Cora Gold Limited, a West African-focused gold company, is pleased to provide an updated Mineral Resource estimate (‘MRE’) for the Company’s Sanankoro Gold Project (‘Sanankoro’ or the ‘Project’) in southern Mali.
This MRE, updated after completion of the 2022 drill programme, builds on the previous MRE announced on 16 November 2021, with the Company predominantly focused on converting additional ounces (‘oz’) from Inferred to Indicated.
Highlights
● 14% increase in total MRE ounces compared to the previously reported MRE (November 2021)
● 22% increase in oxide Indicated Mineral Resources to 509koz from 419koz
● The MRE, at a cut-off grade of 0.4 g/t Au, comprises 24.9 Mt of material at a grade of 1.15 g/t Au, of which 16.1 Mt are Indicated Mineral Resources and 8.7 Mt are Inferred Mineral Resources for a total 920 koz Au
o 657 koz @ 1.27 g/t Au Indicated category
o 263 koz @ 0.94 g/t Au Inferred category
● The MRE was updated following a limited programme of 6,992 metres of reverse circulation (‘RC’) and 897 metres of aircore (‘AC’) drilling and as part of an ongoing DFS for the Sanankoro Gold Project, due for completion Q3 2022
Bert Monro, Chief Executive Officer of Cora, commented, “I am pleased to report Sanankoro has an updated MRE of 920 kozs Au of which 657kozs are in Indicated and 509kozs of those are also in free digging oxide material. The main focus of this programme was to add oxide Indicated ounces, which will enhance the Reserve potential in our upcoming DFS, and this MRE has delivered on that plan. The programme, from a limited drill metre-age while we focused on the DFS, had a very good conversion from Inferred to Indicated which also bodes well for future infill programmes on the 263kozs of Inferred material.
The new discoveries in close proximity to existing resources, found during this year’s exploration programme, also show that there is plenty of potential to find new deposits in the future as we remain in the early stages of developing the exploration potential across the Sanankoro permit area.”
Sanankoro Gold Project Map
Figure 1: Map showing the locations of the deposits and discoveries at the Sanankoro Gold Project
Mineral Resource Statement
The Mineral Resource is reported in accordance with the guidelines of the Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (2012 Edition). The Mineral Resource is classified into the Indicated and Inferred categories. Previous and ongoing study work has demonstrated that the Mineral Resource can be extracted by means of open pit mining and therefore meets the criteria required for Reasonable Prospects For Eventual Economic Extraction (‘RPEEE’).
The Mineral Resource is reported above a cut-off grade of 0.4 g/t Au and comprises of 24.9 Mt of material at a grade of 1.15 g/t Au (Table 1). Mineralisation below the reporting pit shells is not considered as Mineral Resource as it does not meet the criteria of RPEEE at the time of reporting.
Table 1: Sanankoro Mineral Resource by material type at a 0.4 g/t Au cut-off as at 22 June 2022
The Mineral Resource made use of limited historical data where Cora data was not available along strike. Historical data is considered any data that pre-dates Cora’s exploration campaigns from 2017.
The Mineral Resource is informed by RC and DD samples, although AC samples were used where gaps existed in the RC and DD programmes. These gaps were generally attributed to strike extensions, which will be drilled and replaced by RC or DD in future.
Quality Assurance/ Quality Control
Cora has implemented an extensive QAQC program which includes the analyses of blanks, certified reference materials (CRMs), duplicates and screen testwork for all laboratories. One blank and one CRM is inserted into sample batches at a rate of 1:20. Cora has both oxide and sulphide CRMs, and these are inserted depending on the material of the sample batches, such that the CRM and sample material types match. The Competent Person has reviewed the data and charts and deems the data acceptable for use in Mineral Resource estimation and reporting.
Competent Persons Statement
The information in this release that relates to Mineral Resource estimate was reviewed by Mr Anton Geldenhuys, a Competent Person who is a Member of the South African Council for National Scientific Professions (SACNASP). Mr Geldenhuys (Principal Resource Consultant) is an independent consultant with CSA Global and has sufficient experience that is 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 as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Geldenhuys consents to the inclusion in this release of the Mineral Resource estimate in the form and context in which it appears. Mr Geldenhuys confirms that the information contained in the Appendix of this release that relates to the reporting of Exploration Results at Sanankoro is an accurate representation of the available data. In addition, Mr Anton Geldenhuys qualifies 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.
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, which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, until the release of this announcement.
**ENDS**
For further information, please visit http://www.coragold.com or contact:
Bert Monro
Craig Banfield
Cora Gold Limited
