming Sanankoro’s potential to become a world class project.
● In September 2021, a team of highly experienced consultants and contractors, led by SENET of South Africa, were appointed to run a Definitive Feasibility Study for the Sanankoro Gold Project (the ‘DFS’). Since then, all of the consultants and contractors have completed site visits and many work streams have already been successfully advanced, and a number concluded. Test work samples are being analysed, geophysics work has been conducted, planned drilling programmes have been completed, and site layout has been developed.
● Sanankoro’s future development is well supported by the new US$25 million Mandate and Term Sheet (‘Term Sheet’) with Lionhead Capital Advisors Proprietary Limited (‘Lionhead’), which was agreed in September 2021. This expanded upon and replaced a previous term sheet with Lionhead for US$21 million, thus demonstrating Lionhead’s continued support and confidence in Sanankoro. The Term Sheet significantly de-risks Sanankoro and future project financing.
● In October 2021, the drilling programme at Sanankoro was concluded for a total of c.43,000m. The programme returned consistently impressive results at a high grade in general shallow oxide ore, with 15 holes of +100 gram-metres. In addition, the depth of oxidisation was extended to greater than 190m vertical depth pointing to potential positive implications for future mining at Sanankoro.
● In November 2021, an updated Mineral Resource Estimate (‘MRE’; prepared by CSA Global (UK) Limited) increased total resources for the Sanankoro Gold Project by +200% from the maiden MRE of December 2019. The updated MRE delineated a pit constrained resource of 21.9 million tonnes (‘Mt’) at 1.15 g/t Au for a total of 809.3 thousand ounces (‘koz’) of gold. This surpassed Cora’s expectations from the commencement of the drill programme and represented a major step forward.
● In December 2021, Cora ended the year on a strong note financially having raised £4.25 million through a placing and subscription for 42,500,000 ordinary shares.
● Post-period end, a +7,500m drill programme has been completed at Sanankoro with dual focus on converting existing resources from Inferred to Indicated category as well as targeting the discovery of new Inferred resources. The first set of assay results have been released with more to follow imminently
Bert Monro, CEO of Cora, commented, “2021 was a year of strong progress for Cora, with significant Resource growth at Sanankoro and very well supported capital raises as we look beyond the DFS. With these milestone foundations in place, 2022 is expected to be just as formative as we focus on mine development, with the DFS nearing completion to determine the optimum route for production.
“Post-period end, during Q1 2022, Cora started a +7,500m drill programme at Sanankoro focused on enhancing the current MRE of 809.3 koz at 1.15 g/t Au. This drilling was completed in April 2022. On 09 May 2022, we announced the first of these results showing a number of shallow oxide intercepts, including 25m at 2.38 g/t Au, plus the identification of two new gold discoveries, Fode 1 and Target 6, both in close proximity to existing Mineral Resources. We look forward to sharing further results from the 2022 drill programme as we receive them.
“Cora is well placed to continue to discover and define economic gold and add shareholder value as we near the completion of the Sanankoro DFS. I would like to thank Cora’s shareholders for their continued strong support during this exciting period, as demonstrated by their participation in the Company’s two fundraises in 2021. 2021 was a landmark year for the Company and I am certain Cora will make further significant progress during 2022 and beyond.”
Annual General Meeting
NOTICE IS HEREBY GIVEN of the 2022 Annual General Meeting (the ‘AGM’) of Cora to be held at 12.00 p.m. (United Kingdom time) on 21 June 2022 which can be attended as set out below.
Due to the ongoing impact of the COVID-19 pandemic and in the interest of allowing as many shareholders as possible to attend, the AGM will take place online. There are two ways in which attendees may join the AGM:
Option 1 By dial in. Use one of the telephone numbers and Meeting ID set out below:
● telephone number: +44 (0)203 481 5237
+44 (0)131 460 1196
+44 (0)330 088 5830
● Meeting ID: 867 8605 4314 #
Option 2 Over the internet. This requires the use of a device (computer, laptop, tablet or smartphone) connected to the internet. The device will need speakers and, if required, microphone capability in order to be able to speak. Use the hyperlink set out below:
● hyperlink: https://us02web.zoom.us/j/86786054314
The Company’s board of directors strongly advises shareholders to submit their votes by proxy prior to the AGM. Shareholders who have submitted a proxy may still attend the AGM. However, submitting a proxy means shareholders know that their vote will be counted. Copies of proxy forms can be downloaded via the Company’s website at www.coragold.com/category/company-reports.
The Company’s Annual Report and Financial Statements for the year ended 31 December 2021, including the notice of AGM, will be posted to shareholders today and will be available thereafter on the Company’s website http://www.coragold.com.
Market Abuse Regulation (‘MAR’) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014 (‘MAR’), which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, until the release of this announcement.
For further information, please visit http://www.coragold.com or contact:
Cora Gold Limited
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