Cora has announced the tenth set of drill results from its largest-ever drilling campaign at its Sanankoro Gold Project (‘Sanankoro’ or ‘the Project’) in southern Mali.
Focused on targeting resource growth as well as infill drilling to convert existing Inferred resources to Measured and Indicated, these latest results echo exceptionally encouraging data from earlier in the campaign, once again demonstrating good widths and grades in generally shallow oxide ore. In particular, multiple high-grade drill intercepts that continue to be reported from Zone B and Selin underpin both the scope and scale of the Project, while providing shareholders with confidence in the Board’s ability to deliver a materially enhanced resource inventory later this year.
Having seen its share price more than double since the current run of positive news began early in July, Cora’s shares are already approaching the base case DCF target price of 18.4p that TPI set back in November 2020; having arrived at this on the basis of applying a fairly punitive discount to the existing resource estimate, along with a prudent US$1,600/oz gold price while adding only very limited exploration upside, it appears likely that there will be quite significant scope to reset the price target following publication of the Project’s updated figures that are expected in Q4 2021.
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